Trilogy Metals Inc.
TMQ · Gold and Silver Ores · 175.5M shares · +3%/yr ↑ dilution · EDGAR filings ↗
Reference price $4.44 · est. market cap ~$779M — last insider sale, 2026-05-08 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C60Exploration-stage copper/zinc JV with no operating revenue but a strengthened cash position and recent US-government de-risking catalysts.
Strengths
- Solid balance sheet — $51.6M cash, current ratio 1.57, no debt; $200M ATM capacity
- Major catalysts: Ambler Road permits reinstated and US Dept. of War investment LOI
- South32 50/50 JV sharing development cost/risk
Risks
- No revenue; ROE -34%, ROA -27% reflect pure pre-development burn
- Remote Alaska projects with large, uncertain financing and construction needs
- Dependent on partner South32 and continued permitting/litigation outcomes
Notable findings
- Insider sellingInsider selling — 2 open-market sale(s) by 1 insider(s) (~$332,471, last 6mo) Form 4 ↗
Key metrics
Return on equity
-34.0%
Return on assets
-26.9%
Current ratio
1.6×
Tangible book value
$124M
Cash & investments
$52M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-08 | Hensley William L. Iggiagruk | Option exercise | 50K | $0.57 |
| 2026-05-08 | Hensley William L. Iggiagruk | Sell | 50K | $4.44 |
| 2026-04-23 | WALTERS DIANA J | Option exercise | 50K | $1.61 |
| 2026-02-26 | Hensley William L. Iggiagruk | Sell | 25K | $4.40 |
| 2025-12-26 | KAPLAN THOMAS SCOTT | Gift | 417K | — |
| 2025-12-26 | KAPLAN THOMAS SCOTT | Gift | 540K | — |
| 2025-12-11 | Giardini Tony | Option exercise | 60K | — |
| 2025-12-11 | Sanders Elaine | Option exercise | 15K | — |
| 2025-12-07 | Giardini Tony | Option exercise | 367K | — |
| 2025-12-07 | Sanders Elaine | Option exercise | 183K | — |
| 2025-12-05 | Lang Gregory A. | Gift | 45K | — |
| 2025-12-05 | Lang Gregory A. | Option exercise | 50K | $1.82 |
| 2025-12-05 | Lang Gregory A. | Sell | 20K | $4.73 |
| 2025-12-05 | Lang Gregory A. | Sell | 50K | $4.77 |
| 2025-10-16 | Giardini Tony | Option exercise | 1.1M | $1.79 |
| 2025-10-16 | Gowans James | Option exercise | 100K | $1.79 |
| 2025-10-16 | Gowans James | Sell | 100K | $7.50 |
| 2025-10-09 | Hayden William Beckwith | Sell | 200K | $6.61 |
| 2025-10-09 | Stairs Janice | Option exercise | 100K | $1.80 |
| 2025-10-09 | Lang Gregory A. | Sell | 100K | $6.77 |
| 2025-10-09 | Lang Gregory A. | Sell | 19K | $6.57 |
| 2025-10-09 | Lang Gregory A. | Sell | 50K | $6.53 |
| 2025-10-09 | Lang Gregory A. | Option exercise | 50K | $1.80 |
| 2025-10-09 | Stairs Janice | Sell | 51K | $6.56 |
| 2025-10-08 | Hayden William Beckwith | Option exercise | 100K | $1.81 |
| 2025-10-08 | Hensley William L. Iggiagruk | Option exercise | 100K | $1.81 |
| 2025-10-08 | Hensley William L. Iggiagruk | Sell | 100K | $6.39 |
| 2025-10-08 | WALTERS DIANA J | Option exercise | 100K | $1.81 |
| 2025-10-08 | WALTERS DIANA J | Sell | 100K | $7.03 |
| 2025-10-08 | Sanders Elaine | Option exercise | 450K | $1.81 |
| 2025-10-08 | Sanders Elaine | Sell | 51K | $6.91 |
| 2025-10-08 | Sanders Elaine | Sell | 399K | $6.84 |
| 2025-10-08 | Lang Gregory A. | Gift | 30K | $6.31 |
| 2025-10-08 | Hayden William Beckwith | Option exercise | 50K | $1.58 |
| 2025-10-08 | Hayden William Beckwith | Option exercise | 50K | $0.56 |
| 2025-10-08 | Hayden William Beckwith | Option exercise | 50K | $0.42 |
| 2025-10-08 | Hayden William Beckwith | Option exercise | 75K | $1.09 |
| 2025-10-08 | Hayden William Beckwith | Sell | 64K | $7.06 |
| 2025-07-30 | Hensley William L. Iggiagruk | Option exercise | 50K | $0.43 |
| 2025-07-30 | Hensley William L. Iggiagruk | Sell | 50K | $1.74 |
| 2025-03-06 | Sanders Elaine | Grant | 25K | — |
| 2025-03-06 | Giardini Tony | Grant | 75K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-09 | Reg FDExhibits | filing ↗ |
| 2026-06-01 | Material agreementReg FDExhibits | filing ↗ |
| 2026-05-15 | Reg FDExhibits | filing ↗ |
| 2026-05-14 | Shareholder voteReg FDExhibits | filing ↗ |
| 2026-05-07 | Reg FDExhibits | filing ↗ |
| 2026-04-21 | Reg FDExhibits | filing ↗ |
| 2026-04-02 | ResultsReg FDExhibits | filing ↗ |
| 2026-03-27 | Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-09 | 2026-06-09 | 0001279569-26-000519 ↗ |
| 8-K | 2026-06-01 | 2026-06-01 | 0001279569-26-000496 ↗ |
| 8-K | 2026-05-15 | 2026-05-15 | 0001279569-26-000457 ↗ |
| 8-K | 2026-05-14 | 2026-05-14 | 0001279569-26-000445 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001279569-26-000402 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0001279569-26-000329 ↗ |
| 8-K | 2026-04-02 | 2026-04-02 | 0001279569-26-000270 ↗ |
| 10-Q | 2026-04-02 | 2026-02-28 | 0001104659-26-039216 ↗ |
| 8-K | 2026-03-27 | 2026-03-27 | 0001279569-26-000235 ↗ |
| 8-K | 2026-02-23 | 2026-02-23 | 0001279569-26-000150 ↗ |
| 8-K | 2026-02-17 | 2026-02-17 | 0001279569-26-000134 ↗ |
| 10-K | 2026-02-17 | 2025-11-30 | 0001104659-26-015668 ↗ |