TMQNYSEGold and Silver OresFiscal year ends November 30
Trilogy Metals Inc.
Financials through Q3 FY2026, quarter ended Aug 31, 2026Last filing: 10-Q on Oct 2, 2026
$2.33−0.03 (-1.27%)
Close on Oct 19, 2026
- Market cap
- $402.54M
- P/E (TTM)
- –
- Dividend yield
- –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
39.5%
68M of 173M shares
Institutional holders
147
26 new, 21 sold out
Net institutional buying
5M
In Q2 2026
Insider trades, 12 months
0 buys · 5 sales
Net sold $18.49M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Tony Giardini | 8,169,131 | 5.00% | 13D (active) | Mar 1, 2024 |
| Thomas Scott Kaplan | 31,604,741 | 18.50% | 13D (active) amendment | Dec 26, 2025 |
| South32 Limited | 10,379,741 | 6.01% | 13G (passive) amendment | Aug 28, 2026 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of TMQ | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Electrum Group LLC | 31,604,741 | 18.30% | $110.93M | – | 3.28% |
| Toroso Investments, LLC | 8,396,279 | 4.86% | $29.45M | −1,536,918 | 0.05% |
| TSP Capital Management Group, LLC | 6,777,100 | 3.92% | $23.79M | New | 5.69% |
| Old West Investment Management, LLC | 6,092,657 | 3.53% | $21.39M | +1,390,945 | 2.26% |
| Goehring & Rozencwajg Associates, LLC | 1,775,530 | 1.03% | $6.20M | +47,377 | 0.36% |
| Alps Advisors Inc | 1,473,828 | 0.85% | $5.17M | −386,915 | 0.02% |
| Marshall Wace, Llp | 1,356,512 | 0.79% | $4.76M | −272,375 | 0.00% |
| Morgan Stanley | 936,338 | 0.54% | $3.29M | +477,063 | 0.00% |
| Envestnet Asset Management Inc | 908,869 | 0.53% | $3.19M | −64,985 | 0.00% |
| Point72 Asset Management, L.P. | 877,834 | 0.51% | $3.08M | +534,793 | 0.00% |
| Citadel Advisors LLC | 796,695 | 0.46% | $2.80M | +488,004 | 0.00% |
| BlackRock, Inc. | 489,510 | 0.28% | $1.72M | +82,177 | 0.00% |
| Toronto Dominion Bank | 410,036 | 0.24% | $1.43M | +14,567 | 0.00% |
| Goldman Sachs Group Inc | 403,701 | 0.23% | $1.42M | −55,579 | 0.00% |
| Moore Capital Management, LP | 391,599 | 0.23% | $1.37M | New | 0.02% |
| Bank Of Montreal /Can/ | 328,040 | 0.19% | $1.15M | +43,829 | 0.00% |
| Private Advisor Group, LLC | 313,800 | 0.18% | $1.10M | +110,000 | 0.01% |
| State Street Corp | 308,258 | 0.18% | $1.08M | +74,969 | 0.00% |
| UBS Group AG | 285,288 | 0.17% | $1.00M | +99,539 | 0.00% |
| Manufacturers Life Insurance Company, The | 271,057 | 0.16% | $946.08K | −3,385 | 0.00% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 147 | 68M | 39.5% | 26 / 51 | 33 / 21 | 11M | 6M |
| Q1 2026 | 146 | 63M | 36.5% | 42 / 48 | 19 / 16 | 8M | 10M |
| Q4 2025 | 124 | 65M | 37.5% | 73 / 25 | 15 / 14 | 51M | 33M |
| Q3 2025 | 66 | 47M | 27.1% | 11 / 26 | 9 / 5 | 12M | 4M |
| Q2 2025 | 61 | 39M | 22.7% | 13 / 11 | 18 / 12 | 2M | 14M |
| Q1 2025 | 61 | 51M | 29.6% | 16 / 12 | 12 / 5 | 11M | 4M |
| Q4 2024 | 51 | 44M | 25.4% | 13 / 9 | 8 / 11 | 7M | 1M |
| Q3 2024 | 49 | 38M | 22.0% | 8 / 9 | 7 / 1 | 7M | 1M |
