Trilogy Metals (TMQ) 10-Q 5 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Aug. 31, 2021	Oct. 05, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2021
Document Transition Report	false
Entity File Number	1-35447
Entity Registrant Name	TRILOGY METALS INC.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1006991
Entity Address, Address Line One	Suite 1150, 609 Granville Street
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V7Y 1G5
City Area Code	604
Local Phone Number	638-8088
Title of 12(b) Security	Common Shares
Trading Symbol	TMQ
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		144,451,485
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001543418
Amendment Flag	false

Interim Consolidated Balance Sh

Interim Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2021	Nov. 30, 2020
Current assets
Cash and cash equivalents	$ 6,831	$ 11,125
Accounts receivable (note 3)	16	129
Deposits and prepaid amounts	481	184
Total Current Assets	7,328	11,438
Investment in Ambler Metals LLC (note 4)	164,253	173,145
Fixed assets	34	206
Mineral properties	119
Right of use asset (note 6 (a))	521	476
Total Assets	172,255	185,265
Current liabilities
Accounts payable and accrued liabilities (note 5)	385	888
Current portion of lease liability	176	158
Current liabilities	561	1,046
Long-term portion of lease liability (note 6 (b))	286	408
Total Liabilities	847	1,454
Shareholders' equity
Share capital (note 7) - unlimited common shares authorized, no par value Issued - 144,451,485 (2020 - 144,137,850)	180,392	179,746
Contributed surplus	122	122
Contributed surplus - options (note 7(a))	25,750	23,303
Contributed surplus - units (note 7(b))	1,682	1,585
Deficit	(36,538)	(20,945)
Total Shareholders' Equity	171,408	183,811
Total Liabilities and Shareholders' Equity	$ 172,255	$ 185,265

Interim Consolidated Balance _2

Interim Consolidated Balance Sheets (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Aug. 31, 2021	Nov. 30, 2020
Interim Consolidated Balance Sheets
Unlimited common shares authorized	Unlimited	Unlimited
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares, Issued	144,451,485	144,137,850
Common Stock, Shares, Outstanding	144,451,485	144,137,850

Interim Consolidated Statements

Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Expenses
Amortization	$ 5	$ 17	$ 16	$ 75
Exploration expense	130		130
Feasibility study (note 4(a))		232		974
Foreign exchange loss (gain)	(31)	37	44	44
General and administrative	425	265	1,188	1,349
Investor relations	170	156	440	383
Mineral properties expense				1,545
Professional fees	123	165	627	1,031
Salaries	365	170	1,210	620
Salaries - stock-based compensation	409	1,064	3,081	3,030
Total expenses	1,596	2,106	6,736	9,051
Other items
Share of loss on equity investment (note 4(b))	6,072	1,094	8,892	1,833
Interest and other income	(4)	(8)	(13)	(82)
Services agreement income (note 4(e))		(8)	(22)	(25)
Gain on derecognition of assets contributed to joint venture (note 4(a))				(175,770)
Comprehensive (loss) earnings for the period	$ (7,664)	$ (3,184)	$ (15,593)	$ 164,993
Basic (loss) earnings per common share	$ (0.05)	$ (0.02)	$ (0.11)	$ 1.17
Diluted (loss) earnings per common share	$ (0.05)	$ (0.02)	$ (0.11)	$ 1.12
Basic weighted average number of common shares outstanding	144,447,463	141,018,130	144,347,948	140,807,319
Diluted weighted average number of common shares outstanding	144,447,463	141,018,130	144,347,948	146,660,689

Interim Consolidated Statemen_2

Interim Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Share capital	Contributed surplus.	Contributed surplus - options	Contributed surplus - units.	Deficit	Total
Beginning Balance at Nov. 30, 2019	$ 177,971	$ 122	$ 21,123	$ 1,759	$ (182,712)	$ 18,263
Beginning Balance (Shares) at Nov. 30, 2019	140,427,761
Exercise of options	$ 6		(6)
Exercise of options (Shares)	19,514
Restricted Share Units	$ 330			(330)
Restricted Share Units (Shares)	212,501
Stock-based compensation			1,155	41		1,196
Earnings (Loss) for the period					171,179	171,179
Ending Balance at Feb. 29, 2020	$ 178,307	122	22,272	1,470	(11,533)	190,638
Ending Balance (Shares) at Feb. 29, 2020	140,659,776
Beginning Balance at Nov. 30, 2019	$ 177,971	122	21,123	1,759	(182,712)	18,263
Beginning Balance (Shares) at Nov. 30, 2019	140,427,761
Earnings (Loss) for the period						164,993
Ending Balance at Aug. 31, 2020	$ 179,310	122	23,024	1,549	(17,719)	186,286
Ending Balance (Shares) at Aug. 31, 2020	142,978,805
Beginning Balance at Nov. 30, 2019	$ 177,971	122	21,123	1,759	(182,712)	18,263
Beginning Balance (Shares) at Nov. 30, 2019	140,427,761
Exercise of options (Shares)	3,297,588
Restricted Share Units (Shares)	412,501
Ending Balance at Nov. 30, 2020	$ 179,746	122	23,303	1,585	(20,945)	183,811
Ending Balance (Shares) at Nov. 30, 2020	144,137,850
Beginning Balance at Feb. 29, 2020	$ 178,307	122	22,272	1,470	(11,533)	190,638
Beginning Balance (Shares) at Feb. 29, 2020	140,659,776
Exercise of options	$ 31		(31)
Exercise of options (Shares)	63,110
Restricted Share Units	$ 312			(312)
Restricted Share Units (Shares)	200,000
Stock-based compensation			420	350		770
Earnings (Loss) for the period					(3,002)	(3,002)
Ending Balance at May. 31, 2020	$ 178,650	122	22,661	1,508	(14,535)	188,406
Ending Balance (Shares) at May. 31, 2020	140,922,886
Exercise of options	$ 660		(660)
Exercise of options (Shares)	2,055,919
Stock-based compensation			1,023	41		1,064
Earnings (Loss) for the period					(3,184)	(3,184)
Ending Balance at Aug. 31, 2020	$ 179,310	122	23,024	1,549	(17,719)	186,286
Ending Balance (Shares) at Aug. 31, 2020	142,978,805
Beginning Balance at Nov. 30, 2020	$ 179,746	122	23,303	1,585	(20,945)	183,811
Beginning Balance (Shares) at Nov. 30, 2020	144,137,850
Exercise of options	$ 334		(334)
Exercise of options (Shares)	76,635
Stock-based compensation			2,112	36		2,148
Earnings (Loss) for the period					(4,516)	(4,516)
Ending Balance at Feb. 28, 2021	$ 180,080	122	25,081	1,621	(25,461)	181,443
Ending Balance (Shares) at Feb. 28, 2021	144,214,485
Beginning Balance at Nov. 30, 2020	$ 179,746	122	23,303	1,585	(20,945)	183,811
Beginning Balance (Shares) at Nov. 30, 2020	144,137,850
Exercise of options (Shares)	313,635
Earnings (Loss) for the period						(15,593)
Ending Balance at Aug. 31, 2021	$ 180,392	122	25,750	1,682	(36,538)	171,408
Ending Balance (Shares) at Aug. 31, 2021	144,451,485
Beginning Balance at Feb. 28, 2021	$ 180,080	122	25,081	1,621	(25,461)	181,443
Beginning Balance (Shares) at Feb. 28, 2021	144,214,485
Exercise of options	$ 308		(202)			106
Exercise of options (Shares)	232,000
Stock-based compensation			488	36		524
Earnings (Loss) for the period					(3,413)	(3,413)
Ending Balance at May. 31, 2021	$ 180,388	122	25,367	1,657	(28,874)	178,660
Ending Balance (Shares) at May. 31, 2021	144,446,485
Exercise of options	$ 4		(1)			3
Exercise of options (Shares)	5,000
Stock-based compensation			384	25		409
Earnings (Loss) for the period					(7,664)	(7,664)
Ending Balance at Aug. 31, 2021	$ 180,392	$ 122	$ 25,750	$ 1,682	$ (36,538)	$ 171,408
Ending Balance (Shares) at Aug. 31, 2021	144,451,485

