VANCOUVER, BC, July 10, 2024 /CNW/ - Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ) ("Trilogy", "Trilogy Metals" or "the Company") announces its financial results for the second quarter ended May 31, 2024. 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. Highlights Expenditures tracking on or below budget for the first half of the fiscal year. Cash on hand of $14.0 million as at May 31, 2024 and $26.5 million as at July 10, 2024. Our 50/50 joint venture with South32 Limited ("South32"), Ambler Metals LLC ("Ambler Metals") returns excess cash to owners for ease of cash management. Final Supplemental Environmental Impact Statement for the Ambler Access Project ("AAP") identifies "No Action" as preferred alternative. Corporate Activities The Company has a 2024 fiscal year cash budget totaling $2.8 million. For the six-month period ended May 31, 2024, we used $1.1 million in operating activities mainly for personnel costs, professional fees, regulatory and office expenses compared with budgeted cash expenditures totaling $1.5 million. The difference is due to the timing of paying our annual insurance premiums which occurred in June 2024. The Annual General Meeting of Shareholders was held on May 22, 2024. All directors nominated by the Company were elected by shareholders of the Company, with each director receiving greater than 98% of the votes cast. The shareholders of the Company also approved the adoption of a new Fixed Deferred Share Unit Plan (the "Fixed DSU Plan") for non-employee directors to receive up to 1,200,000 common shares of the Company in lieu of cash compensation. Upon the approval of the Fixed DSU Plan by shareholders, the Company terminated the Ambler Metals Equity Plan which had 1,181,519 common shares available for future grants. The adoption of the Fixed DSU Plan, along with the termination of the Ambler Metals Equity Plan, allows the Company to continue its cash preservation activities without significantly impacting potential dilution. Ambler Metals Joint Venture The Board of Ambler Metals approved a 2024 fiscal year budget totaling $5.5 million to support external and community affairs, to maintain the State of Alaska mineral claims in good standing and for the maintenance of physical assets. During the six-month period ended May 31, 2024, Ambler Metals expended $2.4 million on salaries and wages, professional fees, engineering, project support costs and mineral property expenses, excluding AAP costs, compared with the budget of $2.6 million. The Board of Ambler Metals also approved a 2024 fiscal year budget totaling $2.5 million to support the AAP. During the six-month period ended May 31, 2024, Ambler Metals funded $1.1 million to the Alaska Industrial Development and Export Authority ("AIDEA") in support of the AAP compared with the budget of $1.3 million. Since the beginning of the year, the Board of Ambler Metals, through a Finance Committee, has been actively investing excess cash in low-risk, short-term deposits earning substantial interest income for the joint venture. During the second quarter of 2024, Trilogy and South32 agreed to return excess cash held by Ambler Metals to the owners for ease of cash management. The owners also agreed to maintain a minimum cash balance at Ambler Metals of $10 million which will be reviewed on a regular basis and during the budget cycle. Ambler Metals returned $25 million to Trilogy and South32 prior to the end of May 2024 and another $25 million during the first half of June 2024. Trilogy and South32 continue to each hold a 50% interest in Ambler Metals. Ambler Access Project On April 22, 2024, the Company announced that the United States Bureau of Land Management ("BLM") had filed the final Supplemental Environmental Impact Statement ("Final SEIS") for the AAP on its website. The Final SEIS identified "No Action" as the BLM's preferred alternative. The proponent for the AAP is AIDEA which is a public corporation of the State of Alaska. AIDEA's purpose is to promote, develop, and advance the general prosperity and economic welfare of the people of Alaska. AIDEA strongly objected to the process used by the BLM to reach a "No Action" decision as well as the effect of the decision which illegally blocks access ...