Trilogy Metals shares surge 14.47% after-hours on bullish call option activity and elevated implied volatility ahead of earnings.

Trilogy Metals surged 14.47% in after-hours trading following a sharp rise in call option activity and elevated implied volatility. The stock saw 9,554 call options traded—three times the typical volume—driving implied volatility up nearly 10 points to 129.55%. A Put/Call Ratio of 0.02 underscored strong bullish sentiment ahead of the company’s February 12 earnings report. The surge in options activity, particularly in May-26 8 calls and 2/6 weekly 5.5 calls, reflected investor anticipation of positive earnings or operational updates. Despite Trilogy Metals’ exploration-stage status and lack of revenue, the market’s aggressive positioning highlights confidence in near-term catalysts. The after-hours rally aligns with heightened speculative interest, driven by expectations of a favorable earnings outcome or strategic developments in its Alaska-based mineral projects.