Trilogy Metals (US:TMQ) Prnewswireยท2024-10-08 10:30Financial Results - Trilogy Metals reported a net loss of $1.6 million for the three-month period ended August 31, 2024, a decrease from a net loss of $4.1 million for the same period in 2023, primarily due to a reduction in share of losses from Ambler Metals [6] - For the nine-month period ended August 31, 2024, the company reported a net loss of $7.0 million compared to a net loss of $11.9 million for the same period in 2023, again attributed to a decrease in share of losses from Ambler Metals and reductions in professional fees and salaries [7] Ambler Metals Activities - Ambler Metals approved a fiscal year budget of $5.5 million for external and community affairs, maintenance of mineral claims, and physical assets, with $3.5 million spent during the nine-month period ended August 31, 2024 [3] - An additional budget of $2.5 million was approved for the Ambler Access Project (AAP), with $1.4 million funded during the same period [4] Liquidity and Capital Resources - 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 [10] - The company has a cash budget of $2.8 million for the fiscal year, with $1.9 million spent on operating activities during the nine-month period, slightly below the budgeted $2.1 million [9] Project Funding - All project-related costs are funded by Ambler Metals, which had $9.8 million in cash and cash equivalents and $8.7 million in working capital as of August 31, 2024, sufficient to fund the current fiscal year's budget [11] Company Overview - Trilogy Metals holds a 50% interest in Ambler Metals LLC, which has a 100% interest in the Upper Kobuk Mineral Projects in Alaska, known for its rich copper-dominant deposits [13]