Trilogy Metals Inc. Common Stock (TMQ)

FairStock Score: 23/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look at Trilogy Metals as a pre-revenue mineral explorer, not an operating business. The filed figures show no revenue in any listed period. It lost $15.0M in FY2023, period ended 2023-11-30; $8.6M in FY2024, period ended 2024-11-30; and $42.2M in FY2025, period ended 2025-11-30. In fiscal Q1 2026, quarter ended 2026-02-28, it lost $7.1M; in fiscal Q2 2026, quarter ended 2026-05-31, it lost $6.3M; and in fiscal Q3 2026, quarter ended 2026-08-31, it reported net income of $244,000, or $0.00 diluted EPS. That last quarter is a flicker, not proof of a turnaround. Trailing free cash flow is -$5.6M, a -1.2% FCF yield, so the enterprise is consuming cash. The balance sheet has no debt, with D/E of 0.00, and FairStock's Altman Z-Score of 6.82 suggests low distress risk on that measure. But the Piotroski F-Score is 1/9, ROE is -40.54%, ROCE is -4.92%, and the FairStock Score is 23/100. At the $2.64 close on 2026-10-13, market cap is $478.8M, P/B is 3.94, and P/E is -8.80 because EPS is -$0.30. I do not see a durable competitive moat: value depends on the Upper Kobuk mineral claims, including Arctic and Bornite, and on future permits, capital, and metals prices. The Lynch category is none because it lost money in each of the last four years. The shares are near the 52-week low of $2.62 versus a high of $9.02, which may reflect pessimism, but a low price alone is not value. Until revenue or a credible development path appears, this is speculation on geology rather than a Graham-style bargain.

In plain English: Trilogy Metals is a very small mineral exploration company with projects that could contain copper, cobalt, lead, zinc, gold and silver. It currently has no revenue and has lost money in each of the last four years, so the business looks weak today. At $2.64, the stock is near its 52-week low, but compared with the company's current lack of profits and small accounting value, the price still looks expensive rather than cheap.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2026 10-Q (period ended 2026-08-31) · fiscal Q2 2026 10-Q (period ended 2026-05-31) · fiscal Q1 2026 10-Q (period ended 2026-02-28) · fiscal Q3 2025 10-Q (period ended 2025-08-31) · FY2025 10-K (period ended 2025-11-30) · FY2024 10-K (period ended 2024-11-30) · FY2023 10-K (period ended 2023-11-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer