Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2018 | Feb. 08, 2019 | May 31, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Nov. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Trilogy Metals Inc. | ||
Entity Central Index Key | 1,543,418 | ||
Current Fiscal Year End Date | --11-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 111 | ||
Trading Symbol | TMQ | ||
Entity Common Stock, Shares Outstanding | 131,585,612 | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 |
Current assets | ||
Cash and cash equivalents | $ 22,991 | $ 5,391 |
Accounts receivable | 23 | 470 |
Deposits and prepaid amounts | 619 | 723 |
Current investments (note 3) | 0 | 2,516 |
Total Current Assets | 23,633 | 9,100 |
Rent deposit | 114 | 114 |
Plant and equipment (note 4) | 325 | 478 |
Mineral properties and development costs (note 5) | 30,587 | 30,587 |
Total Assets | 54,659 | 40,279 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 6) | 1,657 | 4,249 |
Current liabilities | 1,657 | 4,249 |
Mineral properties purchase option (note 5c) | 20,800 | 10,365 |
Total Liabilities | 22,457 | 14,614 |
Shareholders' equity | ||
Share capital (note 8) – unlimited common shares authorized, no par value Issued – 131,585,612 (2017 – 105,684,523) | 164,069 | 136,525 |
Warrants (note 8(c)) | 2,253 | 2,163 |
Contributed surplus | 122 | 124 |
Contributed surplus – options (note 8(a)) | 19,076 | 18,402 |
Contributed surplus – units (note 8(b)) | 1,489 | 1,319 |
Deficit | (154,807) | (132,868) |
Total Stockholders' Equity | 32,202 | 25,665 |
Total Liabilities and Stockholders' Equity | $ 54,659 | $ 40,279 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Common Stock, Shares Authorized, Unlimited | Unlimited | Unlimited |
Common Stock, No Par Value | ||
Common Stock, Shares, Issued | 131,585,612 | 105,684,523 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Expenses | |||
Amortization | $ 160 | $ 107 | $ 79 |
Foreign exchange (gain) loss | (26) | (395) | 204 |
General and administrative | 1,532 | 1,385 | 1,337 |
Investor relations | 406 | 345 | 201 |
Mineral properties expense (note 5(d)) | 16,490 | 15,100 | 5,037 |
Professional fees | 453 | 708 | 442 |
Salaries | 1,467 | 975 | 1,003 |
Salaries – stock-based compensation | 1,441 | 705 | 615 |
Total expenses | 21,923 | 18,930 | 8,918 |
Other items | |||
Loss (gain) on held for trading investments | 272 | 2,225 | (145) |
Loss on disposal of equipment | 0 | 8 | 0 |
Interest and other income | (346) | (59) | (61) |
Loss from continuing operations for the year | 21,849 | 21,104 | 8,712 |
Loss from discontinued operations | 0 | 0 | 598 |
Gain on sale of Sunward Investments Ltd. | 0 | 0 | (4,448) |
Income from discontinued operations for the year (note 7) | 0 | 0 | (3,850) |
Loss and comprehensive loss for the year | $ 21,849 | $ 21,104 | $ 4,862 |
Basic and diluted loss from continuing operations per common share | $ 0.18 | $ 0.20 | $ 0.08 |
Basic and diluted earnings from discontinued operations per common share | 0 | 0 | (0.04) |
Basic and diluted loss per common share | $ 0.18 | $ 0.20 | $ 0.05 |
Weighted average number of common shares outstanding | 121,778,727 | 105,562,769 | 105,103,952 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Share capital [Member] | Warrants [Member] | Contributed surplus [Member] | Contributed surplus - options [Member] | Contributed surplus - units [Member] | Deficit [Member] |
Beginning Balance at Nov. 30, 2015 | $ 50,430 | $ 136,040 | $ 2,163 | $ 124 | $ 17,841 | $ 1,164 | $ (106,902) |
Beginning Balance (Shares) at Nov. 30, 2015 | 104,796,421 | ||||||
Exercise of options | 0 | $ 65 | 0 | 0 | (65) | 0 | 0 |
Exercise of options (Shares) | 162,854 | ||||||
Restricted Share Units | (29) | $ 34 | 0 | 0 | 0 | (63) | 0 |
Restricted Share Units (Shares) | 108,399 | ||||||
Deferred Share Units | 0 | $ 218 | 0 | 0 | 0 | (218) | 0 |
Deferred Share Units (Shares) | 218,795 | ||||||
Stock-based compensation | 615 | $ 0 | 0 | 0 | 358 | 257 | 0 |
Loss for the year | (4,862) | 0 | 0 | 0 | 0 | 0 | (4,862) |
Ending Balance at Nov. 30, 2016 | 46,154 | $ 136,357 | 2,163 | 124 | 18,134 | 1,140 | (111,764) |
Ending Balance (Shares) at Nov. 30, 2016 | 105,286,469 | ||||||
Exercise of options | 0 | $ 85 | 0 | 0 | (85) | 0 | 0 |
Exercise of options (Shares) | 188,856 | ||||||
Restricted Share Units | (90) | $ 83 | 0 | 0 | 0 | (173) | 0 |
Restricted Share Units (Shares) | 209,198 | ||||||
Stock-based compensation | 705 | $ 0 | 0 | 0 | 353 | 352 | 0 |
Loss for the year | (21,104) | 0 | 0 | 0 | 0 | 0 | (21,104) |
Ending Balance at Nov. 30, 2017 | 25,665 | $ 136,525 | 2,163 | 124 | 18,402 | 1,319 | (132,868) |
Ending Balance (Shares) at Nov. 30, 2017 | 105,684,523 | ||||||
Bought-deal financing (note 8) | 28,750 | $ 28,750 | 90 | 0 | 0 | 0 | (90) |
Bought deal financing (Note 8) (Shares) | 24,784,482 | ||||||
Share issuance costs | (1,805) | $ (1,805) | 0 | 0 | 0 | 0 | 0 |
Exercise of options | 0 | $ 140 | 0 | 0 | (140) | 0 | 0 |
Exercise of options (Shares) | 315,148 | ||||||
Restricted Share Units | 0 | $ 457 | 0 | 0 | 0 | (457) | 0 |
Restricted Share Units (Shares) | 800,000 | ||||||
NovaGold DSU conversion | 0 | $ 2 | 0 | (2) | 0 | 0 | 0 |
NovaGold DSU conversion (Shares) | 1,459 | ||||||
Stock-based compensation | 1,441 | $ 0 | 0 | 0 | 814 | 627 | 0 |
Loss for the year | (21,849) | 0 | 0 | 0 | 0 | 0 | (21,849) |
Ending Balance at Nov. 30, 2018 | $ 32,202 | $ 164,069 | $ 2,253 | $ 122 | $ 19,076 | $ 1,489 | $ (154,807) |
Ending Balance (Shares) at Nov. 30, 2018 | 131,585,612 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Cash flows used in operating activities | |||
Loss for the year | $ (21,849) | $ (21,104) | $ (4,862) |
Items not affecting cash | |||
Amortization | 160 | 107 | 174 |
Gain on sale of Sunward Investments Ltd. | 0 | 0 | (4,448) |
Loss (gain) on held for trading investments | 272 | 2,225 | (145) |
Loss on disposal of equipment | 0 | 8 | 0 |
Foreign exchange (gain) loss | (53) | (393) | 184 |
Stock-based compensation | 1,441 | 705 | 615 |
Net change in non-cash working capital | |||
Decrease (increase) in accounts receivable | 447 | (423) | (8) |
Decrease (increase) in deposits and prepaid amounts | 104 | (113) | (59) |
Increase (decrease) in accounts payable, accrued liabilities and due to related parties | (2,592) | 3,577 | (143) |
Net Cash Provided by (Used in) Operating Activities | (22,070) | (15,411) | (8,692) |
Cash flows from (used in) financing activities | |||
Proceeds from bought deal financing (note 8) | 28,750 | 0 | 0 |
Share issuance costs | (1,805) | 0 | 0 |
Settlement of Restricted Share Units | 0 | (90) | (29) |
Net Cash Provided by (Used in) Financing Activities | 26,945 | (90) | (29) |
Cash flows from (used in) investing activities | |||
Acquisition of plant & equipment | (7) | (300) | (122) |
Mineral properties funding (note 5) | 10,435 | 10,365 | 0 |
Proceeds from the sale of investments, net of fees | 2,297 | 3,479 | 228 |
Net cash outflow from the disposition of Sunward Investments Ltd. | 0 | 0 | (184) |
Net Cash Provided by (Used in) Investing Activities | 12,725 | 13,544 | (78) |
(Decrease) increase in cash and cash equivalents | 17,600 | (1,957) | (8,799) |
Effect of exchange rate on cash and cash equivalents | 0 | 8 | 0 |
Cash and cash equivalents – beginning of year | 5,391 | 7,340 | 16,139 |
Cash and cash equivalents – end of year | 22,991 | 5,391 | 7,340 |
Non-cash investing and financing activities | |||
Acquisition of investments from the sale of Sunward Investments Ltd. (note 7) | $ 0 | $ 0 | $ 8,102 |
Nature of operations
Nature of operations | 12 Months Ended |
Nov. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of operations [Text Block] | 1 Nature of operations Trilogy Metals Inc., (“Trilogy”, the “Company”, or “we”) was incorporated in British Columbia under the Business Corporations Act (BC) on April 27, 2011. The Company changed its name from NovaCopper Inc. to Trilogy Metals Inc. on September 1, 2016 to better reflect its diversified metals resource base. The Company is engaged in the exploration and development of mineral properties with a focus on the Upper Kobuk Mineral Projects (“UKMP”), including the Arctic and Bornite Projects located in Northwest Alaska in the United States of America (“US” or “USA”). |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Nov. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies [Text Block] | 2 Summary of significant accounting policies Basis of presentation These consolidated financial statements have been prepared using accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of Trilogy and its wholly-owned subsidiary, NovaCopper US Inc. (“Trilogy Metals US”). All significant intercompany transactions are eliminated on consolidation. All figures are in United States dollars unless otherwise noted. References to CDN$ refer to amounts in Canadian dollars. These financial statements were approved by the Company’s Board of Directors for issue on February 8, 2019. Cash and cash equivalents Cash and cash equivalents comprise of highly liquid investments maturing less than 90 days from date of initial investment. Cash and cash equivalents are designated as loans and receivables. Plant and equipment Plant and equipment are recorded at cost and amortization begins when the asset is put into service. Amortization is calculated on a straight-line basis over the respective assets’ estimated useful lives. Amortization periods by asset class are: Computer hardware and software 3 years Machinery and equipment 3 years Office furniture and equipment 5 years Vehicles 3 years Leasehold Improvements lease term Mineral properties and development costs All direct costs related to the acquisition of mineral property interests are capitalized. Mineral property exploration expenditures are expensed when incurred. When it has been established that a mineral deposit is commercially mineable, an economic analysis has been completed and permits are obtained, the costs subsequently incurred to develop a mine on the property prior to the start of mining operations are capitalized. Capitalized costs will be amortized following commencement of production using the unit of production method over the estimated life of proven and probable reserves. The acquisition of title to mineral properties is a complicated and uncertain process. The Company has taken steps, in accordance with industry standards, to verify the title to mineral properties in which it has an interest. Although the Company has made efforts to ensure that legal titles to its mining assets are properly recorded, there can be no assurance that such title will be secured indefinitely. Impairment of long-lived assets Management assesses the possibility of impairment in the carrying value of long-lived assets whenever events or circumstances indicate that the carrying amounts of the asset or asset group may not be recoverable. Management calculates the estimated undiscounted future net cash flows relating to the asset or asset group using estimated future prices, proven and probable reserves and other mineral resources, and operating, capital and reclamation costs. When the carrying value of an asset exceeds the related undiscounted cash flows, the asset is written down to its estimated fair value, which is usually determined using discounted future cash flows. Management’s estimates of mineral prices, mineral resources, foreign exchange rates, production levels operating, capital and reclamation costs are subject to risk and uncertainties that may affect the determination of the recoverability of the long-lived asset. It is possible that material changes could occur that may adversely affect management’s estimates. Income taxes The liability method of accounting for income taxes is used and is based on differences between the accounting and tax bases of assets and liabilities. Deferred income tax assets and liabilities are recognized for temporary differences between the tax and accounting basis of assets and liabilities as well as for the benefit of losses available to be carried forward to future years for tax purposes using enacted income tax rates expected to be in effect for the period in which the differences are expected to reverse. Deferred income tax assets are evaluated and, if realization is not considered more likely than not, a valuation allowance is provided. Uncertainty in income tax positions The Company recognizes tax benefits from uncertain tax positions only if it is at least more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Any tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement with the taxing authorities. Related interest and penalties, if any, are recorded as tax expense in the tax provision. Financial instruments Held-for-trading financial assets and liabilities are recorded at fair value as determined by active market prices or valuation models, as appropriate. Valuation models require the use of assumptions which may include the expected life of the instrument, the expected volatility, dividend payouts, and interest rates. In determining these assumptions, management uses readily observable market inputs where available or, where not available, inputs generated by management. Changes in fair value of held-for-trading financial instruments are recorded in income or loss for the period. Held-for-trading financial assets consisting of common share and warrant investments in a publicly-held mining company were disposed