Interim Consolidated Statemen_3

Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Cash flows used in operating activities
(Loss) earnings for the period	$ (7,664)	$ (3,184)	$ (15,593)	$ 164,993
Adjustments to reconcile net loss to cash flows in operating activities
Amortization			16	75
Office lease accounting			(10)	(18)
Loss on working capital written-off upon joint venture formation				18
Gain on derecognition of assets (note 4(a))				(175,770)
Loss on equity investment in Ambler Metals LLC (note 4(b))	6,072	1,094	8,892	1,833
Unrealized foreign exchange loss			18	12
Stock-based compensation	409	1,064	3,081	3,030
Net change in non-cash working capital
Decrease in accounts receivable			113	143
Decrease (increase) in deposits and prepaid amounts			(297)	340
Decrease in accounts payable and accrued liabilities			(503)	(1,067)
Net Cash Used in Operating Activities			(4,283)	(6,411)
Cash flows from financing activities
Proceeds from exercise of options			109
Net Cash Provided by Financing Activities			109
Cash flows from investing activities
Mineral claims			(119)
Cash flows from investing activities			(119)
Decrease in cash from operating activities			(4,293)	(6,411)
Effect of exchange rate on cash and cash equivalents			(1)	17
Cash and cash equivalents - beginning of year			11,125	19,174
Cash and cash equivalents - end of the period	$ 6,831	$ 12,780	$ 6,831	$ 12,780

Nature of operations

Nature of operations	9 Months Ended
	Aug. 31, 2021
Nature of operations
Nature of operations	1) Nature of operations Trilogy Metals Inc. (“Trilogy” or the “Company”) was incorporated in British Columbia under the Business Corporations Act (BC)

Summary of significant accounti

Summary of significant accounting policies	9 Months Ended
	Aug. 31, 2021
Summary of significant accounting policies
Summary of significant accounting policies	2) Summary of significant accounting policies Basis of presentation These interim 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 intercompany transactions are eliminated on consolidation. For variable interest entities (“VIEs”) where Trilogy is not the primary beneficiary, we use the equity method of accounting. 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 necessary for the fair presentation of the Company’s financial position as of August 31, 2021 and our results of operations and cash flows for the nine months ended August 31, 2021 and August 31, 2020. The results of operations for the nine months ended August 31, 2021 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2021. 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, 2020, filed with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities on February 12, 2021. These interim consolidated financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on October 4, 2021.

Accounts receivable

Accounts receivable	9 Months Ended
	Aug. 31, 2021
Accounts receivable
Accounts receivable	3) Accounts receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ August 31, 2021 ​ ​ November 30, 2020 ​ ​ $ $ ​ GST input tax credits ​ 16 ​ 15 ​ Ambler Metals LLC ​ — ​ 114 ​ Accounts receivable ​ 16 ​ 129 ​ ​ The balance due from Ambler Metals LLC (see note 4 below) consisted of services rendered by Trilogy and reimbursements for invoices paid by Trilogy on behalf of Ambler Metals LLC per a service agreement.

