Canada's Trilogy Metals swings to Q3 profit

Overview

• US metals explorer reported fiscal Q3 net income of $0.2 mln, reversing prior year loss

• Company closed $17.8 mln equity investment from US Department of War after quarter-end

Outlook

• Company expects cash on hand to be sufficient for next 12 months, may need funding after

Result Drivers

• DERIVATIVE LIABILITY GAIN - Q3 profit was mainly due to a mark-to-market gain on derivative liability tied to DOW investment

• EXPLORATION EXPENSES - Higher share of loss from Ambler Metals was driven by increased exploration activities

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the diversified mining peer group is "buy"

• Wall Street's median 12-month price target for Trilogy Metals Inc. is C$8.00, about 83.5% above its October 1 closing price of C$4.36

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)