Trilogy Metals Inc.

TMQdata completeness 63%15 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

Trilogy Metals Inc. earns about -16% on equity, but has diluted owners by 14% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$21.7M¹	−$24.3M²	−$15M³	−$8.59M³	−$42.2M³
Operating cash flow	−$5.12M⁴	−$3.94M⁵	−$3.09M⁶	−$1.83M⁶	−$3.25M⁶
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$6.31M⁷	$2.57M⁸	$2.59M⁹	$25.8M¹⁰	$51.6M¹⁰
Diluted shares	144.4M	145.7M	152.6M	159.8M	164.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$7.53

your share of equity

Profit it earned you last year

−$2.56

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $7.53 of net worth that earned you −$2.56 last year.

iii. Is this a good business?

Moat signal · return on equity

-16% avg · 5y

FY21 -13%FY22 -17%FY23 -11%FY24 -6%FY25 -34%

It earned an average -16% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+14% shares · 5y

Share count is up 14% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-11-30 · accession 0001558370-24-000914 (NetIncomeLoss)
10-K · period ending 2022-11-30 · accession 0001558370-25-000964 (NetIncomeLoss)
10-K · period ending 2023-11-30 · accession 0001104659-26-015668 (NetIncomeLoss)
10-K · period ending 2021-11-30 · accession 0001558370-24-000914 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-11-30 · accession 0001558370-25-000964 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-11-30 · accession 0001104659-26-015668 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-11-30 · accession 0001558370-22-001028 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-11-30 · accession 0001104659-26-015668 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2023-11-30 · accession 0001558370-25-000964 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-11-30 · accession 0001104659-26-015668 (CashAndCashEquivalentsAtCarryingValue)