Total assets have declined to $154.5 million in 2026Q1, with an accumulated deficit of $139.7 million reflecting the long-term impact of sustained exploration and administrative costs.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 |
|---|
| Total Current Assets | 48.02M | 51.92M | 26.05M | 2.88M | 2.91M | 6.61M | 11.44M | 20.16M | 23.63M | 9.1M | 15.65M | 16.89M | 5.83M | 7.17M | 23.16M | 97K | 60K |
| Cash & Short-Term Investments | 47.78M | 51.61M | 25.83M | 2.59M | 2.57M | 6.31M | 11.13M | 19.17M | 22.99M | 7.91M | 14.88M | 16.06M | 5.07M | 6.48M | 22.24M | 1K | 60K |
| Cash Only | 47.78M | 51.61M | 25.83M | 2.59M | 2.57M | 6.31M | 11.13M | 19.17M | 22.99M | 5.39M | 7.34M | 16.06M | 5.07M | 6.48M | 22.24M | 1K | 60K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.52M | 7.54M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 112K | 118K | 16K | 33K | 17K | 19K | 129K | 264K | 23K | 470K | 47K | 39K | 176K | 90K | 365K | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | 5.02 | 0.51 | 11.36 | 3.41 | 3.18 | 25.57 | 3.69 | 8.69 | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 94K | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 106.53M | 105.38M | 107.65M | 135.14M | 143.09M | 160.69M | 173.83M | 31.46M | 31.03M | 31.18M | 31.1M | 34.3M | 31M | 31.73M | 32.53M | 31.68M | 26.55M |
| Property, Plant & Equipment | 106K | 117K | 155K | 117K | 331K | 630K | 682K | 31.35M | 30.91M | 31.07M | 30.8M | 30.76M | 31M | 31.73M | 32.53M | 31.68M | 26.55M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | 0.61x | 0.53x | 0.49x | 0.16x | 0.15x | 0.08x | 0.28x | 0.47x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 423.1M | 105.26M | 107.5M | 135.02M | 142.75M | 160.06M | 173.15M | 0 | 0 | 0 | 297K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 114K | 114K | 114K | 0 | 3.54M | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 154.54M | 157.3M | 133.7M | 138.02M | 146M | 167.31M | 185.26M | 51.62M | 54.66M | 40.28M | 46.75M | 51.18M | 36.83M | 38.9M | 55.7M | 31.77M | 26.61M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | 0.37x | 0.30x | 0.37x | 0.11x | 0.09x | 0.07x | 0.23x | 0.28x | - | - |
| Asset Growth % | 27.26% | 17.66% | -3.13% | -5.46% | -12.74% | -9.69% | 258.92% | -5.57% | 35.7% | -13.84% | -8.66% | 38.98% | -5.33% | -30.16% | 75.3% | 19.41% | - |
| Total Current Liabilities | 33M | 33.11M | 793K | 465K | 534K | 1.03M | 1.05M | 2.35M | 1.66M | 4.25M | 593K | 751K | 979K | 1.74M | 1.97M | 521K | 12.21M |
| Accounts Payable | 231K | 646K | 196K | 146K | 188K | 205K | 226K | 902K | 400K | 2.77M | 160K | 161K | 36K | 196K | 207K | 0 | 285K |
| Days Payables Outstanding | - | - | 17.89K | 6.66K | 4.04K | 3.56K | 53.39 | 17.14 | 8.85 | 66.88 | 11.59 | 13.13 | 5.23 | 8.04 | 4.93K | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 32.26M | 30.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39K | 0 | 0 | 0 | 0 | 11.93M |
| Current Ratio | 1.46x | 1.57x | 32.84x | 6.20x | 5.45x | 6.41x | 10.93x | 8.56x | 14.26x | 2.14x | 26.39x | 22.48x | 5.95x | 4.11x | 11.74x | 0.19x | 0.00x |
| Quick Ratio | 1.46x | 1.57x | 32.84x | 6.20x | 5.45x | 6.41x | 10.93x | 8.56x | 14.26x | 2.14x | 26.39x | 22.48x | 5.95x | 4.11x | 11.74x | 0.19x | 0.00x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 60K | 70K | 110K | 0 | 33K | 235K | 408K | 31M | 20.8M | 10.37M | 0 | 0 | 0 | 0 | 0 | 0 | 11.1M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 305K | 70K | 110K | 0 | 33K | 235K | 408K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31M | 20.8M | 10.37M | 0 | 0 | 0 | 0 | 0 | 0 | 11.1M |
| Total Liabilities | 33.06M | 33.18M | 903K | 465K | 567K | 1.27M | 1.45M | 33.35M | 22.46M | 14.61M | 593K | 751K | 979K | 1.74M | 1.97M | 521K | 23.31M |
| Total Debt | 103K | 111K | 147K | 33K | 222K | 414K | 566K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -47.68M | -51.5M | -25.69M | -2.56M | -2.35M | -5.89M | -10.56M | -19.17M | -22.99M | -5.39M | -7.34M | -16.06M | -5.07M | -6.48M | -22.24M | -1K | -60K |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.04x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | -61.34x | -331.21x | -141.07x | -376.01x | -4640.86x | -604.68x | -695.53x | -11.31x | -1.15x |
