Trilogy Metals
TMQ on NYSEAmerican. Trilogy Metals explores Alaska mineral deposits to develop mines and sell metals. Market value $551m.
Price checks use the past 12 months to August 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to November 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Materials stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$2.97 a share, 6% above its 1-year low
Over the past year the price has ranged from $2.81 to $11.29.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.15bn | 0.16bn | 0.16bn | 0.16bn | 0.18bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 24% more shares since 2021
The quarter to August 2026
How the business did, compared with the same quarter a year earlier.
- Profit: $244,000, after a loss of $2 million a year ago.
- 5% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| November 2024 | -$2m |
| February 2025 | -$4m |
| May 2025 | -$2m |
| August 2025 | -$2m |
| November 2025 | -$35m |
| February 2026 | -$7m |
| May 2026 | -$6m |
| August 2026 | $244,000 |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 February 2026
- Next quarterly (estimated, 10-Q)
- 1 January 2027
Who owns it
None of the long-term investors we follow own it. 147 funds in all.
Largest holders overall
- Electrum Group$111m
- Tidal Investments$29mCut
- TSP Capital Management Group$24m
- Old West Investment Management$21mAdded
- Goehring & Rozencwajg Associates$6mAdded
- Alps Advisors$5mCut
- Marshall Wace, LLP$5mCut
- Morgan Stanley$3mAdded
- Envestnet Asset Management$3mCut
- Point72 Asset Management, L.P.$3mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- at least 18.5%(filed with 4 related holders)Since 26 December 2025
What they said
Item 4 is hereby amended and supplemented as follows: On December 26, 2025, the previously disclosed 833,333 Common Shares held by GRAT Holdings and 10,000 Common Shares held by Tigris Financial Group Ltd. were transferred to accounts for the benefit of Kaplan or his spouse, and…
Read the filing - South32 LimitedPassive investorat least 6.0%(filed with 1 related holder)Since 28 August 2026
- Tony GiardiniInsider or founder5.0%Since 1 March 2024
What they said
The Reporting Person received from the Issuer compensatory awards from of restricted stock units and options in the ordinary course of business - see Schedule A
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
at least 18.5% (filed with 4 related holders) | 26 December 2025 | What they saidItem 4 is hereby amended and supplemented as follows: On December 26, 2025, the previously disclosed 833,333 Common Shares held by GRAT Holdings and 10,000 Common Shares held by Tigris Financial Group Ltd. were transferred to accounts for the benefit of Kaplan or his spouse, and… Read the filing | |
South32 Limited Passive investor | at least 6.0% (filed with 1 related holder) | 28 August 2026 | |
Tony Giardini Insider or founder | 5.0% | 1 March 2024 | What they saidThe Reporting Person received from the Issuer compensatory awards from of restricted stock units and options in the ordinary course of business - see Schedule A Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $9m.
- Hensley William L. IggiagrukDirectorSold
- Date
- 8 May 2026
- Shares
- 50,000
- Price
- $4.44
- Value
- $222,000
- Hensley William L. IggiagrukDirectorSold
- Date
- 26 February 2026
- Shares
- 25,107
- Price
- $4.40
- Value
- $110,471
- Lang Gregory A.DirectorSold
- Date
- 5 December 2025
- Shares
- 70,000
- Price
- $4.76
- Value
- $333,100
- Gowans JamesDirectorSold
- Date
- 16 October 2025
- Shares
- 100,000
- Price
- $7.50
- Value
- $750,000
- Stairs JaniceDirectorSold
- Date
- 9 October 2025
- Shares
- 50,613
- Price
- $6.56
- Value
- $332,021
- Lang Gregory A.DirectorSold
- Date
- 9 October 2025
- Shares
- 169,181
- Price
- $6.68
- Value
- $1m
- Hayden William BeckwithDirectorSold
- Date
- 9 October 2025
- Shares
- 200,000
- Price
- $6.61
- Value
- $1m
- Hensley William L. IggiagrukDirectorSold
- Date
- 8 October 2025
- Shares
- 100,000
- Price
- $6.39
- Value
- $639,000
- WALTERS DIANA JDirectorSold
- Date
- 8 October 2025
- Shares
- 100,000
- Price
- $7.03
- Value
- $703,000
- Sanders ElaineVP & CFOSold
- Date
- 8 October 2025
- Shares
- 449,599
- Price
- $6.85
- Value
- $3m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 8 May 2026 | Hensley William L. Iggiagruk Director | Sold | 50,000 | $4.44 | $222,000 |
| 26 February 2026 | Hensley William L. Iggiagruk Director | Sold | 25,107 | $4.40 | $110,471 |
| 5 December 2025 | Lang Gregory A. Director | Sold | 70,000 | $4.76 | $333,100 |
| 16 October 2025 | Gowans James Director | Sold | 100,000 | $7.50 | $750,000 |
| 9 October 2025 | Stairs Janice Director | Sold | 50,613 | $6.56 | $332,021 |
| 9 October 2025 | Lang Gregory A. Director | Sold | 169,181 | $6.68 | $1m |
| 9 October 2025 | Hayden William Beckwith Director | Sold | 200,000 | $6.61 | $1m |
| 8 October 2025 | Hensley William L. Iggiagruk Director | Sold | 100,000 | $6.39 | $639,000 |
| 8 October 2025 | WALTERS DIANA J Director | Sold | 100,000 | $7.03 | $703,000 |
| 8 October 2025 | Sanders Elaine VP & CFO | Sold | 449,599 | $6.85 | $3m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Feb 2026, plus the 10-Q filed 2 Oct 2026 and 17 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.