VANCOUVER, BC, Oct. 8, 2024 /PRNewswire/ - Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ) ("Trilogy Metals", "Trilogy" or "the Company") announces its financial results for the third quarter ended August 31, 2024. 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.

Upper Kobuk Mineral Projects ("UKMP") Activities

The team at Ambler Metals LLC ("Ambler Metals") visited the Bornite camp in July to perform a site inspection, regular asset maintenance and certain environmental sampling. No issues were reported.

The board of Ambler Metals approved a 2024 fiscal year budget totaling $5.5 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 nine-month period ended August 31, 2024, Ambler Metals expended $3.5 million on salaries and wages, professional fees, engineering, project support costs and mineral property expenses, excluding the Ambler Access Project ("AAP") costs compared with the budget of $4.5 million.

The board of Ambler Metals also approved a 2024 fiscal year budget totaling $2.5 million to support the AAP. During the nine-month period ended August 31, 2024, Ambler Metals funded $1.4 million to the Alaska Industrial Development and Export Authority in support of the AAP compared with the budget of $1.9 million.

Selected Results 

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

in thousands of dollars  

Three months ended

Nine months ended

Selected expenses

August 31,2024

$

August 31,2023

$

August 31,2024

$

August 31, 2023

$

General and administrative

293

278

1,027

1,014

Investor relations

15

18

46

71

Professional fees

138

139