07:18 AM EDT, 07/10/2025 (MT Newswires) -- Trilogy Metals ( TMQ ) on Thursday said its second-quarter comprehensive loss widened due to higher regulatory expenses and legal fees related to its base shelf prospectus and at-the-market equity program.

The comprehensive loss came in at US$2.2 million, or US$0.01 per share, compared with a loss of US$1.8 million, or US$0.01 per share.

As of May 31, the company had cash on hand of US$24.6 million and working capital of US$23.8 million. The company said its current cash position is enough to meet working capital requirements for the next 12 months.

Trilogy has an effective base shelf prospectus that allows for the future issuance of up to US$50 million in securities. An ATM program was also established to offer and sell up to US$25 million in common shares.

Net proceeds of any sales under the ATM program will be used for development of the Upper Kobuk mineral projects and for general corporate purposes.