during the year. Available-for-sale financial assets are recorded at fair value as determined by active market prices. Unrealized gains and losses on available-for-sale investments are recognized in other comprehensive income. If a decline in fair value is deemed to be other than temporary, the unrealized loss is recognized in net earnings. Investments in equity instruments that do not have an active quoted market price are measured at cost. The Company has no available-for-sale financial assets. Loans and receivables are recorded initially at fair value, net of transaction costs incurred, and subsequently at amortized cost using the effective interest rate method. Loans and receivables consist of cash and cash equivalents, accounts receivable, and deposits. Other financial liabilities are recorded initially at fair value and subsequently at amortized cost using the effective interest rate method. Other financial liabilities include accounts payable and accrued liabilities. Translation of foreign currencies Monetary assets and liabilities are translated into United States dollar at the exchange rate in effect at the balance sheet date, and non-monetary assets and liabilities at the exchange rate in effect at the time of acquisition or issue. Income and expenses are translated at rates approximating the exchange rate in effect at the time of transactions. Exchange gains or losses arising on translation are included in income or loss for the period. The functional currency of the Company and its subsidiary and the Company’s reporting currency is the United States dollar. Earnings and loss per share Earnings and loss per common share is calculated based on the weighted average number of common shares outstanding during the year. The Company follows the treasury stock method in the calculation of diluted earnings per share. Under the treasury stock method, the weighted average number of common shares outstanding used for the calculation of diluted loss per share assumes that the proceeds to be received on the exercise of dilutive stock options and warrants are used to repurchase common shares at the average market price during the period. Stock-based compensation Compensation expense for options granted to employees, directors and certain service providers is determined based on estimated fair values of the options at the time of grant using the Black-Scholes option pricing model, which takes into account, as of the grant date, the fair market value of the shares, expected volatility, expected dividend yield and the risk-free interest rate over the expected life of the option. The compensation cost is recognized using the graded attribution method over the vesting period of the respective options. The expense relating to the fair value of stock options is included in expenses and is credited to contributed surplus. Shares are issued from treasury in settlement of options exercised. Compensation expense for restricted share units (“RSUs”) and deferred share units (“DSUs”) granted to employees and directors, respectively, is determined based on estimated fair values of the units at the time of grant using quoted market prices or at the time the units qualify for equity classification under ASC 718. The cost is recognized using the graded attribution method over the vesting period of the respective units. The expense relating to the fair value of the units is included in expenses and is credited to other liabilities or contributed surplus based on the unit’s classification. Units may be settled in either i) cash, and/or ii) shares purchased in the open market, and/or iii) shares issued from treasury, at the Company’s election at the time of vesting. Use of estimates and measurement uncertainties The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions of future events that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenditures during the period. Significant estimates include the assessment of impairment of mineral properties, income taxes, and the valuation of stock-based compensation. Actual results could differ materially from those reported. Accounting standards adopted i. Statement of cash flows In November 2016, the FASB issued guidance regarding the presentation of restricted cash in the statement of cash flows (“ASU 2016-18”). This update is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted. The Company has analyzed the impact of the update and determined that the clarification will not affect the Company’s presentation on its statement of cash flows. The Company early adopted the guidance during the year. As there was no impact on the Company’s statement of cash flows, there were no changes as a result of the adoption of the guidance. ii. Business combinations In January 2017, the FASB issued new guidance to assist in determining if a set of assets and activities being acquired or sold is a business (“ASU 2017-01”). It also provided a framework to assist entities in evaluating whether both an input and a substantive process are present, which at a minimum, must be present to be considered a business. This update is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted in most circumstances. The standard does not have an impact to the Company’s historical recognition of asset acquisitions and business combinations. However, the Company expects there would be an impact to how the Company accounts for assets acquired in the future. The Company has adopted the standard early for the fiscal year ended November 30, 2018. iii. Accounting for certain financial instruments with down round features In July 2017, the FASB issued revised guidance related to complexity associated with applying GAAP for certain financial instruments with the characteristics of liabilities and equity (“ASU 2017-11”) Under the guidance, entities will no longer consider a down round feature when determining whether a free standing financial instrument or an embedded feature that contains a down round feature is considered indexed to the entity’s own stock under ASC 815-40 which is required for a freestanding financial instrument to be classified in shareholder’s equity and may exempt an embedded feature from bifurcation and derivative accounting. Entities will recognize the effect of a down round feature only when it is triggered. ASU 2017-11 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 and early adoption is permitted. The Company has adopted this guidance for the fiscal year ended November 30, 2018. Recent accounting pronouncements i. Leases In February 2016, the FASB issued new accounting requirements for accounting for, presentation of, and classification of leases (“ASU 2016-02”). This will result in most leases being capitalized as a right of use asset with a related liability on the balance sheets. The requirements of the new standard are effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods, which for us is the first quarter of fiscal year ended November 30, 2020. We expect the adoption will have an impact as we expect to capitalize leases, specifically our office leases, that are not currently recognized on the balance sheets. We are in the process of analyzing the quantitative impact of this guidance on our results of operations and financial position. The impact of this adoption will increase asset and liability balances as part of recognizing the leases on the balance sheet. It will impact the statement of loss and comprehensive loss due to the recognition of depreciation on the leased assets and interest expense from the lease liability compared to the current recognition of lease expense as incurred. ii. Financial instruments In March 2016, the FASB issued new guidance on classifying and measuring financial instruments (“ASU 2016-02”). This update is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted. The Company has analyzed the impact of the update and determined that the changes to classification and measurement of financial instruments are not expected to have an impact as the Company’s investments in equity securities were held at fair value with changes recorded to the statement of loss and comprehensive loss. The remaining changes in the update do not have an effect on the Company’s accounting for financial instruments. The standard will be effective for the Company for the fiscal year ending November 30, 2019. |
Investments
Investments | 12 Months Ended |
Nov. 30, 2018 | |
Investments, All Other Investments [Abstract] | |
Investments [Text Block] | 3 Investments On September 1, 2016, Trilogy acquired 5,000,000 common shares of GoldMining Inc. (“GMI”), formerly Brazil Resources Inc., a public company listed on the TSX-Venture exchange, and 1,000,000 warrants, with each warrant exercisable into one common share of GMI until September 1, 2018 at an exercise price of CDN$3.50. These shares and warrants were acquired as consideration for the Company’s sale of Sunward Investments. Sunward Investments, through a subsidiary, owned 100% of the Titiribi gold-copper exploration project (note 7). The common shares and warrants received were designated as held-for-trading financial assets. The fair value of the common shares was determined based on the closing price at each period end. The fair value of the GMI warrants was determined using the Black-Scholes option pricing model at each period end. in thousands of dollars November 30, 2018 $ November 30, 2017 $ Current investments - 2,516 During the year ended November 30, 2018, the Company sold 2,365,000 (2017 – 2,525,000) common shares of GMI for proceeds of $2.3 million (2017 – $3.5 million) and realized a loss on sale of $0.3 million (2017 - $0.6 million). As at November 30, 2018, the Company held no (2017 – 2,365,000) common shares of GMI and no warrants (2017 – 1,000,000). All the warrants expired unexercised on September 1, 2018. |
Plant and equipment
Plant and equipment | 12 Months Ended |
Nov. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Plant and equipment [Text Block] | 4 Plant and equipment in thousands of dollars November 30, 2018 Cost $ Accumulated amortization $ Net $ British Columbia, Canada Furniture and equipment 63 (17 ) 46 Leasehold improvements 53 (10 ) 43 Computer hardware and software 115 (109 ) 6 Alaska, USA Machinery and equipment 3,178 (2,964 ) 214 Vehicles 348 (333 ) 15 Computer hardware and software 35 (34 ) 1 3,792 (3,467 ) 325 in thousands of dollars November 30, 2017 Cost $ Accumulated amortization $ Net $ British Columbia, Canada Furniture and equipment 63 (4 ) 59 Leasehold improvements 85 (34 ) 51 Computer hardware and software 108 (105 ) 3 Alaska, USA Machinery and equipment 3,178 (2,855 ) 323 Vehicles 348 (309 ) 39 Computer hardware and software 35 (32 ) 3 3,817 (3,339 ) 478 |
Mineral properties and developm
Mineral properties and development costs | 12 Months Ended |
Nov. 30, 2018 | |
Mineral Industries Disclosures [Abstract] | |
Mineral Industries Disclosures [Text Block] | 5 Mineral properties and development costs in thousands of dollars November 30, 2017 $ Acquisition costs $ November 30, 2018 $ Alaska, USA Ambler (a) 26,587 - 26,587 Bornite (b) 4,000 - 4,000 30,587 - 30,587 in thousands of dollars November 30, 2016 $ Acquisition costs $ November 30, 2017 $ Alaska, USA Ambler (a) 26,586 1 26,587 Bornite (b) 4,000 - 4,000 30,586 1 30,587 (a) Ambler On January 11, 2010, NovaGold Resources Inc. (“NovaGold”), through Alaska Gold Company (“AGC”), its wholly-owned subsidiary, purchased 100% of the Ambler lands in Northwest Alaska, which contains the copper-zinc-lead-gold-silver Arctic Project and other mineralized targets within the volcanogenic massive sulfide belt, through a series of cash and share payments. Total fair value of the consideration was $26.6 million. The vendor retained a 1% net smelter return royalty that can be purchased at any time for a one-time payment of $10.0 million. The Ambler lands were acquired on October 17, 2011 by Trilogy Metals US through a purchase and sale agreement with AGC. On October 24, 2011, NovaGold transferred its ownership of Trilogy Metals US to the Company, then a wholly owned subsidiary of NovaGold, which was subsequently spun-out to NovaGold shareholders and publicly listed on April 30, 2012 (“NovaGold Arrangement”). Minor staking of $1,000 added to the Ambler land holdings during the year ended November 30, 2017. (b) Bornite On October 19, 2011, Trilogy Metals US acquired the exclusive right to explore and the non-exclusive right to access and enter on the Bornite lands, and lands deeded to NANA Regional Corporation, Inc. (“NANA”) through the Alaska Native Claims Settlement Act, located adjacent to the Ambler lands in Northwest Alaska. As consideration, Trilogy Metals US paid $4 million to acquire the right to explore and develop the combined Upper Kobuk Mineral Projects (“UKMP”) through an Exploration Agreement and Option to Lease with NANA. Upon a decision to proceed with construction of a mine on the lands, NANA maintains the right to purchase between a 16%-25% ownership interest in the mine or retain a 15% net proceeds royalty which is payable after Trilogy Metals US has recovered certain historical costs, including capital and cost of capital. Should NANA elect to purchase an ownership interest, consideration will be payable equal to all historical costs incurred on the properties at the elected percentage purchased less $40 million, not to be less than zero. The parties would form a