Trilogy Metals Reports First Quarter Fiscal 2025 Financial Results
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News Release
Trilogy Metals Reports First Quarter Fiscal 2025 Financial Results
April 2, 2025 – Vancouver, British Columbia – Trilogy Metals Inc. (TSX / 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 C ompany'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).
TSX / NYSE American
Symbol: TMQ
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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 w ith 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, an d 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.
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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 a nd 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
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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 Regi onal 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.
Company Contacts
Tony Giardini Elaine Sanders
President & Chief Executive Officer Vice President & Chief Financial Officer
604-638-8088
# # #
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 Inte rior, 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.