| Total Equity | 121.48M | 124.12M | 132.79M | 137.56M | 145.43M | 166.04M | 183.81M | 18.26M | 32.2M | 25.66M | 46.15M | 50.43M | 35.85M | 37.16M | 53.72M | 31.25M | 3.3M |
| Equity Growth % | -21.67% | -6.53% | -3.46% | -5.41% | -12.41% | -9.67% | 906.47% | -43.29% | 25.47% | -44.39% | -8.48% | 40.68% | -3.53% | -30.84% | 71.91% | 848.15% | - |
| Book Value per Share | 0.71 | 0.75 | 0.83 | 0.90 | 1.00 | 1.15 | 1.27 | 0.14 | 0.26 | 0.24 | 0.44 | 0.63 | 0.64 | 0.71 | 1.15 | 0.67 | 0.07 |
| Total Shareholders' Equity | 121.48M | 124.12M | 132.79M | 137.56M | 145.43M | 166.04M | 183.81M | 18.26M | 32.2M | 25.66M | 46.15M | 50.43M | 35.85M | 37.16M | 53.72M | 31.25M | 3.3M |
| Common Stock | 227.82M | 225.24M | 190.5M | 187.89M | 182.18M | 180.82M | 179.75M | 177.97M | 164.07M | 136.53M | 136.36M | 136.04M | 111.83M | 104.89M | 92.17M | 0 | 0 |
| Retained Earnings | -139.7M | -132.64M | -90.4M | -81.81M | -66.86M | -42.6M | -20.95M | -182.71M | -154.81M | -132.87M | -111.76M | -106.9M | -97.37M | -87.72M | -63.33M | -32.31M | -20.97M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and Permitting Impasse
According to recent financial statements, Trilogy Metals' total assets have declined from $157.3 million in 2025Q4 to $154.5 million in 2026Q1, reflecting a persistent trend of capital depletion as the company continues to fund administrative and exploration activities without any offsetting revenue streams.
The downward trajectory in total assets suggests that the company is consuming its treasury to maintain its corporate existence while awaiting regulatory clarity. Investors should monitor whether this rate of asset contraction accelerates, as it may necessitate further dilutive equity financing to sustain operations.
Based on reported figures, the company's cash position decreased to $47.8 million in 2026Q1 from $51.6 million in 2025Q4, indicating that the current liquidity buffer is being steadily eroded by ongoing corporate overhead and project-related expenditures in the absence of commercial production.
While the current ratio of 1.46 appears sufficient for immediate obligations, the lack of revenue means this liquidity is strictly finite. The company's reliance on cash reserves to fund its share of joint venture activities suggests that the runway is highly sensitive to the pace of permitting progress.
As reported in quarterly filings, Trilogy Metals' retained earnings have deteriorated to a deficit of $139.7 million in 2026Q1, a trend that underscores the long-term impact of sustained pre-revenue exploration costs on the company's total equity base of $121.5 million.
The persistent growth of the deficit highlights the significant capital intensity required to advance the Arctic deposit. This erosion of equity quality suggests that future value creation is entirely dependent on the successful conversion of mineral assets into production, rather than internal capital generation.
Based on the company's use of the equity method for its 50% stake in Ambler Metals, the balance sheet fails to reflect the full scope of project-level liabilities, which may be significantly higher than the $33.1 million in total liabilities reported in 2026Q1.
This accounting treatment potentially obscures the true financial burden of the joint venture, as only the proportional investment is captured. Investors should be aware that the headline balance sheet may not fully represent the contingent liabilities or future funding commitments required to maintain the project's viability.
Quick answers to the most common questions about buying TMQ stock.
As of 2025, Trilogy Metals Inc. (TMQ) had total assets of $157.3M including $51.9M in current assets.
Trilogy Metals Inc. (TMQ) carries total debt of $0.1M, offset by $51.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Trilogy Metals Inc. (TMQ) has total shareholders' equity (book value) of $124.1M ($0.75 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Trilogy Metals Inc. (TMQ) reported a current ratio of 1.57x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.