| Q2 2024 | 42 | 31M | 18.2% | 4 / 8 | 9 / 13 | 5M | 2M |
| Q1 2024 | 52 | 28M | 16.4% | 8 / 8 | 8 / 2 | 4M | 2M |
| Q4 2023 | 46 | 27M | 15.5% | 6 / 10 | 6 / 9 | 3M | 4M |
| Q3 2023 | 50 | 28M | 16.0% | 8 / 6 | 11 / 4 | 1M | 1M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of TMQ | Value | % of fund | As of |
|---|---|---|---|---|---|
| Amplify Junior Silver Miners ETF | 8,366,649 | 4.84% | $29.37M | 0.86% | Jun 30, 2026 |
| Sprott Junior Copper Miners ETF | 1,190,783 | 0.69% | $4.18M | 2.77% | Jun 30, 2026 |
| Goehring & Rozencwajg Resources Fund | 749,615 | 0.43% | $2.52M | 0.32% | May 31, 2026 |
| Diversified Real Assets Fund | 262,192 | 0.15% | $646.54K | 0.10% | Jun 30, 2026 |
| Sprott Copper Miners ETF | 211,389 | 0.12% | $741.98K | 0.26% | Jun 30, 2026 |
| iShares MSCI Global Metals & Mining Producers ETF | 134,411 | 0.08% | $622.32K | 0.03% | May 31, 2026 |
| State Street(R) SPDR(R) S&P(R) International Small Cap ETF | 74,363 | 0.04% | $261.01K | 0.03% | Jun 30, 2026 |
| Sprott Critical Materials ETF | 71,656 | 0.04% | $251.51K | 0.04% | Jun 30, 2026 |
| Fidelity MSCI Materials Index ETF | 42,493 | 0.02% | $133.00K | 0.02% | Jul 31, 2026 |
| Goehring & Rozencwajg Resources Fund | 18,700 | 0.01% | $86.58K | 0.01% | May 31, 2026 |
| State Street(R) SPDR(R) Portfolio MSCI Global Stock Market ETF | 12,334 | 0.01% | $43.29K | 0.00% | Jun 30, 2026 |
| WisdomTree Efficient Rare Earth Plus Strategic Metals Fund | 10,793 | 0.01% | $49.97K | 0.63% | May 31, 2026 |
| Avantis International Small Cap Equity ETF | 10,182 | 0.01% | $34.29K | 0.02% | May 31, 2026 |
| iShares MSCI World Small-Cap ETF | 7,508 | 0.00% | $34.76K | 0.01% | May 31, 2026 |
| The Frontier Economic Fund | 4,577 | 0.00% | $21.19K | 0.72% | May 31, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Tony Giardini | President & CEO, Director | 8,758,728 | 5.07% | Dec 12, 2025 |
| Elaine Sanders | VP & CFO | 3,347,895 | 1.94% | Dec 12, 2025 |
| Diana J. Walters | Director | 101,302 | 0.06% | Sep 1, 2026 |
| William L. Iggiagruk Hensley | Director | 68,531 | 0.04% | May 12, 2026 |
| James Gowans | Director | 234,046 | 0.14% | Dec 12, 2025 |
| Gregory A. Lang | Director | 402,000 | 0.23% | Dec 12, 2025 |
| Janice Stairs | Director | 558,771 | 0.32% | Dec 12, 2025 |
| William Beckwith Hayden | Director | 382,685 | 0.22% | Dec 12, 2025 |
| International Investment Holdings Proprietary Ltd South32 | 10% owner | 10,379,741 | 6.01% | Sep 1, 2026 |
| Ltd South32 | 10% owner | 16,413,493 | 9.50% | Sep 1, 2026 |
| Thomas Scott Kaplan | 10% owner | – | – | Dec 29, 2025 |
| Holdings LLC GRAT | 10% owner | 22,588,053 | 13.08% | Dec 29, 2025 |
| GP Ltd. ESOF | 10% owner | 31,604,741 | 18.30% | Dec 29, 2025 |
| Strategic Opportunities Fund L.P. Electrum | 10% owner | 29,422,923 | 17.03% | Dec 29, 2025 |