joint venture and be responsible for all future costs, including capital costs of the mine based on their pro-rata share. NANA would also be granted a net smelter return royalty of between 1% and 2.5% upon the execution of a mining lease or a surface use agreement, the amount of which is determined by the classification of land from which production originates. (c) Option Agreement On April 10, 2017, Trilogy and Trilogy Metals US entered into an Option Agreement to form a Joint Venture with South32 Group Operations Pty Ltd. (“South32 Operations”), a wholly-owned subsidiary of South32 Limited, on the UKMP (as amended, the “Option Agreement”), which agreement was later assigned by South32 Operations to its affiliate, South32 USA Exploration Inc. (“South32”). Trilogy Metals US granted South32 the right to form a 50/50 joint venture to hold all of Trilogy Metals US’ Alaskan assets. Upon exercise of the option, Trilogy Metals US will transfer its Alaskan assets, including the UKMP, and South32 will contribute a minimum of $150 million to a newly formed limited liability company (“JV LLC”), plus any amounts Trilogy Metals US contributes over the option period to a maximum of $5 million per year (the “Subscription Price”), less an amount of the initial funding contributed by South32. To maintain the option in good standing, South32 is required to fund a minimum of $10 million per year for up to a three-year period, which funds will be used to execute a mutually agreed upon program at the UKMP. The funds provided by South32 may only be expended based on the approved program. Provided that all the exploration data and information has been made available to South32 by no later than December 31 of each year, South32 must decide by the end of January of the following year whether: (i) to fund a further tranche of a minimum of $10 million, or (ii) to withdraw and not provide any further annual funding. If the election to fund a further tranche is not made in January, South32 has until the end of March to exercise the option to form the JV LLC and make the subscription payment. During the year ended November 30, 2017, the Company received the first payment of $10.0 million and these funds were expended on the year 1 program at the Bornite Project. In October 2017, the Company received $0.4 million as a first instalment towards the year 2 program and budget to begin preparatory work. During the year ended November 30, 2018, the Company received payments totaling $10.4 million following the approval of the year 2 program and budget in January 2018, including a $0.80 million advance on South32’s year three funding obligation per the Option Agreement. The Company is responsible for the disbursement of these funds in accordance with the approved program and budget and accordingly has not classified the funds as restricted cash. As the initial option payments are credited against the future subscription price upon exercise, the Company has accounted for the payments received as deferred consideration for the purchase of the UKMP interest. At such time as the option is exercised, the initial payments received to that date will be recognized as part of the consideration received for the Company’s contribution of the UKMP into the JV LLC. If South 32 withdraws from the Option Agreement, the consideration will be recognized as income in the statement of loss at that time. The option to form the JV LLC is recognized as a financial instrument at inception of the arrangement with an initial fair value of $nil. This option is required to be re-measured at fair value at each reporting date with any changes in fair value recorded in loss for the period. The Company determined that the fair value of the option remains $nil as at November 30, 2018. (d) Mineral properties expense The following table summarizes mineral properties expense for the years ended November 30, 2018, 2017 and 2016, and includes expenditures funded by South32, as applicable. In thousands of dollars 2018 $ 2017 $ 2016 $ Alaska, USA Community 466 318 299 Drilling 4,545 5,074 712 Engineering 1,138 1,840 699 Environmental 842 299 314 Geochemistry and geophysics 1,253 357 82 Land and permitting 587 795 426 Other income (20 ) (25 ) (34 ) Project support 4,244 3,836 1,254 Wages and benefits 3,435 2,606 1,285 Mineral property expense 16,490 15,100 5,037 Mineral property expenses consist of direct drilling, personnel, community, resource reporting and other exploration expenses as outlined above, as well as indirect project support expenses such as fixed wing charters, helicopter support, fuel, and other camp operation costs. Cumulative mineral properties expense in Alaska from the initial earn-in agreement on the property in 2004 to November 30, 2018 is $94.6 million and cumulative acquisition costs are $30.6 million totaling $125.2 million spent to date. |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 12 Months Ended |
Nov. 30, 2018 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 6 Accounts payable and accrued liabilities in thousands of dollars November 30, 2018 $ November 30, 2017 $ Trade accounts payable 400 2,767 Accrued liabilities 503 1,293 Accrued salaries and vacation 746 189 Due to related parties 8 - Accounts payable and accrued liabilities 1,657 4,249 |
Sale of Sunward Investments Ltd
Sale of Sunward Investments Ltd | 12 Months Ended |
Nov. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 7 Sale of Sunward Investments Ltd On September 1, 2016, Trilogy completed the sale of all of the issued and outstanding shares of Sunward Investments to GMI for consideration of 5,000,000 common shares of GMI valued at $7.8 million and 1,000,000 warrants, with each warrant exercisable into one common share of GMI for a period of two years at an exercise price of CDN$3.50, valued at $0.3 million, for total consideration of $8.1 million. Sunward Investments, through a subsidiary, owned 100% of the Titiribi gold-copper exploration project. Trilogy acquired Sunward Investments and the Titiribi project as part of its acquisition of Sunward in a business combination which closed on June 19, 2015. The Company recognized a gain on the sale of Sunward Investments of $4.4 million as of September 1, 2016 as outlined below. in thousands of dollars $ Consideration received 8,102 Cash reimbursement from GMI 51 Net assets sold (3,545 ) Transaction costs (160 ) Gain on sale of Sunward Investments 4,448 The fair value of the common shares received was determined based on the closing price of GMI of $1.56 (CDN$ 2.04 The common shares and warrants received were designated as held-for-trading financial assets (note 3). Following the announcement, the Company classified the operations of Sunward Investments as discontinued operations. The following expenses comprise the discontinued operations of Sunward Investments for the periods of ownership noted. in thousands of dollars December 1, 2015 - September 1, 2016 $ Amortization 95 Foreign exchange loss 4 General and administrative 5 Mineral properties expense 460 Professional fees 34 Discontinued operations expense for the year 598 Gain on sale of Sunward Investments Ltd. (4,448 ) (Income)/loss from discontinued operations for the year (3,850 ) |
Share capital
Share capital | 12 Months Ended |
Nov. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 8 Share capital Authorized: unlimited common shares, no par value in thousands of dollars, except share amounts Number of shares Ascribed value $ November 30, 2015 104,796,421 136,040 Exercise of options 162,854 65 Restricted Share Units 108,399 34 Deferred Share Units 218,795 218 November 30, 2016 105,286,469 136,357 Exercise of options 188,856 85 Restricted Share Units 209,198 83 November 30, 2017 105,684,523 136,525 Bought deal financing 24,784,482 28,750 Share issuance costs - (1,805 ) Exercise of options 315,148 140 Restricted Share Units 800,000 457 NovaGold DSU Conversion 1,459 2 November 30, 2018, issued and outstanding 131,585,612 164,069 On April 20, 2018, the Company completed a bought-deal financing for gross proceeds of $28.7 million by issuing 24,784,482 common shares at $1.16 per common share. Expenses including bank commissions, legal fees, stock exchange and other fees totaled $1.8 million for net proceeds of $26.9 million. On April 30, 2012, under the NovaGold Arrangement, Trilogy committed to issue common shares to satisfy holders of NovaGold deferred share units (“NovaGold DSUs”), once vested, on record as of the close of business April 27, 2012. When vested, Trilogy committed to deliver one Common Share to the holder for every six shares of NovaGold the holder is entitled to receive, rounded down to the nearest whole number. As of November 30, 2018, 11,927 NovaGold DSUs remain outstanding representing a right to receive 1,988 Common Shares in Trilogy, which will settle upon certain directors retiring from NovaGold’s board. (a) Stock options The Company has a stock option plan providing for the issuance of options with a rolling maximum number equal to 10% of the issued and outstanding Common Shares at any given time. The Company may grant options to its directors, officers, employees and service providers. The exercise price of each option cannot be lower than the greater of market price or fair market value of the Common Shares (as such terms are defined in the plan) at the date of the option grant. The number of Common Shares optioned to any single optionee may not exceed 10% of the issued and outstanding Common Shares at the date of grant. The options are exercisable for a maximum of five years from the date of grant and may be subject to vesting provisions. During the year ended November 30, 2018, the Company granted 2,395,000 options (2017 – 1,695,000 options) at a weighted-average exercise price of CDN$1.20 (2017 - CDN$0.69) to employees, consultants and directors, exercisable for a period of five years with various vesting terms from immediate vesting to over a two-year period. The weighted-average fair value attributable to options granted in 2018 was $0.43 (2017 - $0.22). The fair value of the stock options recognized in the period has been estimated using the Black-Scholes option pricing model. Assumptions used in the pricing model for the period are as provided below. November 30, 2018 November 30, 2017 November 30, 2016 Risk-free interest rates 1.59 % 0.90 % 0.52 % Exercise price CDN$1.20 CDN$0.69 CDN$0.43 Expected life 3.0 years 3.0 years 3.0 years Expected volatility 77.9 % 74.2 % 59.4 % Expected dividends Nil Nil Nil The Company recognized a stock option payment charge of $0.8 million for the year ended November 30, 2018 (2017 - $0.4 million; 2016 - $0.4 million), net of forfeitures. As of November 30, 2018, there were 1,406,675 non-vested options outstanding with a weighted average exercise price of $0.81; the non-vested stock option expense not yet recognized was $0.2 million. This expense is expected to be recognized over the next two years. A summary of the Company’s stock option plan and changes during the year ended is as follows: November 30, 2018 Number of options Weighted average exercise price $ Balance – beginning of year 7,127,500 0.54 Granted 2,395,000 0.88 Exercised (499,398 ) 0.62 Forfeited (176,668 ) 0.84 Expired (25,000 ) 1.49 Balance – end of year 8,821,434 0.60 The following table summarizes information about the stock options outstanding at November 30, 2018. Outstanding Exercisable Unvested Range of price Number of outstanding options Weighted average years to expiry Weighted average exercise price $ Number of exercisable options Weighted average exercise price $ Number of unvested options $0.33 to $0.50 4,006,433 1.70 0.39 4,006,433 0.39 - $0.51 to $1.00 4,470,001 2.90 0.72 3,243,327 0.73 1,226,674 $1.01 to $1.49 225,000 4.37 1.33 125,000 1.24 100,000 $1.50 to $1.90 120,000 4.60 1.82 39,999 1.82 80,001 8,821,434 2.41 0.60 7,414,759 0.56 1,406,675 The aggregate intrinsic value of vested share options (the market value less the exercise price) at November 30, 2018 was $12.2 million (2017 - $1.8 million, 2016 - $0.6 million) and the aggregate intrinsic value of exercised options in 2018 was $0.5 million (2017 - $0.2 million, 2016 - $0.1 million). (b) Restricted Share Units and Deferred Share Units The Company has a Restricted Share Unit Plan (“RSU Plan”) and a Non-Executive Director Deferred Share Unit Plan (“DSU Plan”) to provide long-term incentives to employees, officers and directors. The RSU Plan and DSU Plan may be settled in cash and/or Common Shares at the Company’s election with each RSU and DSU entitling the holder to receive one common share of the Company or equivalent value. All units are accounted for as equity-settled awards. On December 7, 2017 company officers were granted 600,000 RSUs of which 400,000 units vested immediately. The remaining 200,000 units will vest evenly over the next two years at the grant anniversary date. Directors were granted 140,875 DSUs throughout the year ended November 30, 2018 based on their election to receive 50% of their annual retainer in DSUs. A summary of the Company’s unit plans and changes during the year ended is as follows: Number of RSUs Number of DSUs Balance – beginning of year 600,002 1,041,231 Granted 600,000 140,875 Vested/paid (800,000 ) - Balance – end of year 400,002 1,182,106 For the year ended November 30, 2018, Trilogy recognized a stock-based compensation charge of $0.6 million (2017 - $0.4 million, 2016 - $0.3 million), net of forfeitures for RSUs and DSUs. (c) Share Purchase Warrants A summary of the Company’s warrants and changes during the year ended November 30, 2018 is as follows: Number of Warrants Weighted average years to expiry Weighted average exercise price $ Balance – beginning of year 6,521,740 1.60 1.60 Balance – end of year 6,521,740 0.59 1.52 The exercise price of the share purchase warrants was adjusted downward from $1.60 to $1.52 as a result of the financing completed on April 20, 2018. The Company measured the fair value of the warrants prior to the financing and after the financing and recorded the difference of $90,000 as an adjustment to the warrant value and to retained earnings in shareholders equity during the period. The warrants expire on July 2, 2019. |
