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Trilogy Metals
(TSX:TMQ)
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Rating:43Neutral
Price Target:
C$3.00
▼(-40.48% Downside)
Action:Reiterated
Date:10/23/26
The score is primarily weighed down by weak financial performance (no revenue, widening losses, and accelerating negative free cash flow) and bearish technicals (price below all key moving averages with negative MACD). Low balance-sheet leverage provides some risk mitigation, but valuation signals are limited due to negative earnings and no dividend data.
Positive Factors
Low Financial Leverage
Extremely low leverage limits interest and refinancing pressure while preserving financial flexibility. With debt near zero relative to equity, Trilogy has a stronger capacity to fund exploration or absorb project delays than a similarly unprofitable company carrying substantial borrowings.
Negative Factors
No Revenue Generation
The absence of revenue means Trilogy has no operating sales base to fund exploration, technical work, or corporate costs. Its financial progress therefore depends on advancing projects and securing funding before the assets can produce cash, leaving fundamentals highly dependent on future development milestones.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Financial Leverage
Extremely low leverage limits interest and refinancing pressure while preserving financial flexibility. With debt near zero relative to equity, Trilogy has a stronger capacity to fund exploration or absorb project delays than a similarly unprofitable company carrying substantial borrowings.
Read all positive factors
Trilogy Metals (TMQ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$549.52M
Dividend YieldN/A
Average Volume (3M)159.46K
Price to Earnings (P/E)―
Beta (1Y)0.50
Revenue GrowthN/A
EPS Growth-404.05%
CountryCA
Employees5
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.29
Shares Outstanding181,361,200
10 Day Avg. Volume161,039
30 Day Avg. Volume159,460
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)5.92
Price to Sales (P/S)0.00
P/FCF Ratio-225.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$7.00Price Target Upside38.94% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.11
Revenue Forecast (FY)N/A
Trilogy Metals Business Overview & Revenue Model
Company Description
Trilogy Metals Inc. is a company dedicated to the exploration and development of base metal mineral properties across the United States. Its core assets are the Upper Kobuk mineral projects, situated within the Ambler mining district of Northwest ...
Trilogy Metals Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
64
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -12.24M | ― | -6.62M | -7.08M | -6.83M | -7.96M |
| Net Income | -47.81M | -42.36M | -8.59M | -14.95M | -24.26M | -21.68M |
Balance Sheet | ||||||
| Total Assets | 140.47M | 156.96M | 133.70M | 138.02M | 146.00M | 167.31M |
| Cash, Cash Equivalents and Short-Term Investments | 31.15M | 51.50M | 25.83M | 2.85M | 2.89M | 6.31M |
| Total Debt | 80.83K | 180.60K | 147.00K | 33.00K | 222.00K | 414.00K |
| Total Liabilities | 23.86M | 33.11M | 903.00K | 465.00K | 567.00K | 1.27M |
| Stockholders Equity | 116.61M | 123.85M | 132.79M | 137.56M | 145.43M | 166.04M |
Cash Flow | ||||||
| Free Cash Flow | -5.57M | -3.26M | -1.83M | -3.09M | -3.94M | -5.24M |
| Operating Cash Flow | -5.57M | -3.26M | -1.83M | -3.09M | -3.94M | -5.12M |
| Investing Cash Flow | -18.22M | -1.00M | 25.00M | 0.00 | 142.00K | -119.00K |
| Financing Cash Flow | 31.21M | 30.09M | 74.00K | 3.12M | 54.00K | 416.00K |
Trilogy Metals Technical Analysis
Negative
5.04
Price Trends
4.29
Negative
4.58
Negative
5.31
Negative
Market Momentum
-0.37
Negative
34.21
Neutral
62.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TMQ, the sentiment is Negative. The current price of 5.04 is above the 20-day moving average (MA) of 3.57, above the 50-day MA of 4.29, and below the 200-day MA of 5.31, indicating a bearish trend. The MACD of -0.37 indicates Negative momentum. The RSI at 34.21 is Neutral, neither overbought nor oversold. The STOCH value of 62.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:TMQ.
Trilogy Metals Risk Analysis
Trilogy Metals disclosed 30 risk factors in its most recent earnings report. Trilogy Metals reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Trilogy Metals Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
46 Neutral | C$457.49M | -44.52 | -4.79% | ― | ― | -644.00% | |
46 Neutral | C$578.28M | -47.92 | -3.06% | ― | ― | -103.45% | |
45 Neutral | C$499.85M | -77.27 | -2.57% | ― | ― | -60.67% | |
43 Neutral | C$549.52M | -7.60 | -40.05% | ― | ― | -404.05% | |
43 Neutral | C$117.34M | -15.86 | -6.81% | ― | ― | -42.77% | |
41 Neutral | C$311.09M | -4.73 | -67.67% | ― | ― | -138.33% |
* Basic Materials Sector Average
TSE:TMQ
Trilogy Metals
3.03
-3.20
-51.36%
TSE:WRN
Western Copper
2.21
-0.73
-24.83%
TSE:FVL
Freegold Ventures
0.79
-0.43
-35.25%
TSE:PMET
PMET Resources Inc
3.11
-0.66
-17.51%
TSE:OCO
Oroco Resource
0.36
<0.01
1.41%
TSE:UCU
Ucore Rare Metals
2.04
-6.01
-74.66%
Trilogy Metals Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Trilogy Metals Turns to Profit as U.S.-Backed Funding and Arctic Permitting Advance
Positive
Oct 2, 2026
Trilogy Metals reported third-quarter fiscal 2026 net income of $0.2 million, reversing a loss a year earlier, largely due to a mark-to-market gain on a derivative tied to its obligation to issue shares and warrants to a new strategic investor. De...
Business Operations and StrategyPrivate Placements and Financing
Trilogy Metals Secures U.S. Government Equity Deal to Advance Alaska Critical Minerals
Positive
Aug 28, 2026
Trilogy Metals has signed definitive agreements with the U.S. Department of War for a US$35.6 million strategic equity investment aimed at advancing exploration and development at the Upper Kobuk Mineral Projects in Alaska. The funding, split betw...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.