| Group LLC Electrum | 10% owner | – | – | Dec 29, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| International Investment Holdings Proprietary Ltd South32 10% owner | Aug 28, 2026 | Sale | −8,215,570 | $2.17 | $17.83M | 10,379,741 |
| William L. Iggiagruk Hensley Director | May 8, 2026 | Option exercise | +50,000 | $0.57 | $28.50K | 68,531 |
| William L. Iggiagruk Hensley Director | May 8, 2026 | Sale | −50,000 | $4.44 | $222.00K | 18,531 |
| Diana J. Walters Director | Apr 23, 2026 | Option exercise | +50,000 | $1.61 | $80.50K | 101,302 |
| William L. Iggiagruk Hensley Director | Feb 26, 2026 | Sale | −25,107 | $4.40 | $110.47K | 18,531 |
| GP Ltd. ESOF 10% owner | Dec 26, 2025 | Gift | −540,406 | – | – | 0 |
| GP Ltd. ESOF 10% owner | Dec 26, 2025 | Gift | −416,666 | – | – | 0 |
| Tony Giardini President & CEO, Director | Dec 11, 2025 | Option exercise | +60,000 | – | – | 8,758,728 |
| Elaine Sanders VP & CFO | Dec 11, 2025 | Option exercise | +15,000 | – | – | 3,347,895 |
| Tony Giardini President & CEO, Director | Dec 7, 2025 | Option exercise | +366,668 | – | – | 8,698,728 |
| Elaine Sanders VP & CFO | Dec 7, 2025 | Option exercise | +183,334 | – | – | 3,332,895 |
| Gregory A. Lang Director | Dec 5, 2025 | Option exercise | +50,000 | $1.82 | $91.00K | 150,000 |
| Gregory A. Lang Director | Dec 5, 2025 | Sale | −50,000 | $4.77 | $238.50K | 80,000 |
| Gregory A. Lang Director | Dec 5, 2025 | Gift | −45,000 | – | – | 35,000 |
| Gregory A. Lang Director | Dec 5, 2025 | Sale | −20,000 | $4.73 | $94.60K | 130,000 |
| Tony Giardini President & CEO, Director | Oct 16, 2025 | Option exercise | +1,123,400 | $1.79 | $2.01M | 8,332,060 |
| James Gowans Director | Oct 16, 2025 | Sale | −100,000 | $7.50 | $750.00K | 234,046 |
| James Gowans Director | Oct 16, 2025 | Option exercise | +100,000 | $1.79 | $179.00K | 334,046 |
| Gregory A. Lang Director | Oct 9, 2025 | Sale | −50,000 | $6.53 | $326.50K | 100,000 |
| Gregory A. Lang Director | Oct 9, 2025 | Sale | −19,181 | $6.57 | $126.02K | 352,000 |
| Gregory A. Lang Director | Oct 9, 2025 | Sale | −100,000 | $6.77 | $677.00K | 252,000 |
| Gregory A. Lang Director | Oct 9, 2025 | Option exercise | +50,000 | $1.80 | $90.00K | 150,000 |
| Janice Stairs Director | Oct 9, 2025 | Option exercise | +100,000 | $1.80 | $180.00K | 558,771 |
| Janice Stairs Director | Oct 9, 2025 | Sale | −50,613 | $6.56 | $332.02K | 508,608 |
| William Beckwith Hayden Director | Oct 9, 2025 | Sale | −200,000 | $6.61 | $1.32M | 382,685 |
| William L. Iggiagruk Hensley Director | Oct 8, 2025 | Sale | −100,000 | $6.39 | $639.00K | 43,638 |
| William L. Iggiagruk Hensley Director | Oct 8, 2025 | Option exercise | +100,000 | $1.81 | $181.00K | 143,638 |
| Gregory A. Lang Director | Oct 8, 2025 | Gift | −30,000 | $6.31 | $189.30K | 344,181 |
| Diana J. Walters Director | Oct 8, 2025 | Sale | −100,000 | $7.03 | $703.00K | 51,302 |
| Diana J. Walters Director | Oct 8, 2025 | Option exercise | +100,000 | $1.81 | $181.00K | 151,302 |
