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Trilogy Metals Reports First Quarter Fiscal 2025 Financial Results

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Trilogy Metals (TSX/NYSE: TMQ) has reported its Q1 fiscal 2025 financial results, posting a net loss of $3.6 million, unchanged from Q1 2024. The company announced positive results from its Bornite Preliminary Economic Assessment (PEA), projecting 1.9 billion pounds of copper production over a 17-year mine life, with an after-tax NPV8% of $394.0 million and IRR of 20.0%.

Key financial highlights include total expenses of $3.2 million, up from $2.8 million in Q1 2024, primarily due to increased professional fees. The company maintains a strong financial position with $25.2 million in cash and working capital of $24.6 million. Its joint venture, Ambler Metals, holds $6.5 million in cash with a $5.8 million approved budget for fiscal 2025.

Significant developments include recent executive orders from President Trump supporting Alaska resource development and the Ambler Road project, with directives to expedite mineral production project approvals.

Trilogy Metals (TSX/NYSE: TMQ) ha riportato i risultati finanziari del primo trimestre fiscale 2025, registrando una perdita netta di 3,6 milioni di dollari, invariata rispetto al primo trimestre 2024. L'azienda ha annunciato risultati positivi dalla sua Valutazione Economica Preliminare (PEA) di Bornite, prevedendo una produzione di 1,9 miliardi di libbre di rame su una vita mineraria di 17 anni, con un NPV8% dopo le tasse di 394,0 milioni di dollari e un IRR del 20,0%.

I principali punti finanziari includono spese totali di 3,2 milioni di dollari, in aumento rispetto ai 2,8 milioni di dollari del primo trimestre 2024, principalmente a causa dell'aumento delle spese professionali. L'azienda mantiene una solida posizione finanziaria con 25,2 milioni di dollari in contante e un capitale circolante di 24,6 milioni di dollari. La sua joint venture, Ambler Metals, detiene 6,5 milioni di dollari in contante con un budget approvato di 5,8 milioni di dollari per l'anno fiscale 2025.

Sviluppi significativi includono recenti ordini esecutivi del Presidente Trump a sostegno dello sviluppo delle risorse in Alaska e del progetto Ambler Road, con direttive per accelerare le approvazioni dei progetti di produzione mineraria.

Trilogy Metals (TSX/NYSE: TMQ) ha informado sus resultados financieros del primer trimestre fiscal 2025, registrando una pérdida neta de 3.6 millones de dólares, sin cambios respecto al primer trimestre de 2024. La compañía anunció resultados positivos de su Evaluación Económica Preliminar (PEA) de Bornite, proyectando una producción de 1.9 mil millones de libras de cobre durante una vida útil de mina de 17 años, con un NPV8% después de impuestos de 394.0 millones de dólares y un IRR del 20.0%.

Los aspectos financieros clave incluyen gastos totales de 3.2 millones de dólares, un aumento respecto a los 2.8 millones de dólares en el primer trimestre de 2024, principalmente debido a mayores honorarios profesionales. La empresa mantiene una sólida posición financiera con 25.2 millones de dólares en efectivo y un capital de trabajo de 24.6 millones de dólares. Su empresa conjunta, Ambler Metals, tiene 6.5 millones de dólares en efectivo con un presupuesto aprobado de 5.8 millones de dólares para el año fiscal 2025.

Desarrollos significativos incluyen recientes órdenes ejecutivas del Presidente Trump apoyando el desarrollo de recursos en Alaska y el proyecto Ambler Road, con directrices para acelerar las aprobaciones de proyectos de producción mineral.

트릴로지 메탈스 (TSX/NYSE: TMQ)는 2025 회계연도 1분기 재무 결과를 보고하며 360만 달러의 순손실을 기록했다고 발표했습니다. 이는 2024년 1분기와 동일합니다. 회사는 본나이트 예비 경제 평가(PEA)에서 긍정적인 결과를 발표하며, 17년의 광산 수명 동안 19억 파운드의 구리 생산을 예상하고, 세후 NPV8%는 3억 9,400만 달러, 내부 수익률(IRR)은 20.0%로 예상하고 있습니다.

