Trilogy Balances Project Progress With Cautious Development Spending

Trilogy Metals Inc. TMQ continues to maintain financial discipline as it advances work at the Upper Kobuk Mineral Projects through its joint venture, Ambler Metals LLC. For the first nine months of fiscal 2025 (ended Aug. 31, 2025), Ambler Metals recorded approximately $3.8 million in expenditures tied to the ongoing programs, including salaries, engineering works professional fees and project support activities. These initiatives are essential for supporting local communities, managing external activities and keeping the project ready to move forward.

Despite the steady progress on project-related activities, Trilogy’s financial exposure has remained controlled. The company recorded only $2.2 million as its share of Ambler Metals’ loss for the same period. The company’s disciplined capital approach is allowing it to manage the expenditures at a time when development projects often require significant investment. The narrower loss attributable to Trilogy also shows that its expenditures remain aligned with budget expectations. Ambler Metals’ spending for the period came in slightly under its planned budget of $4.0 million, due to delayed hiring and lower general administrative costs.

Alongside disciplined spending, Ambler Metals continued community engagement work and maintained core project activities such as routine site maintenance and environmental baseline data collection. Disciplined spending allows Trilogy to keep the Arctic and Bornite projects development ready without committing large amounts of capital too early. These steps ensure that the project remains ready for a potential future development decision, even as major spending decisions are paced carefully.

Snapshot of Trilogy’s Peers

Among its major peers, NioCorp Developments Ltd. NB is working to move its Elk Creek Project in Nebraska closer to production. In August 2025, NioCorp completed its first drilling program at the Elk Creek Project on schedule and within budget. Because the campaign was timely and cost-effective, NioCorp is launching a second phase with up to six additional drill holes to further improve resource quality and gather data to reduce risks in the mine design.

Barrick Mining Corporation B continues to make high-return investments in its businesses. A major portion of Barrick Mining’s exploration budget has been allocated to the Americas. Barrick Mining’s growth projects, including Goldrush, Pueblo Viejo expansion, Fourmile, Lumwana Super Pit, and Reko Diq, are all progressing on schedule and within budget.

TMQ’s Price Performance, Valuation and Estimates

Shares of Trilogy have surged 228.1% in the past year compared with the industry’s growth of 12.2%.

From a valuation standpoint, Trilogy is trading at a forward price-to-earnings ratio of negative 197.28X against the industry’s average of 14.72X. 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.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

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

Zacks Investment Research