Trilogy Metals (TMQ) 10-Q 9 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	May 31, 2019	Jul. 08, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	May 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	Trilogy Metals Inc.
Entity Central Index Key	0001543418
Current Fiscal Year End Date	--11-30
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Trading Symbol	TMQ
Security Exchange Name	NYSE
Entity Small Business	true
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Shares
Entity Common Stock, Shares Outstanding		138,905,097

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2019	Nov. 30, 2018
Current assets
Cash and cash equivalents	$ 25,806	$ 22,991
Accounts receivable	171	23
Deposits and prepaid amounts	1,513	619
Total Current Assets	27,490	23,633
Rent deposit	114	114
Plant and equipment (note 3)	250	325
Mineral properties and development costs (note 4)	30,587	30,587
Total Assets	58,441	54,659
Current liabilities
Accounts payable and accrued liabilities (note 5)	1,481	1,657
Current liabilities	1,481	1,657
Mineral properties purchase option (note 4(c))	31,000	20,800
Total Liabilities	32,481	22,457
Shareholders' equity
Share capital (note 6) – unlimited common shares authorized, no par value Issued -132,143,407 (2018 – 131,585,612)	164,574	164,069
Warrants (note 6(c))	2,253	2,253
Contributed surplus	122	122
Contributed surplus – options (note 6(a))	20,936	19,076
Contributed surplus – units (note 6(b))	1,727	1,489
Deficit	(163,652)	(154,807)
Total Stockholders' Equity	25,960	32,202
Total Liabilities and Stockholders' Equity	$ 58,441	$ 54,659

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	May 31, 2019	Nov. 30, 2018
Common Stock, Shares Authorized, Unlimited	Unlimited	Unlimited
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares, Issued	132,143,407	131,585,612

Consolidated Statements of Loss

Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Expenses
Amortization	$ 38	$ 42	$ 75	$ 83
Foreign exchange loss (gain)	5	19	(29)	(44)
General and administrative	436	454	928	799
Investor relations	175	138	292	202
Mineral properties expense (note 4(d))	2,906	2,475	4,441	3,606
Professional fees	153	114	244	273
Salaries	282	223	563	452
Salaries – stock-based compensation	664	151	2,603	1,073
Total expenses	4,659	3,616	9,117	6,444
Other items
Loss on held for trading investments	0	125	0	260
Interest and other income	(150)	(77)	(272)	(94)
Loss and comprehensive loss for the period	$ 4,509	$ 3,664	$ 8,845	$ 6,610
Basic and diluted loss per common share	$ 0.04	$ 0.03	$ 0.07	$ 0.06
Weighted average number of common shares outstanding	132,095,920	117,583,238	132,007,414	111,989,192

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, 2017	$ 25,665	$ 136,525	$ 2,163	$ 124	$ 18,402	$ 1,319	$ (132,868)
Beginning Balance (Shares) at Nov. 30, 2017		105,684,523
Exercise of options	0	$ 29	0	0	(29)	0	0
Exercise of options (Shares)		50,753
Restricted Share Units	0	$ 457	0	0	0	(457)	0
Restricted Share Units (Shares)		800,000
Stock-based compensation	922	$ 0	0	0	484	438	0
Loss for the period	(2,946)	0	0	0	0	0	(2,946)
Ending Balance at Feb. 28, 2018	23,641	$ 137,011	2,163	124	18,857	1,300	(135,814)
Ending Balance (Shares) at Feb. 28, 2018		106,535,276
Beginning Balance at Nov. 30, 2017	25,665	$ 136,525	2,163	124	18,402	1,319	(132,868)
Beginning Balance (Shares) at Nov. 30, 2017		105,684,523
Loss for the period	(6,610)
Ending Balance at May. 31, 2018	47,059	$ 163,947	2,253	124	18,942	1,361	(139,568)
Ending Balance (Shares) at May. 31, 2018		131,348,458
Beginning Balance at Nov. 30, 2017	25,665	$ 136,525	2,163	124	18,402	1,319	(132,868)
Beginning Balance (Shares) at Nov. 30, 2017		105,684,523
Bought-deal financing (note 8)		$ 28,750
Bought deal financing (Note 8) (Shares)		24,784,482
Share issuance costs		$ (1,805)
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
Beginning Balance at Feb. 28, 2018	23,641	$ 137,011	2,163	124	18,857	1,300	(135,814)
Beginning Balance (Shares) at Feb. 28, 2018		106,535,276
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	(1,819)	$ (1,819)	0	0	0	0	0
Exercise of options	0	$ 5	0	0	(5)	0	0
Exercise of options (Shares)		28,700
Stock-based compensation	151	$ 0	0	0	90	61	0
Loss for the period	(3,664)	0	0	0	0	0	(3,664)
Ending Balance at May. 31, 2018	47,059	$ 163,947	2,253	124	18,942	1,361	(139,568)
Ending Balance (Shares) at May. 31, 2018		131,348,458
Beginning Balance at Nov. 30, 2018	32,202	$ 164,069	2,253	122	19,076	1,489	(154,807)
Beginning Balance (Shares) at Nov. 30, 2018		131,585,612
Exercise of options	0	$ 28	0	0	(28)	0	0
Exercise of options (Shares)		44,230
Restricted Share Units	0	$ 424	0	0	0	(424)	0
Restricted Share Units (Shares)		412,501
Stock-based compensation	1,939	$ 0	0	0	1,586	353	0
Loss for the period	(4,336)	0	0	0	0	0	(4,336)
Ending Balance at Feb. 28, 2019	29,805	$ 164,521	2,253	122	20,634	1,418	(159,143)
Ending Balance (Shares) at Feb. 28, 2019		132,042,343
Beginning Balance at Nov. 30, 2018	32,202	$ 164,069	2,253	122	19,076	1,489	(154,807)
Beginning Balance (Shares) at Nov. 30, 2018		131,585,612
Loss for the period	(8,845)
Ending Balance at May. 31, 2019	25,960	$ 164,574	2,253	122	20,936	1,727	(163,652)
Ending Balance (Shares) at May. 31, 2019		132,143,407
Beginning Balance at Feb. 28, 2019	29,805	$ 164,521	2,253	122	20,634	1,418	(159,143)
Beginning Balance (Shares) at Feb. 28, 2019		132,042,343
Exercise of options	0	$ 53	0	0	(53)	0	0
Exercise of options (Shares)		101,064
Stock-based compensation	664	$ 0	0	0	355	309	0
Loss for the period	(4,509)	0	0	0	0	0	(4,509)
Ending Balance at May. 31, 2019	$ 25,960	$ 164,574	$ 2,253	$ 122	$ 20,936	$ 1,727	$ (163,652)
Ending Balance (Shares) at May. 31, 2019		132,143,407

