Trilogy Metals (TMQ) Q2 2026 earnings summary

Executive summary

• Net loss for the quarter ended May 31, 2026 was $6.3 million, up from $2.2 million in the prior year quarter, mainly due to non-cash derivative liability adjustments and higher share of loss from Ambler Metals.

• For the six months ended May 31, 2026, net loss was $13.4 million, compared to $5.8 million in the prior year, driven by derivative liability fair value changes, increased stock-based compensation, and higher Ambler Metals expenditures.

• Achieved a cash balance of $38.8 million and adjusted working capital of $38.3 million as of May 31, 2026, supporting ongoing project initiatives.

• The Arctic Project entered the U.S. FAST-41 permitting program, expediting federal review, and the 2026 summer field program commenced at the Upper Kobuk Mineral Projects.

• Ron Rimelman was appointed President of Ambler Metals to lead permitting and development.

Financial highlights

• Cash and cash equivalents at May 31, 2026 were $38.8 million, down from $51.6 million at November 30, 2025.

• Total assets were $151.2 million at May 31, 2026, compared to $157.3 million at November 30, 2025.

• Net loss per share was $(0.04) for the quarter and $(0.08) for the six months, compared to $(0.01) and $(0.04) in the prior year periods.

• Operating cash outflows for the six months were $3.8 million; investing outflows were $10.5 million, mainly for Ambler Metals funding; financing inflows were $1.4 million.

• Fiscal 2026 budget totals $22.5 million: $5.0 million for corporate activities and $17.5 million for Ambler Metals project funding.

Outlook and guidance

• Sufficient cash is available to fund the $5.0 million corporate budget and remaining 2026 obligations.

• Additional $6.5 million was funded to Ambler Metals after quarter-end, bringing total 2026 funding to $17.0 million.

• 2026 field program includes 40 drill holes (5,400 meters) at Arctic, with activities extending into September.

• Future liquidity needs may require further equity or debt financing beyond the next twelve months.