Management of capital risk
Management of capital risk | 12 Months Ended |
Nov. 30, 2018 | |
Equity [Abstract] | |
Management Of Capital Risk [Text Block] | 9 Management of capital risk The Company relies upon management to manage capital in order to accomplish the objectives of safeguarding the Company’s ability to continue as a going concern in order to pursue the development of its mineral properties and maintain a capital structure which optimizes the costs of capital at an acceptable risk. The Company’s current capital consists of equity funding through capital markets and project funding by South32. As the Company is currently in the exploration phase none of its financial instruments are exposed to commodity price risk; however, the Company’s ability to obtain long-term financing and its economic viability may be affected by commodity price volatility. The Company will need to raise additional funds to support its operations and administration expenses. Future sources of liquidity may include equity financing, debt financing, convertible debt, or other means. To facilitate the management of its capital requirements, the Company prepares annual expenditure budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions. |
Financial instruments
Financial instruments | 12 Months Ended |
Nov. 30, 2018 | |
Financial Instruments [Abstract] | |
Financial instruments [Text Block] | 10 Financial instruments The Company is exposed to a variety of risks arising from financial instruments. These risks and management’s objectives, policies and procedures for managing these risks are disclosed as follows. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, deposits, and accounts payable and accrued liabilities. The fair value of the Company’s financial instruments approximates their carrying value due to the short-term nature of their maturity. The Company’s financial instruments initially measured at fair value and then held at amortized cost include cash and cash equivalents, accounts receivable, deposits, and accounts payable and accrued liabilities. The Company’s investments were held for trading and marked-to-market at each period end with changes in fair value recorded to the statement of loss. The South32 purchase option is a derivative financial liability measured at fair value with changes in value recorded to the statement of loss. Financial risk management The Company’s activities expose them to certain financial risks, including currency risk, credit risk, liquidity risk, interest risk and price risk. (a) Currency risk Currency risk is the risk of a fluctuation in financial asset and liability settlement amounts due to a change in foreign exchange rates. The Company operates in the United States and Canada. The Company’s exposure to currency risk at November 30, 2018 is limited the Canadian dollar balances consisting of cash of CDN$343,000, accounts receivable of CDN$19,000 and accounts payable of CDN$1,123,000. Based on a 10% change in the US-Canadian exchange rate, assuming all other variables remain constant, the Company’s net loss would change by approximately $51,000. (b) Credit risk Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company holds cash and cash equivalents with Canadian Chartered financial institutions. The Company’s accounts receivable consists of GST receivable from the Federal Government of Canada, and other receivables for recoverable expenses. The Company’s exposure to credit risk is equal to the balance of cash and cash equivalents and accounts receivable as recorded in the financial statements. (c) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulties raising funds to meet its financial obligations as they fall due. The Company is in the exploration stage and does not have cash inflows from operations; therefore, the Company manages liquidity risk through the management of its capital structure and financial leverage. Contractually obligated cash flow requirements as at November 30, 2018 are as follows. in thousands of dollars Total $ < 1 Year $ 1–2 Years $ 2–5 Years $ Thereafter $ Accounts payable and accrued liabilities 1,657 1,657 - - - Office lease (note 12) 1,065 174 372 519 - Office and warehouse lease (note 12) 168 57 111 - - 2,890 1,888 483 519 - On February 21, 2017, the Company entered into a lease for office space effective July 1, 2017 for a period of seven years with a total commitment of $1.3 million. On October 12, 2018, NovaCopper US Inc. entered into a lease for office and warehouse space effective October 15, 2018 for a period of three years with a total commitment of $175,000. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk with respect to interest earned on cash and cash equivalents. Based on balances as at November 30, 2018, a 1% change in interest rates would result in a change in net loss of $0.2 million, assuming all other variables remain constant. As we are currently in the exploration phase, none of our financial instruments are exposed to commodity price risk; however, our ability to obtain long-term financing and its economic viability could be affected by commodity price volatility. Fair value accounting Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the significance of the inputs used in making the measurement. The three levels of the fair value hierarchy are as follows: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The levels in the fair value hierarchy into which the Company’s financial assets and liabilities that are measured and recognized at fair value on a recurring basis were categorized as follows: in thousands of dollars November 30, 2018 $ November 30, 2017 $ Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Investments – shares - - - 2,514 - - Investments – warrants - - - - - 2 During the year ended November 30, 2018, the Company disposed of its remaining shares of GMI, a publicly-held mineral exploration company. During the year ended November 30, 2017, the share investments were recorded as current investments and were valued using quoted prices in active markets and as such are classified as a Level 1 financial instrument. The warrants were valued using a Black-Scholes pricing model and were considered a Level 3 financial instrument because the valuation models have significant unobservable inputs. |
Income taxes
Income taxes | 12 Months Ended |
Nov. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income taxes [Text Block] | 11 Income taxes Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings before income taxes. These differences result from the following items: in thousands of dollars November 30, 2018 $ November 30, 2017 $ November 30, 2016 $ Combined federal and provincial statutory tax rate 26.92 % 26.00 % 26.00 % Income taxes at statutory rate (5,882 ) (5,486 ) (1,264 ) Difference in foreign tax rates (424 ) (2,267 ) (750 ) Impact of change in tax rate 23,582 Effect of foreign exchange changes - - (339 ) Non-taxable gain on the sale of Sunward Investments - - (545 ) Non-deductible expenditures 3,018 4,664 175 Expiry of net operating losses 1,319 (72 ) (510 ) Other - (357 ) (68 ) Disposition of Sunward Investments - - 7,051 Valuation allowance (21,613 ) 3,518 (3,750 ) Income tax expense - - - Deferred income taxes arise from temporary differences in the recognition of income and expenses for financial reporting and tax purposes. The significant components of deferred income tax assets and liabilities at November 30, 2018 and 2017 are as follows: in thousands of dollars November 30, 2018 $ November 30, 2017 $ Deferred income tax assets Non-capital losses 46,469 61,400 Mineral property interest 10,419 14,625 Deferred interest 6,251 9,040 Property, plant and equipment 64 57 Share issuance costs 440 127 Capital Loss 290 60 Investments - 201 Other deductible temporary differences 316 353 Total deferred tax assets 64,249 85,863 Valuation allowance (64,248 ) (85,862 ) Net deferred income tax assets 1 1 Deferred income tax liabilities Mineral property interest - - Other taxable temporary differences (1 ) (1 ) Deferred income tax liabilities (1 ) (1 ) Net deferred income tax assets - - On December 22, 2017, the U.S. Tax Cuts and Jobs Act (“Act”) was passed into law. The new legislation decreases the corporate federal income tax rate from 35% to 21% effective January 1, 2018. Since the Company has a November 30 fiscal year end, the US entity will have a blended tax rate of 22.2% for the November 30, 2018 fiscal year and 21% thereafter. The impact of the rate change to the deferred tax assets and liabilities have been recognized in the November 30, 2018 fiscal year. We estimate a reduction in our available future tax benefit of $23.5 million primarily due to the re-measurement of our net deferred tax assets and liabilities which are fully offset by a valuation allowance. This estimate is based on the Company’s initial analysis of the Act. Given the significant complexity of the Act, anticipated guidance from the Internal Revenue Service about implementing the Act, this estimate may be adjusted in future periods. The Company has loss carry-forwards of approximately $165.3 million that may be available for tax purposes. Certain of these losses occurred prior to the incorporation of the Company and are accounted for in the financial statements as if they were incurred by the Company. Prior to the NovaGold Arrangement, the Company undertook a tax reorganization in order to preserve the future deductibility of these losses for the Company, subject to the limitations below. Deferred tax assets have been recognized to the extent of future taxable income and the future taxable amounts related to taxable temporary differences for which a deferred tax liability is recognized can be offset. A valuation allowance has been provided against deferred income tax assets where it is not more likely than not that the Company will realize those benefits. The losses expire as follows in the following jurisdictions: in thousands of dollars Non-capital losses Canada $ Operating losses United States $ 2019 - 975 2020 - 830 2021 - 1 2022 - 366 Thereafter 36,909 121,512 36,909 123,684 Future use of U.S. loss carry-forwards is subject to certain limitations under provisions of the Internal Revenue Code including limitations subject to Section 382, which relates to a 50% change in control over a three-year period and are further dependent upon the Company attaining profitable operations. An ownership change under Section 382 occurred on January 22, 2009 regarding losses incurred by AGC, of which the attributes of those losses were transferred to Trilogy Metals US with the purchase of the mineral property in October 2011. Therefore, approximately $39.4 million of the U.S. losses above are subject to limitation under Section 382. Accordingly, the Company’s ability to use these losses may be limited. Furthermore, tax reform provisions under section 172 allow federal net operating losses arising in tax years subsequent to December 31, 2017 to be carried forward indefinitely. As at November 30, 2018 the Company has $4.7 million in operating losses that can be carried forward indefinitely. Additional changes in control may have occurred after October 2011 which may further limit the availability of losses. On June 19, 2015, we completed the Sunward acquisition which resulted in an acquisition of control of Sunward Resources ULC under of the Income Tax Act in Canada. Therefore, the Company’s ability to use approximately $15.2 million of losses in Canada may be limited. |
Commitment
Commitment | 12 Months Ended |
Nov. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment [Text Block] | 12 Commitment The Company has commitments with respect to office and warehouse leases requiring future minimum lease payments as follows: in thousands of dollars November 30, 2018 $ 2019 231 2020 240 2021 243 2022 197 Thereafter 322 Total 1,233 |
Subsequent events
Subsequent events | 12 Months Ended |