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	May 31, 2019	May 31, 2018
Cash flows used in operating activities
Loss for the period	$ (8,845)	$ (6,610)
Items not affecting cash
Amortization	75	83
Loss on held for trading investments	0	260
Unrealized foreign exchange loss (gain)	8	(64)
Stock-based compensation	2,603	1,073
Net change in non-cash working capital
Decrease (Increase) in accounts receivable	(148)	441
Increase in deposits and prepaid amounts	(894)	(67)
Decrease in accounts payable and accrued liabilities	(176)	(1,682)
Net Cash Provided by (Used in) Operating Activities	(7,377)	(6,566)
Cash flows from (used in) financing activities
Proceeds from bought deal financing	0	28,750
Share issuance cost	0	(1,819)
Net Cash Provided by (Used in) Financing Activities	0	26,931
Cash flows from investing activities
Acquisition of plant & equipment	0	(13)
Mineral properties funding (note 4 (c))	10,200	9,635
Proceeds from the sale of investments, net of fees	0	2,080
Net Cash Provided by (Used in) Investing Activities	10,200	11,702
Increase in cash and cash equivalents	2,823	32,067
Effect of exchange rate on cash and cash equivalents	(8)	11
Cash and cash equivalents – beginning of period	22,991	5,391
Cash and cash equivalents – end of period	$ 25,806	$ 37,469

Nature of operations

Nature of operations	6 Months Ended
	May 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations [Text Block]	1 Nature of operations Trilogy Metals Inc. (“Trilogy” or the “Company”) was incorporated in British Columbia under the Business Corporations Act (BC) on April 27, 2011. 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”).

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	May 31, 2019
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. (dba “Trilogy Metals US”). All significant intercompany transactions are eliminated on consolidation. All figures are in United States dollars unless otherwise noted. References to CAD$ refer to amounts in Canadian dollars. These unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position as of May 31, 2019 and our results of operations and cash flows for the six months ended May 31, 2019 and May 31, 2018. The results of operations for the six months ended May 31, 2019 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2019. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these unaudited interim consolidated financial statements should be read in conjunction with the annual financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2018 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2019. These financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on July 8, 2019. Accounting standards adopted i. Financial instruments In March 2016, the FASB issued new guidance on classifying and measuring financial instruments (“ASU 2016-01”). This update is effective for annual reporting periods beginning after December 15, 2017. The Company adopted the provisions of this guidance effective November 1, 2018. As the Company’s investments in equity instruments were previously classified at fair value with the change in fair value recorded to the statement of loss and comprehensive loss, the new guidance does not impact the Company’s accounting or reporting results. Recent accounting pronouncements ii. Leases In February 2016, the Financial Accounting Standards Board (“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 Trilogy is the first quarter of the fiscal year ending November 30, 2020. We expect the adoption will have an impact as we expect to capitalize leases, specifically our office leases which 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.