주요 재무 하이라이트에는 총 비용이 320만 달러로, 2024년 1분기의 280만 달러에서 증가한 것이 포함되며, 주로 전문 수수료 증가로 인한 것입니다. 회사는 2,520만 달러의 현금과 2,460만 달러의 운영 자본으로 강력한 재무 상태를 유지하고 있습니다. 공동 벤처인 앰블러 메탈스는 650만 달러의 현금을 보유하고 있으며, 2025 회계연도에 대해 580만 달러의 승인된 예산이 있습니다.

중요한 발전 사항으로는 알래스카 자원 개발과 앰블러 로드 프로젝트를 지원하는 트럼프 대통령의 최근 행정 명령이 포함되며, 광물 생산 프로젝트 승인을 신속하게 진행하라는 지침이 있습니다.

Trilogy Metals (TSX/NYSE: TMQ) a annoncé ses résultats financiers pour le premier trimestre de l'exercice 2025, affichant une perte nette de 3,6 millions de dollars, inchangée par rapport au premier trimestre 2024. L'entreprise a annoncé des résultats positifs de son Évaluation Économique Préliminaire (PEA) de Bornite, projetant une production de 1,9 milliard de livres de cuivre sur une durée de vie minière de 17 ans, avec un NPV8% après impôts de 394,0 millions de dollars et un IRR de 20,0%.

Les points financiers clés incluent des dépenses totales de 3,2 millions de dollars, en hausse par rapport à 2,8 millions de dollars au premier trimestre 2024, principalement en raison de l'augmentation des frais professionnels. L'entreprise maintient une solide position financière avec 25,2 millions de dollars en liquidités et un fonds de roulement de 24,6 millions de dollars. Sa coentreprise, Ambler Metals, détient 6,5 millions de dollars en liquidités avec un budget approuvé de 5,8 millions de dollars pour l'exercice 2025.

Les développements significatifs incluent des ordres exécutifs récents du Président Trump soutenant le développement des ressources en Alaska et le projet Ambler Road, avec des directives pour accélérer les approbations des projets de production minérale.

Trilogy Metals (TSX/NYSE: TMQ) hat seine finanziellen Ergebnisse für das erste Quartal des Geschäftsjahres 2025 veröffentlicht und einen Nettoverlust von 3,6 Millionen Dollar verzeichnet, der im Vergleich zum ersten Quartal 2024 unverändert blieb. Das Unternehmen gab positive Ergebnisse seiner Vorläufigen Wirtschaftlichen Bewertung (PEA) von Bornite bekannt, die eine Produktion von 1,9 Milliarden Pfund Kupfer über eine Lebensdauer von 17 Jahren prognostiziert, mit einem NPV8% nach Steuern von 394,0 Millionen Dollar und einer IRR von 20,0%.

Wichtige finanzielle Höhepunkte umfassen Gesamtausgaben von 3,2 Millionen Dollar, die im Vergleich zu 2,8 Millionen Dollar im ersten Quartal 2024 gestiegen sind, hauptsächlich aufgrund gestiegener Honorare. Das Unternehmen hält eine starke finanzielle Position mit 25,2 Millionen Dollar in bar und einem Working Capital von 24,6 Millionen Dollar. Ihr Joint Venture, Ambler Metals, hält 6,5 Millionen Dollar in bar und hat ein genehmigtes Budget von 5,8 Millionen Dollar für das Geschäftsjahr 2025.

Wesentliche Entwicklungen umfassen kürzliche Exekutivanordnungen von Präsident Trump zur Unterstützung der Ressourcenausbeutung in Alaska und des Ambler Road-Projekts, mit Anweisungen zur Beschleunigung der Genehmigungen für Mineralproduktionsprojekte.

Positive
  • Positive Bornite PEA results with 1.9B pounds copper production potential
  • Strong cash position of $25.2M with sufficient working capital
  • Favorable executive orders supporting Ambler Road development
  • Potential 30+ year mine life extension for Upper Kobuk Mineral Projects
Negative
  • Increased quarterly expenses to $3.2M from $2.8M year-over-year
  • Net loss of $3.6M in Q1 2025
  • Higher professional fees due to consulting and legal expenses
  • Share of loss on equity investment of $581K

Insights

Trilogy Metals' Q1 FY2025 results reveal several substantive developments. While the company posted a $3.6 million net loss (unchanged year-over-year), the financial stability indicators remain robust with $25.2 million in cash and $24.6 million in working capital - sufficient to cover their $3.1 million fiscal 2025 budget.