Nov. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 13 Subsequent events On December 5, 2018 directors were granted 600,000 stock options vesting immediately and 1,830,000 stock options were granted to employees vesting equally in thirds on the grant date, the first anniversary of the grant date, and the second anniversary of the grant date. Also, on December 5, 2018 officers were granted 225,000 RSUs vesting half on the grant date and half on the first anniversary of the grant date. RSUs vesting during December 2018 were settled on December 21, 2018 through the issuance of 412,501 Common Shares. On January 31, 2019, the Company announced the 2019 program and budgets for the Bornite and Arctic projects of which South32 will fund the Bornite budget and Trilogy will fund the Arctic budget. The Company anticipates receipt of the third and last tranche from South32 under the Option Agreement of $9.2 million on or before February 12, 2019 thereby maintaining the Option Agreement in good standing. On February 6, 2019, the Company announced an increase to the 2019 exploration budget at the UKMP for regional exploration which increases the previously announced 2019 project budgets by $2 million to a total of $18.2 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation These consolidated financial statements have been prepared using accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of Trilogy and its wholly-owned subsidiary, NovaCopper US Inc. (“Trilogy Metals US”). All significant intercompany transactions are eliminated on consolidation. All figures are in United States dollars unless otherwise noted. References to CDN$ refer to amounts in Canadian dollars. These financial statements were approved by the Company’s Board of Directors for issue on February 8, 2019. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash and cash equivalents comprise of highly liquid investments maturing less than 90 days from date of initial investment. Cash and cash equivalents are designated as loans and receivables. |
Property, Plant and Equipment, Impairment [Policy Text Block] | Plant and equipment Plant and equipment are recorded at cost and amortization begins when the asset is put into service. Amortization is calculated on a straight-line basis over the respective assets’ estimated useful lives. Amortization periods by asset class are: Computer hardware and software 3 years Machinery and equipment 3 years Office furniture and equipment 5 years Vehicles 3 years Leasehold Improvements lease term |
In Process Research and Development, Policy [Policy Text Block] | Mineral properties and development costs All direct costs related to the acquisition of mineral property interests are capitalized. Mineral property exploration expenditures are expensed when incurred. When it has been established that a mineral deposit is commercially mineable, an economic analysis has been completed and permits are obtained, the costs subsequently incurred to develop a mine on the property prior to the start of mining operations are capitalized. Capitalized costs will be amortized following commencement of production using the unit of production method over the estimated life of proven and probable reserves. The acquisition of title to mineral properties is a complicated and uncertain process. The Company has taken steps, in accordance with industry standards, to verify the title to mineral properties in which it has an interest. Although the Company has made efforts to ensure that legal titles to its mining assets are properly recorded, there can be no assurance that such title will be secured indefinitely. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of long-lived assets Management assesses the possibility of impairment in the carrying value of long-lived assets whenever events or circumstances indicate that the carrying amounts of the asset or asset group may not be recoverable. Management calculates the estimated undiscounted future net cash flows relating to the asset or asset group using estimated future prices, proven and probable reserves and other mineral resources, and operating, capital and reclamation costs. When the carrying value of an asset exceeds the related undiscounted cash flows, the asset is written down to its estimated fair value, which is usually determined using discounted future cash flows. Management’s estimates of mineral prices, mineral resources, foreign exchange rates, production levels operating, capital and reclamation costs are subject to risk and uncertainties that may affect the determination of the recoverability of the long-lived asset. It is possible that material changes could occur that may adversely affect management’s estimates. |
Income Tax, Policy [Policy Text Block] | Income taxes The liability method of accounting for income taxes is used and is based on differences between the accounting and tax bases of assets and liabilities. Deferred income tax assets and liabilities are recognized for temporary differences between the tax and accounting basis of assets and liabilities as well as for the benefit of losses available to be carried forward to future years for tax purposes using enacted income tax rates expected to be in effect for the period in which the differences are expected to reverse. Deferred income tax assets are evaluated and, if realization is not considered more likely than not, a valuation allowance is provided. |
Income Tax Uncertainties, Policy [Policy Text Block] | Uncertainty in income tax positions The Company recognizes tax benefits from uncertain tax positions only if it is at least more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Any tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement with the taxing authorities. Related interest and penalties, if any, are recorded as tax expense in the tax provision. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Financial instruments Held-for-trading financial assets and liabilities are recorded at fair value as determined by active market prices or valuation models, as appropriate. Valuation models require the use of assumptions which may include the expected life of the instrument, the expected volatility, dividend payouts, and interest rates. In determining these assumptions, management uses readily observable market inputs where available or, where not available, inputs generated by management. Changes in fair value of held-for-trading financial instruments are recorded in income or loss for the period. Held-for-trading financial assets consisting of common share and warrant investments in a publicly-held mining company were disposed during the year. Available-for-sale financial assets are recorded at fair value as determined by active market prices. Unrealized gains and losses on available-for-sale investments are recognized in other comprehensive income. If a decline in fair value is deemed to be other than temporary, the unrealized loss is recognized in net earnings. Investments in equity instruments that do not have an active quoted market price are measured at cost. The Company has no available-for-sale financial assets. Loans and receivables are recorded initially at fair value, net of transaction costs incurred, and subsequently at amortized cost using the effective interest rate method. Loans and receivables consist of cash and cash equivalents, accounts receivable, and deposits. Other financial liabilities are recorded initially at fair value and subsequently at amortized cost using the effective interest rate method. Other financial liabilities include accounts payable and accrued liabilities. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Translation of foreign currencies Monetary assets and liabilities are translated into United States dollar at the exchange rate in effect at the balance sheet date, and non-monetary assets and liabilities at the exchange rate in effect at the time of acquisition or issue. Income and expenses are translated at rates approximating the exchange rate in effect at the time of transactions. Exchange gains or losses arising on translation are included in income or loss for the period. The functional currency of the Company and its subsidiary and the Company’s reporting currency is the United States dollar. |
Earnings Per Share, Policy [Policy Text Block] | Earnings and loss per share Earnings and loss per common share is calculated based on the weighted average number of common shares outstanding during the year. The Company follows the treasury stock method in the calculation of diluted earnings per share. Under the treasury stock method, the weighted average number of common shares outstanding used for the calculation of diluted loss per share assumes that the proceeds to be received on the exercise of dilutive stock options and warrants are used to repurchase common shares at the average market price during the period. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based compensation Compensation expense for options granted to employees, directors and certain service providers is determined based on estimated fair values of the options at the time of grant using the Black-Scholes option pricing model, which takes into account, as of the grant date, the fair market value of the shares, expected volatility, expected dividend yield and the risk-free interest rate over the expected life of the option. The compensation cost is recognized using the graded attribution method over the vesting period of the respective options. The expense relating to the fair value of stock options is included in expenses and is credited to contributed surplus. Shares are issued from treasury in settlement of options exercised. Compensation expense for restricted share units (“RSUs”) and deferred share units (“DSUs”) granted to employees and directors, respectively, is determined based on estimated fair values of the units at the time of grant using quoted market prices or at the time the units qualify for equity classification under ASC 718. The cost is recognized using the graded attribution method over the vesting period of the respective units. The expense relating to the fair value of the units is included in expenses and is credited to other liabilities or contributed surplus based on the unit’s classification. Units may be settled in either i) cash, and/or ii) shares purchased in the open market, and/or iii) shares issued from treasury, at the Company’s election at the time of vesting. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates and measurement uncertainties The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions of future events that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenditures during the period. Significant estimates include the assessment of impairment of mineral properties, income taxes, and the valuation of stock-based compensation. Actual results could differ materially from those reported. |
Accounting standards adopted [Policy Text Block] | Accounting standards adopted i. Statement of cash flows In November 2016, the FASB issued guidance regarding the presentation of restricted cash in the statement of cash flows (“ASU 2016-18”). This update is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted. The Company has analyzed the impact of the update and determined that the clarification will not affect the Company’s presentation on its statement of cash flows. The Company early adopted the guidance during the year. As there was no impact on the Company’s statement of cash flows, there were no changes as a result of the adoption of the guidance. ii. Business combinations In January 2017, the FASB issued new guidance to assist in determining if a set of assets and activities being acquired or sold is a business (“ASU 2017-01”). It also provided a framework to assist entities in evaluating whether both an input and a substantive process are present, which at a minimum, must be present to be considered a business. This update is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted in most circumstances. The standard does not have an impact to the Company’s historical recognition of asset acquisitions and business combinations. However, the Company expects there would be an impact to how the Company accounts for assets acquired in the future. The Company has adopted the standard early for the fiscal year ended November 30, 2018. iii. Accounting for certain financial instruments with down round features In July 2017, the FASB issued revised guidance related to complexity associated with applying GAAP for certain financial instruments with the characteristics of liabilities and equity (“ASU 2017-11”) Under the guidance, entities will no longer consider a down round feature when determining whether a free standing financial instrument or an embedded feature that contains a down round feature is considered indexed to the entity’s own stock under ASC 815-40 which is required for a freestanding financial instrument to be classified in shareholder’s equity and may exempt an embedded feature from bifurcation and derivative accounting. Entities will recognize the effect of a down round feature only when it is triggered. ASU 2017-11 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 and early adoption is permitted. The Company has adopted this guidance for the fiscal year ended November 30, 2018. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements i. Leases In February 2016, the FASB issued new accounting requirements for accounting for, presentation of, and classification of leases (“ASU 2016-02”). This will result in most leases being capitalized as a right of use asset with a related liability on the balance sheets. The requirements of the new standard are effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods, which for us is the first quarter of fiscal year ended November 30, 2020. We expect the adoption will have an impact as we expect to capitalize leases, specifically our office leases, that are not currently recognized on the balance sheets. We are in the process of analyzing the quantitative impact of this guidance on our results of operations and financial position. The impact of this adoption will increase asset and liability balances as part of recognizing the leases on the balance sheet. It will impact the statement of loss and comprehensive loss due to the recognition of depreciation on the leased assets and interest expense from the lease liability compared to the current recognition of lease expense as incurred. ii. Financial instruments In March 2016, the FASB issued new guidance on classifying and measuring financial instruments (“ASU 2016-02”). This update is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted. The Company has analyzed the impact of the update and determined that the changes to classification and measurement of financial instruments are not expected to have an impact as the Company’s investments in equity securities were held at fair value with changes recorded to the statement of loss and comprehensive loss. The remaining changes in the update do not have an effect on the Company’s accounting for financial instruments. The standard will be effective for the Company for the fiscal year ending November 30, 2019. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule Of Plant And Equipment Estimated Useful Lives [Table Text Block] | Amortization periods by asset class are: Computer hardware and software 3 years Machinery and equipment 3 years Office furniture and equipment 5 years Vehicles 3 years Leasehold Improvements lease term |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Investments, All Other Investments [Abstract] | |
