Trilogy Metals (TMQ) investor relations material

Executive summary

• Q3 FY2026 net income was $0.2M versus a $1.7M loss in Q3 FY2025; nine-month net loss widened to $13.2M from $7.5M.

• At August 31, cash was $31.2M and adjusted working capital was $30.3M; the FY2026 Ambler Metals budget share was substantially funded.

• After quarter-end, a $17.8M DOW investment closed, while Arctic permitting advanced toward a September 2028 Record of Decision.

Financial highlights

• Q3 net income of $0.2M included an $11.6M non-cash derivative fair-value gain, which outweighed a higher share of Ambler Metals’ loss.

• Nine-month net loss was $13.2M versus $7.5M in FY2025, reflecting higher stock-based compensation, Ambler Metals exploration losses and personnel costs, partly offset by derivative fair-value gains.

• Nine-month share of Ambler Metals’ loss was $13.2M versus $2.2M; stock-based compensation was $4.4M versus $3.0M.

• Nine-month interest and other income was $1.2M versus $0.8M; the derivative liability generated a $7.8M fair-value gain.

Outlook and guidance

• Cash was expected to cover the next 12 months, including the remaining FY2026 corporate budget of $1.1M; additional financing may be needed beyond that period.

• The FY2026 Ambler Metals budget share was $17.5M, with $17.0M funded by August 31.

• The coordinated Arctic Project review schedule targets a Record of Decision in September 2028 after an estimated 29-month review.

• Potential future financing sources include equity, debt, convertible debt, option exercises and the ATM program.