One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Trilogy Metals Inc.
TMQ · ASE · Basic Materials · Other Industrial Metals & Mining
Current price
$3.37
52-week range
$2.00 - $11.29
Market cap
$602.02M
Balance sheet
Healthy
-8.15x Concerning
Net cash $38.81M. Interest coverage shows how many times profit covers the interest bill.
What stands out
0 Rewards
2 Risks
0 rewards · 2 risks
- Risk Return on equity was -40.5% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 13.8% (peer median: 15.1%).
What this company does
Trilogy Metals Inc.
Trilogy Metals explores a large area of land in Alaska, searching for valuable metals like copper, zinc, and gold. Because it is an exploration company, it doesn't have sales from mining yet; its entire business is about discovering a metal deposit large enough to be profitable after the high costs of building a mine. The company's potential to make money in the future depends on finding these deposits and eventually developing them to sell the raw metals.
How the company got here
Trilogy Metals was founded in 2004 and was originally known as NovaCopper Inc. The company has been focused on exploring for minerals in the Ambler mining district of Northwest Alaska since its early days. A major turning point came in 2020 when it formed a 50/50 joint venture (a business arrangement where two or more parties agree to pool their resources for the purpose of accomplishing a specific task) with a large global mining company, South32. This partnership, called Ambler Metals LLC, combined Trilogy's Alaskan projects with significant funding from South32 to continue exploring and developing the area. The company's primary goal is to prove there are enough valuable metals to justify building a mine.
What it actually does
Trilogy Metals is an exploration-stage company, which means it doesn't have any active mines or sales of metal yet. Its main job is to search for and define deposits of valuable industrial and precious metals, primarily copper, zinc, lead, gold, and silver. The company does this by drilling into the ground on its properties in Alaska to understand how much metal is there and if it's high-quality enough to one day be mined profitably. Essentially, Trilogy is a mineral detective, working to turn a promising piece of land into a future source of metals that are important for things like electronics and construction.
Upper Kobuk Mineral Projects
This is the company's single focus and sole business. Through its 50% ownership of Ambler Metals, Trilogy is exploring a large area in Alaska known as the Upper Kobuk Mineral Projects. This area contains two main prospects: the Arctic project, which is rich in copper, zinc, lead, gold, and silver, and the Bornite project, which is a large copper and cobalt deposit. The company doesn't make money from this yet; instead, it spends money from investors and its joint venture partner to study these deposits. The Arctic project is further along in its development, meaning the company has a better understanding of the metals it contains.
What management is betting on now
The company's main strategy is to advance its Arctic project towards becoming a fully permitted and operational mine. A critical piece of this plan is the development of the Ambler Access Project, a proposed 211-mile road that would connect the remote mining district to Alaska's main highway system, which is needed to transport materials and future metals. Management is also focused on strengthening its partnerships with local Alaska Native corporations and government agencies to ensure the project benefits the community and moves forward smoothly. Recently, the company secured a significant investment from the U.S. government, which sees these Alaskan metals as strategically important for the country's domestic supply chain (the network of people and companies involved in creating and distributing a product).
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
Revenue
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Net income
$-6.34M
Diluted EPS
-0.04
Operating cash flow
$-1.04M
Free cash flow
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Sources
Revenue
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Net income
$-7.06M
Diluted EPS
-0.04
Operating cash flow
$-2.74M
Free cash flow
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Sources
Revenue
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Net income
$-34.69M
Diluted EPS
-0.22
Operating cash flow
$-558.00K
Free cash flow
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Sources
Revenue
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Net income
$-1.75M
Diluted EPS
-0.01
Operating cash flow
$-1.26M
Free cash flow
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Sources
Revenue
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Net income
$-2.18M
Diluted EPS
-0.01
Operating cash flow
$-677.00K
Free cash flow
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Sources
Revenue
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Net income
$-3.62M
Diluted EPS
-0.02
Operating cash flow
$-748.00K
Free cash flow
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Sources
Revenue
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Net income
$-1.64M
Diluted EPS
-0.01
Operating cash flow
$26.00K
Free cash flow
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Sources
Revenue
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Net income
$-1.59M
Diluted EPS
-0.01
Operating cash flow
$-785.00K
Free cash flow
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Is it cheap or expensive?
Fair value — vs current price $3.37
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $38.8M - more cash than debt. Interest coverage -8.2x.
Net debt
$-38.81M
Interest coverage
-8.15x
Trilogy Metals Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
TMQ
BASELINE
Trilogy Metals Inc.
Total debt $92.00K Interest coverage -8.15x This is the baseline the peer rows are being compared against.
Total debt $1.04M Interest coverage -3.80x Neither company has much profit cushion over interest right now.
Total debt $81.90K Interest coverage -67.65x Neither company has much profit cushion over interest right now.
Total debt $36.65M Interest coverage -26.81x Neither company has much profit cushion over interest right now.
What you should know
The case for and against TMQ
0 Rewards
2 Risks
Rewards
Risks
-
Return on equity was -40.5% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 13.8% (peer median: 15.1%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-37.07x
P/B
5.01x
P/S
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EV/EBITDA
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PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
0.0%
Operating margin
0.0%
Net margin
0.0%
ROE
-40.5%
ROA
-4.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.00x
Current ratio
1.11x
Quick ratio
1.11x
Total debt
$92.00K
Total cash
$38.91M
Growth
How the business has been compounding
Revenue TTM
$0.00
Revenue 5Y CAGR
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EPS TTM
-0.30
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-5.60M
Free CF TTM
$-3.25M
FCF margin
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Dividend
Shareholder payout
Yield
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Payout ratio
0.0%
Last ex-div date
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