TMQ
Trilogy Metals Inc.Basic Materials·Industrial Materials
$4.63
$799M market cap
Revenue
$0.0M
Free Cash Flow
$-3.3M
Rev Growth
+0.0%
FCF Margin
0.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Trilogy Metals Inc., a base metals exploration company, explores for and develops mineral properties in the United States. It principally holds interests in the Upper Kobuk mineral projects that include the Arctic, which contains polymetallic volcanogenic massive sulfide deposits; and Bornite that contains carbonate-hosted copper - cobalt deposits covering an area of approximately 426,690 acres located in the Ambler mining district in Northwest Alaska. The company was formerly known as NovaCoppe
2-Year Price History
$4.07+730.6%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -4.7 | -4.7 | -7.1 | -2.7 | -2.7 | -0.0 | 47.8 | 0.1 | 171.9 | -50.4% | -- | -- |
| Act | 2025-Q4 | 0.0 | -3.4 | -3.4 | -34.7 | -0.6 | -0.6 | -0.0 | 51.6 | 0.1 | 165.1 | -33.3% | -- | -- |
Valuation & Metrics
Market Stats
Price$4.63
Market Cap$799M
Enterprise Value$751M
P/S Ratio0.0x
P/FCF--
EV/FCF--
FCF Margin (TTM)0.0%
FCF Yield-0.4%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$0.0M
Net Income$-41.8M
Free Cash Flow$-3.3M
Revenue Growth (YoY)+0.0%
EBITDA Margin0.0%
Net Margin0.0%
FCF Margin0.0%
CapEx % of Revenue0.0%
SBC % of Revenue0.0%
ROIC-41.8%
WC Change % Rev0.0%
Interest Coverage--
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares7.3M
Days to Cover2.8
Change (vs Prior)-18.1%
Need at least 2 settlement dates for chart
Employees
Headcount5
Revenue / Employee$0
Gross Profit / Employee$0
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
35.0%(+23.6% YoY)
135 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
0.4%(+0.4% YoY)
6 filers
Vanguard, iShares, SPDR
Market makers
0.7%(+0.7% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Electrum Group LLC | $113M | $4.31 | +$0 | +$113M | +2.6% | $1.08B |
| Tidal Investments LLC | $35.7M | $3.45 | −$31.7M | +$15.9M | -0.2% | $32.04B |
| TSP Capital Management Group, LLC | $24.2M | $0.94 | +$84K | +$5.5M | +0.8% | $410M |
| Old West Investment Management, LLC | $16.9M | $0.99 | +$81K | −$28.4M | +0.6% | $917M |
| ALPS ADVISORS INC | $6.7M | $3.07 | +$4.3M | +$5.6M | +0.2% | $21.23B |
| Goehring & Rozencwajg Associates, LLC | $6.2M | $1.17 | +$1.1M | +$1.2M | +2.2% | $1.86B |
| MARSHALL WACE, LLP | $5.8M | $3.54 | +$5.6M | +$5.8M | +0.6% | $92.71B |
| JANE STREET GROUP, LLCMM | $3.5M | $2.07 | +$144K | +$3.5M | -0.1% | $92.10B |
| ENVESTNET ASSET MANAGEMENT INC | $3.5M | $1.82 | +$173K | +$2.6M | -0.2% | $367.84B |
| Walleye Capital LLC | $3.4M | $3.65 | +$2.5M | +$3.4M | -14.9% | $15.09B |
| TWO SIGMA INVESTMENTS, LP | $2.0M | $2.09 | +$790K | +$1.2M | -0.9% | $117.03B |
| GOLDMAN SACHS GROUP INC | $1.6M | $3.43 | +$1.1M | +$1.6M | -0.2% | $760.93B |
| MORGAN STANLEY | $1.6M | $3.50 | +$936K | +$1.5M | -0.3% | $1.65T |
| BlackRock, Inc.Passive | $1.5M | $4.09 | +$448K | +$1.5M | -0.2% | $5.69T |
| TORONTO DOMINION BANK | $1.4M | $3.53 | +$1.4M | +$1.4M | -0.3% | $51.72B |
| BANK OF AMERICA CORP /DE/ | $1.4M | $2.84 | +$98K | +$1.0M | -0.1% | $1.36T |
| SUSQUEHANNA INTERNATIONAL GROUP, LLPMM | $1.2M | $3.45 | −$1.1M | +$1.2M | -0.6% | $77.14B |
| Point72 Asset Management, L.P. | $1.2M | $3.89 | +$722K | +$1.2M | +0.9% | $54.88B |
| CITADEL ADVISORS LLC | $1.1M | $1.86 | +$1.1M | +$510K | -0.4% | $138.22B |
