Trilogy Metals (TMQ) 10-K 11 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Nov. 30, 2021	Feb. 11, 2022	May 31, 2021
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Nov. 30, 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, no par value
Trading Symbol	TMQ
Security Exchange Name	NYSEAMER
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		145,464,286
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001543418
Amendment Flag	false
Entity Public Float			$ 173
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Vancouver, Canada

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Current assets
Cash and cash equivalents	$ 6,308	$ 11,125
Accounts receivable (note 3)	19	129
Deposits and prepaid amounts	285	184
Total Current Assets	6,612	11,438
Investment in Ambler Metals LLC (note 4)	160,063	173,145
Fixed assets (note 5)	29	206
Mineral properties (note 6)	119
Right of use asset (note 8 (a))	482	476
Total Assets	167,305	185,265
Current liabilities
Accounts payable and accrued liabilities (note 7)	852	888
Current portion of lease liability	179	158
Current liabilities	1,031	1,046
Long-term portion of lease liability (note 8 (b))	235	408
Total Liabilities	1,266	1,454
Shareholders' equity
Share capital (note 9) - unlimited common shares authorized, no par value Issued - 145,009,811 (2020 - 144,137,850)	180,820	179,746
Contributed surplus	122	122
Contributed surplus - options (note 9(a))	25,990	23,303
Contributed surplus - units (note 9(b))	1,712	1,585
Deficit	(42,605)	(20,945)
Total Shareholders' Equity	166,039	183,811
Total Liabilities and Shareholders' Equity	$ 167,305	$ 185,265

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Consolidated Balance Sheets
Unlimited common shares authorized	Unlimited	Unlimited
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares, Issued	145,009,811	144,137,850

Consolidated Statements of Earn

Consolidated Statements of Earnings (Loss) and Comprehensive Earnings (Loss) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Expenses
Amortization	$ 21	$ 91	$ 211
Exploration expense	143
Feasibility study (note 6(a))		1,065
Foreign exchange loss (gain)	36	56	(19)
General and administrative	1,517	1,650	1,838
Investor relations	602	537	623
Mineral properties expense		1,545	19,211
Professional fees	818	1,347	1,382
Salaries	2,007	1,411	1,314
Salaries - technical services (note 4(e))		898
Salaries - stock-based compensation	3,472	3,564	3,845
Total expenses	8,616	12,164	28,405
Other items
Share of loss on equity investment (note 4(b))	13,082	2,855
Interest and other income	(16)	(87)	(500)
Services agreement income (note 4(e))	(22)	(929)
Gain on derecognition of assets contributed to joint venture (note 4(a))		(175,770)
Comprehensive (loss) earnings for the year	$ (21,660)	$ 161,767	$ (27,905)
Basic (loss) earnings per common share	$ (0.15)	$ 1.14	$ (0.21)
Diluted (loss) earnings per common share	$ (0.15)	$ 1.12	$ (0.21)
Basic weighted average number of common shares outstanding	144,428,926	141,464,877	135,225,349
Diluted weighted average number of common shares outstanding	144,428,926	144,604,750	135,225,349

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Share capital	Warrants	Contributed surplus.	Contributed surplus - options	Contributed surplus - units.	Deficit	Total
Beginning Balance at Nov. 30, 2018	$ 164,069	$ 2,253	$ 122	$ 19,076	$ 1,489	$ (154,807)	$ 32,202
Beginning Balance (Shares) at Nov. 30, 2018	131,585,612
Exercise of options	$ 1,123			(915)			208
Exercise of options (Shares)	1,725,776
Exercise of warrants	$ 12,166	$ (2,253)					$ 9,913
Exercise of warrants (Shares)	6,521,740						6,521,740
Restricted Share Units	$ 424				(424)
Restricted Share Units (Shares)	412,501
Deferred share units	$ 189				(189)
Deferred share units (Shares)	182,132
Stock-based compensation				2,962	883		$ 3,845
Earnings (Loss) for the year						(27,905)	(27,905)
Ending Balance at Nov. 30, 2019	$ 177,971		122	21,123	1,759	(182,712)	18,263
Ending Balance (Shares) at Nov. 30, 2019	140,427,761
Exercise of options	$ 1,133			(916)			217
Exercise of options (Shares)	3,297,588
Restricted Share Units	$ 642				(642)
Restricted Share Units (Shares)	412,501
Stock-based compensation				3,096	468		3,564
Earnings (Loss) for the year						161,767	161,767
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
Exercise of options	$ 1,074			(658)			416
Exercise of options (Shares)	871,961
Stock-based compensation				3,345	127		3,472
Earnings (Loss) for the year						(21,660)	(21,660)
Ending Balance at Nov. 30, 2021	$ 180,820		$ 122	$ 25,990	$ 1,712	$ (42,605)	$ 166,039
Ending Balance (Shares) at Nov. 30, 2021	145,009,811

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Cash flows used in operating activities
(Loss) earnings for the year	$ (21,660)	$ 161,767	$ (27,905)
Adjustments to reconcile net loss to cash flows in operating activities
Amortization	21	91	211
Office lease accounting	(15)	(7)
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))	13,082	2,855
Unrealized foreign exchange loss	10	27	1
Stock-based compensation	3,472	3,564	3,845
Net change in non-cash working capital
Decrease (increase) in accounts receivable	110	135	(241)
Decrease (increase) in deposits and prepaid amounts	(101)	535	(100)
(Decrease) increase in accounts payable and accrued liabilities	(36)	(1,466)	697
Cash flows used in operating activities	(5,117)	(8,251)	(23,492)
Cash flows from financing activities
Proceeds from exercise of options	416	217	208
Proceeds from exercise of warrants			9,913
Cash flows from financing activities	416	217	10,121
Cash flows from investing activities
Acquisition of plant & equipment			(645)
Mineral properties funding			10,200
Mineral claims	(119)
Cash flows from investing activities	(119)		9,555
Decrease in cash and cash equivalents	(4,820)	(8,034)	(3,816)
Effect of exchange rate on cash and cash equivalents	3	(15)	(1)
Cash and cash equivalents - beginning of year	11,125	19,174	22,991
Cash and cash equivalents - end of the year	$ 6,308	$ 11,125	$ 19,174

Nature of operations

Nature of operations	12 Months Ended
	Nov. 30, 2021
Nature of operations
Nature of operations	1) Nature of operations Trilogy Metals Inc., (“Trilogy”, the “Company”, or “we”) was incorporated in British Columbia under the Business Corporations Act (BC) on April 27, 2011. The Company is engaged in the exploration and development of mineral properties, through our equity investee (note 4), with a focus on the Upper Kobuk Mineral Projects (“UKMP”), including the Arctic and Bornite Projects located in Northwest Alaska in the United States of America (“US” or “USA”). The Company also conducts early-stage exploration through a wholly owned subsidiary, 995 Exploration Inc.

