Trigon Metals Inc (TM) AI Stock Analysis

• Market Cap: C$27.94M
• Dividend Yield: N/A
• Average Volume (3M): 37.48K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.63
• Revenue Growth: -100.00%
• EPS Growth: 35.19%
• Country: CA
• Employees: 535
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Copper
• EPS (TTM): -0.01
• Shares Outstanding: 54,779,080
• 10 Day Avg. Volume: 17,880
• 30 Day Avg. Volume: 37,481
• PEG Ratio: >-0.01
• Price to Book (P/B): -15.04
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 129.42
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: C$0.52 ▲(63.44% Upside)

The score is primarily held down by weak financial performance (no revenue, ongoing losses and cash burn, and negative equity with rising debt). Technicals provide meaningful support due to a strong uptrend and positive momentum indicators, while valuation remains unfavorable/unclear given negative earnings and no dividend yield data.

Positive Factors

Sizable asset base at Kombat Mine

A sizable asset base (~$35M) anchored by the Kombat mine provides tangible development value and collateral. This supports long-term project optionality, potential mill/processing restart economics, and gives management leverage when negotiating financing or offtake terms over the next several months.

Narrowing net losses y/y

Year-over-year narrowing of net losses (from about -$7.5M) indicates operational improvements or cost control taking hold. If sustained, this trend reduces required external funding, improves runway for development, and makes the business model more viable during the transition to consistent production.

Improving free cash flow trend

Sharp improvement in free cash flow, even from a negative base, signals progress toward cash generation discipline. Sustained FCF improvement lowers refinancing frequency and dilution risk, enabling reinvestment in near-term mine optimization and more credible capital planning over 2-6 months.

Negative Factors

No reported revenue

Zero reported revenue in the latest TTM and annual period indicates the company is not generating operating sales, leaving earnings dependent on capital markets or asset transactions. Without durable revenue, sustaining operations and funding development initiatives remains structurally constrained.

Negative equity and rising leverage

Negative shareholders' equity (~ -$6.9M) combined with a sharp increase in debt heightens solvency risk and reduces strategic flexibility. Over months this elevates refinancing, covenant, and dilution risks, and can materially constrain the company’s ability to fund mining restart or sustain operations without expensive external capital.

Persistent operating cash burn

Materially negative operating cash flow (~ -$6.5M TTM) demonstrates ongoing cash burn to support operations. Absent consistent operational revenue, this structural cash outflow increases reliance on external financing, raising execution risk for projects and limiting ability to invest in long‑term productivity improvements.

Trigon Metals Inc Business Overview & Revenue Model

Company Description

Trigon Metals Inc., together with its subsidiaries, engages in the acquisition, exploration, development, and maintenance of mines and mineral properties in the African continent. It primarily explores for copper, lead, and silver deposits. The company holds an 80% interest in its flagship project, the Kombat Mine Property, which consists of five mining licenses that covers approximately 1,219 hectares and one prospecting license covering 1,057 hectares located in Northern Namibia. It also holds 100% interest in the Silver Hill Project comprising approximately 16 square kilometers located in the Anti-Atlas region, Morocco. The company was formerly known as Kombat Copper Inc. and changed its name to Trigon Metals Inc. in December 28, 2016. Trigon Metals Inc. was incorporated in 2005 and is headquartered in Toronto, Canada.

How the Company Makes Money

Trigon Metals Inc. generates revenue primarily through the extraction and sale of base metals, particularly copper and silver, from its mining operations. The company's key revenue streams include the sale of extracted ore and refined metals to various industrial customers and metal traders. Trigon may also enter into strategic partnerships or joint ventures with other mining firms to enhance its operational capabilities and market reach. Additionally, fluctuations in global metal prices and the efficiency of the company's mining operations significantly influence its earnings.

Trigon Metals Inc Financial Statement Overview

Summary

Financials are weak: revenue is currently zero, profitability remains negative (TTM net loss ~-$1.7M; TTM EBIT ~-$3.5M), and operating cash flow is meaningfully negative (~-$6.5M). The largest risk is negative shareholders’ equity (~-$6.9M) alongside higher debt (~$6.9M), which increases solvency and funding pressure. Losses and free-cash-flow burn improved versus the prior annual period, but the base remains loss-making and cash-burning.

Income Statement

The income statement profile is weak. Revenue is currently zero in both the latest TTM (Trailing-Twelve-Months) period and the most recent annual period, implying a loss-making, pre/limited-production operating base. Profitability is consistently negative (EBIT, EBITDA, and net income losses), with the latest TTM net loss of about $1.7M and TTM EBIT of about -$3.5M. While losses narrowed versus the prior annual period (net loss improved from about -$7.5M), the absence of revenue and persistently negative operating earnings remain the key overhang.