Marketable Securities [Table Text Block] | The common shares and warrants received were designated as held-for-trading financial assets. The fair value of the common shares was determined based on the closing price at each period end. The fair value of the GMI warrants was determined using the Black-Scholes option pricing model at each period end. in thousands of dollars November 30, 2018 $ November 30, 2017 $ Current investments - 2,516 |
Plant and equipment (Tables)
Plant and equipment (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | in thousands of dollars November 30, 2018 Cost $ Accumulated amortization $ Net $ British Columbia, Canada Furniture and equipment 63 (17 ) 46 Leasehold improvements 53 (10 ) 43 Computer hardware and software 115 (109 ) 6 Alaska, USA Machinery and equipment 3,178 (2,964 ) 214 Vehicles 348 (333 ) 15 Computer hardware and software 35 (34 ) 1 3,792 (3,467 ) 325 in thousands of dollars November 30, 2017 Cost $ Accumulated amortization $ Net $ British Columbia, Canada Furniture and equipment 63 (4 ) 59 Leasehold improvements 85 (34 ) 51 Computer hardware and software 108 (105 ) 3 Alaska, USA Machinery and equipment 3,178 (2,855 ) 323 Vehicles 348 (309 ) 39 Computer hardware and software 35 (32 ) 3 3,817 (3,339 ) 478 |
Mineral properties and develo_2
Mineral properties and development costs (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Mineral Industries Disclosures [Abstract] | |
Schedule of Mineral Properties and Development Costs [Table Text Block] | in thousands of dollars November 30, 2017 $ Acquisition costs $ November 30, 2018 $ Alaska, USA Ambler (a) 26,587 - 26,587 Bornite (b) 4,000 - 4,000 30,587 - 30,587 in thousands of dollars November 30, 2016 $ Acquisition costs $ November 30, 2017 $ Alaska, USA Ambler (a) 26,586 1 26,587 Bornite (b) 4,000 - 4,000 30,586 1 30,587 (a) Ambler On January 11, 2010, NovaGold Resources Inc. (“NovaGold”), through Alaska Gold Company (“AGC”), its wholly-owned subsidiary, purchased 100% of the Ambler lands in Northwest Alaska, which contains the copper-zinc-lead-gold-silver Arctic Project and other mineralized targets within the volcanogenic massive sulfide belt, through a series of cash and share payments. Total fair value of the consideration was $26.6 million. The vendor retained a 1% net smelter return royalty that can be purchased at any time for a one-time payment of $10.0 million. The Ambler lands were acquired on October 17, 2011 by Trilogy Metals US through a purchase and sale agreement with AGC. On October 24, 2011, NovaGold transferred its ownership of Trilogy Metals US to the Company, then a wholly owned subsidiary of NovaGold, which was subsequently spun-out to NovaGold shareholders and publicly listed on April 30, 2012 (“NovaGold Arrangement”). Minor staking of $1,000 added to the Ambler land holdings during the year ended November 30, 2017. (b) Bornite On October 19, 2011, Trilogy Metals US acquired the exclusive right to explore and the non-exclusive right to access and enter on the Bornite lands, and lands deeded to NANA Regional Corporation, Inc. (“NANA”) through the Alaska Native Claims Settlement Act, located adjacent to the Ambler lands in Northwest Alaska. As consideration, Trilogy Metals US paid $4 million to acquire the right to explore and develop the combined Upper Kobuk Mineral Projects (“UKMP”) through an Exploration Agreement and Option to Lease with NANA. Upon a decision to proceed with construction of a mine on the lands, NANA maintains the right to purchase between a 16%-25% ownership interest in the mine or retain a 15% net proceeds royalty which is payable after Trilogy Metals US has recovered certain historical costs, including capital and cost of capital. Should NANA elect to purchase an ownership interest, consideration will be payable equal to all historical costs incurred on the properties at the elected percentage purchased less $40 million, not to be less than zero. The parties would form a joint venture and be responsible for all future costs, including capital costs of the mine based on their pro-rata share. NANA would also be granted a net smelter return royalty of between 1% and 2.5% upon the execution of a mining lease or a surface use agreement, the amount of which is determined by the classification of land from which production originates. |
Schedule of Mineral Property Expenses [Table Text Block] | The following table summarizes mineral properties expense for the years ended November 30, 2018, 2017 and 2016, and includes expenditures funded by South32, as applicable. In thousands of dollars 2018 $ 2017 $ 2016 $ Alaska, USA Community 466 318 299 Drilling 4,545 5,074 712 Engineering 1,138 1,840 699 Environmental 842 299 314 Geochemistry and geophysics 1,253 357 82 Land and permitting 587 795 426 Other income (20 ) (25 ) (34 ) Project support 4,244 3,836 1,254 Wages and benefits 3,435 2,606 1,285 Mineral property expense 16,490 15,100 5,037 |
Accounts payable and accrued _2
Accounts payable and accrued liabilities (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | in thousands of dollars November 30, 2018 $ November 30, 2017 $ Trade accounts payable 400 2,767 Accrued liabilities 503 1,293 Accrued salaries and vacation 746 189 Due to related parties 8 - Accounts payable and accrued liabilities 1,657 4,249 |
Sale of Sunward Investments L_2
Sale of Sunward Investments Ltd (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Gain On Sale Of Business [Table Text Block] | The Company recognized a gain on the sale of Sunward Investments of $4.4 million as of September 1, 2016 as outlined below. in thousands of dollars $ Consideration received 8,102 Cash reimbursement from GMI 51 Net assets sold (3,545 ) Transaction costs (160 ) Gain on sale of Sunward Investments 4,448 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Following the announcement, the Company classified the operations of Sunward Investments as discontinued operations. The following expenses comprise the discontinued operations of Sunward Investments for the periods of ownership noted. in thousands of dollars December 1, 2015 - September 1, 2016 $ Amortization 95 Foreign exchange loss 4 General and administrative 5 Mineral properties expense 460 Professional fees 34 Discontinued operations expense for the year 598 Gain on sale of Sunward Investments Ltd. (4,448 ) (Income)/loss from discontinued operations for the year (3,850 ) |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | in thousands of dollars, except share amounts Number of shares Ascribed value $ November 30, 2015 104,796,421 136,040 Exercise of options 162,854 65 Restricted Share Units 108,399 34 Deferred Share Units 218,795 218 November 30, 2016 105,286,469 136,357 Exercise of options 188,856 85 Restricted Share Units 209,198 83 November 30, 2017 105,684,523 136,525 Bought deal financing 24,784,482 28,750 Share issuance costs - (1,805 ) Exercise of options 315,148 140 Restricted Share Units 800,000 457 NovaGold DSU Conversion 1,459 2 November 30, 2018, issued and outstanding 131,585,612 164,069 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Assumptions used in the pricing model for the period are as provided below. November 30, 2018 November 30, 2017 November 30, 2016 Risk-free interest rates 1.59 % 0.90 % 0.52 % Exercise price CDN$1.20 CDN$0.69 CDN$0.43 Expected life 3.0 years 3.0 years 3.0 years Expected volatility 77.9 % 74.2 % 59.4 % Expected dividends Nil Nil Nil |
Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the Company’s stock option plan and changes during the year ended is as follows: November 30, 2018 Number of options Weighted average exercise price $ Balance – beginning of year 7,127,500 0.54 Granted 2,395,000 0.88 Exercised (499,398 ) 0.62 Forfeited (176,668 ) 0.84 Expired (25,000 ) 1.49 Balance – end of year 8,821,434 0.60 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The following table summarizes information about the stock options outstanding at November 30, 2018. Outstanding Exercisable Unvested Range of price Number of outstanding options Weighted average years to expiry Weighted average exercise price $ Number of exercisable options Weighted average exercise price $ Number of unvested options $0.33 to $0.50 4,006,433 1.70 0.39 4,006,433 0.39 - $0.51 to $1.00 4,470,001 2.90 0.72 3,243,327 0.73 1,226,674 $1.01 to $1.49 225,000 4.37 1.33 125,000 1.24 100,000 $1.50 to $1.90 120,000 4.60 1.82 39,999 1.82 80,001 8,821,434 2.41 0.60 7,414,759 0.56 1,406,675 |
Schedule Of Restricted Share Units and Deferred Share Units plans [Table Text Block] | A summary of the Company’s unit plans and changes during the year ended is as follows: Number of RSUs Number of DSUs Balance – beginning of year 600,002 1,041,231 Granted 600,000 140,875 Vested/paid (800,000 ) - Balance – end of year 400,002 1,182,106 |
Schedule of Warrants, Activity [Table Text Block] | A summary of the Company’s warrants and changes during the year ended November 30, 2018 is as follows: Number of Warrants Weighted average years to expiry Weighted average exercise price $ Balance – beginning of year 6,521,740 1.60 1.60 Balance – end of year 6,521,740 0.59 1.52 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Financial Instruments [Abstract] | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Contractually obligated cash flow requirements as at November 30, 2018 are as follows. in thousands of dollars Total $ < 1 Year $ 1–2 Years $ 2–5 Years $ Thereafter $ Accounts payable and accrued liabilities 1,657 1,657 - - - Office lease (note 12) 1,065 174 372 519 - Office and warehouse lease (note 12) 168 57 111 - - 2,890 1,888 483 519 - |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The levels in the fair value hierarchy into which the Company’s financial assets and liabilities that are measured and recognized at fair value on a recurring basis were categorized as follows: in thousands of dollars November 30, 2018 $ November 30, 2017 $ Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Investments – shares - - - 2,514 - - Investments – warrants - - - - - 2 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense [Table Text Block] | Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings before income taxes. These differences result from the following items: in thousands of dollars November 30, 2018 $ November 30, 2017 $ November 30, 2016 $ Combined federal and provincial statutory tax rate 26.92 % 26.00 % 26.00 % Income taxes at statutory rate (5,882 ) (5,486 ) (1,264 ) Difference in foreign tax rates (424 ) (2,267 ) (750 ) Impact of change in tax rate 23,582 Effect of foreign exchange changes - - (339 ) Non-taxable gain on the sale of Sunward Investments - - (545 ) Non-deductible expenditures 3,018 4,664 175 Expiry of net operating losses 1,319 (72 ) (510 ) Other - (357 ) (68 ) Disposition of Sunward Investments - - 7,051 Valuation allowance (21,613 ) 3,518 (3,750 ) Income tax expense - - - |
Schedule of Future Income Tax Assets and Liabilities [Table Text Block] | The significant components of deferred income tax assets and liabilities at November 30, 2018 and 2017 are as follows: in thousands of dollars November 30, 2018 $ November 30, 2017 $ Deferred income tax assets Non-capital losses 46,469 61,400 Mineral property interest 10,419 14,625 Deferred interest 6,251 9,040 Property, plant and equipment 64 57 Share issuance costs 440 127 Capital Loss 290 60 Investments - 201 Other deductible temporary differences 316 353 Total deferred tax assets 64,249 85,863 Valuation allowance (64,248 ) (85,862 ) Net deferred income tax assets 1 1 Deferred income tax liabilities Mineral property interest - - Other taxable temporary differences (1 ) (1 ) Deferred income tax liabilities (1 ) (1 ) Net deferred income tax assets - - |
Schedule Of Loss Carry forwards Expiry [Table Text Block] | The losses expire as follows in the following jurisdictions: in thousands of dollars Non-capital losses Canada $ Operating losses United States $ 2019 - 975 2020 - 830 2021 - 1 2022 - 366 Thereafter 36,909 121,512 36,909 123,684 |