Summary of significant accounti

Summary of significant accounting policies	12 Months Ended
	Nov. 30, 2021
Summary of significant accounting policies
Summary of significant accounting policies	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 subsidiaries, NovaCopper US Inc. (dba “Trilogy Metals US”) and 995 Exploration Inc. 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 CDN$ refer to amounts in Canadian dollars. These financial statements were approved by the Company’s Board of Directors for issue on February 10, 2022. Cash and cash equivalents Cash and cash equivalents had been comprised of highly liquid investments maturing less than 90 days from date of initial investment. Investment in affiliates Investments in unconsolidated ventures over which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method and include the Company’s investment in the Ambler Metals project. We identified Ambler Metals LLC (“Ambler Metals”) as a VIE as the entity is dependent on funding from its owners. All funding, ownership, voting rights and power to exercise control is shared equally on a 50/50 basis between the owners of the VIE. Therefore, the Company has determined that it is not the primary beneficiary of the VIE. The Company’s maximum exposure to loss is its investment in Ambler Metals. Ambler Metals is a non-publicly traded equity investee holding exploration and development projects. Investments in unconsolidated entities accounted for under the equity method are assessed for impairment whenever changes in the facts and circumstances indicate an other than temporary loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment may be based upon the valuation of cohort companies with similar projects or the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and observed market earnings multiples of comparable companies. Judgement is applied in evaluating indicators of impairment. Events that could indicate impairment of an investment in affiliates include sustained losses by the investment, the absence of the ability to recover the carrying amount of the investment, or a deterioration of market conditions, among others. Fixed assets Plant and equipment are recorded at cost and amortization begins when the asset is put into service. Amortization is calculated on a straight-line basis over the respective assets’ estimated useful lives. Amortization periods by asset class are: ​ ​ ​ ​ Computer hardware and software ​ 3 years Leasehold Improvements ​ lease term Office furniture and equipment ​ 5 years Machinery and equipment ​ 3 Vehicles ​ 3 years ​ Mineral properties and development costs All direct costs related to the acquisition of mineral property interests are capitalized. Mineral property exploration expenditures is expensed when incurred. When it has been established that a mineral deposit is commercially mineable, an economic analysis has been completed and permits are obtained, the costs subsequently incurred to develop a mine on the property prior to the start of mining operations are capitalized. Capitalized costs will be amortized following commencement of production using the unit of production method over the estimated life of proven and probable reserves. The acquisition of title to mineral properties is a complicated and uncertain process. The Company has taken steps, in accordance with industry standards, to verify the title to mineral properties. Although the Company has made efforts to ensure that legal titles to its mining assets are properly recorded through the Joint Venture, there can be no assurance that such title will be secured indefinitely. Impairment of long-lived assets Management assesses the possibility of impairment in the carrying value of long-lived assets whenever events or circumstances indicate that the carrying amounts of the asset or asset group may not be recoverable. Management calculates the estimated undiscounted future net cash flows relating to the asset or asset group using estimated future prices, proven and probable reserves and other mineral resources, and operating, capital and reclamation costs. When the carrying value of an asset exceeds the related undiscounted cash flows, the asset is written down to its estimated fair value, which is usually determined using discounted future cash flows. Management’s estimates of mineral prices, mineral resources, foreign exchange rates, production levels operating, capital and reclamation costs are subject to risk and uncertainties that may affect the determination of the recoverability of the long-lived asset. It is possible that material changes could occur that may adversely affect management’s estimates. Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as ROU assets and short-term and long-term lease liabilities, as applicable. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. The Company typically only includes an initial lease term in its assessment of a lease arrangement. It also considers termination options and factors those into the determination of lease payments. Options to renew a lease are not included in the assessment unless there is reasonable certainty that the Company will renew. ​ Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the ROU asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which it could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Income taxes The liability method of accounting for income taxes is used and is based on differences between the accounting and tax basis of assets and liabilities. Deferred income tax assets and liabilities are recognized for temporary differences between the tax and accounting basis of assets and liabilities as well as for the benefit of losses available to be carried forward to future years for tax purposes using enacted income tax rates expected to be in effect for the period in which the differences are expected to reverse. Deferred income tax assets are evaluated and, if realization is not considered more likely than not, a valuation allowance is provided. Uncertainty in income tax positions The Company recognizes tax benefits from uncertain tax positions only if it is at least more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Any tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement with the taxing authorities. Related interest and penalties, if any, are recorded as tax expense in the tax provision. Financial instruments Valuation models require the use of assumptions which may include the expected life of the instrument, the expected volatility, dividend payouts, and interest rates. In determining these assumptions, management uses readily observable market inputs where available or, where not available, inputs generated by management. Loans and receivables are recorded initially at fair value, net of transaction costs incurred, and subsequently at amortized cost using the effective interest rate method. Loans and receivables consist of cash and cash equivalents, accounts receivable, and deposits. Other financial liabilities are recorded initially at fair value and subsequently at amortized cost using the effective interest rate method. Other financial liabilities include accounts payable and accrued liabilities. Translation of foreign currencies Monetary assets and liabilities are translated into United States dollars at the exchange rate in effect at the balance sheet date, and non-monetary assets and liabilities at the exchange rate in effect at the time of acquisition or issue. Income and expenses are translated at rates approximating the exchange rate in effect at the time of transactions. Exchange gains or losses arising on translation are included in income or loss for the period. The functional currency of the Company and its subsidiary and the Company’s reporting currency is the United States dollar. Earnings and loss per share Earnings and loss per common share is calculated based on the weighted average number of common shares outstanding during the year. The Company follows the treasury stock method in the calculation of diluted earnings per share. Under the treasury stock method, the weighted average number of common shares outstanding used for the calculation of diluted loss per share assumes that the proceeds to be received on the exercise of dilutive stock options and in the prior year, warrants are used to repurchase common shares at the average market price during the period. Stock-based compensation Compensation expense for options granted to employees, directors and certain service providers is determined based on estimated fair values of the options at the time of grant using the Black-Scholes option pricing model, which takes into account, as of the grant date, the fair market value of the shares, expected volatility, expected dividend yield, the risk-free interest rate, and the expected life of the option. The compensation cost is recognized using the graded attribution method over the vesting period of the respective options. The expense relating to the fair value of stock options is included in expenses, net of forfeitures and is credited to contributed surplus. Shares are issued from treasury in settlement of options exercised. Compensation expense for restricted share units (“RSUs”) and deferred share units (“DSUs”) granted to employees and directors, respectively, is determined based on estimated fair values of the units at the time of grant using quoted market prices or at the time the units qualify for equity classification under ASC 718. The cost is recognized using the graded attribution method over the vesting period of the respective units. The expense relating to the fair value of the units is included in expenses, net of forfeitures and is credited to other liabilities or contributed surplus based on the unit’s classification. Units may be settled in either i) cash, and/or ii) shares purchased in the open market, and/or iii) shares issued from treasury, at the Company’s election at the time of vesting. Use of estimates and measurement uncertainties The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions of future events that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenditures during the period. Significant judgments include the assessment of potential indicators of impairment of mineral properties and investments in affiliates. Significant estimates include the measurement of the South32 property acquisition option and subsequent equity method investment, income taxes, and the valuation of stock-based compensation. Actual results could differ materially from those reported.

Accounts receivable

Accounts receivable	12 Months Ended
	Nov. 30, 2021
Accounts receivable
Accounts receivable	3) Accounts receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ November 30, 2021 ​ ​ November 30, 2020 ​ ​ $ $ GST input tax credits ​ 19 ​ 15 ​ Ambler Metals ​ — ​ 114 ​ Accounts receivable ​ 19 ​ 129 ​ ​ The balance due from Ambler Metals for the prior year (see note 4 below) consisted of services rendered by Trilogy and reimbursements for invoices paid by Trilogy on behalf of Ambler Metals pursuant to a service agreement.