Equity method investment

Equity method investment	9 Months Ended
	Aug. 31, 2021
Equity method investment
Equity method investment	4) Equity method investment (a) Formation of Ambler Metals LLC On February 11, 2020, the Company completed the formation of a 50/50 joint venture named Ambler Metals LLC with South32 Limited (“South32”). As part of the formation of the joint venture, Trilogy contributed all its assets associated with the UKMP, including the Arctic and Bornite Projects, while South32 contributed US$145 million, resulting in each party’s subsidiaries directly owning a 50% interest in Ambler Metals LLC. To assist Ambler Metals during the initial set up phase, Trilogy was paying all of Ambler Metals LLC’s invoices and being reimbursed pursuant to a services agreement (the “Services Agreement”) between Trilogy and Ambler Metals LLC until the back office was fully transitioned to a new permanent team employed by the joint venture. The Services Agreement ended on December 31, 2020. Ambler Metals LLC is an independently operated company jointly controlled by Trilogy and South32 through a four-member board, of which two members are appointed by Trilogy based on its 50% equity interest. All significant decisions related to the UKMP require the approval of both companies. We determined that Ambler Metals LLC is a VIE because it is expected to need additional funding from its owners for its significant activities. However, we concluded that we are not the primary beneficiary of Ambler Metals LLC as the power to direct its activities, through its board, is shared under the Ambler Metals LLC limited liability company agreement. As we have significant influence over Ambler Metals LLC through our representation on its board, we use the equity method of accounting for our investment in Ambler Metals LLC. Our investment in Ambler Metals LLC was initially measured at its fair value of $176 million upon recognition. Our maximum exposure to loss in this entity is limited to the carrying amount of our investment in Ambler Metals LLC, which, as at August 31, 2021, totaled $164 million. The following table summarizes the gain on derecognition of the UKMP assets upon transfer to the Ambler Metals LLC joint venture on February 11, 2020. ​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ ​ Fair value ascribed to Ambler Metals LLC interest ​ 176,000 ​ Less: carrying value of contributed /eliminated assets ​ ​ Mineral properties ​ (30,631) ​ Property, plant and equipment ​ (618) ​ Elimination of Fairbanks warehouse right of use asset ​ (93) ​ Elimination of prepaid State of Alaska mining claim fees ​ (303) ​ Add: ​ ​ Reimbursement of claims staking ​ 44 ​ Demobilization costs of drills ​ 278 ​ Cancellation of Fairbanks warehouse lease liability ​ 93 ​ Fair value of mineral properties purchase option ​ 31,000 ​ Gain on derecognition ​ 175,770 ​ ​ No additional mineral properties expenses were incurred subsequent to February 11, 2020 as upon the formation of the joint venture with South 32, all mineral properties previously held by the Company were contributed to Ambler Metals LLC. Prior to the formation of the joint venture, the Company had also incurred $0.7 million in Arctic Project feasibility costs that are included in the mineral properties expense balance of $1.5 million for the nine-month period ended August 31, 2020. (b) Carrying value of equity method investment Trilogy recognized, based on its 50% ownership interest in Ambler Metals LLC, an equity loss equivalent to its pro rata share of Ambler Metals LLC's comprehensive loss of $12.1 million for the three-month period ending August 31, 2021 (2020 - $2.2 million) and $17.8 million for the nine-month period ending August 31, 2021 (2020 - $3.7 million). The carrying value of Trilogy’s 50% investment in Ambler Metals LLC as at August 31, 2021 is summarized on the following table. ​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ ​ November 30, 2020, investment in Ambler Metals LLC ​ 173,145 ​ Share of loss on equity investment for the nine-month period ending August 31, 2021 ​ (8,892) ​ August 31, 2021, investment in Ambler Metals LLC ​ 164,253 ​ ​ (c) The following table summarizes Ambler Metals LLC's Balance Sheet as at August 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ August 31, 2021 ​ ​ November 30, 2020 ​ ​ $ ​ ​ $ ​ Current assets: Cash, deposits and prepaid expenses ​ 69,452 ​ ​ 82,226 ​ Non - current assets: Property, equipment and mineral properties ​ 32,231 ​ ​ 31,287 ​ Loan receivable from South32 ​ 56,070 ​ ​ 58,478 ​ Current liabilities: Accounts payable and accrued liabilities ​ (4,083) ​ ​ (1,445) ​ Non - current liabilities: Lease obligation ​ (957) ​ ​ (51) ​ Net assets ​ 152,713 ​ ​ 170,495 ​ ​ (d) The following table summarizes Ambler Metals LLC's comprehensive loss for the three and nine-month period ending August 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ For the three months ended ​ For the nine months ended ​ ​ August 31, 2021 ​ ​ August 31, 2020 ​ ​ August 31, 2021 ​ ​ August 31, 2020 ​ ​ $ $ $ $ Amortization ​ 22 ​ ​ 37 ​ ​ 55 ​ ​ 87 ​ Mineral properties expense ​ 11,139 ​ ​ 1,329 ​ ​ 15,109 ​ ​ 2,409 ​ General and administrative expense ​ 1,243 ​ ​ 1,168 ​ ​ 3,426 ​ ​ 2,072 ​ Interest income ​ (260) ​ ​ (345) ​ ​ (807) ​ ​ (902) ​ Comprehensive loss ​ 12,144 ​ ​ 2,189 ​ ​ 17,783 ​ ​ 3,666 ​ ​ ​ (e) Related party transactions - services agreement income During the three-month period ending February 28, 2021, the Company charged $22,151 of expenses related to technical services, including geological, engineering, environmental and human resources, and accounting services in connection with the Services Agreement. In addition, the Company received payments of $4,053 related to operating expenses paid on behalf of Ambler Metals during the three-month period ending February 28, 2021. There were no further services provided to Ambler Metals under the agreement.

Accounts payable and accrued li

Accounts payable and accrued liabilities	9 Months Ended
	Aug. 31, 2021
Accounts payable and accrued liabilities.
Accounts payable and accrued liabilities	5) Accounts payable and accrued liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ August 31, 2021 ​ ​ November 30, 2020 ​ ​ $ $ Trade accounts payable ​ 118 ​ ​ 226 ​ Accrued liabilities 163 ​ 198 ​ Accrued salaries and vacation 104 ​ 464 ​ Accounts payable and accrued liabilities 385 ​ 888 ​ ​

