Trilogy Metals Reports Fiscal 2023 Year End Results

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VANCOUVER, BC, Feb. 9, 2024 /CNW/ – Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ) (“Trilogy Metals”, “Trilogy” or “the Company”) announces its financial results for the year and fourth quarter ended November 30, 2023. Details of the Company’s financial results are contained in the audited consolidated financial statements and Management’s Discussion and Analysis in our annual report on Form 10-K 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.

Annual Financial Results

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

in thousands of dollars,
except for per share amounts

Selected financial results

Year ended
November 30,
2023

$

Year ended
November 30,
2022

$

Exploration expense

43

47

General and administrative

1,328

1,287

Investor relations

130

183

Professional fees

1,073

998

Salaries

753

984

Salaries & directors fees – stock-based compensation

3,887

3,427

Share of loss on equity investment

7,844

17,360

Comprehensive loss for the year

(14,951)

(24,257)

Basic and diluted loss per common share

(0.10)

(0.17)

For the year ended November 30, 2023, we reported a net loss of $15.0 million (or $0.10 basic and diluted loss per common share) compared to a net loss of $24.3 million (or $0.17 basic and diluted loss per common share) in fiscal 2022. The $9.3 million decrease in comprehensive loss in the current year, when compared to fiscal 2022, is due to the decrease in our share of losses from our equity investment in Ambler Metals LLC of $9.5 million, decrease in salaries of $0.2 million and partially …

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