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.
Others in SIC 1040
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| NEM | NEWMONT Corp /DE/ | $134.97B | 20.0x | 21.3% |
| CDE | Coeur Mining, Inc. | $21.83B | 22.4x | 96.4% |
| NG | NOVAGOLD RESOURCES INC | $3.54B | — | — |
| PPTA | PERPETUA RESOURCES CORP. | $3.14B | — | — |
| HYMC | HYCROFT MINING HOLDING CORP | $2.11B | — | — |
| IAUX | i-80 Gold Corp. | $1.55B | — | 89.1% |
| MUX | McEwen Inc. | $1.23B | 34.0x | 13.2% |
| CTGO | Contango Silver & Gold Inc. | $661.1M | — | — |