The standout development is January's positive Bornite Preliminary Economic Assessment, demonstrating compelling project economics: 23.6% pre-tax IRR and $552 million pre-tax NPV (8% discount). The project's 1.9 billion pounds of copper over a 17-year mine life represents significant value potential, especially with the planned infrastructure synergies with their Arctic Project.

Most critically, the regulatory landscape has dramatically improved for the Ambler Access Project. President Trump's January executive order specifically directed the reinstatement of the previously approved right-of-way permit for the Ambler Road, followed by supportive Department of Interior directives to expedite resource project permitting in Alaska. This infrastructure is absolutely vital to unlocking the value of Trilogy's mineral assets.

The combination of solid project economics, adequate capitalization, and favorable regulatory developments substantially improves Trilogy's pathway to development. The Ambler Road progress particularly reduces a critical risk factor that has constrained the company's valuation.

VANCOUVER, BC, April 2, 2025 /PRNewswire/ - Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy Metals" or the "Company") announces its financial results for the first quarter ended February 28, 2025. Details of the Company's financial results are contained in the interim unaudited consolidated financial statements and Management's Discussion and Analysis 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.

Selected Results

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

in thousands of dollars,
except for per share amounts

Three months ended

Selected expenses

February 28,
2025

$

February 29,
2024

$

General and administrative

343

415

Investor relations

16

12

Professional fees

447

200

Salaries

207

191

Salaries and directors expense – stock-based compensation

2,230

1,999

Total expenses

3,232

2,820

Share of loss on equity investment

581

793

Comprehensive loss for the period

(3,623)

(3,601)

Basic and diluted loss per common share

(0.02)

(0.02)

For the three-month period ended February 28, 2025, we reported a net loss of $3.6 million comparable to a net loss of $3.6 million for the three-month period ended February 29, 2024. Comparing the first quarter of 2025 to first quarter of 2024, there was an increase of $0.2 million in professional fees due to increased consulting and legal fees related to the Bornite preliminary economic assessment technical report and the Company's Base Shelf Prospectus filing, offset by a decrease of $0.2 million in our share of losses of Ambler Metals LLC ("Ambler Metals") due to reduction in activities at the Ambler Access Project (as defined below).

Corporate and Project Activities

Bornite PEA

On January 15, 2025, the Company announced the positive results of its Preliminary Economic Assessment Study ("Bornite PEA") for the Bornite copper project. Highlights of the Bornite PEA include the following:

  • 1.9 billion pounds of copper over 17-year mine life;
  • Potential to extend mine activity for the Upper Kobuk Mineral Projects to over 30 years;
  • Pre-tax net present value ("NPV")8% of $552.0 million and an internal rate of return ("IRR") of 23.6%; and
  • After-tax NPV8% of $394.0 million and after-tax IRR of 20.0%.

The Bornite PEA describes the technical and economic viability of establishing an underground mining operation for a 6,000 tonne-per-day operation with a 17-year mine life. The Bornite PEA assumes re-purposing the infrastructure described in the Company's current Feasibility Study for the Arctic Project for the use with the Bornite Project once the Arctic deposit has been depleted. More information on the Arctic Feasibility Study and the Bornite PEA can be accessed on the Company's website at www.trilogymetals.com.

Budget -Trilogy

The Company has a 2025 fiscal year cash budget totaling $3.1 million. For the three-month period ended February 28, 2025, we used $0.8 million in operating activities mainly for personnel costs, professional fees, regulatory and office expenses compared with budgeted cash expenditures totaling $1.0 million

Budget - Ambler Metals LLC

The board of Ambler Metals approved a 2025 fiscal year budget totaling $5.8 million to support external and community affairs, to maintain the State of Alaska mineral claims in good standing, and for the maintenance of physical assets. During the three-month period ended February 28, 2025, Ambler Metals expended $1.2 million on salaries and wages, professional fees, engineering, project support costs and mineral property expenses, and the Ambler Access Project costs mainly for subsistence committee meetings and community relations, compared with the budget of $1.0 million.

