07:52 AM EDT, 04/03/2024 (MT Newswires) -- Trilogy Metals Inc. ( TMQ ) on Wednesday reported a net loss of US$3.6 million, or a loss of US$0.02 per share, for the first quarter ended Feb. 29, compared to the year-ago net loss of US$5.1 million, or a loss of US$0.03.

Trilogy attributed the improvement to the decrease in its share of loss in Ambler Metals LLC, as well as lower professional fees and corporate personnel expenses.

Trilogy owns a 50% stake in Ambler Metals, which is developing the Upper Kobuk Mineral Projects in Alaska. South32 owns the remaining 50%.

According to Trilogy, wages and expenses declined at the joint venture due to a decrease in activity by the Alaska Industrial Development and Export Authority at the Ambler Access Project.

Trilogy said Ambler Metals is well-funded to advance Upper Kobuk, with US$61.3 million in cash and cash equivalents and US$61.1 million in working capital as of Feb. 29.