Trilogy Metals Inc.
Business
Trilogy Metals Inc. is a mineral exploration and development company focused on advancing the Upper Kobuk Mineral Projects in Northwest Alaska through its joint ownership stake in Ambler Metals LLC alongside South32 Limited. The company is developing two polymetallic deposits: the Arctic Project, a high-grade volcanogenic massive sulfide deposit, and the Bornite Project, a carbonate-hosted copper deposit. Trilogy pursues value creation through resource definition, prefeasibility and feasibility studies, metallurgical and geotechnical investigations, and environmental baseline work, with operations conducted seasonally during Alaska's snow-free months and market access dependent on permitting for the Ambler Access Road.
Summary from 10-K filed 2026-02-17
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-11-30 | FY 2024 2024-11-30 | FY 2023 2023-11-30 | FY 2022 2022-11-30 | FY 2021 2021-11-30 |
|---|---|---|---|---|---|---|
| Amortization | — | 4,000 | 8,000 | 17,000 | 21,000 | |
| Exploration expenses | 166,000 | 36,000 | 43,000 | 47,000 | 143,000 | |
| Foreign exchange (gain) loss | −17,000 | −1,000 | 5,000 | −18,000 | 36,000 | |
| General and administrative | 1 | 1 | 1 | 1 | 2 | |
| Investor relations | 161,000 | 72,000 | 130,000 | 183,000 | 602,000 | |
| Professional fees | 2 | 923,000 | 1 | 998,000 | 818,000 | |
| Salaries | 2 | 927,000 | 753,000 | 984,000 | 2 | |
| Salaries and directors expense - stock-based compensation (note 7) | 3 | 4 | 4 | 3 | 3 | |
| Total expenses | 9 | 7 | 7 | 7 | 9 | |
| Interest and other income | −1 | −748,000 | −120,000 | −34,000 | −16,000 | |
| Share of loss on equity investment (note 3(b)) | 11 | 3 | 8 | 17 | 13 | |
| Loss on derivative carried at fair market value (note 6) | 23 | — | — | — | — | |
| Loss and comprehensive loss for the year | −42 | −9 | −15 | −24 | −22 | |
| Basic loss per common share | −0.26 | −0.05 | −0.1 | −0.17 | −0.15 | |
| Diluted loss per common share | −0.26 | −0.05 | −0.1 | −0.17 | −0.15 | |
| Basic weighted average number of common shares outstanding | 165 | 160 | 153 | 146 | 144 | |
| Diluted weighted average number of common shares outstanding | 165 | 160 | 153 | 146 | 144 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-11-30 | FY 2024 2024-11-30 | FY 2024 2024-06-30 | FY 2023 2023-11-30 | FY 2022 2022-11-30 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 52 | 26 | — | 3 | — | |
| Accounts receivable | 118,000 | 16,000 | — | 33,000 | 17,000 | |
| Deposits and prepaid amounts | 193,000 | 195,000 | — | 259,000 | 320,000 | |
| Total current assets | 52 | 26 | — | 3 | 3 | |
| Investment in Ambler Metals LLC (note 3) | 105 | 107 | — | 135 | 143 | |
| Right of use asset (note 5(a)) | 117,000 | 155,000 | 170,000 | 113,000 | 319,000 | |
| Total assets | 157 | 134 | — | 138 | 146 | |
| Accounts payable and accrued liabilities (note 4) | 2 | 756,000 | — | 432,000 | 345,000 | |
| Current portion of lease liability (note 5b) | 41,000 | 37,000 | — | 33,000 | 189,000 | |
| Derivative liability (note 6) | 31 | — | — | — | — | |
| Total current liabilities | 33 | 793,000 | — | 465,000 | 534,000 | |
| Long-term portion of lease liability (note 5(b)) | 70,000 | 110,000 | — | — | 33,000 | |
| Total liabilities | 33 | 903,000 | — | 465,000 | 567,000 | |
| Share capital (note 7) - unlimited common shares authorized, no par value issued - 171,069,888 (2024 - 161,085,313) | 225 | 191 | — | 188 | 182 | |
| Contributed surplus | 118,000 | 118,000 | — | 118,000 | 122,000 | |
| Contributed surplus - options (note 7(a)) | 27 | 29 | — | 28 | 27 | |
| Contributed surplus - units (note 7(b)) | 4 | 4 | — | 3 | 3 | |
| Deficit | −133 | −90 | — | −82 | −67 | |
| Total shareholders' equity | 124 | 133 | — | 138 | 145 | |
| Total liabilities and shareholders' equity | 157 | 134 | — | 138 | 146 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-11-30 | FY 2024 2024-11-30 | FY 2023 2023-11-30 | FY 2022 2022-11-30 | FY 2021 2021-11-30 |
|---|---|---|---|---|---|---|
| Amortization | — | 4,000 | 8,000 | 17,000 | 21,000 | |
| Consulting fees settled by common shares | 30,000 | 120,000 | 116,000 | 114,000 | — | |
| Office lease accounting | 2,000 | 76,000 | 17,000 | −16,000 | −15,000 | |
| Loss on derivative carried at fair market value | 23 | — | — | — | — | |
| Unrealized foreign exchange (gain)/loss | −17,000 | −2,000 | 5,000 | −18,000 | 10,000 | |
| Stock-based compensation | 3 | 4 | 4 | 3 | 3 | |
| Decrease/(increase) in accounts receivable | 8,000 | 17,000 | −16,000 | 2,000 | 110,000 | |
| Decrease in deposits and prepaid amounts | 2,000 | 64,000 | 61,000 | −64,000 | −101,000 | |
| Increase/(decrease) in accounts payable and accrued liabilities | 2 | 324,000 | −64,000 | −506,000 | −36,000 | |
| Total cash flows used in operating activities | −3 | −2 | −3 | −4 | −5 | |
| Proceeds from issuance of common shares, net of share issue costs | 24 | — | 3 | — | — | |
| Proceeds from exercise of options | 6 | 74,000 | — | 54,000 | 416,000 | |
| Total cash flows from financing activities | 30 | 74,000 | 3 | 54,000 | 416,000 | |
| Return of capital from Ambler Metals LLC (note 3(b)) | — | 25 | — | — | — | |
| Contribution to Ambler Metals LLC | −1 | — | — | — | — | |
| Total cash (used in)/flows from investing activities | −1 | 25 | — | 142,000 | −119,000 | |
| Change in cash | 26 | 23 | 22,000 | −4 | −5 | |
| Effect of exchange rate on cash | 17,000 | −2,000 | −5,000 | 4,000 | 3,000 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Trilogy Metals Inc.'s CIK number?
Trilogy Metals Inc.'s SEC CIK number is 0001543418 (1543418). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Trilogy Metals Inc.'s SEC filings?
All of Trilogy Metals Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Trilogy Metals Inc. last report earnings?
Trilogy Metals Inc. (TMQ) most recently filed an earnings 8-K with the SEC on Jul 8, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001279569-26-000637). This is Trilogy Metals Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Trilogy Metals Inc.'s most recent earnings 8-K?
Trilogy Metals Inc.'s latest earnings 8-K (Item 2.02) was filed Jul 8, 2026 under accession 0001279569-26-000637. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Trilogy Metals Inc.'s latest earnings 8-K →
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