TMQ · NYSE American
Other Industrial Metals & Mining · Canada
Snapshot 2026-10-02 · Latest financial period 2026-05-31 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Trilogy Metals Inc. engages in the exploration and development of mineral properties in the United States. It primarily explores copper, cobalt, lead, zinc, gold, and silver properties. The company principally holds interests in the Upper Kobuk mineral projects that include the Arctic, which contains polymetallic volcanogenic massive sulfide deposits; and Bornite that contains carbonate-hosted copper-cobalt deposits covering an area of approximately 448,217 acres located in the Ambler mining district in Northwest Alaska. The company was formerly known as NovaCopper Inc. and changed its name to Trilogy Metals Inc. in September 2016. Trilogy Metals Inc. was founded in 2004 and is headquartered in Vancouver, Canada.
Company websiteQ3 FY2026
Published 2026-10-02
Q3 FY2026 REPORT HIGHLIGHTS
Why a derivative gain and closed government investment do not make Trilogy Metals a producing mine.
A $11.564m derivative gain exceeded the $0.244m bottom line.
September 11 proceeds include $17.8m to Trilogy, committed to Ambler Metals.
October 2 cover shares exceed the quarter average; conditional warrants add another layer.
A September 2028 permitting target is not a production date.
Our risked asset models sit below the current snapshot; monitor financing terms and permits.
Comparable businesses
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
No suitable peers with fresh, comparable size data are available. We have not substituted unrelated companies.
| Metric | TMQTrilogy Metals Inc.Snapshot 2026-10-02Financial period: 2026-05-31 |
|---|---|
| Market capMarket value, converted to USD | US$558.27M |
| Forward P/EProvider forward earnings estimate | — |
| EV / EBITDAEnterprise value / trailing EBITDA | — |
| Revenue growthLatest quarter vs prior-year quarter | — |
| Operating marginLatest reported quarter | 0.0% |
| Free cash flow yieldTrailing cash flow / market cap | 5.7% |
| Net debt / EBITDANet debt / trailing EBITDA | — |
| Debt / equityTotal debt / positive book equity | 0.00x |
| Trailing P/ETrailing twelve-month earnings | — |
| Price / bookPrice / positive book equity per share | 4.60x |
| EV / salesEnterprise value / trailing revenue | — |
| Earnings growthLatest quarter vs prior-year quarter | — |
| Gross marginTrailing twelve months | 0.0% |
| Net marginTrailing twelve months | 0.0% |
| Return on equityProvider trailing return; positive equity only | -40.5% |
| Free cash flow marginTrailing free cash flow / revenue | — |
| Dividend yieldIndicated annual dividend / price | — |
| Earnings payoutProvider trailing dividend payout | 0.0% |
| Current ratioCurrent assets / current liabilities | 1.11x |
| BetaProvider historical market sensitivity | 1.67 |
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Reported performance
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Market context
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Starting assumptions, when available, use provider forward estimates as of 2026-10-02. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
FREE RESEARCH PACKET · Q3 FY2026
Why a derivative gain and closed government investment do not make Trilogy Metals a producing mine.
Research published October 2, 2026 · Download original report
Read Research PacketPresentation · 2026-10-02 · YouTube
Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.
