Wed, Jul 10, 10:47 AM (59 days ago)
Trilogy Metals Inc. reported a net loss of $1.8 million for Q2 2024, an improvement from the $2.8 million loss in Q2 2023. This reduction is attributed to lower general and administrative expenses, professional fees, and stock-based compensation. For the six months ending May 31, 2024, the net loss was $5.4 million, down from $7.9 million in the same period in 2023, due to decreased losses from its equity investment in Ambler Metals LLC and reduced professional fees and salaries. Ambler Metals LLC, a 50/50 joint venture with South32, returned $25 million in excess cash to each owner, maintaining a minimum balance of $10 million for ongoing projects. The company had $14.0 million in cash and working capital of $13.6 million as of May 31, 2024. Management continues cash preservation strategies, including taking director fees and a portion of senior management salaries in shares. The Bureau of Land Management issued a "No Action" decision for the Ambler Access Project, impacting future operations. Despite uncertainties, Trilogy remains focused on cost management and strategic planning to navigate these challenges.