Investment in Ambler Metals LLC

Investment in Ambler Metals LLC	12 Months Ended
	Nov. 30, 2021
Investment in Ambler Metals LLC
Investment in Ambler Metals LLC	​ 4) Investment in Ambler Metals LLC (a) Formation of Ambler Metals LLC On February 11, 2020, the Company completed the formation of a 50/50 joint venture named Ambler Metals 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 $145 million, resulting in each party’s subsidiaries directly owning a 50% interest in Ambler Metals. To assist Ambler Metals during the initial set up phase, Trilogy paid all of Ambler Metals’ invoices and was being reimbursed pursuant to a services agreement (the “Services Agreement”) between Trilogy and Ambler Metals until the back office transitioned to a new permanent team employed by the joint venture. The Services Agreement ended on December 31, 2020. Ambler Metals is an independently operated company jointly controlled by Trilogy and South32 through a four-member board, of which two members are currently 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 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 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 through our representation on its board, we use the equity method of accounting for our investment in Ambler Metals. Our investment in Ambler Metals 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, which totaled $160.1 million at November 30, 2021. The following table summarizes the gain on derecognition of the UKMP assets upon transfer to the Ambler Metals 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 located in Alaska ​ (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 ​ ​ (b) Carrying value of investment in Ambler Metals During the year ended November 30, 2021, Trilogy recognized, based on its 50% ownership interest in Ambler Metals, an equity loss equivalent to its pro rata share of Ambler Metals' net loss of $26.2 million for the year ended November 30, 2021 ( 2020 - $5.7 million). The carrying value of Trilogy’s 50% investment in Ambler Metals as at November 30, 2021 is summarized on the following table. ​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ ​ February 11, 2020, fair value ascribed to Ambler Metals interest ​ 176,000 ​ Share of loss on equity investment from February 11, 2020 to November 30, 2020 ​ (2,855) ​ November 30, 2020, investment in Ambler Metals ​ 173,145 ​ Share of loss on equity investment for the year ending November 30, 2021 ​ (13,082) ​ November 30, 2021, investment in Ambler Metals ​ 160,063 ​ ​ ​ (c) The following table summarizes Ambler Metals’ Balance Sheet as at November 30, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ November 30, 2021 ​ ​ November 30, 2020 ​ ​ $ $ Total assets ​ 149,374 ​ ​ 171,991 ​ Cash ​ 61,205 ​ ​ 81,673 ​ Loan receivable from South32 (current and long-term) ​ 55,355 ​ ​ 58,478 ​ Mineral properties ​ 30,757 ​ ​ 30,705 ​ Total liabilities ​ (5,043) ​ ​ (1,496) ​ Accounts payable and accrued liabilities ​ (4,148) ​ ​ (1,445) ​ Members' equity (Total assets less Total liabilities) ​ 144,331 ​ ​ 170,495 ​ ​ (d) The following table summarizes Ambler Metals’ net loss for the year ended November 30, 2021 and from the formation of the joint venture on February 11, 2020 to the end of the reporting period on November 30, 2020. For the prior year comparative, $0.3 million has been reclassed from general and administrative expense to mineral properties expense in order to reflect the current year presentation. ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ Year ended ​ ​ February 11, 2020 to ​ ​ ​ November 30, 2021 ​ ​ November 30, 2020 ​ ​ $ $ Depreciation ​ 77 ​ ​ 95 ​ Corporate salaries and wages ​ 2,421 ​ ​ 614 ​ General and administrative ​ 756 ​ ​ 653 ​ Lease expense ​ 276 ​ ​ 48 ​ Mineral property expense ​ 22,639 ​ ​ 3,488 ​ Professional fees ​ 1,047 ​ ​ 1,990 ​ Foreign exchange (gain)/loss ​ 6 ​ ​ 3 ​ Interest income ​ (1,058) ​ ​ (1,180) ​ Comprehensive loss ​ 26,164 ​ ​ 5,711 ​ ​ (e) Related party transactions - services agreement income During the fiscal year, the Company charged approximately $22,000 (2020 - $0.9 million) 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 approximately $4,000 (2020 - $2.8 million) related to operating expenses paid on behalf of Ambler Metals for the year ended November 30, 2021.

Fixed assets

Fixed assets	12 Months Ended
	Nov. 30, 2021
Fixed assets
Fixed assets	5) Fixed assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ ​ British Columbia, Canada ​ ​ Alaska, USA ​ ​ ​ ​ ​ ​ Furniture and equipment Leasehold improvements Computer hardware and software Machinery and equipment Computer hardware and software Total Cost $ ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ November 30, 2019 ​ 63 ​ ​ 53 ​ ​ 115 ​ ​ 3,667 ​ ​ 4 ​ ​ 3,902 ​ ASC 842 adoption ​ — ​ ​ 200 ​ ​ — ​ ​ — ​ ​ — ​ ​ 200 ​ Assets derecognized (note 4(a)) ​ — ​ ​ — ​ ​ — ​ ​ (3,667) ​ ​ (4) ​ ​ (3,671) ​ November 30, 2020 ​ 63 ​ ​ 253 ​ ​ 115 ​ ​ — ​ ​ — ​ ​ 431 ​ ROU asset reclass ​ — ​ ​ (200) ​ ​ — ​ ​ — ​ ​ — ​ ​ (200) ​ November 30, 2021 ​ 63 ​ ​ 53 ​ ​ 115 ​ ​ — ​ ​ — ​ ​ 231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 30, 2019 ​ 29 ​ ​ 18 ​ ​ 111 ​ ​ 3,026 ​ ​ 3 ​ ​ 3,187 ​ Depreciation ​ 13 ​ ​ 51 ​ ​ 3 ​ ​ 23 ​ ​ 1 ​ ​ 91 ​ Assets derecognized (note 4(a)) ​ — ​ ​ — ​ ​ — ​ ​ (3,049) ​ ​ (4) ​ ​ (3,053) ​ November 30, 2020 ​ 42 ​ ​ 69 ​ ​ 114 ​ ​ — ​ ​ — ​ ​ 225 ​ ROU asset reclass ​ — ​ ​ (44) ​ ​ — ​ ​ — ​ ​ — ​ ​ (44) ​ Depreciation ​ 14 ​ ​ 6 ​ ​ 1 ​ ​ — ​ ​ — ​ ​ 21 ​ November 30, 2021 ​ 56 ​ ​ 31 ​ ​ 115 ​ ​ — ​ ​ — ​ ​ 202 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Book Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 30, 2020 ​ 21 ​ ​ 184 ​ ​ 1 ​ ​ — ​ ​ — ​ ​ 206 ​ November 30, 2021 ​ 7 ​ ​ 22 ​ ​ — ​ ​ — ​ ​ — ​ ​ 29 ​ ​