Ambler Mining District Industrial Access Project ("Ambler Access Project" or "Ambler Road")

On January 20, 2025, President Trump signed a comprehensive executive order titled "Unleashing Alaska's Extraordinary Resource Potential", instructing agency heads across the federal government to revoke, rescind or revise regulations that are inconsistent with resource development in Alaska, including those issued by former President Biden when he was in office.

It places a moratorium on all activities related to the rejection of a right-of-way permit to build the Ambler Road and directs the reinstatement of the prior Trump Administration's 2020 approval of the right-of-way permit to build the Ambler Road.

The order was broadly welcomed by Alaska's political leaders, including Senators Dan Sullivan and Lisa Murkowski, and Representative Nick Begich.

Department of Interior Secretary Doug Burgum subsequently signed a series of secretarial orders, echoing the executive orders signed by President Trump. Secretary Burgum's Order 3422 on February 3, 2025, also titled "Unleashing Alaska's Extraordinary Resource Potential", directs the submission of an action plan to him that includes "steps to expedite the permitting and leasing of energy and natural resource projects in Alaska (including the rights-of-way and easements for roads that enable this development to occur)."

On March 20, 2025, President Trump signed an executive order titled "Immediate Measures to Increase American Mineral Production", which underscores the importance of securing a stable and predictable domestic supply of critical minerals (including copper and gold) that are essential for the nation's defense, technology, and infrastructure, and to reduce the reliance on foreign imports. The order directs federal agencies to expedite approvals for mineral production projects.

Also on March 20, 2025, Secretary Burgum announced that the Bureau of Land Management will work towards partial revocation of public land withdrawals to convey these lands to the State of Alaska. This action is expected to help advance the Ambler Road.

Secretary Burgum's announcement was commended by Alaska Senators Sullivan and Murkowski, and Representative Begich in a joint statement on March 20, 2025.

Liquidity and Capital Resources

We expended $0.7 million on operating activities during the three-month period ending February 28, 2025 with the majority of cash spent on professional fees to complete the Bornite preliminary economic assessment and related technical reports and American and Canadian securities commission fees related to our annual regulatory filings, annual fees paid to the Toronto Stock Exchange and the NYSE American Exchange and corporate salaries.

As at February 28, 2025, we had $25.2 million in cash and cash equivalents and working capital (current assets less current liabilities) of $24.6 million. There is sufficient cash on hand to fund the approved fiscal 2025 budget of $3.1 million.

All project related costs are funded by Ambler Metals. Ambler Metals had $6.5 million in cash and cash equivalents and $6.4 million in working capital as at February 28, 2025. There are sufficient funds at Ambler Metals to fund this fiscal year's approved budget of $5.8 million

Qualified Persons

Richard Gosse, P.Geo., Vice President Exploration for Trilogy Metals Inc., is a Qualified Person as defined by National Instrument 43-101 – Standard of Disclosure for Mineral Projects and Subpart 1300 of Regulation S-K. 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 Metals. 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 Metal'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, potential actions and effects resulting from the executive orders and statements from the Department of the Interior, Bureau of Land Management, perceived merit of properties, the sufficiency of cash for the next twelve months and the Company's plans to provide further updates and the timing thereof 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 our assumptions with respect to those uncertainties disclosed in the Company's Annual Report on Form 10-K for the year ended November 30, 2024 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-first-quarter-fiscal-2025-financial-results-302417690.html

SOURCE Trilogy Metals Inc.

FAQ

What are the key metrics from TMQ's Bornite PEA announced in January 2025?

The Bornite PEA projects 1.9 billion pounds of copper over 17 years, with after-tax NPV8% of $394.0 million and IRR of 20.0%, based on a 6,000 tonne-per-day operation.

How much cash does TMQ have on hand as of February 2025?

TMQ had $25.2 million in cash and cash equivalents with working capital of $24.6 million as of February 28, 2025.

What is TMQ's approved budget for fiscal 2025?

TMQ has approved a fiscal year 2025 cash budget of $3.1 million.

How did TMQ's Q1 2025 financial performance compare to Q1 2024?

TMQ reported a net loss of $3.6 million in Q1 2025, comparable to Q1 2024, with total expenses increasing from $2.8 million to $3.2 million.

What recent regulatory developments affect TMQ's Ambler Road project?

President Trump's executive orders in January and March 2025 support resource development in Alaska and direct the reinstatement of the Ambler Road right-of-way permit.
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