Revenue: As of FY2026 Q2, the actual value is USD 0.

EPS: As of FY2026 Q2, the actual value is USD -0.04, missing the estimate of USD -0.0102.

EBIT: As of FY2026 Q2, the actual value is USD -6.755 M.

Financial Highlights

• Trilogy Metals Inc. reported a cash balance of $38.8 million as of May 31, 2026 .
• Adjusted working capital stood at $38.3 million as of May 31, 2026 .

Operational Metrics (Three months ended May 31, in thousands of dollars)

• Exploration expenses were $9 in 2026, compared to $0 in 2025 .
• General and administrative expenses were $430 in 2026, compared to $353 in 2025 .
• Investor relations expenses were $39 in 2026, compared to $18 in 2025 .
• Professional fees were $475 in 2026, compared to $612 in 2025 .
• Salaries were $502 in 2026, compared to $316 in 2025 .
• Salaries and directors expense - stock-based compensation was $674 in 2026, compared to $367 in 2025 .
• Share of loss on equity investment was $2,334 in 2026, compared to $764 in 2025 .
• Loss on derivatives carried at fair market value was $2,277 in 2026, compared to $0 in 2025 .
• Interest and other income was - $410 in 2026, compared to - $253 in 2025 .
• Comprehensive loss for the period was - $6,345 in 2026, compared to - $2,177 in 2025 .

Operational Metrics (Six months ended May 31, in thousands of dollars)

• Exploration expenses were $34 in 2026, compared to $0 in 2025 .
• General and administrative expenses were $997 in 2026, compared to $696 in 2025 .
• Investor relations expenses were $107 in 2026, compared to $34 in 2025 .
• Professional fees were $786 in 2026, compared to $1,059 in 2025 .
• Salaries were $1,118 in 2026, compared to $523 in 2025 .
• Salaries and directors expense - stock-based compensation was $3,770 in 2026, compared to $2,597 in 2025 .
• Share of loss on equity investment was $3,677 in 2026, compared to $1,345 in 2025 .
• Loss on derivatives carried at fair market value was $3,791 in 2026, compared to $0 in 2025 .
• Interest and other income was - $829 in 2026, compared to - $443 in 2025 .
• Comprehensive loss for the period was - $13,408 in 2026, compared to - $5,800 in 2025 .

Net Loss Analysis

• For the three months ended May 31, 2026, Trilogy Metals Inc. reported a net loss of - $6.3 million, an increase from a net loss of - $2.2 million for the same period in 2025 . This increase was primarily due to a - $2.3 million mark-to-market fair value adjustment for derivative liability and an increased share of loss from Ambler Metals due to higher mineral property expenditures .
• For the six months ended May 31, 2026, the net loss was - $13.4 million, up from - $5.8 million in 2025, mainly driven by a - $3.8 million non-cash mark-to-market fair value adjustment for derivative liability and - $3.8 million in stock-based compensation expense .

Cash Flow (Six months ended May 31, 2026)

• Cash flow used in operating activities was - $3.8 million .
• Cash flow used in investing activities was - $10.5 million, primarily for funding its share in Ambler Metals .
• Cash flow raised from financing activities was $1.4 million, mainly from its at-the-market equity program and stock option exercises .

Outlook / Guidance

• Trilogy Metals Inc. has a fiscal year 2026 budget of $22.5 million, with $5.0 million allocated for corporate activities and $17.5 million for project activities at Ambler Metals . The company anticipates sufficient cash on hand to cover expenses for the next twelve months from May 31, 2026, including the remaining fiscal 2026 corporate budget . The advancement of the Arctic Project under a coordinated federal permitting framework and an active field season is expected to support a potential construction decision and reinforce the long-term development outlook for the Upper Kobuk Mineral Projects .