Trilogy Metals Reports Fiscal 2023 Year End Results

 
 

Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy Metals", "Trilogy" or "the Company") announces its financial results for the year and fourth quarter ended November 30, 2023 . Details of the Company's financial results are contained in the audited consolidated financial statements and Management's Discussion and Analysis in our annual report on Form 10-K which will be available on the Company's website at www.trilogymetals.com on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov . All amounts are in United States dollars unless otherwise stated.

 

  Annual Financial Results  

 

The following selected annual information is prepared in accordance with U.S. GAAP.

 

 
                               
 

   in thousands of dollars,
  except for per share amounts  
 

 
 

   Selected financial results   

 
 

   Year ended
 
   November 30,
2023
 
 

 

   $   

 
 

   Year ended
 
   November 30,
2022
 
 

 

   $   

 
 

  Exploration expense  

 
 

  43  

 
 

  47  

 
 

  General and administrative  

 
 

  1,328  

 
 

  1,287  

 
 

  Investor relations  

 
 

  130  

 
 

  183  

 
 

  Professional fees  

 
 

  1,073  

 
 

  998  

 
 

  Salaries  

 
 

  753  

 
 

  984  

 
 

  Salaries & directors fees – stock-based compensation  

 
 

  3,887  

 
 

  3,427  

 
 

  Share of loss on equity investment  

 
 

  7,844  

 
 

  17,360  

 
 

  Comprehensive loss for the year  

 
 

  (14,951)  

 
 

  (24,257)  

 
 

  Basic and diluted loss per common share  

 
 

  (0.10)  

 
 

  (0.17)  

 
 
 

For the year ended November 30, 2023 , we reported a net loss of $15.0 million (or $0.10 basic and diluted loss per common share) compared to a net loss of $24.3 million (or $0.17 basic and diluted loss per common share) in fiscal 2022. The $9.3 million decrease in comprehensive loss in the current year, when compared to fiscal 2022, is due to the decrease in our share of losses from our equity investment in Ambler Metals LLC of $9.5 million , decrease in salaries of $0.2 million and partially offset from an increase of $0.6 million in salaries and directors expense – stock-based compensation, when compared to prior fiscal year 2022. The decrease in our share of losses of Ambler Metals of $9.5 million is mainly due to the decrease in mineral property expenses over the comparative fiscal year 2022. The lack of an exploration drilling program during the 2023 summer field season resulted in decreases in drilling, engineering, and project support cost and partially offset from the increase in spending on the Ambler Access Project.

 

  Outlook for 2024  

 

Ambler Metals LLC ("Ambler Metals" or the "Joint Venture"), the joint venture operating company owned equally by Trilogy and South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY), had $63.8 million of cash as at the fiscal year end on November 30 , 2023.  The owners have approved a budget for Ambler Metals for fiscal 2024 in the amount of $5.5 million (2023 - $9.2 million ) and $2.5 million (2023 - $12.3 million ) for the Ambler Access Project of which the entire amounts are funded by the Joint Venture.  The main focus of this year's $5.5 million budget for Ambler Metals is to support external and community affairs, maintain the State of Alaska mineral claims in good standing and the maintenance of physical assets.

 

The Company has approved a 2024 cash budget for corporate, head office, activities of approximately $2.8 million (2023 - $4.0 million ).  The corporate budget consists of personnel and related costs of $0.7 million (2023 - $0.9 million ), professional fees of $0.6 million (2023 - $1.5 million ), investor relations and marketing costs of $0.1 million ( 2023 - $0.2 million ), office related costs of $0.4 million (2023 - $0.4 million ), insurance costs of $0.6 million (2023 - $0.6 million ), regulatory costs of $0.3 million (2023 - $0.3 million ) and exploration activities of $0.1 million (2023 - $0.1 million ).  Trilogy had $2.6 million of cash at the fiscal year end on November 30 , 2023.  The Company intends to finance its future budget requirements through a combination of debt and/or equity issuance.

 

  Liquidity and Capital Resources  

 

On April 25, 2023 , the Company completed a non-brokered private placement of 5,854,545 common shares of the Company (the "Common Shares") at a price of $0.55 per Common Share for gross proceeds of $3.2 million and net proceeds of $3.1 million . Financing costs consisted of legal and stock exchange fees.

