Trilogy Metals Inc. (TMQ) Q3 FY2026 earnings

Reported results

• Cash balance of $31.2 million as of August 31, 2026, with adjusted working capital of $30.3 million
• Q3 fiscal 2026 (three months ended August 31, 2026): GAAP net income of $0.2 million versus GAAP net loss of $1.7 million in Q3 fiscal 2025
• Nine months ended August 31, 2026: GAAP net loss of $13.2 million versus GAAP net loss of $7.5 million in nine months ended August 31, 2025
• DOW strategic equity investment closed September 11, 2026 for gross proceeds of approximately $17.8 million (8,215,570 units at $2.17 per unit)
• Share of loss on equity investment in Ambler Metals: $9.6 million for Q3 fiscal 2026 versus $0.9 million for Q3 fiscal 2025
• Gain on derivative carried at fair market value: $11.6 million for Q3 fiscal 2026 versus $0 for Q3 fiscal 2025

Guidance

• Estimated 29-month integrated federal and state permitting review timetable targeting Record of Decision in September 2028 for the Arctic Project
• Company has sufficient cash on hand for the next twelve months from August 31, 2026, including funding its remaining fiscal 2026 corporate budget of $1.1 million

Notes

The company’s share of Ambler Metals’ fiscal 2026 budget is $17.5 million, of which $17.0 million had been funded as of August 31, 2026. The DOW Strategic Investment resulted in a settlement gain of approximately $3.9 million (non-cash) on the derivative liability. All amounts in United States dollars unless otherwise stated.

Price and volatility reaction

The stock moved +1.0% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -11.8 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-10-02 (8-K, Item 2.02). Read the original filing on sec.gov.