| BANK OF MONTREAL /CAN/ | $1.0M | $3.59 | +$902K | +$1.0M | — | $234.58B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
+0.32%
avg per quarter
Holders (ex-self)
+1.17%
excl. this stock
Buyers (this Q)
-1.28%
71 buyers · $0.02B in
Sellers (this Q)
-0.18%
22 sellers · $0.05B out
alpha coverage: 100% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-5.5%
how holders react when this stock falls
On quiet Qs
-2.6%
−10% to +10% baseline
On rallies (+10%+)
-3.7%
how they react when this stock rises
Holders' portfolio flow this Q
+9.8%
inflows — adds are organic
Sellers' portfolio flow this Q
+33.1%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-1.2%
Holder mid (any stock)
-1.8%
Holder rally (any stock)
+2.5%
Biggest decreases this quarter
Tidal Investments LLC−$31.7Mα-0.2SUSQUEHANNA INTERNATIONAL GROUP, LLP−$1.1Mα-0.6Dynamic Technology Lab Private Ltdexited−$288KCaitong International Asset Management Co., Ltdexited−$124KTWO SIGMA SECURITIES, LLCexited−$95KVirtu Financial LLCexited−$91KEngineers Gate Manager LPexited−$89KIntegrated Wealth Concepts LLCexited−$45KTradition Wealth Management, LLCexited−$43KState of Wyomingexited−$32K
Top-5 holders · 78.7%
Electrum Group LLC--
Tidal Investments LLC--
TSP Capital Management Group, LLC--
Old West Investment Management, LLC--
ALPS ADVISORS INC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Electrum Group LLC31.6MTidal Investments LLC9.9MPAULSON & CO. INC.—BAUPOST GROUP LLC/MA—TSP Capital Management Group, LLC6.8MOld West Investment Management, LLC4.7MWEXFORD CAPITAL LP—ALPS ADVISORS INC1.9MGoehring & Rozencwajg Associates, LLC1.7MMARSHALL WACE, LLP1.6M
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (2 analysts)$7.756740.0%
Current Price$4.63
Analyst Ratings
1
1
Buy: 1Hold: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$9.16M
12 txns · 7 insiders · 1,428,794 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-08 | SELL | Hensley William L. Iggiagruk | director | 50,000 | $4.44 | $222K | $82K |
| 2026-02-26 | SELL | Hensley William L. Iggiagruk | director | 25,107 | $4.40 | $110K | $82K |
| 2025-12-05 | SELL | Lang Gregory A. | director | 70,000 | $4.76 | $333K | $381K |
| 2025-10-16 | SELL | Gowans James | director | 100,000 | $7.50 | $750K | $1.76M |
| 2025-10-09 | SELL | Hayden William Beckwith | director | 200,000 | $6.61 | $1.32M | $2.53M |
| 2025-10-09 | SELL | Lang Gregory A. | director | 169,181 | $6.68 | $1.13M | $668K |
| 2025-10-09 | SELL | Stairs Janice | director | 50,613 | $6.56 | $332K | $3.34M |
| 2025-10-08 | SELL | Hayden William Beckwith | director | 64,294 | $7.06 | $454K | $4.12M |
| 2025-10-08 | SELL | Hensley William L. Iggiagruk | director | 100,000 | $6.39 | $639K | $279K |
| 2025-10-08 | SELL | Sanders Elaine | officer: VP & CFO | 449,599 | $6.84 | $3.08M | $21.56M |
| 2025-10-08 | SELL | WALTERS DIANA J | director | 100,000 | $7.03 | $703K | $361K |
| 2025-07-30 | SELL | Hensley William L. Iggiagruk | director | 50,000 | $1.74 | $87K | $250K |
Order Flow (FINRA, ~3w lag)
30.6%retail-0.0pp
14.7%dark-0.1pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Trilogy Metals Inc: Toxic Warrants and Derivative Volatility Obscuring a JV Liquidity Trap
Overall Risk
8/10
Fraud
3/10
Dilution
10/10
Insolvency
4/10
Earnings Overstated
2/10
Hidden Liabilities
9/10
Legal
6/10
Audit Warnings
5/10
Hidden Upside
4/10
Contextually Acceptable
3/10