Trigon Metals Inc (TSE:TM)
:TM
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Trigon Metals Inc
(TM)
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Rating:47Neutral
Price Target:
C$0.36
▲(12.50% Upside)
Action:ReiteratedDate:03/10/26
The score is primarily held down by weak financial performance—ongoing operating losses, inconsistent earnings quality, and continued negative free cash flow. Technicals add modest pressure due to bearish trend/momentum, partially offset by oversold indicators. Valuation looks optically cheap on P/E, but this is discounted due to the underlying profitability and cash flow risks.
Positive Factors
Operating asset: Kombat Mine and Namibian exploration ground
Owning an operating copper-focused asset (Kombat Mine) plus surrounding exploration tenure provides durable production optionality and resource upside. This vertical exposure to copper supports long-term revenue potential and reserve replacement if exploration results and mine plans are executed.
Negative Factors
Persistent operating losses and weak earnings quality
Repeated operating losses mean the core mining operations have not consistently produced profit. Net income is apparently influenced by non-operating items, which undermines earnings quality and suggests profitability is not yet sustainable from core mining activities alone.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating asset: Kombat Mine and Namibian exploration ground
Owning an operating copper-focused asset (Kombat Mine) plus surrounding exploration tenure provides durable production optionality and resource upside. This vertical exposure to copper supports long-term revenue potential and reserve replacement if exploration results and mine plans are executed.
Read all positive factors
Trigon Metals Inc (TM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$21.36M
Dividend YieldN/A
Average Volume (3M)37.48K
Price to Earnings (P/E)0.3
Beta (1Y)0.72
Revenue Growth-100.00%
EPS Growth35.19%
CountryCA
Employees535
SectorBasic Materials
Sector Strength58
IndustryCopper
Share Statistics
EPS (TTM)0.59
Shares Outstanding54,779,080
10 Day Avg. Volume17,880
30 Day Avg. Volume37,481
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)-15.04
Price to Sales (P/S)0.00
P/FCF Ratio129.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 co...
How the Company Makes Money
Trigon Metals makes money primarily by producing and selling mineral products from its mining operations, chiefly copper-bearing material (and, where applicable, associated silver) derived from the Kombat Mine. Revenue is generated when mined ore ...
Trigon Metals Inc Earnings Call Summary
Earnings Call Date:Dec 02, 2024
(Q2-2025)
| % Change Since: |
Next Earnings Date:Jul 24, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted significant operational achievements and strategic shifts with the potential sale of the Kombat Mine to focus on other projects. However, financial challenges and market misunderstandings about the asset sale terms tempered these positives.Positive Updates
Milestone Achievement in Underground Operations
Trigon Metals achieved an average of 980 tonnes per day from underground operation over 30 consecutive days, 13 months ahead of schedule, fulfilling a key agreement with Sprott and significantly derisking operations.
Negative Updates
Financial Losses and Challenges
Faced with lower grades, higher lead content, and pump failures, Trigon Metals reported a negative adjusted EBITDA of $1.4 million and a net loss of $6.2 million, or $0.16 per share.
Read all updates
Q2-2025 Updates
Positive
Negative
Milestone Achievement in Underground Operations
Trigon Metals achieved an average of 980 tonnes per day from underground operation over 30 consecutive days, 13 months ahead of schedule, fulfilling a key agreement with Sprott and significantly derisking operations.
