Trilogy Metals (US:TMQ)2024-10-08 13:57Financial Performance - For the three-month period ended August 31, 2024, Trilogy Metals reported a net loss of $1.6 million, a decrease from a net loss of $4.1 million for the same period in 2023, primarily due to reduced share losses from Ambler Metals[5] - For the nine-month period ended August 31, 2024, the net loss was $7.0 million, down from $11.9 million in the same period in 2023, attributed to lower share losses, professional fees, and salaries[6] Cash and Budget Management - As of August 31, 2024, Trilogy Metals had cash and cash equivalents of $25.7 million, with $25.0 million received from Ambler Metals as a return of excess cash[8] - The company has a 2024 fiscal year cash budget of $2.8 million, with $1.9 million spent on operating activities during the nine-month period, compared to a budgeted $2.1 million[7] - Ambler Metals had $9.8 million in cash and cash equivalents and $8.7 million in working capital as of August 31, 2024, sufficient to fund its fiscal year's budget[9] Expenditures and Expenses - Ambler Metals approved a fiscal year budget of $5.5 million for external affairs and asset maintenance, with actual expenditures of $3.5 million during the nine months ended August 31, 2024, against a budget of $4.5 million[2] - General and administrative expenses for the three months ended August 31, 2024, were $293,000, compared to $278,000 for the same period in 2023[4] - Professional fees for the nine-month period ended August 31, 2024, were $530,000, down from $897,000 in the same period in 2023[4] Strategic Initiatives - The company continues to implement cash preservation strategies, including deferring director fees and compensating senior management in shares to reduce cash expenditures[8] - Ambler Metals funded $1.4 million to the Alaska Industrial Development and Export Authority for the Ambler Access Project, compared to a budget of $1.9 million[3]