Leases

Leases	9 Months Ended
	Aug. 31, 2021
Leases
Leases	6) Leases (a) Right-of-use asset ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ ​ ASC transition as at December 1, 2019 ​ 681 ​ Net amortization ​ (112) ​ Derecognition of Fairbanks warehouse lease ​ (93) ​ Balance as at November 30, 2020 ​ 476 ​ Net amortization ​ (111) ​ Previously classified in fixed assets ​ 156 ​ Balance as at August 31, 2021 ​ 521 ​ ​ (b) Lease liabilities The Company’s lease arrangements primarily consist of an operating lease for our office space ending in June 2024. There are no extension options. Total lease expense recorded within general and administrative expenses was comprised of the following components: ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ Nine months ended ​ ​ Nine months ended ​ ​ ​ August 31, 2021 ​ ​ August 31, 2020 ​ ​ $ ​ ​ $ ​ Operating lease costs ​ 140 ​ ​ 124 ​ Variable lease costs ​ 86 ​ ​ 97 ​ Total lease expense ​ 226 ​ ​ 221 ​ ​ Variable lease costs consist primarily of the Company’s portion of operating costs associated with the office space lease as the Company elected to apply the practical expedient not to separate lease and non-lease components. As of August 31, 2021, the weighted-average remaining lease term is 2.75 years and the weighted-average discount rate is 8% . Significant judgment was used in the determination of the incremental borrowing rate which included estimating the Company’s credit rating. Supplemental cash and non-cash information relating to our leases during the nine months ended August 31, 2021 are as follows: ● Cash paid for amounts included in the measurement of lease liabilities was $150,418 . Future minimum payments relating to the lease recognized in our balance sheet as of August 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ August 31, 2021 Fiscal year $ 2021 51 ​ 2022 207 ​ 2023 213 ​ 2024 36 ​ Total undiscounted lease payments 507 ​ Effect of discounting (45) ​ Present value of lease payments recognized as lease liability 462 ​ ​

Share capital

Share capital	9 Months Ended
	Aug. 31, 2021
Share capital.
Share capital	7) Share capital Authorized: unlimited common shares, no par value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars, except share amounts ​ ​ ​ Number of shares ​ ​ Ascribed value ​ ​ ​ $ November 30, 2019 140,427,761 ​ ​ 177,971 ​ Exercise of options 3,297,588 ​ ​ 1,133 ​ Restricted Share Units 412,501 ​ ​ 642 ​ November 30, 2020 144,137,850 ​ ​ 179,746 ​ Exercise of options ​ 313,635 ​ ​ 646 ​ August 31, 2021, issued and outstanding ​ 144,451,485 ​ ​ 180,392 ​ ​ (a) Stock options During the nine-month period ended August 31, 2021, the Company granted 3,374,150 options (2020 – 4,095,000 options) at a weighted-average exercise price of $2.00 (2020 - $2.14) to employees, consultants and directors exercisable for a period of five years with various vesting terms from immediate vesting to vesting over a two-year period. The weighted-average fair value attributable to options granted in the period was $0.84 (2020 - $0.90). For the three-month period ended August 31, 2021, Trilogy recognized a stock-based compensation charge of $0.38 million (2020 – $1.02 million) for options granted to directors, employees and service providers, net of estimated forfeitures. For the nine-month period ended August 31, 2021, Trilogy recognized a stock-based compensation charge of $2.98 million (2020 – $2.60 million) for options granted to directors, employees and service providers, net of estimated forfeitures. 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 nine-month period ended August 31, 2021 are as provided below. ​ ​ ​ ​ ​ August 31, 2021 Risk-free interest rates 0.31% Exercise price 1.98 Expected life 3 years Expected volatility 64.4% Expected dividends Nil ​ As of August 31, 2021, there were 2,643,004 non-vested options outstanding with a weighted average exercise price of $2.09; the non-vested stock option expense not yet recognized was $0.81 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 nine-month period ended August 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August 31, 2021 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ exercise price ​ ​ Number of options $ Balance – beginning of the year 8,647,500 ​ ​ 1.90 ​ Granted 3,374,150 ​ ​ 2.00 ​ Exercised (772,000) ​ ​ 1.59 ​ Cancelled (131,334) ​ ​ 2.41 ​ Balance – end of the period 11,118,316 ​ ​ 1.94 ​ ​ The following table summarizes information about the stock options outstanding at August 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ Exercisable ​ ​ Unvested ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Number of ​ ​ Weighted ​ ​ average ​ ​ Number of ​ ​ average ​ ​ Number of ​ ​ outstanding ​ ​ average years ​ ​ exercise price ​ ​ exercisable ​ ​ exercise price ​ ​ unvested ​ Range of exercise price options to expiry $ options $ options $0.56 to $1.00 1,435,000 ​ 0.84 ​ ​ 0.70 ​ ​ 1,435,000 ​ ​ 0.84 ​ ​ — ​ $1.01 to $1.50 75,000 ​ 1.31 ​ ​ 1.17 ​ ​ 75,000 ​ ​ 1.31 ​ ​ — ​ $1.51 to $2.00 4,269,150 ​ 4.03 ​ ​ 1.97 ​ ​ 2,779,483 ​ ​ 3.91 ​ ​ 1,489,667 ​ $2.01 to $2.50 5,301,666 ​ 3.22 ​ ​ 2.26 ​ ​ 4,148,329 ​ ​ 3.11 ​ ​ 1,153,337 ​ $2.51 to $2.70 ​ 37,500 ​ ​ 2.72 ​ ​ 2.70 ​ ​ 37,500 ​ ​ 2.72 ​ ​ — ​ ​ ​ 11,118,316 ​ ​ 3.21 ​ ​ 1.94 ​ ​ 8,475,312 ​ ​ 2.97 ​ ​ 2,643,004 ​ ​ The aggregate intrinsic value of vested share options (the market value less the exercise price) at August 31, 2021 was $2.20 million (2020 - $5.20 million) and the aggregate intrinsic value of exercised options for the nine months ended August 31, 2021 was $0.63 million (2020 - $4.50 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 nine-month period ended August 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ Number of DSUs Balance – beginning of the year 1,218,520 ​ Granted 44,550 ​ Balance – end of the period 1,263,070 ​ ​ For the three-month period ended August 31, 2021, Trilogy recognized a stock-based compensation charge of $0.03 million (2020- $0.04 million), net of estimated forfeitures. For the nine-month period ended August 31, 2021, Trilogy recognized a stock-based compensation charge of $0.10 million (2020- $0.43 million), net of estimated forfeitures. The Company did not issue any RSU grants during the nine-month period ended August 31, 2021. As of August 31, 2021, there were no outstanding RSU grants.

