- Trilogy Metals Inc. reported a **net loss of $1.7 million** for the third quarter ended August 31, 2025, an increase from a net loss of $1.6 million in the prior year period, primarily due to site activities of Ambler Metals LLC.  **[1543418_0001279569-25-001071_ex991.htm:1]** 
- For the nine months ended August 31, 2025, the company's **net loss increased to $7.5 million** from $7.0 million in the same period of 2024, mainly due to higher regulatory expenses, legal fees, and its share of losses from Ambler Metals.  **[1543418_0001279569-25-001071_ex991.htm:1]** 
- As of August 31, 2025, the company held **$23.4 million in cash and cash equivalents** and working capital, which it believes is sufficient to meet working capital requirements for the next 12 months.  **[1543418_0001279569-25-001071_ex991.htm:2]** 
- To ensure future liquidity, Trilogy Metals has an effective base shelf prospectus allowing for up to **$50.0 million** in future securities issuance and an unutilized At-The-Market (ATM) Program for up to **$25.0 million** in common shares.  **[1543418_0001279569-25-001071_ex991.htm:2]**

Trilogy Metals Reports Q3 2025 Financial Results

- Trilogy Metals reported a **net loss of $1.7 million** for the third quarter ended August 31, 2025, and a **net loss of $7.5 million** for the nine-month period, with increases primarily attributed to Ambler Metals LLC site activities, higher regulatory expenses, and legal fees.  **[1543418_20250930VA87546:0]** 
- As of August 31, 2025, the company maintained a strong liquidity position with **$23.4 million in cash and cash equivalents** and **$23.4 million in working capital**, which is considered sufficient for the next 12 months.  **[1543418_20250930VA87546:1]** 
- To support future operations, Trilogy Metals has an effective base shelf prospectus allowing for the issuance of up to **$50.0 million** in securities and an At-The-Market (ATM) Program for up to **$25.0 million** in common shares, which has **not been utilized as of October 2, 2025**.  **[1543418_20250930VA87546:1]** 
- Ambler Metals LLC completed a summer field program, including environmental baseline work and a core re-boxing program, with its cash position at **approximately $3.7 million** and expenditures tracking close to budget at **$4.5 million** for the year.  **[1543418_20250930VA87546:0]**

Trilogy Metals (TMQ)