Plant and equipment

Plant and equipment	6 Months Ended
	May 31, 2019
Property, Plant and Equipment [Abstract]
Plant and equipment [Text Block]	3 Plant and equipment in thousands of dollars May 31, 2019 Cost $ Accumulated amortization $ Net $ British Columbia, Canada Furniture and equipment 63 (23 ) 40 Leasehold improvements 53 (14 ) 39 Computer hardware and software 115 (111 ) 4 Alaska, USA Machinery, and equipment 3,178 (3,014 ) 164 Vehicles 348 (346 ) 2 Computer hardware and software 35 (34 ) 1 3,792 (3,542 ) 250 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

Mineral properties and developm

Mineral properties and development costs	6 Months Ended
	May 31, 2019
Mineral Industries Disclosures [Abstract]
Mineral Industries Disclosures [Text Block]	4 Mineral properties and development costs in thousands of dollars November 30, 2018 $ Acquisition costs $ May 31, 2019 $ Alaska, USA Ambler (a) 26,587 - 26,587 Bornite (b) 4,000 - 4,000 30,587 - 30,587 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 (a) Ambler On January 11, 2010, NovaGold Resources Inc. (“NovaGold”), through Alaska Gold Company (“AGC”), at the time a wholly-owned NovaGold 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 the Company can purchase 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 itself a wholly owned subsidiary of NovaGold, which was subsequently spun-out to NovaGold shareholders and publicly listed on April 30, 2012 (“NovaGold Arrangement”). (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 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., a wholly-owned subsidiary of South32 Limited, which agreement was later assigned by South32 Operations to its affiliate, South32 USA Exploration Inc. (“South32”) on the UKMP (“Option Agreement”). Under the terms of the Option Agreement, as amended, 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 and jointly held, limited liability company (“LLC”). 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 in accordance with an approved program by a technical committee with equal representation from Trilogy and South32. South32 may exercise its option at any time over the three-year period to enter into the 50/50 joint venture. To subscribe for 50% of the JV, South32 must contribute a minimum of $150 million, plus (i) any amounts Trilogy spends on matched parallel funding to a maximum of $16 million over the three year period and (ii) $5 million if the option exercised between April 1, 2018 and March 31, 2019 or $10 million if the option is exercised between April 1, 2019 and the expiration date of the option, less the amount of the initial funding contributed by South32 (the “Subscription Price”). South32 has now funded the full three-year option period. South32 has until the end of January 2020 to exercise the option to form the JV LLC and make the subscription payment. Should South32 not make its annual minimum payment or elect to withdraw, the option will lapse and South32 will have no claim to ownership or the funds it had already spent 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. During the ended February 28, 2019, the Company received payments totaling $10.2 million following the approval of the year 3 program and budget, including $1 million funding for the approved regional exploration program. The receipt of the year 3 funding represents receipt of the final tranche of funding from South32. 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 from South32 as deferred consideration for the purchase of the UKMP interest. At such time as the option is exercised, the $31.0 million of payments received will be recognized as part of the consideration received for the Company’s contribution of the UKMP into JV LLC. If South32 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 May 31, 2019. (d) Mineral properties expense The following table summarizes mineral properties expense for the noted periods. In thousands of dollars Three months ended May 31, 2019 $ Three months ended May 31, 2018 $ Six months ended May 31, 2019 $ Six months ended May 31, 2018 $ Alaska, USA Community 146 154 264 244 Drilling 173 180 173 180 Engineering 303 186 624 505 Environmental 136 81 271 169 Geochemistry and geophysics 593 591 758 646 Land and permitting 174 166 360 359 Project support 778 601 1,004 677 Other income - (2 ) (1 ) (20 ) Wages and benefits 603 518 988 846 Mineral property expense 2,906 2,475 4,441 3,606 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 May 31, 2019 is $99.0 million and cumulative acquisition costs are $30.6 million totaling $129.6 million spent to date.

Accounts payable and accrued li

Accounts payable and accrued liabilities	6 Months Ended
	May 31, 2019
Accounts Payable and Accrued Liabilities [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	5 Accounts payable and accrued liabilities in thousands of dollars May 31, 2019 $ November 30, 2018 $ Trade accounts payable 834 400 Accrued liabilities 474 503 Accrued salaries and vacation 173 746 Due to related parties - 8 Accounts payable and accrued liabilities 1,481 1,657

