Trilogy Metals Reports Fiscal 2022 Year End Results and Updated Technical Reports the Arctic and Bornite Projects

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

For the year ended November 30, 2022, we reported a net loss of $24.3 million (or $0.17 basic and diluted loss per common share) compared to a net loss of $21.7 million (or $0.15 basic and diluted loss per common share) in fiscal 2021. The $2.6 million increase in comprehensive loss in the current year, when compared to fiscal 2021, is due to the increase in our share of losses of Ambler Metals of $4.3 million partially offset from overall savings of $1.7 million in general and administrative expenses, investor relations, professional fees and salaries when compared to prior fiscal year 2021. The increase in our share of losses of Ambler Metals of $4.3 million is mainly due to an increase in mineral property expenses over the comparative to prior fiscal year 2021 from higher drilling and project support cost as well as higher pre-development costs for the Ambler Access Project.

Liquidity and Capital Resources

We expended $3.9 million on operating activities during the 2022 fiscal year 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.

At November 30, 2022, we had $2.6 million in cash and working capital 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 UKMP with $80.8 million in cash and $77.7 million in working capital as at November 30, 2022. There are sufficient funds at the Joint Venture to fund an operating budget of $9.2 million and $1.0 million for the Ambler Access Project for fiscal 2023. Trilogy does not anticipate having to fund the activities of Ambler Metals until the current cash balance $80.8 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 rise substantial doubt about the Company's ability to continue as a going concern.

Arctic Feasbility Study

The Company also announces an updated feasibility study technical report for the Arctic Project and will be filing a National Instrument 43-101 technical report today with the Canadian securities regulators. The technical report is titled "Arctic NI 43-101 Technical Report on Feasibility Study" with an effective date of January 20, 2023 and a release date of February 14, 2023. The Company will also be filing a S-K 1300 technical report summary with the United States Securities and Exchange Commission with an effective date of November 30, 2022.

The reports have been prepared by independent consultant, Ausenco Engineering Canada Inc. of Vancouver, Canada. The Company also engaged Wood Canada Limited to complete mine planning, SRK Consulting (Canada) Inc. to complete tailings and waste design and hydrology, and Brown and Caldwell to complete water management studies.

A separate press release has been issued by the Company earlier today describing the economic results of the Arctic report.

Bornite Technical Report

The Company also announces an updated resource for the Bornite Project and will be filing a National Instrument 43-101 technical report today with the Canadian securities . The technical report is titled "NI 43-101 Technical Report on the Mineral Resource Update of the Bornite Project, Northwest Alaska, USA" with an effective date of January 26, 2023 and a release date of February 14, 2023. The Company will also be filing a S-K 1300 technical report summary with the U.S. Securities and Exchange Commission with an effective date of November 30, 2022.

The requirements under S-K 1300 and NI 43-101 are different with regards to disclosing cobalt as a mineral resource. Cobalt is a byproduct that reports to a pyrite concentrate and we are required under S-K 1300 to provide support for reasonable prospects of economic extraction. The industry continues to work on research and development to extract cobalt economically but at this time, technological advancements are required to support a cobalt resource under S-K 1300 reporting. The Company has not included cobalt in its NI 43-101 resource statement for consistency.

The reports have been prepared by independent consultant, Wood Canada Limited of Vancouver, Canada.

Mineral Resources for the Bornite Deposit

Notes:
(1)	The effective date of the mineral resource is January 26, 2023. The QP for the mineral resource is an employee of Wood.
(2)	Mineral Resources are prepared in accordance with CIM Definition Standards (2014) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019).
(3)	Mineral resources are constrained by: an open pit shell at a cut-off grade of 0.5% Cu, with an average pit slope of 43 degrees; and underground mining shapes with a cut-off grade of 1.79% Cu. The cut-off grades include the considerations of a $4.05/lb Cu price, process recovery of 87.2%, open pit mining costs of $3.21/t mined, underground mining cost of $73.62/t mined, process cost of $19.14/t processed, G&A cost of $4.14/t processed, treatment, refining, sales cost of $0.73/lb Cu in concentrate, road use cost of $8.04/t processed, 2% NSR royalty.
(4)	Figures may not sum due to rounding.
(5)	See technical report titled "NI 43-101 Technical Report on the Mineral Resource Update of the Bornite Project, Northwest Alaska, USA" with an effective date of January 26, 2023 and a release date of February 14, 2023. Werbung Mehr Nachrichten zur Trilogy Metals Inc Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 03:16 - PR Newswire Grand Vision Media Holdings Plc - Annual Financial Report 29.04.24 - PR Newswire BH Macro Limited - Transaction in Own Shares 29.04.24 - PR Newswire BlackRock Income and Growth Investment Trust Plc - Transaction in Own Shares Saubere Energie    Milliardärsinvestoren sehen enorme Chancen in der alternativen Energie der nächsten Generation weiterlesen» Anzeige wo-site-teaser-box-16797_site-teaser-box_2024-04-30_07%253A00%253A00_2024-05-01_09%253A00%253A59