Trilogy Metals (TMQ)
Developer of Alaska's Arctic and Bornite copper projects.
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Develops the Arctic and Bornite mineral projects in northwestern Alaska through its Ambler Metals joint venture, with prospective revenue from copper, lead, and zinc concentrates. Remains pre-production, with significant project decisions requiring South32 approval.
Oversees an equal equity interest in Ambler Metals, the joint venture that owns Alaska's Upper Kobuk Mineral Projects: the Arctic polymetallic deposit, the Bornite copper deposit, and district exploration targets in the southern Brooks Range.
Supports project advancement through a small Vancouver team, while Ambler Metals conducts work in Alaska and elsewhere in the United States. Arctic is being permitted as an open-pit mine and mill designed to produce copper, lead, and zinc concentrates, with gold and silver recoveries; Bornite remains at preliminary-assessment stage.
Has no mining production, operating revenue, or principal market. Economic exposure depends on project permitting, financing, access-road and infrastructure development, and decisions jointly approved with South32; NANA land rights and subsistence governance shape the development framework.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 5, 2026 | UBS | Downgrade | Rating: — |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, May 31, 2026Cash & short-term investments $38.8M · Total debt $92.0K · Total assets $151.2M · Shareholders' equity $115.9M
- Revenue
- $0
- Operating income
- −$2.1M
- Net income
- −$6.3M
No dividends on record.
| Institutions | ≈ 39.39% | 68.05M shares | |
|---|---|---|---|
| 156 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 29.09% | 50.26M shares | |
| 3 holders · as of Oct 27, 2025 | |||
| Strategic holders | 6.01% | 10.38M shares | |
| 1 holder · as of Sep 1, 2026 | |||
| Other | ≈ 25.51% | 44.06M shares | |
| remainder | |||
172.75M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Electrum Group LLCInstitution | 18.30% | 31.60M | as of Jun 30, 2026 |
Scott KaplanInsider | 17.59% | 30.38M | filed Apr 24, 2018 |
Selz Capital LLCInstitution | 7.58% | 13.09M | filed Jan 17, 2020 |
Seth A. KlarmanInsider | 6.78% | 11.71M | filed Feb 11, 2022 |
South32 LtdStrategic10 percent owner | 6.01% | 10.38M | filed Sep 1, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 28, 2026 | South32 Ltd | 10 percent owner | −8,215,570 | $2.17 |
- Hudbay Minerals
Permitted Arizona copper project with substantially greater funding.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Trilogy Metals | $3.38 | +1.05% | $577.0M | — | — | — | — |
| Hudbay Minerals | $27.16 | +1.91% | $11.84B | 15.8 | 15.0 | 4.8 | +17.7% |
| Median | 15.8 | 15.0 | 4.8 | +17.7% |