Trilogy Metals reports Q1 net loss of $5.1M; cash at $1.7M, going concern doubt raised

Trilogy Metals Inc.

2023-Q1 EPS reported -$0.03

Net loss $5.1M ($0.03 per share) vs $5.0M prior year; total expenses $3.6M.
Cash and working capital $1.7M and $1.0M; cash preservation measures in place.
Ambler Metals JV has $76.5M cash; Trilogy not funding JV until that is spent.
Company states substantial doubt about ability to continue as going concern; needs financing.
Drilling results and feasibility study updates for Upper Kobuk Mineral Projects announced.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.92

Trilogy Metals Inc. reported first quarter ended February 28, 2023 results: net income $5.1 million, EPS (0.03).

Period: first quarter ended February 28, 2023
Net income: $5.1 million
EPS: (0.03)
Result: reported results

Exact text from the filing

570 245 Salaries 237 414 Salaries and directors expense – stock-based compensation 2,362 1,922 Total expenses 3,606 3,115 Share of loss on equity investment 1,485 1,910 Comprehensive loss for the period (5,072) (5,023) Basic and diluted loss per common share (0.03) (0.03) For the three-month period ended February 28, 2023, we reported a net loss of $5.1 million compared to a net loss of $5.0 million for the three-month period ended February 28, 2022.

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Source: SEC EDGAR

accession 0001279569-23-000424

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