Share capital

Share capital	6 Months Ended
	May 31, 2019
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	6 Share capital Authorized: unlimited common shares, no par value In thousands of dollars, except share amounts Number of shares Ascribed value $ 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 131,585,612 164,069 Exercise of options 145,294 81 Restricted share units 412,501 424 May 31, 2019, issued and outstanding 132,143,407 164,574 On April 30, 2012, under the NovaGold Arrangement, Trilogy committed to issue common shares to satisfy holders of NovaGold deferred share units (“NovaGold DSUs”) 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 May 31, 2019, there remains 11,927 NovaGold DSUs outstanding representing a right to receive 1,988 Common Shares in Trilogy, which will settle upon certain directors retiring from NovaGold’s board. 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. (a) Stock options During the period ended May 31, 2019, the Company granted 2,527,500 options (2018 – 2,125,000 options) at a weighted-average exercise price of CAD$2.96 (2018 – CAD$1.04) 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 the period was $1.08 (2018 - $0.37). For the period ended May 31, 2019, Trilogy recognized a stock-based compensation charge of $1.94 million (2018– $0.58 million) for options granted to directors, employees and service providers, net of estimated forfeitures. The recognized fair value of the stock options granted 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. May 31, 2019 Risk-free interest rates 2.03 % Exercise price CAD$3.01 Expected life 3.0 years Expected volatility 75.0 % Expected dividends Nil As of May 31, 2019, there were 1,841,672 non-vested options outstanding with a weighted average exercise price of $1.79; the non-vested stock option expense not yet recognized was $0.90 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 period ended May 31, 2019 is as follows: May 31, 2019 Number of options Weighted average exercise price $ Balance – beginning of the period 8,821,434 0.60 Granted 2,527,500 2.19 Exercised (219,153 ) 0.77 Balance – end of period 11,129,781 0.95 The following table summarizes information about the stock options outstanding at May 31, 2019. 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 3,920,614 1.22 0.38 3,920,614 0.38 - $0.51 to $1.00 4,346,667 2.45 0.71 3,898,331 0.70 448,336 $1.01 to $1.50 225,000 3.87 1.31 125,000 1.22 100,000 $1.51 to $2.00 120,000 4.11 1.79 86,666 1.76 33,334 $2.01 to $2.52 2,517,500 4.53 2.19 1,257,498 2.19 1,260,002 11,129,781 2.53 0.95 9,288,109 0.79 1,841,672 The aggregate intrinsic value of vested share options (the market value less the exercise price) at May 31, 2019 was $17.6 million (2018 - $5.9 million) and the aggregate intrinsic value of exercised options for the six months ended May 31, 2019 was $0.3 million (2018 - $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. Awards under the RSU Plan and DSU Plan may be settled in cash and/or common shares of the Company at the Company’s election with each restricted share unit (“RSU”) and deferred share unit (“DSU”) entitling the holder to receive one common share of the Company or equivalent value. All units are accounted for as equity-settled awards. A summary of the Company’s unit plans and changes during the period ended May 31, 2019 is as follows: Number of RSUs Number of DSUs Balance – beginning of the period 400,002 1,182,106 Granted 225,000 104,489 Vested/paid (412,501 ) - Balance – end of period 212,501 1,286,595 For the period ended May 31, 2019, Trilogy recognized a stock-based compensation charge of $0.66 million (2018- $0.49 million), net of estimated forfeitures. As part of the annual incentive payout for the 2018 fiscal year, 225,000 RSUs were granted to officers, vesting half on the grant date and half on the first anniversary of the grant date. RSUs vesting in December 2018 were settled on December 21, 2018 through the issuance of 412,501 common shares. (c) Share Purchase Warrants A summary of the Company’s warrants and changes during the period ended May 31, 2019 is as follows: Number of warrants Years to expiry Exercise price $ Balance – beginning of the period 6,521,740 0.59 1.52 Balance – end of period 6,521,740 0.09 1.52

Financial instruments

Financial instruments	6 Months Ended
	May 31, 2019
Financial Instruments [Abstract]
Financial instruments [Text Block]	7 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 were marked-to-market at each period end with changes in fair value recorded to the statement of loss. Financial risk management The Company’s activities expose it 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 May 31, 2019 is limited to Canadian dollar consisting of cash of CDN$244,000, accounts receivable of CDN$26,000 and accounts payable of CDN$442,000. 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 $13,000. (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 Canadian Goods and Services Tax 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 May 31, 2019 are as follows: in thousands of dollars Total $ < 1 Year $ 1–2 Years $ 2–5 Years $ Thereafter $ Accounts payable and accrued liabilities 1,481 1,481 - - - 1,481 1,481 - - - (d) 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 May 31, 2019, a 1% change in interest rates would result in a change in net loss of $0.3 million, assuming all other variables remain constant.

Commitment

Commitment	6 Months Ended
	May 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitment [Text Block]	8 Commitment The Company has commitments with respect to office and warehouse leases requiring future minimum lease payments as follows: in thousands of dollars May 31, 2019 $ One year 231 Years 2 through 5 457 Beyond 5 years 414 Total 1,102