Mineral properties and developm

Mineral properties and development costs	12 Months Ended
	Nov. 30, 2021
Mineral properties and development costs
Mineral properties and development costs	6) Mineral properties and development costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ ​ November 30, 2020 ​ ​ Acquisition costs ​ ​ November 30, 2021 ​ ​ $ $ $ Alaska, USA ​ ​ ​ ​ ​ ​ West Kobuk ​ — ​ ​ 58 ​ ​ 58 ​ East Ambler ​ — ​ ​ 61 ​ ​ 61 ​ ​ ​ — ​ 119 ​ 119 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ derecognized ​ ​ ​ ​ ​ ​ November 30, 2019 ​ ​ note 4(a) ​ ​ November 30, 2020 ​ ​ $ $ $ Alaska, USA ​ ​ ​ ​ Ambler (a) ​ 26,631 ​ (26,631) ​ — ​ Bornite (b) ​ 4,000 ​ (4,000) ​ — ​ ​ ​ 30,631 ​ (30,631) ​ — ​ ​ (a) Ambler On January 11, 2010, NovaGold Resources Inc. (“NovaGold”), through Alaska Gold Company (“AGC”), its wholly-owned subsidiary, purchased 100% of the Ambler lands in Northwest Alaska, which contains the copper-zinc-lead-gold-silver Arctic Project and other mineralized targets within the volcanogenic massive sulfide belt, through a series of cash and share payments. Total fair value of the consideration was $26.6 million. The vendor retained a 1% net smelter return royalty that can be purchased at any time for a one-time payment of $10.0 million. The Ambler lands were acquired on October 17, 2011 by Trilogy Metals US through a purchase and sale agreement with AGC. On October 24, 2011, NovaGold transferred its ownership of Trilogy Metals US to the Company, then a wholly owned subsidiary of NovaGold, which was subsequently spun-out to NovaGold shareholders and publicly listed on April 30, 2012 (“NovaGold Arrangement”). (b) Bornite On October 19, 2011, Trilogy Metals US acquired the exclusive right to explore and the non-exclusive right to access and enter on the Bornite lands, and lands deeded to NANA Regional Corporation, Inc. (“NANA”) through the Alaska Native Claims Settlement Act, located adjacent to the Ambler lands in Northwest Alaska. As consideration, Trilogy Metals US paid $4 million to acquire the right to explore and develop the combined Upper Kobuk Mineral Projects (“UKMP”) through an Exploration Agreement and Option to Lease with NANA. Upon a decision to proceed with construction of a mine on the lands, NANA maintains the right to purchase between a 16%-25% ownership interest in the mine or retain a 15% net proceeds royalty which is payable after Trilogy Metals US has recovered certain historical costs, including capital and cost of capital. Should NANA elect to purchase an ownership interest, consideration will be payable equal to all historical costs incurred on the properties, less $40 million, with the difference multiplied by the elected percentage purchased. In no event will the purchase amount 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 the South32 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, the option agreement provided that Trilogy Metals US would transfer its Alaskan assets, including the UKMP, and South32 would contribute the Subscription Price (as defined below) to a newly formed and jointly held, limited liability company (“LLC”) (see note 4(a)). To maintain the option in good standing, South32 was required to fund a minimum of $10 million per year for up to a three-year period, which funds were to execute a mutually agreed upon program at the UKMP. The funds provided by South32 could only be expended in accordance with an approved program by a technical committee with equal representation from Trilogy and South32. South32 could 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 joint venture, the Option Agreement provided that South32 must contribute $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 had been exercised between April 1, 2018 and March 31, 2019 or $10 million if the option was 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 funded the full three-year option period. During the year ended November 30, 2020, South32 elected to exercise the option to form the LLC and made the Subscription Price payment on February 5, 2020 (see note 4 (a)). As the initial option payments were credited against the future subscription price upon exercise, the Company accounted for the payments received from South32 as deferred consideration for the purchase of the UKMP interest. The $31.0 million of payments received were recognized as part of the consideration received for the Company’s contribution of the UKMP into the LLC. The option to form the LLC was recognized as a financial instrument at inception of the arrangement with an initial fair value of $nil. This option was 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 remained $nil during the option period and through to the formation of the Joint Venture on February 11, 2020. (d) Mineral properties expense The following table summarizes mineral properties expense for the UKMP, Alaska, USA for the years ended November 30, 2021, 2020 and 2019, and includes expenditures funded by South32 up to the formation of the Joint Venture on February 11, 2020, as applicable. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In thousands of dollars ​ ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 ​ ​ $ $ $ Alaska, USA ​ ​ ​ ​ ​ Community ​ ​ — ​ 137 ​ 596 ​ Drilling ​ ​ — ​ — ​ 5,194 ​ Engineering ​ ​ — ​ 723 ​ 2,410 ​ Environmental ​ ​ — ​ 99 ​ 611 ​ Geochemistry and geophysics ​ ​ — ​ 12 ​ 1,259 ​ Land and permitting ​ ​ — ​ 134 ​ 744 ​ Project support ​ ​ — ​ 249 ​ 4,652 ​ Other income ​ ​ — ​ ​ — ​ ​ (13) ​ Wages and benefits ​ ​ — ​ 191 ​ 3,758 ​ ​ ​ ​ — ​ 1,545 ​ 19,211 ​ ​ Mineral property expenses consisted 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. Other than the feasibility costs related to the Arctic project funded directly by the Company, no additional mineral properties expenses were incurred subsequent to the formation of the joint venture, as on February 11, 2020, upon the formation of the Joint Venture with South32, all mineral properties previously held by the Company were contributed to Ambler Metals. ​ The Company funded the Arctic Project feasibility study costs of $1.1 million since the formation of the Joint Venture on February 11, 2020. 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 year ended November 30, 2020. ​ Cumulative mineral properties expense in Alaska from the initial earn‐in agreement on the property in 2004 to the formation of the Joint Venture on February 11, 2020 was $115.3 million and cumulative acquisition costs were $30.6 million. Cumulative spend to date totaled $147 million. On February 11, 2020, upon the formation of the joint venture with South32, the acquisition costs of $30.6 million were derecognized upon the contribution of the mineral properties to Ambler Metals. ​ (e) Derecognition As part of the formation of the Joint Venture with South32 on February 11, 2020, Trilogy contributed all its assets associated with the UKMP, including the Arctic and Bornite projects. As a result, machinery and equipment with a carrying value of $0.62 million as well as $30.6 million of mineral properties related to the UKMP were derecognized by Trilogy on February 11, 2020.

Accounts payable and accrued li

Accounts payable and accrued liabilities	12 Months Ended
	Nov. 30, 2021
Accounts payable and accrued liabilities.
Accounts payable and accrued liabilities	7) Accounts payable and accrued liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ November 30, 2021 ​ ​ November 30, 2020 ​ ​ $ $ Trade accounts payable ​ 205 ​ ​ 226 ​ Accrued liabilities 105 ​ 198 ​ Accrued salaries and vacation 542 ​ 464 ​ Accounts payable and accrued liabilities 852 ​ 888 ​ ​

Leases

Leases	12 Months Ended
	Nov. 30, 2021
Leases
Leases	8) 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 ​ (150) ​ Previously classified in fixed assets ​ 156 ​ Balance as at November 30, 2021 ​ 482 ​ ​ The pre-transition rent deposit of approximately $114,000 was transferred to the Right-of-use asset upon adoption of ASC 842 on December 1, 2019 and is included in the opening balance of approximately $681,000. (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 ​ ​ Year ended ​ ​ Year ended ​ ​ ​ November 30, 2021 ​ ​ November 30, 2020 ​ ​ $ $ Operating lease costs ​ 187 ​ ​ 162 ​ Variable lease costs ​ 122 ​ ​ 131 ​ Total lease expense ​ 309 ​ ​ 293 ​ ​ 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 November 30, 2021, the remaining lease term was 2.5 years and the 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 year ended November 30, 2021 are as follows: ● Cash paid for amounts included in the measurement of lease liabilities was $201,783 . During the year ended November 30, 2020, no cash was paid upon termination of a lease for office and warehouse space and reassignment to Ambler Metals that resulted in the derecognition of the right-of-use asset of $92,974 and the operating lease liability of $93,006. ​ Future minimum payments relating to the lease recognized in our balance sheet as of November 30, 2021 are as follows: ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ November 30, 2021 Fiscal year $ 2022 204 ​ 2023 210 ​ 2024 35 ​ Total undiscounted lease payments 449 ​ Effect of discounting (35) ​ Present value of lease payments recognized as lease liability 414 ​ ​