Balance Sheet

The balance sheet is pressured by weak capitalization. Latest TTM shows negative stockholders’ equity (about -$6.9M) against total debt of about $6.9M, which is a material solvency risk and limits financial flexibility. Leverage has also increased versus the last annual period (debt rising from about $1.4M to $6.9M), while equity moved further negative. Total assets are sizable (~$35M), but the negative equity position is the dominant concern despite some year-to-year variability in reported leverage metrics.

Cash Flow

Cash flow trends are mixed but still overall weak. In the latest TTM (Trailing-Twelve-Months), operating cash flow is meaningfully negative (about -$6.5M), indicating ongoing cash burn to support operations. Free cash flow is also negative (about -$1.3M), though it improved sharply versus the prior period as reflected by strong free-cash-flow growth. The key weakness remains that the business is not consistently generating cash from operations, increasing reliance on external funding.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	9.59M	949.19K	0.00	0.00
Gross Profit	0.00	0.00	-1.15M	-454.19K	-194.28K	-14.59K
EBITDA	-3.96M	-4.07M	1.86M	-13.19M	-6.54M	-6.35M
Net Income	-1.72M	-7.54M	-1.05M	-16.47M	-6.48M	-5.05M
Balance Sheet
Total Assets	35.19M	35.76M	38.05M	35.67M	18.15M	3.02M
Cash, Cash Equivalents and Short-Term Investments	1.38M	1.04M	1.42M	20.73M	319.87K	2.65M
Total Debt	6.87M	1.38M	5.13M	194.18K	3.29M	0.00
Total Liabilities	47.84M	41.91M	42.13M	42.58M	9.27M	1.82M
Stockholders Equity	-6.93M	-729.26K	62.07K	-4.26M	9.78M	1.59M
Cash Flow
Free Cash Flow	-1.28M	84.77K	-22.34M	-13.59M	-16.43M	-3.10M
Operating Cash Flow	-6.48M	84.77K	-4.08M	-8.45M	-2.60M	-2.28M
Investing Cash Flow	0.00	-3.19M	-18.26M	-5.14M	-13.82M	-783.92K
Financing Cash Flow	5.13M	2.73M	3.02M	34.00M	14.07M	4.08M

Trigon Metals Inc Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.32
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TM, the sentiment is Neutral. The current price of 0.32 is below the 20-day moving average (MA) of 0.46, below the 50-day MA of 0.36, and above the 200-day MA of 0.28, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 52.66 is Neutral, neither overbought nor oversold. The STOCH value of 39.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:TM.

Trigon Metals Inc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
WEC	56 Neutral	C$2.25M	5.56	-2.57%	―	―	―
TM	51 Neutral	C$27.94M	-6.44	―	―	-100.00%	35.19%
USCU	50 Neutral	C$24.01M	-18.13	-162.83%	―	―	1.23%
CPER	50 Neutral	C$13.09M	-2.64	-84.76%	―	―	-11.14%
BCU	47 Neutral	C$9.56M	-11.29	-8.66%	―	―	31.11%
WCU	45 Neutral	C$2.63M	-0.12	-79.21%	―	―	-4.86%

Trigon Metals Inc Corporate Events

Trigon Metals Rebrands as Safi Silver and Refocuses on Moroccan Exploration

Trigon Metals plans to seek shareholder approval at its March 5, 2026 annual general and special meeting to change its name to Safi Silver Corp., underscoring its strategic shift from copper to silver and its new concentration on polymetallic silver exploration in Morocco after selling its Kombat Mine in Namibia. Alongside the rebranding, the company has overhauled its leadership structure to align with an exploration-led strategy: Executive Chairman Jed Richardson has resumed the role of President, veteran geologist Dr. Andreas Rompel has been promoted to Chief Exploration Officer to lead Moroccan exploration efforts, and former Namibia-based operational leaders, including ex-president Rennie Morkel and former VP Operations Fanie Müller, have departed as the company pivots away from mine operations toward advancing its Moroccan exploration portfolio and long-term shareholder value.

The most recent analyst rating on (TSE:TM) stock is a Hold with a C$0.42 price target. To see the full list of analyst forecasts on Trigon Metals Inc stock, see the TSE:TM Stock Forecast page.

Trigon Metals Closes Kombat Mine Sale to Fund Moroccan Copper Push

Trigon Metals has closed the sale of its interest in the Kombat Mine and related Namibian assets to Kamino Minerals Limited and its affiliate Horizon Corporation Limited, transferring full operational control of the mine to the buyer. The transaction, completed under a previously signed share purchase agreement, will deliver total cash consideration of US$24 million payable in eight instalments from April 2026, plus a contingent production payment of between US$3.5 million and US$13 million tied to future underground copper production, and a royalty interest on the project. By monetizing Kombat, Trigon significantly strengthens its balance sheet and secures funding for an aggressive exploration program at its Addana copper project in Morocco, marking a strategic pivot in its asset base and future growth focus, subject to final approval by the TSX Venture Exchange.

The most recent analyst rating on (TSE:TM) stock is a Buy with a C$1.50 price target. To see the full list of analyst forecasts on Trigon Metals Inc stock, see the TSE:TM Stock Forecast page.