Subsequent events

Subsequent events	6 Months Ended
	May 31, 2019
Subsequent Events [Abstract]
Subsequent Events [Text Block]	9 Subsequent events On June 28, 2019, the Company announced all its outstanding warrants were exercised in advance of the July 2, 2019 expiry date. As a result of the warrants exercised, the Company issued a total of 6,521,740 common shares and received cash proceeds of approximately $9.9 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	May 31, 2019
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. (dba “Trilogy Metals US”). All significant intercompany transactions are eliminated on consolidation. All figures are in United States dollars unless otherwise noted. References to CAD$ refer to amounts in Canadian dollars. These unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position as of May 31, 2019 and our results of operations and cash flows for the six months ended May 31, 2019 and May 31, 2018. The results of operations for the six months ended May 31, 2019 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2019. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these unaudited interim consolidated financial statements should be read in conjunction with the annual financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2018 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 11, 2019. These financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on July 8, 2019.
Accounting standards adopted [Policy Text Block]	Accounting standards adopted i. Financial instruments In March 2016, the FASB issued new guidance on classifying and measuring financial instruments (“ASU 2016-01”). This update is effective for annual reporting periods beginning after December 15, 2017. The Company adopted the provisions of this guidance effective November 1, 2018. As the Company’s investments in equity instruments were previously classified at fair value with the change in fair value recorded to the statement of loss and comprehensive loss, the new guidance does not impact the Company’s accounting or reporting results.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent accounting pronouncements ii. Leases In February 2016, the Financial Accounting Standards Board (“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 Trilogy is the first quarter of the fiscal year ending November 30, 2020. We expect the adoption will have an impact as we expect to capitalize leases, specifically our office leases which 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.

Plant and equipment (Tables)

Plant and equipment (Tables)	6 Months Ended
	May 31, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	in thousands of dollars May 31, 2019 Cost $ Accumulated amortization $ Net $ British Columbia, Canada Furniture and equipment 63 (23 ) 40 Leasehold improvements 53 (14 ) 39 Computer hardware and software 115 (111 ) 4 Alaska, USA Machinery, and equipment 3,178 (3,014 ) 164 Vehicles 348 (346 ) 2 Computer hardware and software 35 (34 ) 1 3,792 (3,542 ) 250 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

Mineral properties and develo_2

Mineral properties and development costs (Tables)	6 Months Ended
	May 31, 2019
Mineral Industries Disclosures [Abstract]
Schedule of Mineral Properties and Development Costs [Table Text Block]	in thousands of dollars November 30, 2018 $ Acquisition costs $ May 31, 2019 $ Alaska, USA Ambler (a) 26,587 - 26,587 Bornite (b) 4,000 - 4,000 30,587 - 30,587 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 (a) Ambler On January 11, 2010, NovaGold Resources Inc. (“NovaGold”), through Alaska Gold Company (“AGC”), at the time a wholly-owned NovaGold 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 the Company can purchase 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 itself a wholly owned subsidiary of NovaGold, which was subsequently spun-out to NovaGold shareholders and publicly listed on April 30, 2012 (“NovaGold Arrangement”). (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 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 noted periods. In thousands of dollars Three months ended May 31, 2019 $ Three months ended May 31, 2018 $ Six months ended May 31, 2019 $ Six months ended May 31, 2018 $ Alaska, USA Community 146 154 264 244 Drilling 173 180 173 180 Engineering 303 186 624 505 Environmental 136 81 271 169 Geochemistry and geophysics 593 591 758 646 Land and permitting 174 166 360 359 Project support 778 601 1,004 677 Other income - (2 ) (1 ) (20 ) Wages and benefits 603 518 988 846 Mineral property expense 2,906 2,475 4,441 3,606

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	6 Months Ended
	May 31, 2019
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	in thousands of dollars May 31, 2019 $ November 30, 2018 $ Trade accounts payable 834 400 Accrued liabilities 474 503 Accrued salaries and vacation 173 746 Due to related parties - 8 Accounts payable and accrued liabilities 1,481 1,657

Share capital (Tables)

Share capital (Tables)	6 Months Ended
	May 31, 2019
Equity [Abstract]
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]	Authorized: unlimited common shares, no par value In thousands of dollars, except share amounts Number of shares Ascribed value $ 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 131,585,612 164,069 Exercise of options 145,294 81 Restricted share units 412,501 424 May 31, 2019, issued and outstanding 132,143,407 164,574
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. May 31, 2019 Risk-free interest rates 2.03 % Exercise price CAD$3.01 Expected life 3.0 years Expected volatility 75.0 % Expected dividends Nil
Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of the Company’s stock option plan and changes during the period ended May 31, 2019 is as follows: May 31, 2019 Number of options Weighted average exercise price $ Balance – beginning of the period 8,821,434 0.60 Granted 2,527,500 2.19 Exercised (219,153 ) 0.77 Balance – end of period 11,129,781 0.95
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 May 31, 2019. 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 3,920,614 1.22 0.38 3,920,614 0.38 - $0.51 to $1.00 4,346,667 2.45 0.71 3,898,331 0.70 448,336 $1.01 to $1.50 225,000 3.87 1.31 125,000 1.22 100,000 $1.51 to $2.00 120,000 4.11 1.79 86,666 1.76 33,334 $2.01 to $2.52 2,517,500 4.53 2.19 1,257,498 2.19 1,260,002 11,129,781 2.53 0.95 9,288,109 0.79 1,841,672
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 period ended May 31, 2019 is as follows: Number of RSUs Number of DSUs Balance – beginning of the period 400,002 1,182,106 Granted 225,000 104,489 Vested/paid (412,501 ) - Balance – end of period 212,501 1,286,595
Schedule of Warrants, Activity [Table Text Block]	A summary of the Company’s warrants and changes during the period ended May 31, 2019 is as follows: Number of warrants Years to expiry Exercise price $ Balance – beginning of the period 6,521,740 0.59 1.52 Balance – end of period 6,521,740 0.09 1.52