Commitment (Tables)
Commitment (Tables) | 12 Months Ended |
Nov. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments [Table Text Block] | The Company has commitments with respect to office and warehouse leases requiring future minimum lease payments as follows: in thousands of dollars November 30, 2018 $ 2019 231 2020 240 2021 243 2022 197 Thereafter 322 Total 1,233 |
Summary of significant accoun_4
Summary of significant accounting policies (Narrative) (Details) | 12 Months Ended |
Nov. 30, 2018 | |
Likelihood Of Tax Benefit Being Realized Upon Settlement | 50.00% |
Summary of significant accoun_5
Summary of significant accounting policies (Details) | 12 Months Ended |
Nov. 30, 2018 | |
Computer Equipment [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Machinery and Equipment [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Vehicles [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment, Estimated Useful Lives | lease term |
Investments (Narrative) (Detail
Investments (Narrative) (Details) $ in Millions | Sep. 01, 2016CAD ($)shares | Apr. 20, 2018 | Nov. 30, 2018USD ($)shares | Nov. 30, 2017USD ($)shares |
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued | 1,000,000 | |||
Noncash or Part Noncash Acquisition, Investments Acquired Shares | 5,000,000 | |||
Sale of Stock, Number of Shares Issued in Transaction | 2,365,000 | 2,525,000 | ||
Sale of Stock, Consideration Received on Transaction | $ | $ 2.3 | $ 3.5 | ||
Trading Securities, Realized Loss | $ | $ 0.3 | $ 0.6 | ||
Warrant Expiration Date | Jul. 2, 2019 | Sep. 1, 2018 | ||
GoldMining Inc [Member] | ||||
Noncash or Part Noncash Acquisition, Shares Held | 2,365,000 | |||
Noncash or Part Noncash Acquisition, Warrants Held | 1,000,000 | |||
Sunward Investments [Member] | ||||
Class Of Warrant Or Right Grants In Period Exercise Price | $ | $ 3.50 | |||
Mineral Property Right Ownership Percentage | 100.00% |
Investments (Schedule Of Design
Investments (Schedule Of Designated As Held-For-Trading Financial Assets) (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 |
Current investments (note 3) | $ 0 | $ 2,516 |
Plant and equipment (Details)
Plant and equipment (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 |
Cost | $ 3,792 | $ 3,817 |
Accumulated amortization | (3,467) | (3,339) |
Net | 325 | 478 |
Furniture and equipment [Member] | British Columbia, Canada [Member] | ||
Cost | 63 | 63 |
Accumulated amortization | (17) | (4) |
Net | 46 | 59 |
Leasehold improvements [Member] | British Columbia, Canada [Member] | ||
Cost | 53 | 85 |
Accumulated amortization | (10) | (34) |
Net | 43 | 51 |
Computer hardware and software [Member] | British Columbia, Canada [Member] | ||
Cost | 115 | 108 |
Accumulated amortization | (109) | (105) |
Net | 6 | 3 |
Computer hardware and software [Member] | Alaska, USA [Member] | ||
Cost | 35 | 35 |
Accumulated amortization | (34) | (32) |
Net | 1 | 3 |
Machinery, and equipment[Member] | Alaska, USA [Member] | ||
Cost | 3,178 | 3,178 |
Accumulated amortization | (2,964) | (2,855) |
Net | 214 | 323 |
Vehicles [Member] | Alaska, USA [Member] | ||
Cost | 348 | 348 |
Accumulated amortization | (333) | (309) |
Net | $ 15 | $ 39 |
Mineral properties and develo_3
Mineral properties and development costs (Narrative) (Details) - USD ($) $ in Thousands | Apr. 10, 2017 | Oct. 19, 2011 | Jan. 11, 2010 | Oct. 31, 2017 | Oct. 19, 2011 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Nov. 30, 2018 |
Mineral properties expense | $ 16,490 | $ 15,100 | $ 5,037 | ||||||
Maximum Subscription Price | $ 150,000 | ||||||||
Cost, Maintenance | 10,000 | ||||||||
Proceeds from Contributions from Affiliates | 10,435 | 10,365 | $ 0 | ||||||
Payments to Acquire Projects | $ 5,000 | ||||||||
Approximations | |||||||||
Payments for mineral property | $ 125,200 | ||||||||
Acquisition costs | 30,600 | ||||||||
Mineral properties expense | $ 94,600 | ||||||||
Titiribi Property [Member] | |||||||||
Proceeds from Contributions from Affiliates | $ 400 | 10,400 | $ 10,000 | ||||||
Proceeds From Advances from Affiliates | $ 800 | ||||||||
Bornite Property [Member] | |||||||||
Payments for mineral property | $ 4,000 | ||||||||
Net proceeds royalty | 15.00% | ||||||||
Discount on consideration | $ 40,000 | $ 40,000 | |||||||
Bornite Property [Member] | Minimum [Member] | |||||||||
Mineral property interest percentage | 16.00% | 16.00% | |||||||
Net smelter return royalty | 1.00% | ||||||||
Bornite Property [Member] | Maximum [Member] | |||||||||
Mineral property interest percentage | 25.00% | 25.00% | |||||||
Net smelter return royalty | 2.50% | ||||||||
Ambler Property [Member] | |||||||||
Mineral property interest percentage | 100.00% | ||||||||
Mineral property, fair value of consideration | $ 26,600 | ||||||||
Net smelter return royalty | 1.00% | ||||||||
Purchase price of the net smelter royalty | $ 10,000 |
Schedule of Mineral Properties
Schedule of Mineral Properties and Development Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | ||
Mineral properties and development costs | $ 30,587 | $ 30,587 | ||
Alaska, USA [Member] | ||||
Acquisition costs | 0 | 1 | ||
Mineral properties and development costs | 30,587 | 30,587 | $ 30,586 | |
Ambler Propertyss [Member] | Alaska, USA [Member] | ||||
Acquisition costs | [1] | 0 | 1 | |
Mineral properties and development costs | [1] | 26,587 | 26,587 | 26,586 |
Bornite Propertys [Member] | Alaska, USA [Member] | ||||
Acquisition costs | [2] | 0 | 0 | |
Mineral properties and development costs | [2] | $ 4,000 | $ 4,000 | $ 4,000 |
[1] | On January 11, 2010, NovaGold Resources Inc. (“NovaGold”), through Alaska Gold Company (“AGC”), its wholly-owned subsidiary, purchased 100% of the Ambler lands in Northwest Alaska, which contains the copper-zinc-lead-gold-silver Arctic Project and other mineralized targets within the volcanogenic massive sulfide belt, through a series of cash and share payments. Total fair value of the consideration was $26.6 million. The vendor retained a 1% net smelter return royalty that can be purchased at any time for a one-time payment of $10.0 million. The Ambler lands were acquired on October 17, 2011 by Trilogy Metals US through a purchase and sale agreement with AGC. On October 24, 2011, NovaGold transferred its ownership of Trilogy Metals US to the Company, then a wholly owned subsidiary of NovaGold, which was subsequently spun-out to NovaGold shareholders and publicly listed on April 30, 2012 (“NovaGold Arrangement”). Minor staking of $1,000 added to the Ambler land holdings during the year ended November 30, 2017. | |||
[2] | On October 19, 2011, Trilogy Metals US acquired the exclusive right to explore and the non-exclusive right to access and enter on the Bornite lands, and lands deeded to NANA Regional Corporation, Inc. (“NANA”) through the Alaska Native Claims Settlement Act, located adjacent to the Ambler lands in Northwest Alaska. As consideration, Trilogy Metals US paid $4 million to acquire the right to explore and develop the combined Upper Kobuk Mineral Projects (“UKMP”) through an Exploration Agreement and Option to Lease with NANA. Upon a decision to proceed with construction of a mine on the lands, NANA maintains the right to purchase between a 16%-25% ownership interest in the mine or retain a 15% net proceeds royalty which is payable after Trilogy Metals US has recovered certain historical costs, including capital and cost of capital. Should NANA elect to purchase an ownership interest, consideration will be payable equal to all historical costs incurred on the properties at the elected percentage purchased less $40 million, not to be less than zero. The parties would form a joint venture and be responsible for all future costs, including capital costs of the mine based on their pro-rata share. NANA would also be granted a net smelter return royalty of between 1% and 2.5% upon the execution of a mining lease or a surface use agreement, the amount of which is determined by the classification of land from which production originates. |
Schedule of Mineral Property Ex
Schedule of Mineral Property Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Mineral property expense | $ 16,490 | $ 15,100 | $ 5,037 |
Alaska, USA [Member] | |||
Community | 466 | 318 | 299 |
Drilling | 4,545 | 5,074 | 712 |
Engineering | 1,138 | 1,840 | 699 |
Environmental | 842 | 299 | 314 |
Geochemistry and geophysics | 1,253 | 357 | 82 |
Land and permitting | 587 | 795 | 426 |
Project support | 4,244 | 3,836 | 1,254 |
Other income | (20) | (25) | (34) |
Wages and benefits | $ 3,435 | $ 2,606 | $ 1,285 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 |
Trade accounts payable | $ 400 | $ 2,767 |
Accrued liabilities | 503 | 1,293 |
Accrued salaries and vacation | 746 | 189 |
Due to related parties | 8 | 0 |
Accounts payable and accrued liabilities | $ 1,657 | $ 4,249 |
Sale of Sunward Investments L_3
Sale of Sunward Investments Ltd (Narrative) (Details) $ / shares in Units, $ / shares in Units, $ in Thousands | Sep. 01, 2016USD ($)shares | Sep. 01, 2016CAD ($)shares | Nov. 30, 2018$ / shares | Nov. 30, 2018$ / shares | Jun. 19, 2015 |
Noncash or Part Noncash Acquisition, Investments Acquired Shares | shares | 5,000,000 | 5,000,000 | |||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued | shares | 1,000,000 | 1,000,000 | |||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 7,800 | ||||
Share Price | (per share) | $ 1.56 | $ 2.04 | |||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 8,102 | ||||
Gain (Loss) on Disposition of Business | 4,448 | ||||
Sunward Investment Ltd [Member] | |||||
Class Of Warrant Or Right Grants In Period Exercise Price | $ 3.50 | ||||
Mineral Property Right Ownership Percentage | 100.00% | ||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 8,100 | ||||
Non cash Or Part Non cash Acquisition Non cash Financial Or Equity Instrument Consideration Warrants Value | $ 300 |
Sale of Sunward Investments L_4
Sale of Sunward Investments Ltd (Schedule of Gain on Sale of Sunward Investments) (Details) $ in Thousands | Sep. 01, 2016USD ($) |
Consideration received | $ 8,102 |
Cash reimbursement from GMI | 51 |
Net assets sold | (3,545) |
Transaction costs | (160) |
Gain on sale of Sunward Investments | $ 4,448 |
Sale of Sunward Investments L_5
Sale of Sunward Investments Ltd (Schedule of Discontinued Operations of Sunward Investments) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 01, 2016 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Discontinued operations expense for the year | $ 0 | $ 0 | $ 598 | |
Gain on sale of Sunward Investments Ltd. | 0 | 0 | (4,448) | |
(Income)/loss from discontinued operations for the year | $ 0 | $ 0 | $ (3,850) | |
Sunward Investment Ltd [Member] | ||||
Amortization | $ 95 | |||
Foreign exchange loss | 4 | |||
General and administrative | 5 | |||
Mineral properties expense | 460 | |||
Professional fees | 34 | |||
Discontinued operations expense for the year | 598 | |||
Gain on sale of Sunward Investments Ltd. | (4,448) | |||
(Income)/loss from discontinued operations for the year | $ (3,850) |
Share capital (Narrative) (Deta
Share capital (Narrative) (Details) | Dec. 07, 2017shares | Apr. 20, 2018USD ($)$ / sharesshares | Nov. 30, 2018USD ($)$ / sharesshares | Nov. 30, 2018USD ($)$ / shares$ / sharesshares | Nov. 30, 2017USD ($)$ / sharesshares | Nov. 30, 2017USD ($)$ / shares$ / shares | Nov. 30, 2016USD ($) | Nov. 30, 2018$ / shares |
Stock options granted, weighted average exericse price | $ / shares | $ 1.20 | $ 0.69 | ||||||
Stock options granted, weighted average exercise price | $ / shares | $ 0.43 | $ 0.22 | ||||||
Stock-based compensation | $ 1,441,000 | $ 705,000 | $ 615,000 | |||||
Non-vested stock options outstanding | shares | 8,821,434 | 8,821,434 | ||||||
Weighted average exercise price options outstanding | $ / shares | $ 0.60 | $ 0.60 | ||||||
Aggregate intrinsic value, vested options | $ 12,200,000 | $ 12,200,000 | 1,800,000 | $ 1,800,000 | 600,000 | |||
Aggregate intrinsic value, options exercised | 500,000 | 200,000 | 100,000 | |||||
Stock Issued During Period, Value, New Issues | 28,750,000 | |||||||
Legal Fees | $ 1,800,000 | |||||||
Proceeds from Issuance of Common Stock | 26,900,000 | $ (1,805,000) | $ 0 | 0 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.52 | $ 1.52 | $ 1.60 | $ 1.60 | ||||
Adjustments to Additional Paid in Capital, Warrant Issued | $ 90,000 | |||||||
Warrant Expiration Date | Jul. 2, 2019 | Sep. 1, 2018 | ||||||
Percent Of Issued And Outstanding Shares Threshold | 10.00% | |||||||
Common Stock [Member] | ||||||||
Stock-based compensation | $ 0 | $ 0 | 0 | |||||
Stock Issued During Period, Value, New Issues | $ 28,700,000 | $ 28,750,000 | ||||||
Stock Issued During Period, Shares, New Issues | shares | 24,784,482 | 24,784,482 | ||||||
Shares Issued, Price Per Share | $ / shares | $ 1.16 | |||||||
Non-Vested Options [Member] | ||||||||
Non-vested stock options outstanding | shares | 1,406,675 | 1,406,675 | ||||||
Weighted average exercise price options outstanding | $ / shares | $ 0.81 | |||||||
Number of RSU's [Member] | ||||||||
Granted Units | shares | 600,000 | 600,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 400,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 200,000 | |||||||
Number of DSU's [Member] | ||||||||
