Trilogy Metals Inc - TMQ STOCK NEWS

Trilogy Metals provides update on project activities

Trilogy Metals announces potential for germanium as a by-product of copper production at the Bornite project. Germanium is a critical element with increasing demand and supply risks. Ambler Metals to collaborate with Colorado School of Mines and USGS on critical minerals research. Germanium values found in South Reef samples indicate potential for recovery in copper concentrate. Prices for germanium have increased by 35% since January 2020. Ongoing collaboration aims to develop alternative sources of germanium.

Trilogy Metals Inc. announces its financial results for Q2 2023, reporting a net loss of $2.8 million, compared to $4.1 million in Q2 2022. The decrease in loss is attributed to a decrease in share of loss of Ambler Metals and stock-based compensation. The company completed a private placement, raising gross proceeds of $3.2 million. The Annual General Meeting of Shareholders was held on May 17, 2023, with all nominated directors elected. The company had $4.2 million in cash and working capital of $3.5 million as of May 31, 2023.

On April 25, 2023, Trilogy Metals (AMEX: TMQ, TSX: TMQ) announced the successful closure of a non-brokered private placement, issuing 5,854,545 common shares at US$0.55 each, generating gross proceeds of US$3.22 million.

The placement was primarily backed by major shareholders, Electrum Strategic Opportunities Fund and South32 Limited, each investing US$1.2 million. Post-transaction, Electrum holds 21.0% and South32 holds 12.0% of Trilogy's common shares.

Funds will be utilized for general corporate purposes. Notably, related party transactions within the placement did not require minority approval due to the transaction's size relative to Trilogy's market capitalization.

Trilogy Metals Inc. (TMQ) has announced a non-brokered private placement to issue approximately 5,854,545 common shares at US$0.55 each, raising about US$3.22 million. Major shareholders, Electrum Strategic Opportunities Fund and South32 Limited, plan to subscribe US$1.2 million each. Post-placement, Electrum's ownership will increase from 20.4% to 21.0%, and South32's from 11.0% to 12.0%. This issuance represents 3.9% of current shares. Proceeds will be used for general corporate purposes, pending regulatory approvals. The shares will have a four-month hold period in Canada and U.S. resale restrictions. This financing aims to support Trilogy's ambitions in the Ambler Mining District's exploration efforts.

Trilogy Metals (TMQ) reported a net loss of $5.1 million for Q1 FY2023, compared to $5.0 million in the same period last year. This loss was primarily due to increased stock-based compensation and professional fees, although it was partially offset by reduced losses from Ambler Metals LLC. Total expenses rose to $3.6 million from $3.1 million, highlighting a focus on cash preservation strategies as the company holds $1.7 million in cash. Future financing will be necessary to sustain operations, raising concerns about Trilogy's ability to continue as a going concern.

Trilogy Metals announced the final drilling results from the Arctic Project in Alaska for 2022, revealing significant mineralization. The 2022 drilling program totaled 10,738 meters, with 8,376 meters focused on the Arctic deposit, marking the highest drilling season to date. Noteworthy intersections include hole AR22-0205, which presented 42.77 meters of 3.09% copper, 6.21% zinc, 1.46% lead, and 72.14 g/t silver. CEO Tony Giardini emphasized Arctic's status as a high-grade copper deposit, essential for sustainable resource development. The results support further exploration in the region.