Financial instruments

Financial instruments	9 Months Ended
	Aug. 31, 2021
Financial instruments
Financial instruments	8) 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. 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 August 31, 2021 is limited to the Canadian dollar balances consisting of cash of approximately CAD$20,000, accounts receivable of approximately CAD$19,000 and accounts payable of approximately CAD$178,000. 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 $14,000. (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 undiscounted cash flow requirements as at August 31, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ Total < 1 Year 1–2 Years 2–5 Years Thereafter ​ ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ Accounts payable and accrued liabilities 385 ​ 385 ​ — ​ ​ — ​ ​ — ​ Office lease 507 ​ ​ 206 ​ ​ 301 ​ ​ — ​ ​ — ​ 892 ​ 591 ​ 301 ​ ​ — ​ ​ — ​ ​ (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 August 31, 2021, a 1% change in interest rates would result in a $130 change in net loss, assuming all other variables remain constant.

Commitment

Commitment	9 Months Ended
	Aug. 31, 2021
Commitment
Commitment	9) Commitment The Company has commitments with respect to an office lease requiring future minimum lease payments as summarized in note 6(b) above.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	9 Months Ended
	Aug. 31, 2021
Summary of significant accounting policies
Basis of presentation	Basis of presentation These interim 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 intercompany transactions are eliminated on consolidation. For variable interest entities (“VIEs”) where Trilogy is not the primary beneficiary, we use the equity method of accounting. 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 necessary for the fair presentation of the Company’s financial position as of August 31, 2021 and our results of operations and cash flows for the nine months ended August 31, 2021 and August 31, 2020. The results of operations for the nine months ended August 31, 2021 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2021. 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, 2020, filed with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities on February 12, 2021. These interim consolidated financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on October 4, 2021.

Accounts receivable (Tables)

Accounts receivable (Tables)	9 Months Ended
	Aug. 31, 2021
Accounts receivable
Schedule of account receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ August 31, 2021 ​ ​ November 30, 2020 ​ ​ $ $ ​ GST input tax credits ​ 16 ​ 15 ​ Ambler Metals LLC ​ — ​ 114 ​ Accounts receivable ​ 16 ​ 129 ​

Equity method investment (Table

Equity method investment (Tables)	9 Months Ended
	Aug. 31, 2021
Equity method investment
Schedule of gain on transfer of assets	​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ ​ Fair value ascribed to Ambler Metals LLC interest ​ 176,000 ​ Less: carrying value of contributed /eliminated assets ​ ​ Mineral properties ​ (30,631) ​ Property, plant and equipment ​ (618) ​ Elimination of Fairbanks warehouse right of use asset ​ (93) ​ Elimination of prepaid State of Alaska mining claim fees ​ (303) ​ Add: ​ ​ Reimbursement of claims staking ​ 44 ​ Demobilization costs of drills ​ 278 ​ Cancellation of Fairbanks warehouse lease liability ​ 93 ​ Fair value of mineral properties purchase option ​ 31,000 ​ Gain on derecognition ​ 175,770 ​
Schedule of equity investment	​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ ​ November 30, 2020, investment in Ambler Metals LLC ​ 173,145 ​ Share of loss on equity investment for the nine-month period ending August 31, 2021 ​ (8,892) ​ August 31, 2021, investment in Ambler Metals LLC ​ 164,253 ​
Schedule of Ambler Metals LLC's Balance Sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ August 31, 2021 ​ ​ November 30, 2020 ​ ​ $ ​ ​ $ ​ Current assets: Cash, deposits and prepaid expenses ​ 69,452 ​ ​ 82,226 ​ Non - current assets: Property, equipment and mineral properties ​ 32,231 ​ ​ 31,287 ​ Loan receivable from South32 ​ 56,070 ​ ​ 58,478 ​ Current liabilities: Accounts payable and accrued liabilities ​ (4,083) ​ ​ (1,445) ​ Non - current liabilities: Lease obligation ​ (957) ​ ​ (51) ​ Net assets ​ 152,713 ​ ​ 170,495 ​
Schedule of Ambler Metals LLC's comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ For the three months ended ​ For the nine months ended ​ ​ August 31, 2021 ​ ​ August 31, 2020 ​ ​ August 31, 2021 ​ ​ August 31, 2020 ​ ​ $ $ $ $ Amortization ​ 22 ​ ​ 37 ​ ​ 55 ​ ​ 87 ​ Mineral properties expense ​ 11,139 ​ ​ 1,329 ​ ​ 15,109 ​ ​ 2,409 ​ General and administrative expense ​ 1,243 ​ ​ 1,168 ​ ​ 3,426 ​ ​ 2,072 ​ Interest income ​ (260) ​ ​ (345) ​ ​ (807) ​ ​ (902) ​ Comprehensive loss ​ 12,144 ​ ​ 2,189 ​ ​ 17,783 ​ ​ 3,666 ​

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	9 Months Ended
	Aug. 31, 2021
Accounts payable and accrued liabilities.
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ August 31, 2021 ​ ​ November 30, 2020 ​ ​ $ $ Trade accounts payable ​ 118 ​ ​ 226 ​ Accrued liabilities 163 ​ 198 ​ Accrued salaries and vacation 104 ​ 464 ​ Accounts payable and accrued liabilities 385 ​ 888 ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Aug. 31, 2021
Leases
Schedule of right-of-use asset	​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ ​ ASC transition as at December 1, 2019 ​ 681 ​ Net amortization ​ (112) ​ Derecognition of Fairbanks warehouse lease ​ (93) ​ Balance as at November 30, 2020 ​ 476 ​ Net amortization ​ (111) ​ Previously classified in fixed assets ​ 156 ​ Balance as at August 31, 2021 ​ 521 ​
Schedule of lease expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ Nine months ended ​ ​ Nine months ended ​ ​ ​ August 31, 2021 ​ ​ August 31, 2020 ​ ​ $ ​ ​ $ ​ Operating lease costs ​ 140 ​ ​ 124 ​ Variable lease costs ​ 86 ​ ​ 97 ​ Total lease expense ​ 226 ​ ​ 221 ​
Schedule of future minimum payments	​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ August 31, 2021 Fiscal year $ 2021 51 ​ 2022 207 ​ 2023 213 ​ 2024 36 ​ Total undiscounted lease payments 507 ​ Effect of discounting (45) ​ Present value of lease payments recognized as lease liability 462 ​

