Trilogy Metals Inc. TMQ
Our principal business is the exploration and development of the Upper Kobuk Mineral Projects ("Upper Kobuk Mineral Projects" or "UKMP" or "UKMP Projects") located in the Ambler Mining District in Northwest Alaska, United States. The Upper Kobuk Mineral Projects are held by Ambler Metals LLC ("Ambler Metals"), a limited liability company owned equally by Trilogy and South32 Limited ("South32"), and is comprised of the (i) Arctic Project, which contains a high-grade polymetallic volcanogenic massive sulfide ("VMS") deposit ("Arctic Project"); and (ii) Bornite Project, which contains a carbonate-hosted copper deposit ("Bornite Project"). Our goals include expanding mineral resources and advancing the UKMP Projects through technical, engineering and feasibility studies so that production decisions can be made on those projects. Our interest in Ambler Metals is held by a wholly-owned subsidiary, NovaCopper US Inc. (dba Trilogy Metals US) ("Trilogy Metals US"), registered to do business in the State of Alaska. We also conduct early-stage exploration through a wholly owned subsidiary, 995 Exploration Inc.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| R&D | — | — | — | — | — | $1.1M | — | — | — | — |
| SG&A | $1.3M | $1.2M | $1.3M | $1.3M | $1.5M | $1.6M | $1.8M | $1.5M | $1.4M | $1.3M |
| Total operating expenses | $9.4M | $6.7M | $7.2M | $6.9M | $8.6M | $12.2M | $28.4M | $21.9M | $18.9M | $8.9M |
| Interest expense | — | — | — | — | — | — | $500.0K | $346.0K | $59.0K | $61.0K |
| Pre-tax income | -$42.2M | -$8.6M | -$15.0M | -$24.3M | -$21.7M | $161.8M | -$27.9M | -$21.8M | -$21.1M | -$4.9M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$42.2M | -$8.6M | -$15.0M | -$24.3M | -$21.7M | $161.8M | -$27.9M | -$21.8M | -$21.1M | -$4.9M |
| EPS, basic | -0.26 | -0.05 | -0.10 | -0.17 | -0.15 | 1.14 | -0.21 | -0.18 | — | — |
| EPS, diluted | -0.26 | -0.05 | -0.10 | -0.17 | -0.15 | 1.12 | -0.21 | -0.18 | 0.20 | 0.05 |
| Shares, diluted (wtd. avg.) | 164.8M | 159.8M | 152.6M | 145.7M | 144.4M | 144.6M | 135.2M | 121.8M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $51.6M | $25.8M | $2.6M | $2.6M | $6.3M | $11.1M | $19.2M | $23.0M | $5.4M | $7.3M |
| Short-term investments | — | — | — | — | — | — | — | $0 | $2.5M | $7.5M |
| Receivables | $118.0K | $16.0K | $33.0K | $17.0K | $19.0K | $129.0K | $264.0K | $23.0K | $470.0K | $47.0K |
| Total current assets | $51.9M | $26.0M | $2.9M | $2.9M | $6.6M | $11.4M | $20.2M | $23.6M | $9.1M | $15.6M |
| Property, plant and equipment | — | — | $4.0K | $12.0K | $29.0K | $206.0K | $715.0K | $325.0K | $478.0K | $215.0K |
| Total assets | $157.3M | $133.7M | $138.0M | $146.0M | $167.3M | $185.3M | $51.6M | $54.7M | $40.3M | $46.7M |
| Accounts payable | $2.3M | $756.0K | $432.0K | $345.0K | $852.0K | $888.0K | $2.4M | $1.7M | $4.2M | $593.0K |
| Total current liabilities | $33.1M | $793.0K | $465.0K | $534.0K | $1.0M | $1.0M | $2.4M | $1.7M | $4.2M | $593.0K |
| Total liabilities | $33.2M | $903.0K | $465.0K | $567.0K | $1.3M | $1.5M | $33.4M | $22.5M | $14.6M | $593.0K |
| Retained earnings | -$132.6M | -$90.4M | -$81.8M | -$66.9M | -$42.6M | -$20.9M | -$182.7M | -$154.8M | -$132.9M | -$111.8M |
| Total equity | $124.1M | $132.8M | $137.6M | $145.4M | $166.0M | $183.8M | $18.3M | $32.2M | $25.7M | $46.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$3.2M | -$1.8M | -$3.1M | -$3.9M | -$5.1M | -$8.3M | -$23.5M | -$22.1M | -$15.4M | -$8.7M |
| Depreciation and amortisation | — | — | — | — | $21.0K | $91.0K | — | — | — | — |
| Stock-based compensation | -$3.3M | -$3.5M | -$3.8M | -$3.4M | -$3.5M | -$3.6M | -$3.8M | -$1.4M | -$705.0K | $615.0K |
| Capital expenditure | — | — | — | — | — | — | $645.0K | $7.0K | $300.0K | $122.0K |
| Investing cash flow | -$1.0M | $25.0M | — | $142.0K | -$119.0K | — | $9.6M | $12.7M | $13.5M | -$78.0K |
| Financing cash flow | $30.0M | $74.0K | $3.1M | $54.0K | $416.0K | $217.0K | $10.1M | $26.9M | -$90.0K | -$29.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-015668.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$4.9M | -$21.1M | -$21.8M | -$27.9M | $161.8M | -$21.7M | -$24.3M | -$15.0M | -$8.6M | -$42.2M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Item 7.01
- Material agreement signed Item 1.01
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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