Financial instruments (Tables)

Financial instruments (Tables)	6 Months Ended
	May 31, 2019
Financial Instruments [Abstract]
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	Contractually obligated cash flow requirements as at May 31, 2019 are as follows: in thousands of dollars Total $ < 1 Year $ 1–2 Years $ 2–5 Years $ Thereafter $ Accounts payable and accrued liabilities 1,481 1,481 - - - 1,481 1,481 - - -

Commitment (Tables)

Commitment (Tables)	6 Months Ended
	May 31, 2019
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 May 31, 2019 $ One year 231 Years 2 through 5 457 Beyond 5 years 414 Total 1,102

Plant and equipment (Details)

Plant and equipment (Details) - USD ($) $ in Thousands	May 31, 2019	Nov. 30, 2018
Cost	$ 3,792	$ 3,792
Accumulated amortization	(3,542)	(3,467)
Net	250	325
Furniture and equipment [Member] | British Columbia, Canada [Member]
Cost	63	63
Accumulated amortization	(23)	(17)
Net	40	46
Leasehold improvements [Member] | British Columbia, Canada [Member]
Cost	53	53
Accumulated amortization	(14)	(10)
Net	39	43
Machinery, and equipment[Member] | Alaska, USA [Member]
Cost	3,178	3,178
Accumulated amortization	(3,014)	(2,964)
Net	164	214
Vehicles [Member] | Alaska, USA [Member]
Cost	348	348
Accumulated amortization	(346)	(333)
Net	2	15
Computer hardware and software [Member] | British Columbia, Canada [Member]
Cost	115	115
Accumulated amortization	(111)	(109)
Net	4	6
Computer hardware and software [Member] | Alaska, USA [Member]
Cost	35	35
Accumulated amortization	(34)	(34)
Net	$ 1	$ 1

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	May 31, 2019	Feb. 28, 2019	May 31, 2018	May 31, 2019	May 31, 2018	Nov. 30, 2018	Nov. 30, 2017	May 31, 2019
Payments for mineral property						$ 31,000
Mineral properties expense					$ 2,906		$ 2,475	$ 4,441	$ 3,606
Maximum Subscription Price	$ 150,000
Cost, Maintenance	$ 10,000
Proceeds from Contributions from Affiliates								$ 10,200	$ 9,635
Subscription of Options Description	To subscribe for 50% of the JV, South32 must contribute a minimum of $150 million, plus (i) any amounts Trilogy spends on matched parallel funding to a maximum of $16 million over the three year period and (ii) $5 million if the option is exercised between April 1, 2018 and March 31, 2019 or $10 million if the option is exercised between April 1, 2019 and the expiration date of the option, less the amount of the initial funding contributed by South32 (the “Subscription Price”).
Approximations
Payments for mineral property												$ 129,600
Acquisition costs												30,600
Mineral properties expense												$ 99,000
Titiribi Property [Member]
Proceeds from Contributions from Affiliates				$ 400		10,200				$ 10,400	$ 10,000
Proceeds From Advances from Affiliates										$ 800
Regional Exploration Program Budget Funding						$ 1,000
Bornite Property [Member]
Payments for mineral property		$ 4,000
Net proceeds royalty		15.00%
Discount on consideration		$ 40,000
Bornite Property [Member] | Minimum [Member]
Mineral property interest percentage		16.00%
Net smelter return royalty		1.00%
Bornite Property [Member] | Maximum [Member]
Mineral property interest percentage		25.00%
Net smelter return royalty		2.50%
Ambler Property [Member]
Mineral property interest percentage			100.00%
Payments for mineral property			$ 10,000
Mineral property, fair value of consideration			$ 26,600
Net smelter return royalty			1.00%

Schedule of Mineral Properties

Schedule of Mineral Properties and Development Costs (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		May 31, 2019	Nov. 30, 2018	Nov. 30, 2017
Mineral properties and development costs		$ 30,587	$ 30,587
Alaska, USA [Member]
Acquisition costs		0	0
Mineral properties and development costs		30,587	30,587	$ 30,587
Ambler Propertyss [Member] | Alaska, USA [Member]
Acquisition costs	[1]	0	0
Mineral properties and development costs	[1]	26,587	26,587	26,587
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”), at the time a wholly-owned NovaGold 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 the Company can purchase 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 itself a wholly owned subsidiary of NovaGold, which was subsequently spun-out to NovaGold shareholders and publicly listed on April 30, 2012 (“NovaGold Arrangement”).
[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 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	3 Months Ended		6 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Mineral property expense	$ 2,906	$ 2,475	$ 4,441	$ 3,606
Alaska, USA [Member]
Community	146	154	264	244
Drilling	173	180	173	180
Engineering	303	186	624	505
Environmental	136	81	271	169
Geochemistry and geophysics	593	591	758	646
Land and permitting	174	166	360	359
Project support	778	601	1,004	677
Other income	0	(2)	(1)	(20)
Wages and benefits	$ 603	$ 518	$ 988	$ 846

