Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 21 Jan, 26 | TMQ | Buy | USD 5.73 | USD 6.02 | USD 6.3 | 2 days | Closed |
9.95%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
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 448,217 acres located in the Ambler mining district in Northwest Alaska. The company was formerly known as NovaCopper Inc. and changed its name to Trilogy Metals Inc. in September 2016. Trilogy Metals Inc. was founded in 2004 and is based in Vancouver, Canada.
Reduction in General and Administrative Costs: In Q3 FY25, general and administrative expenses declined to USD 0.21 million, compared with USD 0.29 million in Q3 FY24, reflecting improved overhead cost control
Improvement in Interest and Other Income: In Q3 FY25, interest and other income increased to USD 0.31 million, compared with USD 0.15 million in Q3 FY24, supported by higher interest income on cash balances
Higher Professional Fees: In Q3 FY25, professional fees increased to USD 0.25 million, from USD 0.14 million in Q3 FY24, driven by elevated technical, legal, and advisory activities.
Increase in Net Loss: In Q3 FY25, the Company reported a net loss of USD 1.75 million, compared with USD 1.59 million in Q3 FY24, reflecting higher operating and joint venture-related expenses
Trilogy Metals faces a key investment risk stemming from its lack of operating revenues and sustained cash burn, combined with significant dependence on permitting success, external financing, and long-term commodity price assumptions to realize value from the Arctic and Bornite projects
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 5.73 | 5.15 | 6.02 | 6.3 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Core Business and Operating Focus: Trilogy Metals Inc. is a mineral exploration and development company focused on advancing the Upper Kobuk Mineral Projects (UKMP) in Northwest Alaska through its 50% equity interest in Ambler Metals LLC. During Q3 FY25, the Company remained pre-revenue and continued to concentrate on project de-risking, technical studies, permitting preparation, and joint-venture governance, rather than near-term production activities.
Quarterly Expense Profile and Cost Structure: For Q3 FY25, total operating expenses were USD 1.17 million, compared with USD 1.14 million in Q3 FY24, reflecting a modest year-on-year increase. The rise was primarily driven by higher professional fees and salaries, partly offset by lower general and administrative expenses, indicating a shift toward technically focused and project-related activities.
Net Loss and Earnings Profile: The Company reported a net loss of USD 1.75 million in Q3 FY25 versus a net loss of USD 1.59 million in Q3 FY24. The wider loss was mainly attributable to an increased share of losses from the Ambler Metals joint venture and higher personnel-related expenses, consistent with the advancement of feasibility, engineering, and permitting initiatives.
Equity Method Investment Performance: Trilogy recorded a share of loss from its equity investment in Ambler Metals of USD 0.89 million in Q3 FY25, compared with USD 0.62 million in Q3 FY24. This increase reflects elevated exploration, engineering, and Ambler Access Project-related expenditures at the joint-venture level, aligned with long-term project development objectives.
Liquidity and Balance Sheet Position: As of August 31, 2025, the Company held cash and cash equivalents of USD 23.4 million, down from USD 25.8 million at the end of FY24. Despite the decline, Trilogy maintained a strong net cash position with minimal liabilities, providing financial flexibility to support ongoing corporate overheads and its share of joint-venture commitments.
Capital Structure and Shareholder Equity: Shareholders’ equity stood at USD 128.7 million as of August 31, 2025, compared with USD 132.8 million at November 30, 2024, reflecting cumulative losses during the period. The Company did not draw on its at-the-market equity program during Q3 FY25, limiting dilution and preserving balance-sheet optionality.
Strategic and Operational Progress: Operationally, Trilogy continued to position UKMP as a strategically important U.S. domestic source of critical minerals. The corporate presentation highlights strong project economics at Arctic and Bornite, long mine life potential, and increasing strategic interest from U.S. stakeholders, reinforcing the long-term investment thesis despite near-term losses.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given to Trilogy Metals Inc (NYSE: TMQ) at the closing market price of USD 5.73, as on Jan 20, 2026.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Basic Materials Industry: Other Industrial Metals & Mining
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to EBITDA (x) | |
|---|---|---|---|---|---|---|---|---|
| TMQ Trilogy Metals Inc |
- -% | 3.79 | - | - | - | 0.48 | -8.8536 | |
| BHPLF BHP Group Limited |
- -% | 44.00 | 19.59 | 15.20 | 3.72 | 3.95 | 4.00 | 7.44 |
| BHP BHP Group Limited |
-2.49 2.76% | 87.87 | 19.28 | 15.06 | 3.66 | 3.92 | 3.99 | 7.42 |
| RTNTF Rio Tinto Group |
- -% | 129.57 | 17.11 | 11.85 | 2.81 | 2.79 | 2.88 | 7.27 |
| RTPPF Rio Tinto Group |
- -% | 98.19 | 14.16 | 9.87 | 2.26 | 2.29 | 2.35 | 5.93 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on January 21, 2026. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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