Every 10-Q that Trilogy Metals Inc (TMQ) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow TMQ and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full TMQ filings page.
Trilogy Metals Inc. reported net income of $0.244 million for the three months ended August 31, 2026, versus a $1.747 million loss a year earlier. A $11.564 million derivative fair-value gain was partly offset by a $9.557 million share of Ambler Metals’ loss. Nine-month net loss was $13.164 million, versus $7.547 million, as stock-based compensation and Ambler Metals exploration activity increased.
On September 11, Trilogy completed a strategic investment by the U.S. Department of War, issuing 8,215,570 units at $2.17 each for approximately $17.8 million gross proceeds. Each unit included one common share and three-quarters of a 10-year warrant for up to 6,161,678 shares at $0.01, exercisable upon specified Ambler Access Project milestones or a change of control. Proceeds must fund an additional Ambler Metals contribution; Trilogy’s 50% interest remains unchanged. Settlement generated a $3.9 million noncash gain.
At August 31, cash was $31.209 million; the company used $4.894 million in operating cash and contributed $17.0 million to Ambler Metals during the nine months. Management said cash was sufficient for the next 12 months, including $1.1 million of remaining fiscal 2026 corporate budget.
Trilogy Metals Inc. reported a net and comprehensive loss of $6.3 million for the quarter ended May 31, 2026, wider than the $2.2 million loss a year earlier, mainly due to a non-cash fair value loss on a derivative liability tied to a planned strategic investment by the U.S. Department of War and higher stock-based compensation and joint-venture losses.
For the first six months, the loss was $13.4 million versus $5.8 million in 2025. Trilogy ended the quarter with $38.8 million in cash and cash equivalents and an equity investment in Ambler Metals of $112.1 million. During the period it contributed $10.5 million to Ambler Metals and raised $1.16 million net via its at-the-market equity program.
Operationally, Ambler Metals advanced the Arctic Project, starting permitting and securing inclusion in the U.S. FAST-41 program, while launching the 2026 summer field program at the Upper Kobuk Mineral Projects. Trilogy also extended the binding letter of intent with the U.S. Department of War, moving the transaction deadline to July 31, 2026.
Trilogy Metals Inc. reported a net loss of $7.1 million for the quarter ended February 28, 2026, compared with a loss of $3.6 million a year earlier, mainly due to higher non-cash items.
Key drivers were a $1.5 million fair value loss on a derivative liability linked to a planned $17.8 million strategic investment by a U.S. government department and stock-based compensation of $3.1 million. The company’s share of loss from its 50% Ambler Metals joint venture was $1.3 million, reflecting increased project activity.
Trilogy ended the quarter with cash and cash equivalents of $47.8 million and adjusted working capital of about $47.3 million, which management states is sufficient to fund its $22.5 million fiscal 2026 budget, including $17.5 million for Ambler Metals. During the quarter it raised net proceeds of $1.16 million through its at-the-market equity program and contributed $2.5 million to Ambler Metals. A binding letter of intent with the U.S. Department of War was amended to extend the transaction completion date to May 31, 2026.
Trilogy Metals Inc. (TMQ) discloses several routine equity and operational items. The company reports 164,291,410 common shares issued (2024: 161,085,313) and states that upon exercise of all convertible securities it would issue an additional 17,054,734 common shares. Stock option exercises generated reclassifications to share capital, with an aggregate intrinsic value of exercised options for the nine months ending August 31, 2025 of $0.3 million (2024: $0).
The filing notes a four-year office lease expiring June 2028 with monthly payments of approximately CDN$9,500 and cash paid for base rent of about $36,000. The company has an at-the-market (ATM) equity program with anticipated issuance described but has not utilized the ATM as of August 31, 2025. The document also references equity-settled units, RSUs/DSUs arrangements (including 5,144 NovaGold DSUs convertible into a total of 859 Trilogy shares), and forward-looking statement language about Ambler Metals and the UKMP.