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Exhibit 99.1
TSX / NYSE American
Symbol: TMQ
News Release
Trilogy Metals Reports First Quarter Fiscal 2021 Financial Results
April 7, 2021 - Vancouver, British Columbia Trilogy Metals Inc. (TSX / NYSE American: TMQ) (Trilogy Metals or the Company) announces its financial results for the first quarter ended February 28, 2021. Details of the Companys financial results are contained in the interim unaudited consolidated financial statements and Managements Discussion and Analysis which will be available on the Companys website at www.trilogymetals.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in United States dollars unless otherwise stated.
First Quarter 2021 Results and Events Highlights
| Q1 2021 comprehensive loss for the quarter of $4.5 million. |
| Q1 2021 ending cash position of $9.6 million, a decrease of $1.5 million from the previous quarter. |
| 2021 budget of $27 million for the advancement of the Upper Kobuk Mineral Projects, funded entirely by Ambler Metals LLC, with approximately $140 million dedicated to the advancement of the projects. |
| Ambler Access Project granted 50-year right-of-way on federal lands. |
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 | ||||||||
Selected expenses |
February 28, 2021 $ |
February 29, 2020 $ |
||||||
Mineral properties and feasibility study expenses |
| 1,545 | ||||||
General and administrative |
401 | 651 | ||||||
Investor relations |
154 | 126 | ||||||
Professional fees |
229 | 668 | ||||||
Salaries |
439 | 224 | ||||||
Salaries stock-based compensation |
2,148 | 1,196 | ||||||
Gain on derecognition of assets contributed to joint venture |
| (175,770 | ) | |||||
Share of loss on equity investment |
1,120 | 178 | ||||||
Comprehensive earnings (loss) for the period |
(4,516 | ) | 171,179 | |||||
Basic earnings (loss) per common share |
(0.03 | ) | 1.22 | |||||
Diluted earnings (loss) per common share |
(0.03 | ) | 1.16 |
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Trilogy Metals Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential", "possible" or variations thereof or stating that certain actions, events, conditions or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
The decrease is primarily due to the elimination of $11 million in mineral properties expenses due to the formation of the joint venture for which there are no comparable expenses in the third quarter of 2020, offset by $1 million in feasibility study costs in the same period.
The $0.8 million decrease in operating expenses for the current period versus the comparative was primarily due to the Arctic project feasibility study costs that were incurred by Trilogy during the second quarter of 2020 for which there are no current period comparatives.
The evaluation of an uncertain tax position requires significant judgment, and a change in such recognition would result in an additional charge to the income tax expense and liability.
Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in Trilogy's Form 10-K dated February 12, 2021, filed with the Canadian securities regulatory authorities and the SEC, and other information released by Trilogy and filed with the appropriate regulatory agencies.
When compared to the fourth...Read more
Compensation expense for options granted...Read more
When compared to the three-month...Read more
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The projects contributed to Ambler...Read more
Additional information related to Trilogy,...Read more
Included in the 2021 field...Read more
Subsequent to the formation of...Read more
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Financial Statements, Disclosures and Schedules
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Trilogy Metals Inc. provided additional information to their SEC Filing as exhibits
Ticker: TMQ
CIK: 1543418
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-008788
Submitted to the SEC: Wed Jul 07 2021 6:47:14 AM EST
Accepted by the SEC: Wed Jul 07 2021
Period: Monday, May 31, 2021
Industry: Gold And Silver Ores