 

During the 2023 fiscal year, we expended $3.1 million on operating activities with the majority of cash spent on corporate salaries, professional fees related to our annual regulatory filings, annual insurance renewal, annual fees paid to the Toronto Stock Exchange and the NYSE American Exchange and with the American and Canadian securities commissions.

 

As at November 30, 2023 , we had $2.6 million in cash and working capital (current assets less current liabilities) of $2.4 million . Management continues with cash preservation strategies to reduce cash expenditures where feasible, including but not limited to reductions in marketing and investor conferences and office expenses.  In addition, the Company's Board of Directors have agreed to take all of their fees in shares of the Company in an effort to preserve cash and increase share ownership.  The Company's senior management team are also taking a portion of their base salaries in shares of the Company to preserve cash.

 

All project related costs are funded by the Joint Venture. Ambler Metals is well funded to advance the Upper Kobuk Mineral Projects ("UKMP") with $63.8 million in cash and $62.4 million in working capital as at November 30, 2023 . There are sufficient funds at the Joint Venture to fund an operating budget of $5.5 million and $2.5 million for the Ambler Access Project for fiscal 2024. Trilogy does not anticipate having to fund the activities of Ambler Metals until the current cash balance of $63.8 million is expended.

 

Future cash requirements may vary materially from current expectations. The Company will need to raise additional funds in the future to support its operations and administration expenses. Future sources of liquidity are likely in the form of an equity financing but may include debt financing, convertible debt, exercise of options, or other means. The continued operations of the Company are dependent on its ability to obtain additional financing or to generate future cash flows. There is no assurance that the Company will be able to obtain such financings or obtain them on favourable terms. These uncertainties raise substantial doubt about the Company's ability to continue as a going concern.

 

  Qualified Persons  

 

  Richard Gosse , P.Geo, Vice President Exploration for Trilogy Metals Inc., is a Qualified Person as defined by National Instrument 43-101. Mr. Gosse has reviewed the technical information in this news release and approves the disclosure contained herein.

 

  About Trilogy Metals  

 

Trilogy Metals Inc. is a metal exploration and development company holding a 50 percent interest in Ambler Metals LLC, which has a 100 percent interest in the Upper Kobuk Mineral Projects in northwestern Alaska . On December 19, 2019 , South32, a globally diversified mining and metals company, exercised its option to form a 50/50 joint venture with Trilogy. The UKMP is located within the Ambler Mining District which is one of the richest and most-prospective known copper-dominant districts in the world. It hosts world-class polymetallic volcanogenic massive sulphide ("VMS") deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits which have been found to host high-grade copper and cobalt mineralization. Exploration efforts have been focused on two deposits in the Ambler Mining District – the Arctic VMS deposit and the Bornite carbonate replacement deposit. Both deposits are located within a land package that spans approximately 190,929 hectares. Ambler Metals has an agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation that provides a framework for the exploration and potential development of the Ambler Mining District in cooperation with local communities. Trilogy's vision is to develop the Ambler Mining District into a premier North American copper producer while protecting and respecting subsistence livelihoods.

 

   Cautionary Note Regarding Forward-Looking Statements   

 

  This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, including, without limitation, proposed advancement of the Ambler Road Project, planned activities at the UKMP, the outlook for 2024, the Company's anticipated budget for corporate activities and the Company's ability to fund its operations and the requirement for additional funding at Ambler Metals, resource estimates, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the uncertainties involving the outcome of pending litigation, success of exploration activities, permitting timelines, requirements for additional capital, risks pertaining to the outbreak of the coronavirus (COVID-19), government regulation of mining operations, environmental risks, prices for energy inputs, labour, materials, supplies and services, uncertainties involved in the interpretation of drilling results and geological tests, unexpected cost increases and other risks and uncertainties disclosed in the Company's Annual Report on Form 10-K for the year ended November 30, 2023 filed with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission and in other Company reports and documents filed with applicable securities regulatory authorities from time to time. The Company's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.  

