Trilogy Metals (TMQ) - 2025 Q3 - Quarterly Results

Company Overview & Report Details Trilogy Metals Inc. announced its Q3 FY2025 financial results, available on company platforms and regulatory filings Report Announcement Trilogy Metals Inc. announced its Q3 FY2025 financial results, with details available on the company website, SEDAR+, and EDGAR - Trilogy Metals Inc. (NYSE American / TSX: TMQ) announced its third fiscal quarter financial results for the period ended August 31, 2025[3] - Detailed financial results are available on the company's website (www.trilogymetals.com), SEDAR+ (www.sedarplus.ca), and EDGAR (www.sec.gov)[3](index=3&type=chunk) Financial Performance This section details the company's net losses for Q3 and the first nine months of FY2025, highlighting increased expenses Selected Financial Results The company reported increased net losses for Q3 and the first nine months of FY2025, driven by Ambler Metals LLC activities and higher regulatory costs Selected Expenses (USD thousands) | Selected expenses | Three months ended August 31, 2025 (USD) | Three months ended August 31, 2024 (USD) | Nine months ended August 31, 2025 (USD) | Nine months ended August 31, 2024 (USD) | | :------------------------ | :------------------------------------- | :------------------------------------- | :------------------------------------ | :------------------------------------ | | General and administrative | 214 | 293 | 910 | 1,027 | | Investor relations | 38 | 15 | 72 | 46 | | Professional fees | 246 | 138 | 1,305 | 530 | | Salaries | 251 | 158 | 774 | 527 | | Salaries and directors expense – stock based compensation | 374 | 506 | 2,971 | 3,014 | | Share of loss on equity investment | 891 | 624 | 2,236 | 2,019 | | Comprehensive loss for the period | (1,747) | (1,591) | (7,547) | (6,951) | - Net loss for Q3 2025 was $1.7 million, compared to $1.6 million in Q3 2024, primarily due to increased field activities by Ambler Metals LLC (environmental baseline work and core re-boxing program)[5] - Net loss for the first nine months of 2025 was $7.5 million, up from $7.0 million in the same period of 2024, driven by higher regulatory and legal fees related to the base shelf prospectus and ATM Program, and Ambler Metals' environmental baseline and core re-boxing programs, partially offset by lower office expenses and increased interest income[6] Operational Activities This section details Ambler Metals LLC's successful completion of summer field programs and the initiation of a core re-boxing plan Project Update: Ambler Metals LLC Ambler Metals LLC completed summer maintenance and environmental baseline programs, initiated a core re-boxing plan, and maintained a $3.7 million cash position - In July 2025, Ambler Metals completed its summer maintenance field program at the Bornite camp and conducted an environmental baseline program to support future mining permit applications[7][8] - Ambler Metals initiated a multi-year core re-boxing program to ensure the long-term preservation of stored drill core[8] Ambler Metals LLC Financial Position | Metric | Amount (million USD) | | :------------------- | :-------------- | | Cash position at Q3 end | 3.7 | | Annual expenditure level (near budget) | 4.5 | Liquidity and Capital Resources The company maintains a strong cash position and has established financing mechanisms to ensure future liquidity and operational funding Cash Position and Future Funding The company holds $23.4 million in cash and working capital, sufficient for 12 months, with $50 million and $25 million financing options available - As of August 31, 2025, the company held $23.4 million in cash and cash equivalents and $23.4 million in working capital[10] - The company believes its current cash position is sufficient to meet working capital requirements for the next 12 months[12] - To ensure future liquidity, the company has an effective base shelf prospectus allowing for future issuance of up to $50 million in securities and an ATM Program for up to $25 million in common shares, which remained undrawn as of October 2, 2025[11] Corporate Information This section provides details on the company's qualified persons, its business focus, and key contact information Qualified Persons Richard Gosse, VP of Exploration for Trilogy Metals Inc., is the qualified person responsible for reviewing and approving technical information - Richard Gosse (P.Geo.), Vice President of Exploration for Trilogy Metals Inc., is a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical information in this news release[13] About Trilogy Metals Trilogy Metals Inc. is a metal exploration and development company holding a 50% interest in Ambler Metals LLC, focusing on the Upper Kobuk Mineral Project - Trilogy Metals Inc. is a metal exploration and development company holding a 50% interest in Ambler Metals LLC, which owns 100% of the Upper Kobuk Mineral Project (UKMP) in Northwest Alaska[14] - The UKMP is located in the Ambler Mining District, one of the world's richest and most prospective copper-dominant districts, featuring world-class polymetallic volcanogenic massive sulphide (VMS) and carbonate replacement deposits[14][15] - Trilogy's vision is to develop the Ambler Mining District into a major North American copper producer while protecting and respecting local livelihoods[15] Company Contacts Contact information for President & CEO Tony Giardini and VP & CFO Elaine Sanders is provided - Contacts include President & CEO Tony Giardini and VP & CFO Elaine Sanders, reachable at 604-638-8088[16] Legal Disclosures This section provides cautionary notes regarding forward-looking statements, highlighting inherent risks and the company's limited obligation to update them Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements about the ATM Program, asset values, and future cash sufficiency, subject to risks and uncertainties - This news release contains 'forward-looking information' and 'forward-looking statements' concerning the ATM Program, perceived value of assets, cash sufficiency for the next twelve months, and plans and timing for further updates[17] - Forward-looking statements involve various risks and uncertainties, and there can be no assurance that such statements will prove accurate, as actual results and future events could differ materially from those anticipated[17] - The company undertakes no obligation to update forward-looking statements or beliefs, opinions, projections, or other factors, except as required by law[17]