07:14 AM EDT, 07/10/2024 (MT Newswires) -- Trilogy Metals ( TMQ ) said Wednesday that its fiscal second-quarter loss narrowed due to declines in general and administrative costs, the loss attributable to the joint venture Ambler Metals, and stock-based compensation and salaries.

The company reported a comprehensive loss for the quarter ended May 31 of U.S.$1.8 million, or U.S.$0.01 per share, as compared with a loss of U.S.$2.8 million, or U.S.$0.02 per share, a year earlier.

As at May 31, the company reported cash and cash equivalents of U.S.$14 million and working capital of U.S.$13.6 million.

Trilogy has a 2024 fiscal year cash budget of U.S.$2.8 million. The company said expenditures are tracking on or below budget for the first half of the fiscal year.

The company's shares, which remained unchanged in Canada yesterday, slipped 0.1% in premarket U.S. trading on Wednesday.