Share capital

Share capital	12 Months Ended
	Nov. 30, 2021
Share capital.
Share capital	9) 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 ​ 871,961 ​ ​ 1,074 ​ November 30, 2021, issued and outstanding ​ 145,009,811 ​ ​ 180,820 ​ ​ On April 30, 2012, under the NovaGold Arrangement, Trilogy committed to issue common shares to satisfy holders of NovaGold deferred share units (“NovaGold DSUs”), once vested, on record as of the close of business April 27, 2012. When vested, Trilogy committed to deliver one common share to the holder for every six shares of NovaGold the holder is entitled to receive, rounded down to the nearest whole number. As of November 30, 2021, a total of 11,927 NovaGold DSUs remain outstanding representing a right to receive 1,988 Common Shares in Trilogy, which will settle upon certain directors retiring from NovaGold’s board. (a) Stock options The Company has a stock option plan providing for the issuance of options with a rolling maximum number equal to 10% of the issued and outstanding Common Shares at any given time. The Company may grant options to its directors, officers, employees and service providers. The exercise price of each option cannot be lower than the greater of market price or fair market value of the Common Shares (as such terms are defined in the plan) at the date of the option grant. The number of Common Shares optioned to any single optionee may not exceed 10% of the issued and outstanding Common Shares at the date of grant. The options are exercisable for a maximum of five years from the date of grant and may be subject to vesting provisions. During the year ended November 30, 2021, a total of 3,374,150 options (2020 – 4,445,000 options, 2019 – 3,077,500) at a weighted-average exercise price of CDN$2.52 (2020 - CDN$2.79, 2019 – CDN$2.86) were granted to employees, service providers 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 2021 was $0.84 (2020 - $0.90, 2019 - $1.03). The fair value of the stock options recognized in the period has been estimated using the Black-Scholes option pricing model. Assumptions used in the pricing model for the period are as provided below. ​ ​ ​ ​ ​ November 30, 2021 Risk-free interest rates 0.31% Exercise price 1.98 Expected life 3 years Expected volatility 64.4% Expected dividends Nil ​ The Company recognized a stock option expense of $3.3 million for the year ended November 30, 2021 (2020 - $3.1 million; 2019 - $2.9 million), net of forfeitures. As of November 30, 2021, there were 2,526,338 non-vested options outstanding with a weighted average exercise price of $2.06. The non-vested stock option expense not yet recognized was $0.5 million. This expense is expected to be recognized over the next two years. The exercise prices have been converted to US dollars based on the November 30, 2021 closing foreign exchange rate of CAD$1.00 = US$0.7817. A summary of the Company’s stock option plan and changes during the year ended is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 30, 2021 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ exercise price ​ ​ Number of options $ Balance – beginning of the year 8,647,500 ​ ​ 1.87 ​ Granted 3,374,150 ​ ​ 1.97 ​ Exercised (1,330,326) ​ ​ 1.14 ​ Cancelled (140,666) ​ ​ 2.38 ​ Forfeited ​ (11,334) ​ ​ 2.09 ​ Balance – end of the year 10,539,324 ​ ​ 1.99 ​ ​ The following table summarizes information about the stock options outstanding at November 30, 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 $0.55 to $1.00 876,674 ​ 0.95 ​ ​ 0.78 ​ ​ 876,674 ​ ​ 0.78 ​ ​ — ​ $1.01 to $1.50 75,000 ​ 1.06 ​ ​ 1.15 ​ ​ 75,000 ​ ​ 1.15 ​ ​ — ​ $1.51 to $2.00 4,265,150 ​ 3.78 ​ ​ 1.95 ​ ​ 2,775,483 ​ ​ 1.93 ​ ​ 1,489,667 ​ $2.01 to $2.50 5,285,000 ​ 2.98 ​ ​ 2.23 ​ ​ 4,248,329 ​ ​ 2.24 ​ ​ 1,036,671 ​ $2.51 to $2.67 ​ 37,500 ​ ​ 2.47 ​ ​ 2.67 ​ ​ 37,500 ​ ​ 2.67 ​ ​ — ​ ​ ​ 10,539,324 ​ ​ 3.12 ​ ​ 1.99 ​ ​ 8,012,986 ​ ​ 1.97 ​ ​ 2,526,338 ​ ​ The aggregate intrinsic value of vested share options (the market value less the exercise price) at November 30, 2021 was $0.8 million (2020 - $2.4 million, 2019 - $7.2 million) and the aggregate intrinsic value of exercised options for the year ended November 30, 2021 was $1.4 million (2020 - $2.6 million, 2019 - $2.6 million). (b) Restricted Share Units and Deferred Share Units The Company has a Restricted Share Unit Plan (“RSU Plan”) and a Non-Executive Director Deferred Share Unit Plan (“DSU Plan”) to provide long-term incentives to employees, officers and directors. The RSU Plan and DSU Plan may be settled in cash and/or common shares at the Company’s election with each RSU and DSU entitling the holder to receive one common share of the Company or equivalent value. All units are accounted for as equity-settled awards. There were no RSUs granted during the fiscal year ended November 30, 2021. Directors were granted 58,925 DSUs throughout the year ended November 30, 2021 ( 2020 – 83,775, 2019 – 137,514) based on their election to receive 50% of their annual retainer in DSUs. A summary of the Company’s DSU Plan and changes during the year ended November 30, 2021 is as follows: ​ ​ ​ ​ ​ ​ Number of DSUs Balance – beginning of the year 1,218,520 ​ Granted 58,925 ​ Balance – end of the year 1,277,445 ​ ​ For the year ended November 30, 2021, Trilogy recognized a stock-based compensation expense of $0.1 million (2020 - $0.5 million, 2019 - $0.9 million). (c) During the year ended November 30, 2019, all the 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. The Company had no warrants outstanding as at November 30, 2021.

Management of capital risk

Management of capital risk	12 Months Ended
	Nov. 30, 2021
Share capital.
Management of capital risk	10) Management of capital risk The Company relies upon management to manage capital in order to accomplish the objectives of safeguarding the Company’s ability to continue as a going concern in order to pursue the development of our main mineral properties, at the UKMP, through our equity investee (note 4) and maintain a capital structure which optimizes the costs of capital at an acceptable risk. The Company’s current capital consists of equity funding through capital markets. As the Company is currently in the exploration phase none of its financial instruments are exposed to commodity price risk; however, the Company’s ability to obtain long-term financing and its economic viability may be affected by commodity price volatility. The Company will need to raise additional funds to support its operations and administration expenses. Future sources of liquidity may include equity financing, debt financing, convertible debt, or other means. To facilitate the management of its capital requirements, the Company prepares annual expenditure budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions.

Financial instruments

Financial instruments	12 Months Ended
	Nov. 30, 2021
Financial instruments
Financial instruments	11) 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 them to certain financial risks, including currency risk, credit risk, liquidity risk, interest risk and price risk. (a) Currency risk Currency risk is the risk of a fluctuation in financial asset and liability settlement amounts due to a change in foreign exchange rates. The Company operates in the United States and Canada. The Company’s exposure to currency risk at November 30, 2021 is limited to the Canadian dollar balances consisting of cash of CDN$247,000, accounts receivable of CDN$23,000 and certain trade payables and accrued personnel costs CDN$946,000. 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 $53,000. (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 only significant exposure to credit risk is equal to the balance of cash and cash equivalents as recorded in the financial statements. (c) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulties raising funds to meet its financial obligations as they fall due. The Company is in the exploration stage and does not have cash inflows from operations; therefore, the Company manages liquidity risk through the management of its capital structure and financial leverage. Contractually obligated cash flow requirements as at November 30, 2021 are as follows. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ Total < 1 Year 1–2 Years 2–5 Years Thereafter ​ ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ Accounts payable and accrued liabilities 852 ​ 852 ​ — ​ ​ — ​ ​ — ​ Office lease 449 ​ ​ 204 ​ ​ 245 ​ ​ — ​ ​ — ​ 1,301 ​ 1,056 ​ 245 ​ ​ — ​ ​ — ​ ​ (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 November 30, 2021, a 1% change in interest rates would result in a change in net loss of approximately $160, assuming all other variables remain constant. As we are currently in the exploration phase none of our financial instruments are exposed to commodity price risk; however, our ability to obtain long-term financing and its economic viability could be affected by commodity price volatility. Fair value accounting Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the significance of the inputs used in making the measurement. The three levels of the fair value hierarchy are as follows: Level 1 Level 2 Level 3 The Company did not have any financial assets and liabilities that were measured and recognized at fair value as at November 30, 2021.