Schedule of Accounts Payable an

Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	May 31, 2019	Nov. 30, 2018
Trade accounts payable	$ 834	$ 400
Accrued liabilities	474	503
Accrued salaries and vacation	173	746
Due to related parties	0	8
Accounts payable and accrued liabilities	$ 1,481	$ 1,657

Share capital (Narrative) (Deta

Share capital (Narrative) (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended				12 Months Ended
	Apr. 20, 2018USD ($)$ / sharesshares	May 31, 2019USD ($)$ / sharesshares	Feb. 28, 2019USD ($)	May 31, 2018USD ($)shares	Feb. 28, 2018USD ($)	May 31, 2019USD ($)$ / sharesshares	May 31, 2019USD ($)$ / shares$ / sharesshares	May 31, 2018USD ($)$ / sharesshares	May 31, 2018USD ($)$ / shares	Nov. 30, 2018USD ($)shares	May 31, 2019$ / shares
Stock options granted, weighted average exericse price | $ / shares							$ 2.96		$ 1.04
Stock options granted, weighted average exercise price | $ / shares						$ 1.08		$ 0.37
Stock-based compensation		$ 664	$ 1,939	$ 151	$ 922
Non-vested stock options outstanding | shares		11,129,781				11,129,781	11,129,781
Weighted average exercise price options outstanding | $ / shares		$ 0.95				$ 0.95	$ 0.95
Aggregate intrinsic value, vested options		$ 17,600		5,900		$ 17,600	$ 17,600	$ 5,900	$ 5,900
Aggregate intrinsic value, options exercised						$ 300		100
Stock Issued During Period, Value, New Issues				28,750
Legal Fees	$ 1,800
Proceeds from Issuance of Common Stock	26,900
Common Stock [Member]
Stock-based compensation		$ 0	$ 0	0	$ 0
Stock Issued During Period, Value, New Issues	$ 28,700			$ 28,750						$ 28,750
Stock Issued During Period, Shares, New Issues | shares	24,784,482			24,784,482						24,784,482
Shares Issued, Price Per Share | $ / shares	$ 1.16
Non-Vested Options [Member]
Non-vested stock options outstanding | shares		1,841,672				1,841,672	1,841,672
Weighted average exercise price options outstanding | $ / shares											$ 1.79
Number of DSU's [Member]
Common stock committed for issuance | shares		11,927				11,927	11,927
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares		1,988				1,988	1,988
Stock Compensation Plan [Member]
Stock-based compensation						$ 660		$ 490
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares										412,501
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares										225,000
Approximationss [Member] | Non-Vested Options [Member]
Stock option expense						$ 900
New Employees [Member]
Stock options granted | shares						2,527,500		2,125,000
Directors, Employees and Services Providers [Member]
Stock-based compensation						$ 1,940		$ 580

Schedule of Common Shares Issue

Schedule of Common Shares Issued and Outstanding (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Apr. 20, 2018	May 31, 2018	May 31, 2019	Nov. 30, 2018
Bought deal financing		$ 28,750
Share issuance costs		$ (1,819)
Share capital [Member]
Number of shares			131,585,612	105,684,523
Ascribed value			$ 164,069	$ 136,525
Bought deal financing (Shares)	24,784,482	24,784,482		24,784,482
Bought deal financing	$ 28,700	$ 28,750		$ 28,750
Share issuance costs		$ (1,819)		$ (1,805)
Exercise of options (shares)			145,294	315,148
Exercise of options			$ 81	$ 140
Restricted Share Units (Shares)			412,501	800,000
Restricted Share Units			$ 424	$ 457
NovaGold DSU Conversion (Shares)				1,459
NovaGold DSU conversion				$ 2
Number of shares			132,143,407	131,585,612
Ascribed value			$ 164,574	$ 164,069

Schedule of fair value of the s

Schedule of fair value of the stock options,Valuation Assumptions (Details)	6 Months Ended
	May 31, 2019$ / shares
Risk-free interest rates	2.03%
Exercise price	$ 3.01
Expected life	3 years
Expected volatility	75.00%
Expected dividends	0.00%

Schedule of Stock Options Activ

Schedule of Stock Options Activity (Details)	6 Months Ended
	May 31, 2019$ / sharesshares	May 31, 2019$ / sharesshares	May 31, 2018$ / shares	May 31, 2018$ / shares
Weighted average exercise price, Granted		$ 2.96		$ 1.04
Weighted average exercise price, Exercised	$ 1.08		$ 0.37
Balance - End of Period, Number of stock options | shares	11,129,781	11,129,781
Balance - End of Period, Weighted average exercise price	$ 0.95
Stock option [Member]
Balance – beginning of the year, Number of stock Options | shares	8,821,434	8,821,434
Balance – beginning of the year, Weighted average exercise price	$ 0.60
Number of options, Granted | shares	2,527,500	2,527,500
Weighted average exercise price, Granted	$ 2.19
Number of options, Exercised | shares	(219,153)	(219,153)
Weighted average exercise price, Exercised	$ 0.77
Balance - End of Period, Number of stock options | shares	11,129,781	11,129,781
Balance - End of Period, Weighted average exercise price	$ 0.95