Share capital (Tables)

Share capital (Tables)	9 Months Ended
	Aug. 31, 2021
Share capital.
Schedule of common stock outstanding roll forward	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars, except share amounts ​ ​ ​ Number of shares ​ ​ Ascribed value ​ ​ ​ $ November 30, 2019 140,427,761 ​ ​ 177,971 ​ Exercise of options 3,297,588 ​ ​ 1,133 ​ Restricted Share Units 412,501 ​ ​ 642 ​ November 30, 2020 144,137,850 ​ ​ 179,746 ​ Exercise of options ​ 313,635 ​ ​ 646 ​ August 31, 2021, issued and outstanding ​ 144,451,485 ​ ​ 180,392 ​
Schedule of assumptions used in the pricing model	​ ​ ​ ​ ​ August 31, 2021 Risk-free interest rates 0.31% Exercise price 1.98 Expected life 3 years Expected volatility 64.4% Expected dividends Nil
Summary of the company's stock option plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ August 31, 2021 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ exercise price ​ ​ Number of options $ Balance – beginning of the year 8,647,500 ​ ​ 1.90 ​ Granted 3,374,150 ​ ​ 2.00 ​ Exercised (772,000) ​ ​ 1.59 ​ Cancelled (131,334) ​ ​ 2.41 ​ Balance – end of the period 11,118,316 ​ ​ 1.94 ​
Summary of information about stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ Exercisable ​ ​ Unvested ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Number of ​ ​ Weighted ​ ​ average ​ ​ Number of ​ ​ average ​ ​ Number of ​ ​ outstanding ​ ​ average years ​ ​ exercise price ​ ​ exercisable ​ ​ exercise price ​ ​ unvested ​ Range of exercise price options to expiry $ options $ options $0.56 to $1.00 1,435,000 ​ 0.84 ​ ​ 0.70 ​ ​ 1,435,000 ​ ​ 0.84 ​ ​ — ​ $1.01 to $1.50 75,000 ​ 1.31 ​ ​ 1.17 ​ ​ 75,000 ​ ​ 1.31 ​ ​ — ​ $1.51 to $2.00 4,269,150 ​ 4.03 ​ ​ 1.97 ​ ​ 2,779,483 ​ ​ 3.91 ​ ​ 1,489,667 ​ $2.01 to $2.50 5,301,666 ​ 3.22 ​ ​ 2.26 ​ ​ 4,148,329 ​ ​ 3.11 ​ ​ 1,153,337 ​ $2.51 to $2.70 ​ 37,500 ​ ​ 2.72 ​ ​ 2.70 ​ ​ 37,500 ​ ​ 2.72 ​ ​ — ​ ​ ​ 11,118,316 ​ ​ 3.21 ​ ​ 1.94 ​ ​ 8,475,312 ​ ​ 2.97 ​ ​ 2,643,004 ​
Schedule of restricted share Units and deferred share units plans	​ ​ ​ ​ ​ ​ Number of DSUs Balance – beginning of the year 1,218,520 ​ Granted 44,550 ​ Balance – end of the period 1,263,070 ​

Financial instruments (Tables)

Financial instruments (Tables)	9 Months Ended
	Aug. 31, 2021
Financial instruments
Schedule of contractually obligated cash flow requirements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ Total < 1 Year 1–2 Years 2–5 Years Thereafter ​ ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ Accounts payable and accrued liabilities 385 ​ 385 ​ — ​ ​ — ​ ​ — ​ Office lease 507 ​ ​ 206 ​ ​ 301 ​ ​ — ​ ​ — ​ 892 ​ 591 ​ 301 ​ ​ — ​ ​ — ​

Accounts receivable (Details)

Accounts receivable (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Nov. 30, 2020
Accounts receivable
GST input tax credits	$ 16	$ 15
Ambler Metals LLC		114
Accounts receivable	$ 16	$ 129

Equity method investment - Narr

Equity method investment - Narrative (Details) - USD ($)	Feb. 11, 2020	Feb. 29, 2020	Aug. 31, 2021	Feb. 28, 2021	Aug. 31, 2020	May 31, 2020	Aug. 31, 2021	Aug. 31, 2020	Nov. 30, 2020
Schedule of Equity Method Investments [Line Items]
Investment in Ambler Metals LLC.			$ 164,253,000				$ 164,253,000		$ 173,145,000
Feasibility costs					$ 232,000			$ 974,000
Mineral properties expense								1,545,000
Comprehensive loss			$ (7,664,000)		(3,184,000)		$ (15,593,000)	164,993,000
Service agreement
Related party transactions - services agreement income
Amount charged for expenses				$ 22,151
Ambler Metals LLC
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	50.00%		50.00%				50.00%
Investment in Ambler Metals LLC.	$ 176,000,000		$ 164,253,000				$ 164,253,000
Mineral properties expense		$ 0	0			$ 0
Comprehensive loss			12,100,000		$ 2,200,000		$ 17,800,000	3,700,000
Related party transactions - services agreement income
Amount charged for expenses			$ 0	$ 4,053
Upper Kobuk Mineral Projects | South32
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	50.00%
Upper Kobuk Mineral Projects | South32 | Ambler Metals LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment contribution	$ 145,000,000
Arctic Project
Schedule of Equity Method Investments [Line Items]
Feasibility costs								$ 700,000

Equity method investment - Gain

Equity method investment - Gain on Derecognition of the UKMP assets upon transfer to the Ambler Metals LLC joint venture (Details) - Ambler Metals LLC - USD ($) $ in Thousands	Nov. 30, 2020	Feb. 11, 2020
Table summarizes the gain on recognition of the UKMP assets upon transfer to the Ambler Metals joint venture
Fair value ascribed to Ambler Metals LLC interest	$ 173,145	$ 176,000
Less: carrying value of contributed /eliminated assets
Mineral properties		(30,631)
Property, plant and equipment		(618)
Elimination of Fairbanks warehouse right of use asset		(93)
Elimination of prepaid State of Alaska mining claim fees		(303)
Add:
Reimbursement of claims staking		44
Demobilization costs of drills		278
Cancellation of Fairbanks warehouse lease liability		93
Fair value of mineral properties purchase option		31,000
Gain on derecognition		$ 175,770