Common stock committed for issuance | shares | 11,927 | 11,927 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 1,988 | 1,988 | ||||||
Granted Units | shares | 140,875 | |||||||
Stock Compensation Plan [Member] | ||||||||
Stock-based compensation | $ 600,000 | 400,000 | 300,000 | |||||
Approximationss [Member] | ||||||||
Stock-based compensation | 800,000 | $ 400,000 | $ 400,000 | |||||
Approximationss [Member] | Non-Vested Options [Member] | ||||||||
Stock option expense | $ 200,000 | |||||||
New Employees [Member] | ||||||||
Stock options granted | shares | 2,395,000 | 1,695,000 | ||||||
Director [Member] | Number of DSU's [Member] | ||||||||
Granted Units | shares | 140,875 |
Schedule of Common Shares Issue
Schedule of Common Shares Issued and Outstanding (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 20, 2018 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Number of shares | 105,684,523 | 105,286,469 | 104,796,421 | |
Ascribed value | $ 136,525 | $ 136,357 | $ 136,040 | |
Bought deal financing | 28,750 | |||
Share issuance costs | $ (1,805) | |||
Number of shares | 131,585,612 | 105,684,523 | 105,286,469 | |
Ascribed value | $ 164,069 | $ 136,525 | $ 136,357 | |
Share capital [Member] | ||||
Bought deal financing (Shares) | 24,784,482 | 24,784,482 | ||
Bought deal financing | $ 28,700 | $ 28,750 | ||
Share issuance costs | $ (1,805) | |||
Exercise of options (shares) | 315,148 | 188,856 | 162,854 | |
Exercise of options | $ 140 | $ 85 | $ 65 | |
Restricted Share Units (Shares) | 800,000 | 209,198 | 108,399 | |
Restricted Share Units | $ 457 | $ 83 | $ 34 | |
Deferred Share Units (Shares) | 1,459 | 218,795 | ||
Deferred Share Units | 2,000 | 218,000 |
Schedule of fair value of the s
Schedule of fair value of the stock options,Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | |
Risk-free interest rates | 1.59% | 0.90% | 0.52% |
Exercise price | $ 1.20 | $ 0.69 | $ 0.43 |
Expected life | 3 years | 3 years | 3 years |
Expected volatility | 77.90% | 74.20% | 59.40% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Schedule of Stock Options Activ
Schedule of Stock Options Activity (Details) | 12 Months Ended | |||
Nov. 30, 2018$ / sharesshares | Nov. 30, 2018$ / sharesshares | Nov. 30, 2017$ / sharesshares | Nov. 30, 2017$ / sharesshares | |
Weighted average exercise price, Granted | $ 1.20 | $ 0.69 | ||
Weighted average exercise price, Exercised | $ 0.43 | $ 0.22 | ||
Balance - End of Period, Number of stock options | shares | 8,821,434 | 8,821,434 | ||
Balance - End of Period, Weighted average exercise price | $ 0.60 | |||
Stock option [Member] | ||||
Balance – beginning of the year, Number of stock Options | shares | 7,127,500 | 7,127,500 | ||
Balance – beginning of the year, Weighted average exercise price | $ 0.54 | |||
Number of options, Granted | shares | 2,395,000 | 2,395,000 | ||
Weighted average exercise price, Granted | $ 0.88 | |||
Number of options, Exercised | shares | (499,398) | (499,398) | ||
Weighted average exercise price, Exercised | $ 0.62 | |||
Number of options, Forfeited | shares | (176,668) | (176,668) | ||
Weighted average exercise price, Forfeited | $ 0.84 | |||
Number of options, Expired | shares | (25,000) | (25,000) | ||
Weighted average exercise price, Expired | $ 1.49 | |||
Balance - End of Period, Number of stock options | shares | 8,821,434 | 8,821,434 | 7,127,500 | 7,127,500 |
Balance - End of Period, Weighted average exercise price | $ 0.60 | $ 0.54 |
Schedule of Disclosure of Stock
Schedule of Disclosure of Stock Options Outstanding (Details) | 12 Months Ended |
Nov. 30, 2018$ / sharesshares | |
Number of outstanding options | shares | 8,821,434 |
Weighted average years to expiry | 2 years 4 months 28 days |
Weighted average exercise price options outstanding | $ 0.60 |
Number of exercisable options | shares | 7,414,759 |
Weighted average exercise price exercisable | $ 0.56 |
Number of unvested options | shares | 1,406,675 |
Range 1 [Member] | |
Exercise price lower range limit | $ 0.33 |
Exercise price upper range limit | $ 0.50 |
Number of outstanding options | shares | 4,006,433 |
Weighted average years to expiry | 1 year 8 months 12 days |
Weighted average exercise price options outstanding | $ 0.39 |
Number of exercisable options | shares | 4,006,433 |
Weighted average exercise price exercisable | $ 0.39 |
Number of unvested options | shares | 0 |
Range 2 [Member] | |
Exercise price lower range limit | $ 0.51 |
Exercise price upper range limit | $ 1 |
Number of outstanding options | shares | 4,470,001 |
Weighted average years to expiry | 2 years 10 months 24 days |
Weighted average exercise price options outstanding | $ 0.72 |
Number of exercisable options | shares | 3,243,327 |
Weighted average exercise price exercisable | $ 0.73 |
Number of unvested options | shares | 1,226,674 |
Range 3 [Member] | |
Exercise price lower range limit | $ 1.01 |
Exercise price upper range limit | $ 1.49 |
Number of outstanding options | shares | 225,000 |
Weighted average years to expiry | 4 years 4 months 13 days |
Weighted average exercise price options outstanding | $ 1.33 |
Number of exercisable options | shares | 125,000 |
Weighted average exercise price exercisable | $ 1.24 |
Number of unvested options | shares | 100,000 |
Range Four [Member] | |
Exercise price lower range limit | $ 1.50 |
Exercise price upper range limit | $ 1.90 |
Number of outstanding options | shares | 120,000 |
Weighted average years to expiry | 4 years 7 months 6 days |
Weighted average exercise price options outstanding | $ 1.82 |
Number of exercisable options | shares | 39,999 |
Weighted average exercise price exercisable | $ 1.82 |
Number of unvested options | shares | 80,001 |
Schedule of Unit Plans and Chan
Schedule of Unit Plans and Changes Activity (Details) - shares | Dec. 07, 2017 | Nov. 30, 2018 |
Number of RSU's [Member] | ||
Balance – beginning of the year | 600,002 | |
Granted | 600,000 | 600,000 |
Vested/paid | (800,000) | |
Balance - end of period | 400,002 | |
Number of DSU's [Member] | ||
Balance – beginning of the year | 1,041,231 | |
Granted | 140,875 | |
Vested/paid | 0 | |
Balance - end of period | 1,182,106 |
Schedule of Warrants, Activity
Schedule of Warrants, Activity (Details) - $ / shares | 12 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
Balance – beginning of the year | 6,521,740 | |
Weighted average years to expiry | 7 months 2 days | 1 year 7 months 6 days |
Weighted average exercise price | $ 1.52 | $ 1.60 |
Balance - end of period | 6,521,740 | 6,521,740 |
Financial instruments (Narrativ
Financial instruments (Narrative) (Details) | 12 Months Ended | |||||
Nov. 30, 2018USD ($) | Nov. 30, 2017USD ($) | Nov. 30, 2016USD ($) | Nov. 30, 2018CAD ($) | Oct. 12, 2018USD ($) | Feb. 21, 2017USD ($) | |
Accounts receivable | $ 23,000 | $ 470,000 | ||||
Foreign exchange (gain) loss | 53,000 | $ 393,000 | $ (184,000) | |||
Interest rate loss | 200,000 | |||||
Contractual Obligation | 2,890,000 | $ 1,300,000 | ||||
Lease Agreements [Member] | ||||||
Contractual Obligation | $ 1,065,000 | $ 175,000 | ||||
Canadian Limit Due to Currency Risk [Member] | ||||||
Cash | $ 343,000 | |||||
Accounts receivable | 19,000 | |||||
Accounts payable | $ 1,123,000 | |||||
Change in foreign exchange rate | 10.00% | 10.00% | ||||
Foreign exchange (gain) loss | $ 51,000 | |||||
Change in interest rate | 1.00% |
Schedule of Contractually Oblig
Schedule of Contractually Obligated Cash Flow Requirements (Details) - USD ($) | Nov. 30, 2018 | Oct. 12, 2018 | Feb. 21, 2017 |
Total | $ 2,890,000 | $ 1,300,000 | |
Within 1 Year | 1,888,000 | ||
1 - 2 Years | 483,000 | ||
2 - 5 Years | 519,000 | ||
Thereafter | 0 | ||
Accounts payable and accrued liabilities [Member] | |||
Total | 1,657,000 | ||
Within 1 Year | 1,657,000 | ||
1 - 2 Years | 0 | ||
2 - 5 Years | 0 | ||
Thereafter | 0 | ||
Office lease [Member] | |||
Total | 1,065,000 | $ 175,000 | |
Within 1 Year | 174,000 | ||
1 - 2 Years | 372,000 | ||
2 - 5 Years | 519,000 | ||
Thereafter | 0 | ||
Office and warehouse lease [Member] | |||
Total | 168,000 | ||
Within 1 Year | 57,000 | ||
1 - 2 Years | 111,000 | ||
2 - 5 Years | 0 | ||
Thereafter | $ 0 |
Schedule of financial assets an
Schedule of financial assets and liabilities that are measured and recognized at fair value (Details) - USD ($) $ in Thousands | Feb. 08, 2019 | Nov. 30, 2017 |
Fair Value, Inputs, Level 1 [Member] | Warrants [Member] | ||
Investments, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value, Inputs, Level 1 [Member] | Shares [Member] | ||
Investments, Fair Value Disclosure | 0 | 2,514 |
Fair Value, Inputs, Level 2 [Member] | Warrants [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Shares [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Warrants [Member] | ||
Investments, Fair Value Disclosure | 0 | 2 |
Fair Value, Inputs, Level 3 [Member] | Shares [Member] | ||
Investments, Fair Value Disclosure | $ 0 | $ 0 |
Income taxes (Narrative) (Detai
Income taxes (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 22, 2017 | Nov. 30, 2019 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 | Jun. 19, 2015 |
Change In control percentage | 50.00% | ||||||
Loss carryforwards | $ 4.7 | ||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 23.5 | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 26.92% | 26.00% | 26.00% | ||
Approximationss [Member] | |||||||
Loss carryforwards | $ 165.3 | ||||||
Scenario, Forecast [Member] | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||||
Losses In Canada Subject To Limitations [Member] | |||||||
Loss carryforwards | $ 15.2 | ||||||
US Losses Subject To Limitations [Member] | |||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 22.20% | ||||||
US Losses Subject To Limitations [Member] | Approximationss [Member] | |||||||
U.S. carryforward losses | $ 39.4 |
Schedule of Income Tax Expense
Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 22, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 |
Combined federal and provincial statutory tax rate | 21.00% | 35.00% | 26.92% | 26.00% | 26.00% |
Income taxes at statutory rate | $ (5,882) | $ (5,486) | $ (1,264) | ||
Difference in foreign tax rates | (424) | (2,267) | (750) | ||
Impact of change in tax rate | 23,582 | ||||
Effect of foreign exchange changes | 0 | 0 | (339) | ||
Non-taxable gain on the sale of Sunward Investments | 0 | 0 | (545) | ||
Non-deductible expenditures | 3,018 | 4,664 | 175 | ||
Expiry of net operating losses | 1,319 | (72) | (510) | ||
Other | 0 | (357) | (68) | ||
Disposition of Sunward Investments | 0 | 0 | 7,051 | ||
Valuation allowance | (21,613) | 3,518 | (3,750) | ||
Income tax expense | $ 0 | $ 0 | $ 0 |
Schedule of Future Income Tax A
Schedule of Future Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Nov. 30, 2018 | Nov. 30, 2017 |
Deferred income tax assets | ||
Non-capital losses | $ 46,469 | $ 61,400 |
Mineral property interest | 10,419 | 14,625 |
Deferred interest | 6,251 | 9,040 |
Property, plant and equipment | 64 | 57 |
Share issuance costs | 440 | 127 |
Capital Loss | 290 | 60 |
Investments | 0 | 201 |
Other deductible temporary differences | 316 | 353 |
Total deferred tax assets | 64,249 | 85,863 |
Valuation allowance | (64,248) | (85,862) |
Net deferred income tax assets | 1 | 1 |
Deferred income tax liabilities | ||
Mineral property interest | 0 | 0 |
Other taxable temporary differences | (1) | (1) |
Deferred income tax liabilities | (1) | (1) |
Net deferred income tax assets | $ 0 | $ 0 |
Schedule of Loss Carry-Forwards
Schedule of Loss Carry-Forwards Expiry (Details) $ in Thousands | Nov. 30, 2018USD ($) |
CA [Member] | |
Non-capital losses | $ 36,909 |
USA [Member] | |
Opertaing losses | 123,684 |
2019 | CA [Member] | |
Non-capital losses | 0 |
2019 | USA [Member] | |
Opertaing losses | 975 |
2020 | CA [Member] | |
Non-capital losses | 0 |
2020 | USA [Member] | |
Opertaing losses | 830 |
2021 | CA [Member] | |
Non-capital losses | 0 |
2021 | USA [Member] | |
Opertaing losses | 1 |
2022 | CA [Member] | |
Non-capital losses | 0 |
2022 | USA [Member] | |
Opertaing losses | 366 |
Thereafter | CA [Member] | |
Non-capital losses | 36,909 |
Thereafter | USA [Member] | |
Opertaing losses | $ 121,512 |
Commitment (Details)
Commitment (Details) $ in Thousands | Nov. 30, 2018USD ($) |
2,019 | $ 231 |
2,020 | 240 |
2,021 | 243 |
2,022 | 197 |
Thereafter | 322 |
Total | $ 1,233 |
Subsequent events (Narrative) (
Subsequent events (Narrative) (Details) - USD ($) $ in Thousands | Dec. 05, 2018 | Feb. 06, 2019 | Jan. 31, 2019 | Dec. 21, 2018 | Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2016 |
Subsequent Event [Line Items] | |||||||
Proceeds from Contributions from Affiliates | $ 10,435 | $ 10,365 | $ 0 | ||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 412,501 | ||||||
Proceeds from Contributions from Affiliates | $ 9,200 | ||||||
Subsequent Event [Member] | Two thousand nineteen Project Budget [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from Contributions from Affiliates | $ 2,000 | ||||||
Budget costs | $ 18,200 | ||||||
Subsequent Event [Member] | Employee Stock Option [Member] | Director [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 600,000 | ||||||
Subsequent Event [Member] | Employee Stock Option [Member] | Employee [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,830,000 | ||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | Officer [Member] | First Vesting Shares [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 225,000 |