| William Beckwith Hayden Director | Oct 8, 2025 | Option exercise | +100,000 | $1.81 | $181.00K | 422,159 |
| William Beckwith Hayden Director | Oct 8, 2025 | Option exercise | +50,000 | $1.58 | $79.00K | 472,159 |
| William Beckwith Hayden Director | Oct 8, 2025 | Option exercise | +50,000 | $0.56 | $28.00K | 522,159 |
| William Beckwith Hayden Director | Oct 8, 2025 | Option exercise | +50,000 | $0.42 | $21.00K | 572,159 |
| William Beckwith Hayden Director | Oct 8, 2025 | Option exercise | +75,000 | $1.09 | $81.75K | 647,159 |
| William Beckwith Hayden Director | Oct 8, 2025 | Sale | −64,294 | $7.06 | $453.92K | 582,865 |
| Elaine Sanders VP & CFO | Oct 8, 2025 | Option exercise | +450,000 | $1.81 | $814.50K | 3,599,160 |
| Elaine Sanders VP & CFO | Oct 8, 2025 | Sale | −50,599 | $6.91 | $349.64K | 3,548,561 |
| Elaine Sanders VP & CFO | Oct 8, 2025 | Sale | −399,000 | $6.84 | $2.73M | 3,149,561 |
| William L. Iggiagruk Hensley Director | Jul 30, 2025 | Sale | −50,000 | $1.74 | $87.00K | 143,638 |
| William L. Iggiagruk Hensley Director | Jul 30, 2025 | Option exercise | +50,000 | $0.43 | $21.50K | 193,638 |
| Elaine Sanders VP & CFO | Mar 6, 2025 | Award | +25,345 | – | – | 3,149,160 |
| Tony Giardini President & CEO, Director | Mar 6, 2025 | Award | +74,712 | – | – | 7,208,660 |
| Tony Giardini President & CEO, Director | Dec 9, 2024 | Award | +451,400 | – | – | 6,250,616 |
| Tony Giardini President & CEO, Director | Dec 9, 2024 | Option exercise | +116,666 | – | – | 6,367,282 |
| Elaine Sanders VP & CFO | Dec 9, 2024 | Award | +104,750 | – | – | 2,715,481 |
| Elaine Sanders VP & CFO | Dec 9, 2024 | Option exercise | +58,333 | – | – | 2,773,814 |
| Tony Giardini President & CEO, Director | Dec 9, 2024 | Award | +451,400 | – | – | 6,250,616 |
| Tony Giardini President & CEO, Director | Dec 9, 2024 | Award | +350,000 | – | – | 6,600,616 |
| Elaine Sanders VP & CFO | Dec 9, 2024 | Award | +104,750 | – | – | 2,715,481 |
| Elaine Sanders VP & CFO | Dec 9, 2024 | Option exercise | +175,000 | – | – | 2,890,481 |
| Tony Giardini President & CEO, Director | Dec 8, 2024 | Option exercise | +400,000 | – | – | 7,367,282 |
| Elaine Sanders VP & CFO | Dec 8, 2024 | Option exercise | +166,668 | $9.00 | $1.50M | 3,240,482 |
| Tony Giardini President & CEO, Director | Dec 7, 2024 | Option exercise | +366,666 | – | – | 6,967,282 |
| Elaine Sanders VP & CFO | Dec 7, 2024 | Option exercise | +183,333 | – | – | 3,073,814 |
| Tony Giardini President & CEO, Director | Dec 2, 2024 | Award | +131,313 | – | – | 5,799,216 |
| Elaine Sanders VP & CFO | Dec 2, 2024 | Award | +44,545 | – | – | 2,610,731 |
| Elaine Sanders VP & CFO | Sep 3, 2024 | Award | +63,079 | – | – | 2,566,186 |
| Tony Giardini President & CEO, Director | Sep 3, 2024 | Award | +185,714 | – | – | 5,667,903 |
| Elaine Sanders VP & CFO | Jun 5, 2024 | Sale | −53,454 | $0.49 | $26.19K | 2,503,107 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.