Trilogy Metals Reports Second Quarter Fiscal 2025 Financial Results and Provides Updated Cash Position
VANCOUVER, BC, July 10, 2025 /PRNewswire/ - Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ) ("Trilogy", "Trilogy Metals" or the "Company") announces its financial results for the second quarter ended May 31, 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 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.
Quarterly Highlights
Cash on hand of $24.6 million and working capital of $23.8 million as at May 31, 2025.
Annual general meeting of shareholders (the "AGM") held with all directors re-elected.
Base Shelf Prospectus (as defined below) and at-the-market equity program (the "ATM Program") established.
Corporate Activities
The AGM was held on May 13, 2025. All directors nominated by the Company were elected by shareholders of the Company, with each director receiving greater than 94% of the votes cast. The shareholders also voted in favour of all other items of business including the continuation of the Company's Restricted Share Unit Plan and Deferred Share Unit Plan.
Base Shelf Prospectus and ATM Program
The Company filed a final short form base shelf prospectus with the securities commissions in each of the provinces and territories of Canada (the "Canadian Base Shelf Prospectus"), and a corresponding shelf registration statement on Form S-3 (the "Registration Statement" together with the Canadian Base Shelf Prospectus, the "Base Shelf Prospectus") with the United States Securities and Exchange Commission allowing for the future issuance, from time to time, of up to US$50 million in common shares of the Company (the "Common Shares"), warrants to purchase Common Shares, share purchase contracts of the Company, subscription receipts and units comprised of some or all of the foregoing securities (collectively, the "Securities"). Any amounts, prices and terms will be determined based on market conditions at the time of an offering and will be set out in an accompanying prospectus supplement. The final Base Shelf Prospectus became effective on April 14, 2025. The Canadian Base Shelf Prospectus will remain effective for 25 months, while the Registration Statement will remain effective for three years.
On May 27, 2025, the Company entered into an equity distribution agreement (the "Distribution Agreement") with BMO Nesbitt Burns Inc., Cantor Fitzgerald Canada Corporation (the "Canadian Agents"), BMO Capital Markets Corp. and Cantor Fitzgerald & Co. (the "U.S. Agents" together with the Canadian Agents, the "Agents") for the ATM Program. On the same date, the Company filed a prospectus supplement (the "Prospectus Supplement") to the Canadian Base Shelf Prospectus and the US shelf registration statement on Form S-3 qualifying the distribution of the Common Shares under the ATM Program. Under the ATM Program and pursuant to the Distribution Agreement and the Prospectus Supplement, the Company may sell up to US$25 million of Common Shares. The Common Shares sold under the ATM Program, if any, will be sold at the prevailing market price at the time of sale. The net proceeds of any such sales under the ATM Program are anticipated to be used for continued development of the Upper Kobuk Mineral Projects and for general corporate purposes.
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