Schedule of Disclosure of Stock

Schedule of Disclosure of Stock Options Outstanding (Details)	6 Months Ended
	May 31, 2019$ / sharesshares
Number of outstanding options | shares	11,129,781
Weighted average years to expiry	2 years 6 months 10 days
Weighted average exercise price options outstanding	$ 0.95
Number of exercisable options | shares	9,288,109
Weighted average exercise price exercisable	$ 0.79
Number of unvested options | shares	1,841,672
Range 1 [Member]
Exercise price lower range limit	$ 0.33
Exercise price upper range limit	$ 0.50
Number of outstanding options | shares	3,920,614
Weighted average years to expiry	1 year 2 months 19 days
Weighted average exercise price options outstanding	$ 0.38
Number of exercisable options | shares	3,920,614
Weighted average exercise price exercisable	$ 0.38
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	4,346,667
Weighted average years to expiry	2 years 5 months 12 days
Weighted average exercise price options outstanding	$ 0.71
Number of exercisable options | shares	3,898,331
Weighted average exercise price exercisable	$ 0.70
Number of unvested options | shares	448,336
Range 3 [Member]
Exercise price lower range limit	$ 1.01
Exercise price upper range limit	$ 1.50
Number of outstanding options | shares	225,000
Weighted average years to expiry	3 years 10 months 13 days
Weighted average exercise price options outstanding	$ 1.31
Number of exercisable options | shares	125,000
Weighted average exercise price exercisable	$ 1.22
Number of unvested options | shares	100,000
Range Four [Member]
Exercise price lower range limit	$ 1.51
Exercise price upper range limit	$ 2
Number of outstanding options | shares	120,000
Weighted average years to expiry	4 years 1 month 9 days
Weighted average exercise price options outstanding	$ 1.79
Number of exercisable options | shares	86,666
Weighted average exercise price exercisable	$ 1.76
Number of unvested options | shares	33,334
Range Five [Member]
Exercise price lower range limit	$ 2.01
Exercise price upper range limit	$ 2.52
Number of outstanding options | shares	2,517,500
Weighted average years to expiry	4 years 6 months 10 days
Weighted average exercise price options outstanding	$ 2.19
Number of exercisable options | shares	1,257,498
Weighted average exercise price exercisable	$ 2.19
Number of unvested options | shares	1,260,002

Schedule of Unit Plans and Chan

Schedule of Unit Plans and Changes Activity (Details)	6 Months Ended
	May 31, 2019shares
Number of RSU's [Member]
Balance – beginning of the year	400,002
Granted	225,000
Vested/paid	(412,501)
Balance - end of period	212,501
Number of DSU's [Member]
Balance – beginning of the year	1,182,106
Granted	104,489
Vested/paid	0
Balance - end of period	1,286,595

Schedule of Warrants, Activity

Schedule of Warrants, Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	May 31, 2019	Nov. 30, 2018
Balance – beginning of the year	6,521,740
Weighted average years to expiry	1 month 2 days	7 months 2 days
Weighted average exercise price	$ 1.52	$ 1.52
Balance - end of period	6,521,740	6,521,740

Financial instruments (Narrativ

Financial instruments (Narrative) (Details)	3 Months Ended
	May 31, 2019USD ($)	May 31, 2019CAD ($)	Nov. 30, 2018USD ($)
Accounts receivable	$ 171,000		$ 23,000
Interest rate loss	$ (300,000)
Canadian Limit Due to Currency Risk [Member]
Cash		$ 244,000
Accounts receivable		26,000
Accounts payable		$ 442,000
Change in foreign exchange rate	10.00%	10.00%
Foreign exchange (gain) loss	$ (13,000)
Change in interest rate	1.00%

Schedule of Contractually Oblig

Schedule of Contractually Obligated Cash Flow Requirements (Details) $ in Thousands	May 31, 2019USD ($)
Total	$ 1,481
Within 1 Year	1,481
1 - 2 Years	0
2 - 5 Years	0
Thereafter	0
Accounts payable and accrued liabilities [Member]
Total	1,481
Within 1 Year	1,481
1 - 2 Years	0
2 - 5 Years	0
Thereafter	$ 0

Commitment (Details)

Commitment (Details) $ in Thousands	May 31, 2019USD ($)
One year	$ 231
Years 2 through 5	457
Beyond 5 years	414
Total	$ 1,102

Subsequent events (Narrative) (

Subsequent events (Narrative) (Details) - Subsequent Event [Member] $ in Millions	Jun. 28, 2019USD ($)shares
Subsequent Event [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares	6,521,740
Proceeds from Warrant Exercises | $	$ 9.9