Trilogy Metals (US:TMQ)2024-04-03 13:41Financial Performance - For the three-month period ended February 29, 2024, Trilogy Metals reported a net loss of $3.6 million, a decrease from a net loss of $5.1 million for the same period in 2023, representing a 29.4% improvement[5]. - Total expenses for the first quarter of 2024 were $2.82 million, down from $3.61 million in the same quarter of 2023, indicating a reduction of 21.7%[5]. Cash and Working Capital - As of February 29, 2024, Trilogy Metals had cash and cash equivalents of $2.0 million and working capital of $1.7 million, reflecting ongoing cash preservation strategies[11]. - Ambler Metals LLC, in which Trilogy holds a 50% interest, had cash and cash equivalents of $61.3 million and working capital of $61.1 million as of February 29, 2024, sufficient to fund its fiscal year's budget[12][13]. Budget and Expenditures - The Board of Ambler Metals approved a 2024 fiscal year budget of $5.5 million to support external and community affairs and maintain mineral claims[7]. - The Ambler Access Project has a budget of $2.5 million for 2024, with $0.4 million expended in the first quarter against a budget of $0.6 million[8]. - Trilogy Metals expended $0.6 million on operating activities during the first quarter, primarily on professional fees and regulatory filings[10]. Future Funding Needs - The Company anticipates needing to raise additional funds in the future to support operations, with potential sources including equity financing and debt financing[14]. Environmental Impact Statement - The final Supplemental Environmental Impact Statement (SEIS) is now expected to be published in the second quarter of 2024, delayed from earlier expectations[9]. Cost Reduction Measures - The Company’s management is taking measures to reduce cash expenditures, including accepting compensation in deferred share units and shares[11].