Equity method investment - Fina

Equity method investment - Financial information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	May 31, 2020	Aug. 31, 2021	Aug. 31, 2020	Nov. 30, 2020	Feb. 11, 2020
The carrying value of Trilogy's 50% investment in Ambler Metals LLC
Share of loss on equity investment for the six-month period ending May 31, 2021	$ (6,072)	$ (1,094)		$ (8,892)	$ (1,833)
Investment in Ambler Metals LLC.	164,253			164,253		$ 173,145
Ambler Metals LLC's Balance Sheet and Comprehensive loss
Total Assets	172,255			172,255		185,265
Amortization				16	75
General and administrative expense	425	$ 265		1,188	1,349
Ambler Metals LLC
The carrying value of Trilogy's 50% investment in Ambler Metals LLC
Investment in Ambler Metals LLC.						173,145	$ 176,000
Share of loss on equity investment for the six-month period ending May 31, 2021				(8,892)
Investment in Ambler Metals LLC.	164,253			164,253			$ 176,000
Ambler Metals LLC's Balance Sheet and Comprehensive loss
Current assets: Cash, deposits and prepaid expenses	69,452			69,452		82,226
Non - current assets: Property, equipment and mineral properties	32,231			32,231		31,287
Loan receivable from South32	56,070			56,070		58,478
Current liabilities: Accounts payable and accrued liabilities	(4,083)			(4,083)		(1,445)
Non - current liabilities: Lease obligation	(957)			(957)		(51)
Total Assets	152,713			152,713		$ 170,495
Amortization	22		$ 37	55	87
Mineral properties expense	11,139		1,329	15,109	2,409
General and administrative expense	1,243		1,168	3,426	2,072
Interest income	(260)		(345)	(807)	(902)
Comprehensive loss	$ 12,144		$ 2,189	$ 17,783	$ 3,666

Accounts payable and accrued _3

Accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Nov. 30, 2020
Accounts payable and accrued liabilities.
Trade accounts payable	$ 118	$ 226
Accrued liabilities	163	198
Accrued salaries and vacation	104	464
Accounts payable and accrued liabilities	$ 385	$ 888

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
	Aug. 31, 2021	Nov. 30, 2020
Leases
Right-of-use asset	$ 521,000	$ 476,000
Weighted-average remaining lease term	2 years 9 months
Weighted-average discount rate	8.00%
Cash paid for amounts included in the measurement of lease liabilities	$ 150,418
Derecognition of right of use asset		$ 93,000

Leases - Right of use asset (De

Leases - Right of use asset (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Aug. 31, 2021	Nov. 30, 2020
Balance, beginning	$ 476
Net amortization	(111)	$ (112)
Previously classified in fixed assets	156
Derecognition of Fairbanks warehouse lease		(93)
Balance, ending	521	476
Cumulative Effect, Period of Adoption, Adjusted Balance
Balance, beginning	$ 476	681
Balance, ending		$ 476

Leases - Lease liabilities (Det

Leases - Lease liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 140	$ 124
Variable lease costs	86	97
Total lease expense	$ 226	$ 221
Office Space
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Existence of Option to Extend [true false]	false

Leases - Future minimum payment

Leases - Future minimum payments (Details) $ in Thousands	Aug. 31, 2021USD ($)
Future minimum payments
2021	$ 51
2022	207
2023	213
2024	36
Total undiscounted lease payments	507
Effect of discounting	(45)
Present value of lease payments recognized as lease liability	$ 462

Share capital - Narrative (Deta

Share capital - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Aug. 31, 2021USD ($)$ / sharesshares	May 31, 2021USD ($)	Feb. 28, 2021USD ($)	Aug. 31, 2020USD ($)	May 31, 2020USD ($)	Feb. 29, 2020USD ($)	Aug. 31, 2021USD ($)$ / sharesshares	Aug. 31, 2021USD ($)$ / shares$ / sharesshares	Aug. 31, 2020USD ($)$ / sharesshares	Aug. 31, 2020USD ($)$ / shares	Aug. 31, 2021$ / shares	Nov. 30, 2020shares	Nov. 30, 2019shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, conversion							1
Common stock committed for issuance	144,451,485						144,451,485	144,451,485				144,137,850
Stock-based compensation | $	$ (409)	$ (524)	$ (2,148)	$ (1,064)	$ (770)	$ (1,196)
Non-vested stock options outstanding	11,118,316						11,118,316	11,118,316
Weighted average exercise price options outstanding | $ / shares	$ 1.94						$ 1.94	$ 1.94
Aggregate intrinsic value, vested options | $	$ 2,200			5,200			$ 2,200	$ 2,200	$ 5,200	$ 5,200
Aggregate intrinsic value, options exercised | $							$ 630		4,500
Share capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock committed for issuance	144,451,485						144,451,485	144,451,485				144,137,850	140,427,761
Nonvested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested stock options outstanding	2,643,004						2,643,004	2,643,004
Weighted average exercise price options outstanding | $ / shares											$ 2.09
Stock option expense not yet recognized | $	$ 810						$ 810	$ 810
Period for recognition of stock compensation expense							2 years
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $	$ 30			40			$ 100		$ 430
Granted units							44,550
Outstanding grants	1,263,070						1,263,070	1,263,070				1,218,520
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding grants	0						0	0
Employees, consultants and directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted, expiration period							5 years
Stock options granted							3,374,150		4,095,000
Vesting period									2 years
Weighted-average exercise price | $ / shares								$ 2		$ 2.14
Stock options granted, weighted average fair value | $ / shares							$ 0.84		$ 0.90
Directors, employees and service providers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $	$ 380			$ 1,020			$ 2,980		$ 2,600

