Trilogy Metals Reports Fiscal 2024 Year End Results

Core Viewpoint - Trilogy Metals Inc. reported a significant reduction in net loss for the fiscal year 2024 compared to 2023, indicating improved financial performance and operational efficiency [3][4][5]. Financial Results - For the year ended November 30, 2024, the company reported a net loss of $8.6 million, a decrease from a net loss of$15.0 million in 2023, reflecting a $6.4 million improvement [3]. - The basic and diluted loss per common share improved to$0.05 from $0.10 in the previous year [3]. - Exploration expenses decreased to$36,000 from $43,000, while general and administrative expenses fell to$1.2 million from $1.3 million [3]. - The share of loss on equity investment in Ambler Metals decreased by$5.2 million, primarily due to reduced corporate wages and mineral property expenses [3]. Outlook for 2025 - The company has approved a budget of $5.8 million for Ambler Metals in fiscal 2025, slightly up from$5.5 million in 2024 [4]. - A corporate budget of approximately $3.1 million has been set for 2025, compared to$2.8 million in 2024, with allocations for personnel, professional fees, and investor relations [5]. Liquidity and Capital Resources - As of November 30, 2024, Trilogy had $25.8 million in cash and working capital of$25.3 million, indicating a strong liquidity position [7]. - The company received $25.0 million from Ambler Metals as a return of excess cash during the fiscal year [7]. - Ambler Metals had$7.5 million in cash, sufficient to fund its approved fiscal 2025 operating budget of $5.8 million [7]. Ambler Mining District Industrial Access Project - The U.S. Bureau of Land Management (BLM) filed a Final Supplemental Environmental Impact Statement for the Ambler Access Project, identifying "No Action" as the preferred alternative [8][9]. - AIDEA, the proponent for the project, has objected to the BLM's decision, claiming it illegally blocks access to statehood lands and minerals [8]. - An executive order signed by President Trump on January 20, 2025, aims to review the BLM's decision and potentially reinstate a previous record of decision that approved the development of the Ambler Road [10]. Company Overview - Trilogy Metals Inc. holds a 50% interest in Ambler Metals LLC, which owns the Upper Kobuk Mineral Projects in northwestern Alaska, known for its rich copper-dominant deposits [12][13]. - The company aims to develop the Ambler Mining District into a premier North American copper producer while respecting local communities [13].