Canada's Trilogy Metals swings to Q3 profit
TMQ•Trilogy Metals reported fiscal third-quarter net income of $244,000, reversing a year-earlier loss, mainly due to a mark-to-market gain on a derivative liability tied to its investment from the U.S. Department of War. After the quarter ended, it closed a $17.8 million equity investment from the department.
1. Quarterly results
Trilogy Metals reported fiscal third-quarter net income of $244,000, reversing a loss in the prior-year quarter. The profit was mainly due to a mark-to-market gain on a derivative liability tied to the Department of War investment.
2. Funding and outlook
After the quarter ended, the company closed a $17.8 million equity investment from the U.S. Department of War. Trilogy expects its cash on hand to be sufficient for the next 12 months, but may need funding after that.
3. Exploration costs
The company said a higher share of losses from Ambler Metals was driven by increased exploration activity.
