Trilogy Metals (TMQ) Q2 2025 earnings summary

Executive summary

• Reported a net loss of $2.2 million for Q2 2025, compared to a net loss of $1.8 million in Q2 2024, mainly due to higher regulatory and legal expenses related to financing activities.

• Cash on hand was $24.6 million and working capital was $23.8 million as of May 31, 2025.

• Annual general meeting held with all directors re-elected and shareholder approval for share unit plans.

Financial highlights

• Net loss for the six months ended May 31, 2025 was $5.8 million, up from $5.4 million for the same period in 2024.

• Comprehensive loss per share was $0.03 for the quarter and $0.04 for the six-month period.

• Interest income of $0.4 million partially offset corporate costs.

Outlook and guidance

• Current cash position is sufficient to fund the approved fiscal 2025 cash budget of $3.1 million and meet working capital requirements for the next 12 months.

• Access to capital markets remains available through a $50 million Base Shelf Prospectus and a $25 million ATM equity program.