Income taxes

Income taxes	12 Months Ended
	Nov. 30, 2021
Income taxes
Income taxes	12) Income taxes Income tax expense differs from the amount that would result from applying the Canadian federal and provincial income tax rates to earnings before income taxes. These differences result from the following items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ ​ November 30, 2021 ​ ​ November 30, 2020 ​ ​ November 30, 2019 ​ ​ $ $ $ Combined federal and provincial statutory tax rate ​ 27.00 % ​ 27.00 % ​ 27.00 % Income tax (recovery) at statutory rate ​ (5,848) ​ ​ 43,677 ​ ​ (7,534) ​ Difference in foreign tax rates ​ (194) ​ ​ 2,424 ​ ​ (281) ​ Impact of change in tax rate ​ — ​ ​ — ​ ​ — ​ Effect of foreign exchange changes ​ — ​ ​ (4) ​ ​ — ​ Non-deductible expenditures ​ 937 ​ ​ 1,009 ​ ​ 4,061 ​ Income from option payments applied as proceeds of sale ​ — ​ ​ (8,812) ​ ​ — ​ Return to provision adjustments ​ 116 ​ ​ (6) ​ ​ 193 ​ Impact of new lease accounting rules (ASC 842 adoption) ​ — ​ ​ (28) ​ ​ — ​ Expiry of Losses ​ — ​ ​ — ​ ​ 277 ​ Change in valuation allowance ​ 4,989 ​ ​ (38,260) ​ ​ 3,284 ​ Income tax recovery (expense) ​ — ​ ​ — ​ ​ — ​ ​ Deferred income taxes arise from temporary differences in the recognition of income and expenses for financial reporting and tax purposes. The significant components of deferred income tax assets and liabilities at November 30, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ November 30, 2021 ​ ​ November 30, 2020 ​ $ $ Deferred income tax assets ​ ​ ​ Non-capital losses ​ 54,502 ​ 51,250 ​ Mineral property interest ​ 447 ​ — ​ Deferred interest ​ 6,251 ​ 6,251 ​ Property, plant and equipment ​ 82 ​ 88 ​ Lease liability ​ 112 ​ ​ 153 ​ Share issuance costs ​ 103 ​ 267 ​ Capital Loss ​ — ​ — ​ Investments ​ — ​ — ​ Other deductible temporary differences ​ 197 ​ 223 ​ Total deferred tax assets ​ 61,694 ​ 58,232 ​ Valuation allowance ​ (34,249) ​ (29,259) ​ Net deferred income tax assets ​ 27,445 ​ 28,973 ​ Deferred income tax liabilities ​ ​ ​ Investment in Ambler Metals LLC ​ (27,315) ​ ​ (28,844) ​ Right of use asset ​ (130) ​ ​ (129) ​ Other taxable temporary differences ​ — ​ — ​ Deferred income tax liabilities ​ (27,445) ​ (28,973) ​ Net deferred income tax assets ​ — ​ — ​ ​ The Company has loss carry-forwards of approximately $194 million that may be available for tax purposes. Certain of these losses occurred prior to the incorporation of the Company and are accounted for in the financial statements as if they were incurred by the Company. Prior to the NovaGold Arrangement, the Company undertook a tax reorganization in order to preserve the future deductibility of these losses for the Company, subject to the limitations below. Deferred tax assets have been recognized to the extent of future taxable income and the future taxable amounts related to taxable temporary differences for which a deferred tax liability is recognized can be offset. A valuation allowance has been provided against deferred income tax assets where it is not more likely than not that the Company will realize those benefits. The losses expire as follows in the following jurisdictions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ ​ Non-capital losses ​ ​ Operating losses ​ ​ ​ Canada ​ ​ United States ​ ​ $ $ 2022 ​ — ​ ​ 366 ​ 2023 ​ — ​ ​ 960 ​ 2024 ​ — ​ ​ 569 ​ 2025 ​ — ​ ​ 1,530 ​ Thereafter ​ 51,808 ​ ​ 139,099 ​ ​ ​ 51,808 ​ ​ 142,524 ​ ​ Future use of U.S. loss carry-forwards is subject to certain limitations under provisions of the Internal Revenue Code including limitations subject to Section 382, which relates to a 50% change in control over a three-year period and are further dependent upon the Company attaining profitable operations. An ownership change under Section 382 occurred on January 22, 2009 regarding losses incurred by AGC, of which the attributes of those losses were transferred to Trilogy Metals US with the purchase of the mineral property in October 2011. Therefore, approximately $39.4 million of the U.S. losses above are subject to limitation under Section 382. Accordingly, the Company’s ability to use these losses may be limited. An additional change in control may have occurred after November 30, 2011 which may further limit the availability of losses prior to the date of change in control. Furthermore, tax reform provisions under Section 172 allow federal net operating losses arising in tax years subsequent to December 31, 2017 to be carried forward indefinitely. As at November 30, 2021 the Company has approximately $21 million in operating losses that can be carried forward indefinitely. On June 19, 2015, we completed the Sunward acquisition which resulted in an acquisition of control of Sunward Resources ULC under of the Income Tax Act in Canada. Therefore, the Company’s ability to use approximately $15.2 million of losses in Canada may be limited.

Commitment

Commitment	12 Months Ended
	Nov. 30, 2021
Commitment
Commitment	13) Commitment The Company has commitments with respect to an office lease requiring future minimum lease payments as summarized in note 8(b).

Subsequent events

Subsequent events	12 Months Ended
	Nov. 30, 2021
Subsequent events.
Subsequent events	14) Subsequent events On December 9, 2021 directors were granted 350,000 stock options and 144,200 DSUs, all vesting immediately. Employees and service providers were granted 1,734,500 stock options, of which 578,166 options vested immediately, with the remainder vesting equally on the first anniversary of the grant date and the second anniversary of the grant date. Employees were also granted 648,600 RSUs, of which 391,332 units vested on the grant date. The remaining 257,268 units vest equally on the first anniversary of the grant date and the second anniversary of the grant date.

