Can Ambler Metals' Growth Prospects Drive Trilogy's Momentum?

Trilogy Metals Inc. TMQ continues to make steady progress at the Ambler mining district. Although Trilogy is not yet in production, it is taking a step ahead with Ambler Metals LLC, which is a joint venture with South32 Limited.

It is worth noting that in July 2025, Ambler Metals completed its summer field program at the Bornite camp safely and on schedule, which included routine site maintenance, environmental baseline data collection, annual biomonitoring with the Alaska Department of Fish and Game as well as weather and water station maintenance with Boreal Environmental Services. The company also began a multi-year core re-boxing program to protect drill core for long-term future use. These important steps keep the Arctic and Bornite projects ready for a potential future development decision.

The company has also been maintaining disciplined spending. For the first nine months of fiscal 2025 (ended August 2025), Ambler Metals recorded approximately $3.8 million in costs tied to these ongoing programs. However, Trilogy’s share of the loss was approximately $2.2 million in the same period. This shows that the company is advancing the project while still controlling its development burn rate.

Overall, the continued advancement of the Ambler mining district positions Trilogy for the possibility of a significant transformation in the future. With this steady pace and controlled budget, TMQ is well-positioned for growth in the long run.

Snapshot of Trilogy’s Peers

Among its major peers, B2Gold Corp. BTG is gaining from its ongoing strategy of maximizing profitable mine production, moving forward with its remaining development and exploration projects. A pickup in mine performance is expected to aid B2Gold’s gold production in the coming years. Production at Fekola is likely to increase in 2025, which also bodes well for B2Gold.

Barrick Mining Corporation B continues to prioritize high-return investments, especially in Nevada, supported by successful exploration and ongoing project executions. Barrick Mining’s merger with Randgold strengthened its industry position, providing top-tier assets and notable synergies with Newmont in the Nevada joint venture. However, operational issues across certain mines are expected to lead to lower gold production in 2025, impacting Barrick Mining’s performance.

TMQ’s Price Performance, Valuation and Estimates

Shares of Trilogy have surged 290.4% in the past year compared with the industry’s growth of 13.1%.

From a valuation standpoint, Trilogy is trading at a forward price-to-earnings ratio of negative 194.99X against the industry’s average of 16.03X. TMQ carries a Value Score of D.

The Zacks Consensus Estimate for Trilogy’s earnings has remained steady over the past 30 days.

The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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