Read all positive updates
Company Guidance
In the Q2 2025 earnings call for Trigon Metals (TM.V), the company provided guidance on several key metrics. They reported processing 77,300 tonnes with a copper recovery rate of 92.1%, achieving an average of 980 tonnes per day from their underground operation, a milestone achieved 13 months ahead of schedule. Despite this progress, they faced challenges including lower grades and pump failures, resulting in a production of 2.14 million pounds of copper at a C1 cash cost of $3.46 per pound. The financial results reflected a negative adjusted EBITDA of $1.4 million and a net loss of $6.2 million, or $0.16 per share. Moving forward, Trigon plans to expand mill capacity to 60,000 tonnes per month to double throughput and reduce costs, with the aim to enhance profitability. Additionally, they announced a strategic decision to sell the Kombat Mine, which is expected to bring in USD 30 million to USD 50 million, with proceeds potentially used for development projects in Morocco and the Kalahari.Trigon Metals Inc Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
34
Negative
Cash Flow
16
Very Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 9.59M | 949.19K | 0.00 | 0.00 |
| Gross Profit | -225.00 | 0.00 | -1.15M | -454.19K | -194.28K | -14.59K |
| EBITDA | -5.80M | -4.07M | 1.86M | -13.19M | -6.54M | -6.35M |
| Net Income | 29.28M | -7.54M | -1.05M | -16.47M | -6.48M | -5.05M |
Balance Sheet | ||||||
| Total Assets | 24.83M | 35.76M | 38.05M | 35.67M | 18.15M | 3.02M |
| Cash, Cash Equivalents and Short-Term Investments | 1.03M | 1.04M | 1.42M | 20.73M | 319.87K | 2.65M |
| Total Debt | 5.09M | 1.38M | 5.13M | 194.18K | 3.29M | 0.00 |
| Total Liabilities | 9.66M | 41.91M | 42.13M | 42.58M | 9.27M | 1.82M |
| Stockholders Equity | 15.18M | -729.26K | 62.07K | -4.26M | 9.78M | 1.59M |
Cash Flow | ||||||
| Free Cash Flow | -3.98M | 84.77K | -22.34M | -13.59M | -16.43M | -3.10M |
| Operating Cash Flow | -11.72K | 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 | 2.91M | 2.73M | 3.02M | 34.00M | 14.07M | 4.08M |
Trigon Metals Inc Technical Analysis
Negative
0.32
Price Trends
0.46
Negative
0.38
Negative
0.32
Positive
Market Momentum
-0.02
Positive
36.42
Neutral
16.99
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TM, the sentiment is Negative. The current price of 0.32 is below the 20-day moving average (MA) of 0.42, below the 50-day MA of 0.46, and above the 200-day MA of 0.32, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 36.42 is Neutral, neither overbought nor oversold. The STOCH value of 16.99 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:TM.
Trigon Metals Inc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | C$1.69M | 1.03 | 10.74% | ― | ― | ― | |
50 Neutral | C$26.46M | -9.85 | -255.06% | ― | ― | 1.23% | |
50 Neutral | C$7.73M | -2.87 | -84.76% | ― | ― | -11.14% | |
47 Neutral | C$21.36M | 0.27 | 4512.49% | ― | -100.00% | 35.19% | |
47 Neutral | C$10.92M | -4.24 | -8.66% | ― | ― | 31.11% | |
45 Neutral | C$3.94M | -1.99 | -79.21% | ― | ― | -4.86% |
* Basic Materials Sector Average
TSE:TM
Trigon Metals Inc
0.37
0.10
40.38%
TSE:WEC
Three Valley Copper Corp
0.02
<0.01
50.00%
TSE:USCU
US Copper Corp
0.17
0.11
175.00%
TSE:BCU
Bell Copper
0.07
0.04
100.00%
TSE:WCU
World Copper
0.02
-0.05
-75.00%
TSE:CPER
CopperCorp Resources, Inc.
0.06
-0.05
-45.45%
Trigon Metals Inc Corporate Events
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing ChangesShareholder Meetings
Trigon Metals Rebrands as Safi Silver to Highlight Moroccan Silver Focus
Positive
Mar 6, 2026
Trigon Metals shareholders have approved a corporate name change to Safi Silver Corp., underscoring the company’s strategic pivot toward polymetallic silver exploration in Morocco following the divestiture of its Kombat Mine interests in Nam...
Business Operations and Strategy
Trigon Metals Launches Inaugural Drilling at Moroccan Addana Silver Project
Positive
Mar 3, 2026
Trigon Metals has mobilized its first exploration drilling campaign at the Addana Project in southern Morocco, launching a 12-hole diamond drilling program totaling up to 2,100 metres split between Antenna Hill and Addana Southwest. The program, e...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Trigon Metals Rebrands as Safi Silver and Refocuses on Moroccan Exploration
Positive
Jan 22, 2026
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 silv...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.