Share capital - Authorized unli

Share capital - Authorized unlimited common shares, no par value (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended	12 Months Ended
	Aug. 31, 2021	May 31, 2021	Feb. 28, 2021	Aug. 31, 2020	May 31, 2020	Feb. 29, 2020	Aug. 31, 2021	Nov. 30, 2020
Class of Stock [Line Items]
Unlimited common shares authorized							Unlimited	Unlimited
Common Stock, No Par Value	$ 0						$ 0	$ 0
Beginning balance, Number of shares			144,137,850				144,137,850
Ending balance, Number of shares	144,451,485						144,451,485	144,137,850
Share capital
Class of Stock [Line Items]
Beginning balance, Number of shares			144,137,850			140,427,761	144,137,850	140,427,761
Beginning balance, Ascribed value			$ 179,746			$ 177,971	$ 179,746	$ 177,971
Exercise of options, Number of shares	5,000	232,000	76,635	2,055,919	63,110	19,514	313,635	3,297,588
Exercise of options, Ascribed value							$ 646	$ 1,133
Restricted share units, Number of shares					200,000	212,501		412,501
Restricted share units, Ascribed value								$ 642
Ending balance, Number of shares	144,451,485						144,451,485	144,137,850
Ending balance, Ascribed value	$ 180,392						$ 180,392	$ 179,746

Share capital - Assumptions use

Share capital - Assumptions used in the pricing model (Details)	9 Months Ended
	Aug. 31, 2021$ / shares
Share capital.
Risk-free interest rates	0.31%
Exercise price	$ 1.98
Expected life	3 years
Expected volatility	64.40%
Expected dividends

Share capital - Stock options p

Share capital - Stock options plans and changes (Details)	9 Months Ended
	Aug. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - end of period, number of options | shares	11,118,316
Balance - end of period, weighted average exercise price | $ / shares	$ 1.94
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - beginning of the year, number of options | shares	8,647,500
Balance - beginning of the year, weighted average exercise price | $ / shares	$ 1.90
Number of options, Granted | shares	3,374,150
Weighted average exercise price, Granted | $ / shares	$ 2
Number of options, Exercised | shares	(772,000)
Weighted average exercise price, Exercised | $ / shares	$ 1.59
Number of options, Cancelled | shares	(131,334)
Weighted average exercise price, Cancelled | $ / shares	$ 2.41
Balance - end of period, number of options | shares	11,118,316
Balance - end of period, weighted average exercise price | $ / shares	$ 1.94

Share capital - Stock options o

Share capital - Stock options outstanding (Details)	9 Months Ended
	Aug. 31, 2021$ / sharesshares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding options | shares	11,118,316
Weighted average years to expiry	3 years 2 months 15 days
Weighted average exercise price options outstanding	$ 1.94
Number of exercisable options | shares	8,475,312
Weighted average exercise price exercisable	$ 2.97
Number of unvested options | shares	2,643,004
$0.58 to $1.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range limit	$ 0.56
Exercise price upper range limit	$ 1
Number of outstanding options | shares	1,435,000
Weighted average years to expiry	10 months 2 days
Weighted average exercise price options outstanding	$ 0.70
Number of exercisable options | shares	1,435,000
Weighted average exercise price exercisable	$ 0.84
Number of unvested options | shares	0
$1.01 to $1.50
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range limit	$ 1.01
Exercise price upper range limit	$ 1.50
Number of outstanding options | shares	75,000
Weighted average years to expiry	1 year 3 months 21 days
Weighted average exercise price options outstanding	$ 1.17
Number of exercisable options | shares	75,000
Weighted average exercise price exercisable	$ 1.31
Number of unvested options | shares	0
$1.50 to $2.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range limit	$ 1.51
Exercise price upper range limit	$ 2
Number of outstanding options | shares	4,269,150
Weighted average years to expiry	4 years 10 days
Weighted average exercise price options outstanding	$ 1.97
Number of exercisable options | shares	2,779,483
Weighted average exercise price exercisable	$ 3.91
Number of unvested options | shares	1,489,667
$2.01 to $2.50
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range limit	$ 2.01
Exercise price upper range limit	$ 2.50
Number of outstanding options | shares	5,301,666
Weighted average years to expiry	3 years 2 months 19 days
Weighted average exercise price options outstanding	$ 2.26
Number of exercisable options | shares	4,148,329
Weighted average exercise price exercisable	$ 3.11
Number of unvested options | shares	1,153,337
$2.51 to $3.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range limit	$ 2.51
Exercise price upper range limit	$ 2.70
Number of outstanding options | shares	37,500
Weighted average years to expiry	2 years 8 months 19 days
Weighted average exercise price options outstanding	$ 2.70
Number of exercisable options | shares	37,500
Weighted average exercise price exercisable	$ 2.72
Number of unvested options | shares	0

Share capital - Stock units pla

Share capital - Stock units plans and changes (Details) - DSUs	9 Months Ended
	Aug. 31, 2021shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - beginning of the year	1,218,520
Granted	44,550
Balance - end of period	1,263,070

Financial instruments - Narrati

Financial instruments - Narrative (Details)	9 Months Ended
	Aug. 31, 2021USD ($)	Aug. 31, 2021CAD ($)	Nov. 30, 2020USD ($)
Accounts receivable	$ 16,000		$ 129,000
10% change in the US-Canadian exchange rate
Cash		$ 20,000
Accounts receivable		19,000
Accounts payable		$ 178,000
Change in foreign exchange rate	10.00%	10.00%
Foreign exchange loss	$ 14,000
1% change in interest rates
Change in interest rate	1.00%	1.00%
Interest rate loss	$ 130,000

Financial instruments - Contrac

Financial instruments - Contractually obligated cash flow requirements (Details) $ in Thousands	Aug. 31, 2021USD ($)
Total	$ 892
Less than 1 year	591
1 - 2 Years	301
2 - 5 Years	0
Thereafter	0
Accounts payable and accrued liabilities
Total	385
Less than 1 year	385
1 - 2 Years	0
2 - 5 Years	0
Thereafter	0
Office lease
Total	507
Less than 1 year	206
1 - 2 Years	301
2 - 5 Years	0
Thereafter	$ 0