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	12 Months Ended
	Nov. 30, 2021
Summary of significant accounting policies
Basis of presentation	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 subsidiaries, NovaCopper US Inc. (dba “Trilogy Metals US”) and 995 Exploration Inc. 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 CDN$ refer to amounts in Canadian dollars. These financial statements were approved by the Company’s Board of Directors for issue on February 10, 2022.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents had been comprised of highly liquid investments maturing less than 90 days from date of initial investment.
Investment in affiliates	Investment in affiliates Investments in unconsolidated ventures over which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method and include the Company’s investment in the Ambler Metals project. We identified Ambler Metals LLC (“Ambler Metals”) as a VIE as the entity is dependent on funding from its owners. All funding, ownership, voting rights and power to exercise control is shared equally on a 50/50 basis between the owners of the VIE. Therefore, the Company has determined that it is not the primary beneficiary of the VIE. The Company’s maximum exposure to loss is its investment in Ambler Metals. Ambler Metals is a non-publicly traded equity investee holding exploration and development projects. Investments in unconsolidated entities accounted for under the equity method are assessed for impairment whenever changes in the facts and circumstances indicate an other than temporary loss in value has occurred. When indicators exist, the fair value is estimated and compared to the investment carrying value. If any impairment is determined to be other than temporary, the carrying value of the investment is written down to fair value. The fair value of the impaired investment may be based upon the valuation of cohort companies with similar projects or the present value of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants and observed market earnings multiples of comparable companies. Judgement is applied in evaluating indicators of impairment. Events that could indicate impairment of an investment in affiliates include sustained losses by the investment, the absence of the ability to recover the carrying amount of the investment, or a deterioration of market conditions, among others.
Fixed assets	Fixed assets Plant and equipment are recorded at cost and amortization begins when the asset is put into service. Amortization is calculated on a straight-line basis over the respective assets’ estimated useful lives. Amortization periods by asset class are: ​ ​ ​ ​ Computer hardware and software ​ 3 years Leasehold Improvements ​ lease term Office furniture and equipment ​ 5 years Machinery and equipment ​ 3 Vehicles ​ 3 years ​
Mineral properties and development costs	Mineral properties and development costs All direct costs related to the acquisition of mineral property interests are capitalized. Mineral property exploration expenditures is expensed when incurred. When it has been established that a mineral deposit is commercially mineable, an economic analysis has been completed and permits are obtained, the costs subsequently incurred to develop a mine on the property prior to the start of mining operations are capitalized. Capitalized costs will be amortized following commencement of production using the unit of production method over the estimated life of proven and probable reserves. The acquisition of title to mineral properties is a complicated and uncertain process. The Company has taken steps, in accordance with industry standards, to verify the title to mineral properties. Although the Company has made efforts to ensure that legal titles to its mining assets are properly recorded through the Joint Venture, there can be no assurance that such title will be secured indefinitely.
Impairment of long-lived assets	Impairment of long-lived assets Management assesses the possibility of impairment in the carrying value of long-lived assets whenever events or circumstances indicate that the carrying amounts of the asset or asset group may not be recoverable. Management calculates the estimated undiscounted future net cash flows relating to the asset or asset group using estimated future prices, proven and probable reserves and other mineral resources, and operating, capital and reclamation costs. When the carrying value of an asset exceeds the related undiscounted cash flows, the asset is written down to its estimated fair value, which is usually determined using discounted future cash flows. Management’s estimates of mineral prices, mineral resources, foreign exchange rates, production levels operating, capital and reclamation costs are subject to risk and uncertainties that may affect the determination of the recoverability of the long-lived asset. It is possible that material changes could occur that may adversely affect management’s estimates.
Leases	Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as ROU assets and short-term and long-term lease liabilities, as applicable. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. The Company typically only includes an initial lease term in its assessment of a lease arrangement. It also considers termination options and factors those into the determination of lease payments. Options to renew a lease are not included in the assessment unless there is reasonable certainty that the Company will renew. ​ Operating lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the ROU asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which it could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Income taxes	Income taxes The liability method of accounting for income taxes is used and is based on differences between the accounting and tax basis of assets and liabilities. Deferred income tax assets and liabilities are recognized for temporary differences between the tax and accounting basis of assets and liabilities as well as for the benefit of losses available to be carried forward to future years for tax purposes using enacted income tax rates expected to be in effect for the period in which the differences are expected to reverse. Deferred income tax assets are evaluated and, if realization is not considered more likely than not, a valuation allowance is provided.
Uncertainty in income tax positions	Uncertainty in income tax positions The Company recognizes tax benefits from uncertain tax positions only if it is at least more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Any tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement with the taxing authorities. Related interest and penalties, if any, are recorded as tax expense in the tax provision.
Financial instruments	Financial instruments Valuation models require the use of assumptions which may include the expected life of the instrument, the expected volatility, dividend payouts, and interest rates. In determining these assumptions, management uses readily observable market inputs where available or, where not available, inputs generated by management. Loans and receivables are recorded initially at fair value, net of transaction costs incurred, and subsequently at amortized cost using the effective interest rate method. Loans and receivables consist of cash and cash equivalents, accounts receivable, and deposits. Other financial liabilities are recorded initially at fair value and subsequently at amortized cost using the effective interest rate method. Other financial liabilities include accounts payable and accrued liabilities.
Translation of foreign currencies	Translation of foreign currencies Monetary assets and liabilities are translated into United States dollars at the exchange rate in effect at the balance sheet date, and non-monetary assets and liabilities at the exchange rate in effect at the time of acquisition or issue. Income and expenses are translated at rates approximating the exchange rate in effect at the time of transactions. Exchange gains or losses arising on translation are included in income or loss for the period. The functional currency of the Company and its subsidiary and the Company’s reporting currency is the United States dollar.
Earnings and loss per share	Earnings and loss per share Earnings and loss per common share is calculated based on the weighted average number of common shares outstanding during the year. The Company follows the treasury stock method in the calculation of diluted earnings per share. Under the treasury stock method, the weighted average number of common shares outstanding used for the calculation of diluted loss per share assumes that the proceeds to be received on the exercise of dilutive stock options and in the prior year, warrants are used to repurchase common shares at the average market price during the period.
Stock-based compensation	Stock-based compensation Compensation expense for options granted to employees, directors and certain service providers is determined based on estimated fair values of the options at the time of grant using the Black-Scholes option pricing model, which takes into account, as of the grant date, the fair market value of the shares, expected volatility, expected dividend yield, the risk-free interest rate, and the expected life of the option. The compensation cost is recognized using the graded attribution method over the vesting period of the respective options. The expense relating to the fair value of stock options is included in expenses, net of forfeitures and is credited to contributed surplus. Shares are issued from treasury in settlement of options exercised. Compensation expense for restricted share units (“RSUs”) and deferred share units (“DSUs”) granted to employees and directors, respectively, is determined based on estimated fair values of the units at the time of grant using quoted market prices or at the time the units qualify for equity classification under ASC 718. The cost is recognized using the graded attribution method over the vesting period of the respective units. The expense relating to the fair value of the units is included in expenses, net of forfeitures and is credited to other liabilities or contributed surplus based on the unit’s classification. Units may be settled in either i) cash, and/or ii) shares purchased in the open market, and/or iii) shares issued from treasury, at the Company’s election at the time of vesting.
Use of estimates and measurement uncertainties	Use of estimates and measurement uncertainties The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions of future events that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenditures during the period. Significant judgments include the assessment of potential indicators of impairment of mineral properties and investments in affiliates. Significant estimates include the measurement of the South32 property acquisition option and subsequent equity method investment, income taxes, and the valuation of stock-based compensation. Actual results could differ materially from those reported.

Summary of significant accoun_3

Summary of significant accounting policies (Tables)	12 Months Ended
	Nov. 30, 2021
Summary of significant accounting policies
Schedule of Estimated useful lives of plant and equipment	​ ​ ​ ​ Computer hardware and software ​ 3 years Leasehold Improvements ​ lease term Office furniture and equipment ​ 5 years Machinery and equipment ​ 3 Vehicles ​ 3 years

Accounts receivable (Tables)

Accounts receivable (Tables)	12 Months Ended
	Nov. 30, 2021
Accounts receivable
Schedule of account receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ November 30, 2021 ​ ​ November 30, 2020 ​ ​ $ $ GST input tax credits ​ 19 ​ 15 ​ Ambler Metals ​ — ​ 114 ​ Accounts receivable ​ 19 ​ 129 ​

