Trilogy Metals Inc. (TMQ) Reports Q2 EPS of $0.03

Trilogy Metals Inc. (NYSE: TMQ) reported Q2 EPS of $0.03, versus $0.00 reported last year.

Second Quarter 2018 Highlights:

• Strong working capital position of $36.1 million, with cash on hand of $37.5 million.
• Completed bought deal financing for aggregate gross proceeds of $28.7 million with participation by certain large shareholders, including South32 Limited ("South32"). South32's involvement in this financing represented the maximum allocation of their rights to participate, to a minimum of 20% to a maximum of 40%, in future financings, private or public, subject to a maximum aggregate ownership of 19.9% in the Company.
• Announced a $6.7 million budget for 2018 to advance the Arctic Project towards feasibility and permitting.
• Announced work has been initiated to estimate a cobalt resource for the Bornite Project and on June 5, 2018 the Company announced a maiden cobalt resource of 182.4 million tonnes grading 0.019% Co for 77 million pounds of inferred resources (see Table 1 for details).
• The Company anticipates filing an updated technical report for the Bornite Project by July 20, 2018 incorporating the cobalt resource and updates from the 2017 drill program at the Bornite Project.
• Program and budget for 2018 at the Bornite Project of $10 million, which has been fully funded by South32, is currently underway. This year's program includes approximately 8,000 meters of in-fill and off-set drilling to better define and expand the high grade copper resources at the Bornite Project. Assay results from the drilling program are anticipated to be released throughout the fall.

For earnings history and earnings-related data on Trilogy Metals Inc. (TMQ) click here.

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