Trilogy Metals Net Loss Widens 95% to $7.1M in Q1 FY2026

Trilogy Metals Inc., a mineral exploration company focused on copper and zinc projects in Alaska, reported a net loss of $7.1 million for the three months ending February 28, 2026, a 95% increase from the $3.6 million loss recorded in the same quarter of fiscal 2025. The company generated no revenue during either period. Read more earnings reports.

Operating cash outflow widened to $2.7 million in the first quarter of fiscal 2026, compared with a $748,000 cash burn in the prior-year quarter. The company also deployed $2.5 million in investing activities during the period, with no comparable investing outflow reported a year earlier.

Cash and cash equivalents stood at $47.8 million as of February 28, 2026, down from $51.6 million at the end of the prior quarter on November 30, 2025. Cash has declined from $25.8 million a year earlier, despite a financing inflow of $1.3 million during the latest quarter.

Total assets fell to $154.5 million as of February 28, 2026, from $157.3 million three months earlier. Current assets declined to $48.0 million from $51.9 million over the same period. Total liabilities remained relatively flat at $33.1 million.

Stockholders' equity decreased to $121.5 million as of the quarter end, down from $124.1 million at November 30, 2025, and $132.8 million a year earlier. The company's accumulated deficit widened to $139.7 million from $132.6 million in the prior quarter.

Loss per share came in at $0.04 for the quarter, compared with $0.02 in the year-ago period. The company had 175.5 million shares outstanding as of February 28, 2026, up from 171.1 million at the end of the prior quarter.