 

 Cision View original content: https://www.prnewswire.com/news-releases/trilogy-metals-reports-fiscal-2023-year-end-results-302058225.html  

 

SOURCE Trilogy Metals Inc.

 

 

 

 Cision View original content: http://www.newswire.ca/en/releases/archive/February2024/09/c2959.html  

 
 

News Provided by Canada Newswire via QuoteMedia

TMQ:CA,TMQ
The Conversation (0)
Spools of copper wire.

Top 5 Junior Copper Stocks on the TSXV in 2025

The copper price climbed to a record high of US$5.64 per pound on the COMEX during the second quarter of 2025.

The price rise comes on the back of escalating trade tensions and economic chaos from the United States’ new tariff policy.

While copper was initially spared from tariffs at the start of the year, US President Donald Trump announced the US would be imposing a 50 percent tariff on all copper products entering the US. The announcement sparked speculative buying by US metals traders, who sought to position themselves ahead of the yet-to-be-announced tariff deadline.

How has this affected small-cap copper-focused companies on the TSX Venture Exchange? Read on to learn about the five best-performing junior copper stocks since the start of 2025.

Data for this article was gathered on July 17, 2025, using TradingView's stock screener, and copper companies with market caps of over C$10 million at that time were considered.

Keep reading...Show less
Pile of raw copper nuggets on a dark background.

Barrick Backs Hercules in Leviathan-Linked Copper Expansion

Hercules Metals (TSXV:BIG,OTCQB:BADEF) has entered into a transformative agreement with Barrick Mining (TSX:ABX,NYSE:B) to acquire a vast package of unpatented copper claims surrounding its Leviathan discovery in western Idaho.

Hercules will have the option to acquire a 100 percent interest in more than 74,000 acres of claims, collectively known as the Olympus belt, that flank both sides of the company’s existing Hercules property.

If exercised, the deal would expand Hercules’ total land position from 26,000 acres to over 100,000 acres, granting it control over a 73 kilometer stretch of highly prospective terrain.

The transaction is structured as an option agreement through Hercules’ US subsidiary, Anglo-Bomarc, with Barrick Gold Exploration, a wholly owned subsidiary of Barrick Mining.

Keep reading...Show less
Rows of fine copper bars with text that reads '5 Top Canadian Mining Stocks This Week.'

Top 5 Canadian Mining Stocks This Week: St. Augustine Gains 67 Percent

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.

Statistics Canada released its monthly mineral production report for May 2025 on Monday (July 21). The data shows that the production of both copper and silver increased from April. Copper output rose to 36.3 million kilograms from 35.85 million in April, and silver increased to 26,502 kilograms from 25,412. Meanwhile, gold production decreased marginally to 16,518 kilograms from 16,640 the previous month.

However, shipments were up across the board. Copper shipments rose to 34.34 million kilograms compared to 30.01 million kilograms in April. Silver increased to 26,376 kilograms, up considerably from 22,106 kilograms a month earlier. Gold shipments saw a slighter gain, rising to 14,858 kilograms from 14,660 kilograms in April.

Keep reading...Show less
Silhouetted miners work in a dimly lit tunnel; "Weekly Editor's Picks" text overlay.

Editor's Picks: Miners Rescued, US Mine Waste Strategy, Ontario Expands CIMF

Here's a quick recap of some of the most impactful resource sector news items for the week.

The period saw three miners rescued after 60 hours underground at the Red Chris mine in BC, the US announce a mine waste recovery strategy and the Ontario government add C$7 million to boost critical minerals innovation.

Keep reading...Show less
Traffic light with green signal against a blue sky.

Teck Greenlights Highland Valley Expansion After Beating Q2 Profit Estimates

Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) has secured board approval for a multi-billion-dollar life extension of its Highland Valley copper mine in British Columbia, setting the stage for a two-decade boost in copper output.

The Vancouver-based miner said Thursday (July 24) that construction on the Highland Valley Copper Mine Life Extension Project (HVC MLE) will begin in August, following receipt of environmental and permitting approvals in June.

Keep reading...Show less
Blackstone Minerals

Blackstone Minerals


Keep reading...Show less

Latest Press Releases

Related News

×