Trilogy Metals Inc. (TMQ)

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.

Symbol: TMQ
Exchange: NYSE
Sector: Basic Materials
Industry: Other Industrial Metals & Mining
Market cap: $533.83M
52 week range: 2 - 11.29

Valuation

Share price: $3.09 (close of 2026-10-02)
P/E (TTM): -10.35x
Price to book: 4.57x
Price to free cash flow: -97.92x
Enterprise value: $502.71M
Book value per share: $0.68

Price performance

Period	Change
1 day	+0.98%
5 days	-3.44%
1 month	-11.21%
3 months	-9.38%
6 months	-18.04%
Year to date	-28.31%
1 year	+47.85%
3 years	+543.75%
5 years	+70.72%
10 years	+461.82%
All time	-34.53%

Profitability and growth

Return on equity: -34.03%
Return on assets: -26.85%
Net income growth: -391.92%
Free cash flow growth: -77.68%

Cash flow and balance sheet

Free cash flow yield (TTM): -1.02%
Current ratio: 1.33x
Net debt to EBITDA: 3.13x

Latest reported year

Period end: 2025-11-30
Fiscal year: 2025
EBITDA: -$42.24M
Net income: -$42.24M
Earnings per share: $-0.26
Shares outstanding: 164.82M

Income statement by year

Period end	Net income	EPS
2025-11-30	-$42.24M	$-0.26
2024-11-30	-$8.59M	$-0.05
2023-11-30	-$14.95M	$-0.10
2022-11-30	-$24.26M	$-0.17
2021-11-30	-$21.66M	$-0.15
2020-11-30	$161.77M	$1.14
2019-11-30	-$27.91M	$-0.21
2018-11-30	-$21.85M	$-0.18
2017-11-30	-$21.10M	$0.20
2016-11-30	-$4.86M	$0.05

Margins and returns by year

Period end	Return on equity
2025-11-30	-34.03%
2024-11-30	-6.47%
2023-11-30	-10.87%
2022-11-30	-16.68%
2021-11-30	-13.05%
2020-11-30	88.01%
2019-11-30	-152.80%
2018-11-30	-67.85%
2017-11-30	-82.23%
2016-11-30	-10.53%

Cash and debt by year

Period end	Cash
2025-11-30	$51.61M
2024-11-30	$25.83M
2023-11-30	$2.59M
2022-11-30	$2.57M
2021-11-30	$6.31M
2020-11-30	$11.13M
2019-11-30	$19.17M
2018-11-30	$22.99M
2017-11-30	$7.91M
2016-11-30	$14.88M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-11-30	-$3.25M	-$3.34M
2024-11-30	-$1.83M	-$3.52M
2023-11-30	-$3.09M	-$3.75M
2022-11-30	-$3.94M	-$3.43M
2021-11-30	-$5.12M	-$3.47M
2020-11-30	-$8.25M	-$3.56M
2019-11-30	-$24.14M	-$3.85M
2018-11-30	-$22.08M	-$1.44M
2017-11-30	-$15.71M	-$705.00K
2016-11-30	-$8.81M	$615.00K

Investor relations

Next earnings report

Next confirmed report: 2026-10-06
Consensus EPS estimate: $-0.01

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-02	Aug/2026	$-0.01
2026-09-29	Aug/2026	-
2026-07-08	May/2026	$-0.01
2026-04-02	Feb/2026	$-0.01
2026-02-13	Nov/2025	$-0.01
2025-09-30	Aug/2025	$-0.01
2025-07-10	May/2025	$-0.01
2025-07-08	-	-

Filings and sources

Company website: trilogymetals.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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