Trilogy said it has a feasibility study for the Arctic project anticipated in first half of 2020.
Trilogy Metals (TSX,NYSEAmerican:TMQ) has announced its financial results for the year and fourth quarter ended November 30, 2018 and provides an outlook for 2019.
As highlighted in the press release:
- Strong cash position of US$23.0 million at year end
- Additional US$10.2 million from South32 anticipated to be received in February 2019
- Potential for an additional US$10.0 million upon the exercise of in-the-money warrants expiring July 2019
- Mineral property expenditures totalling US$16.5 million in 2018 and US$15.1 million in 2017
- 2019 programs and budgets totalling US$18.2 million
- Feasibility study for the Arctic project anticipated in first half of 2020
For the company’s 2019 outlook, Trilogy said that it has approved budgets for the fiscal year ending November 30, 2019 totaling US$18.2 million for its project activities at the UKMP. US$9.2 million (to be funded by South32) is approved for the Bornite project which is to be focused on additional exploration drilling a combination of infill and expansion drilling of the known deposit, US$7.0 million is approved for the Arctic project to be focused on feasibility level engineering and environmental work, and US$2.0 million (to be funded 50/50 as between the company and South32) is approved for regional or district exploration focused on identifying new drill targets.