Trilogy Metals Stock Plunges After Q4 Loss, Billionaire Exit

Two factors contributed to the recent sell-off in the exploration and development mining company's shares.

Published on Feb. 25, 2026

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Shares of Trilogy Metals, an exploration and development mining company, have fallen over 14% this week due to the company reporting a $34.7 million net loss in Q4 2025 and billionaire John Paulson's hedge fund, Paulson & Co., exiting its position in the company.

Why it matters

The decline in Trilogy Metals' stock price is concerning for investors, but the company's continued net losses and a hedge fund's exit do not necessarily indicate a fundamental change in the company's long-term prospects. Investors will need to exercise patience as Trilogy Metals continues its exploration and development activities in Alaska.

The details

Trilogy Metals reported a net loss of $34.7 million in Q4 2025, contributing to a net loss of $42.2 million for the full year, or a diluted loss per share of $0.26. This was a steeper loss than the $0.05 diluted loss per share reported in 2024. Additionally, a regulatory filing revealed that billionaire John Paulson's hedge fund, Paulson & Co., had exited its position in Trilogy Metals, selling its 14,326,996 shares.

  • Trilogy Metals reported Q4 2025 financial results on Tuesday, February 18, 2026.
  • Paulson & Co. filed its latest Form 13F this week, revealing it no longer held any Trilogy Metals shares.

The players

Trilogy Metals

An exploration and development mining company focused on the Upper Kobuk Mineral Projects in Alaska.

John Paulson

A billionaire hedge fund manager whose firm, Paulson & Co., previously held a significant stake in Trilogy Metals.

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What they’re saying

“While the decline in Trilogy Metals stock may be disconcerting, neither the company's Q4 2025 financial results nor the exit of Paulson & Co.'s position (hedge funds sell stocks for a variety of reasons) should compel current shareholders to trim -- or close -- their positions.”

— Scott Levine, Author (fool.com)

What’s next

Trilogy Metals will continue its exploration and development activities in Alaska, which is expected to result in additional net losses for the foreseeable future. Investors will need to exercise patience as the company works to advance its projects.

The takeaway

This case highlights the volatility that can occur in mining stocks, as factors like financial results and changes in major investors can significantly impact the stock price. However, long-term investors may want to maintain their positions if they still believe in Trilogy Metals' long-term potential, despite the recent setbacks.