Trilogy Metals (US:TMQ) Prnewswireยท2024-07-10 10:30Corporate Activities - The Board of Ambler Metals approved a 2024 fiscal year budget totaling $5.5 million for external and community affairs, maintaining mineral claims, and physical asset maintenance [2] - For the six-month period ended May 31, 2024, Ambler Metals expended $2.4 million on various operational costs, slightly below the budget of $2.6 million [2] Financial Performance - For the six-month period ended May 31, 2024, the company reported a net loss of $5.4 million, an improvement from a net loss of $7.9 million for the same period in 2023, primarily due to reduced losses from Ambler Metals and lower professional fees [5] - The company had cash and cash equivalents of $14.0 million and working capital of $13.6 million as of May 31, 2024, with a strong cash position maintained through various cost-saving strategies [6] - For the three-month period ended May 31, 2024, the company reported a net loss of $1.8 million compared to a net loss of $2.8 million for the same quarter in 2023, attributed to decreased general and administrative expenses and reduced share of losses from Ambler Metals [17] Joint Venture and Cash Management - Ambler Metals, a joint venture with South32, returned $25 million to its owners in June 2024, maintaining a minimum cash balance of $10 million for operational flexibility [14] - The company has been actively investing excess cash in low-risk, short-term deposits to earn interest income [14] Ambler Access Project (AAP) - The Final Supplemental Environmental Impact Statement for the AAP identified "No Action" as the preferred alternative, leading to the denial of AIDEA's application for a Right-Of-Way grant [24][25] - Ambler Metals funded $1.1 million to AIDEA in support of the AAP during the six-month period ended May 31, 2024, compared to a budget of $1.3 million [23] Shareholder Actions - The Annual General Meeting of Shareholders held on May 22, 2024, resulted in the election of all nominated directors and the approval of a new Fixed Deferred Share Unit Plan to preserve cash compensation for non-employee directors [22]