Investment in Ambler Metals L_2

Investment in Ambler Metals LLC (Tables)	12 Months Ended
	Nov. 30, 2021
Investment in Ambler Metals LLC
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 located in Alaska ​ (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 ​ $ ​ February 11, 2020, fair value ascribed to Ambler Metals interest ​ 176,000 ​ Share of loss on equity investment from February 11, 2020 to November 30, 2020 ​ (2,855) ​ November 30, 2020, investment in Ambler Metals ​ 173,145 ​ Share of loss on equity investment for the year ending November 30, 2021 ​ (13,082) ​ November 30, 2021, investment in Ambler Metals ​ 160,063 ​
Schedule of Ambler Metals LLC's Balance Sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ November 30, 2021 ​ ​ November 30, 2020 ​ ​ $ $ Total assets ​ 149,374 ​ ​ 171,991 ​ Cash ​ 61,205 ​ ​ 81,673 ​ Loan receivable from South32 (current and long-term) ​ 55,355 ​ ​ 58,478 ​ Mineral properties ​ 30,757 ​ ​ 30,705 ​ Total liabilities ​ (5,043) ​ ​ (1,496) ​ Accounts payable and accrued liabilities ​ (4,148) ​ ​ (1,445) ​ Members' equity (Total assets less Total liabilities) ​ 144,331 ​ ​ 170,495 ​
Schedule of Ambler Metals LLC's net loss	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ Year ended ​ ​ February 11, 2020 to ​ ​ ​ November 30, 2021 ​ ​ November 30, 2020 ​ ​ $ $ Depreciation ​ 77 ​ ​ 95 ​ Corporate salaries and wages ​ 2,421 ​ ​ 614 ​ General and administrative ​ 756 ​ ​ 653 ​ Lease expense ​ 276 ​ ​ 48 ​ Mineral property expense ​ 22,639 ​ ​ 3,488 ​ Professional fees ​ 1,047 ​ ​ 1,990 ​ Foreign exchange (gain)/loss ​ 6 ​ ​ 3 ​ Interest income ​ (1,058) ​ ​ (1,180) ​ Comprehensive loss ​ 26,164 ​ ​ 5,711 ​

Fixed assets (Tables)

Fixed assets (Tables)	12 Months Ended
	Nov. 30, 2021
Fixed assets
Schedule of Fixed assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ ​ British Columbia, Canada ​ ​ Alaska, USA ​ ​ ​ ​ ​ ​ Furniture and equipment Leasehold improvements Computer hardware and software Machinery and equipment Computer hardware and software Total Cost $ ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ November 30, 2019 ​ 63 ​ ​ 53 ​ ​ 115 ​ ​ 3,667 ​ ​ 4 ​ ​ 3,902 ​ ASC 842 adoption ​ — ​ ​ 200 ​ ​ — ​ ​ — ​ ​ — ​ ​ 200 ​ Assets derecognized (note 4(a)) ​ — ​ ​ — ​ ​ — ​ ​ (3,667) ​ ​ (4) ​ ​ (3,671) ​ November 30, 2020 ​ 63 ​ ​ 253 ​ ​ 115 ​ ​ — ​ ​ — ​ ​ 431 ​ ROU asset reclass ​ — ​ ​ (200) ​ ​ — ​ ​ — ​ ​ — ​ ​ (200) ​ November 30, 2021 ​ 63 ​ ​ 53 ​ ​ 115 ​ ​ — ​ ​ — ​ ​ 231 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 30, 2019 ​ 29 ​ ​ 18 ​ ​ 111 ​ ​ 3,026 ​ ​ 3 ​ ​ 3,187 ​ Depreciation ​ 13 ​ ​ 51 ​ ​ 3 ​ ​ 23 ​ ​ 1 ​ ​ 91 ​ Assets derecognized (note 4(a)) ​ — ​ ​ — ​ ​ — ​ ​ (3,049) ​ ​ (4) ​ ​ (3,053) ​ November 30, 2020 ​ 42 ​ ​ 69 ​ ​ 114 ​ ​ — ​ ​ — ​ ​ 225 ​ ROU asset reclass ​ — ​ ​ (44) ​ ​ — ​ ​ — ​ ​ — ​ ​ (44) ​ Depreciation ​ 14 ​ ​ 6 ​ ​ 1 ​ ​ — ​ ​ — ​ ​ 21 ​ November 30, 2021 ​ 56 ​ ​ 31 ​ ​ 115 ​ ​ — ​ ​ — ​ ​ 202 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Book Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 30, 2020 ​ 21 ​ ​ 184 ​ ​ 1 ​ ​ — ​ ​ — ​ ​ 206 ​ November 30, 2021 ​ 7 ​ ​ 22 ​ ​ — ​ ​ — ​ ​ — ​ ​ 29 ​

Mineral properties and develo_2

Mineral properties and development costs (Tables)	12 Months Ended
	Nov. 30, 2021
Mineral properties and development costs
Schedule of mineral properties and development costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ ​ November 30, 2020 ​ ​ Acquisition costs ​ ​ November 30, 2021 ​ ​ $ $ $ Alaska, USA ​ ​ ​ ​ ​ ​ West Kobuk ​ — ​ ​ 58 ​ ​ 58 ​ East Ambler ​ — ​ ​ 61 ​ ​ 61 ​ ​ ​ — ​ 119 ​ 119 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ derecognized ​ ​ ​ ​ ​ ​ November 30, 2019 ​ ​ note 4(a) ​ ​ November 30, 2020 ​ ​ $ $ $ Alaska, USA ​ ​ ​ ​ Ambler (a) ​ 26,631 ​ (26,631) ​ — ​ Bornite (b) ​ 4,000 ​ (4,000) ​ — ​ ​ ​ 30,631 ​ (30,631) ​ — ​
Schedule of mineral property expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ In thousands of dollars ​ ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 ​ ​ $ $ $ Alaska, USA ​ ​ ​ ​ ​ Community ​ ​ — ​ 137 ​ 596 ​ Drilling ​ ​ — ​ — ​ 5,194 ​ Engineering ​ ​ — ​ 723 ​ 2,410 ​ Environmental ​ ​ — ​ 99 ​ 611 ​ Geochemistry and geophysics ​ ​ — ​ 12 ​ 1,259 ​ Land and permitting ​ ​ — ​ 134 ​ 744 ​ Project support ​ ​ — ​ 249 ​ 4,652 ​ Other income ​ ​ — ​ ​ — ​ ​ (13) ​ Wages and benefits ​ ​ — ​ 191 ​ 3,758 ​ ​ ​ ​ — ​ 1,545 ​ 19,211 ​

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	12 Months Ended
	Nov. 30, 2021
Accounts payable and accrued liabilities.
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ November 30, 2021 ​ ​ November 30, 2020 ​ ​ $ $ Trade accounts payable ​ 205 ​ ​ 226 ​ Accrued liabilities 105 ​ 198 ​ Accrued salaries and vacation 542 ​ 464 ​ Accounts payable and accrued liabilities 852 ​ 888 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Nov. 30, 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 ​ (150) ​ Previously classified in fixed assets ​ 156 ​ Balance as at November 30, 2021 ​ 482 ​
Schedule of lease expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ Year ended ​ ​ Year ended ​ ​ ​ November 30, 2021 ​ ​ November 30, 2020 ​ ​ $ $ Operating lease costs ​ 187 ​ ​ 162 ​ Variable lease costs ​ 122 ​ ​ 131 ​ Total lease expense ​ 309 ​ ​ 293 ​
Schedule of future minimum payments	​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ November 30, 2021 Fiscal year $ 2022 204 ​ 2023 210 ​ 2024 35 ​ Total undiscounted lease payments 449 ​ Effect of discounting (35) ​ Present value of lease payments recognized as lease liability 414 ​

Share capital (Tables)

Share capital (Tables)	12 Months Ended
	Nov. 30, 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 ​ 871,961 ​ ​ 1,074 ​ November 30, 2021, issued and outstanding ​ 145,009,811 ​ ​ 180,820 ​
Schedule of assumptions used in the pricing model	​ ​ ​ ​ ​ November 30, 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ November 30, 2021 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ exercise price ​ ​ Number of options $ Balance – beginning of the year 8,647,500 ​ ​ 1.87 ​ Granted 3,374,150 ​ ​ 1.97 ​ Exercised (1,330,326) ​ ​ 1.14 ​ Cancelled (140,666) ​ ​ 2.38 ​ Forfeited ​ (11,334) ​ ​ 2.09 ​ Balance – end of the year 10,539,324 ​ ​ 1.99 ​
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 $0.55 to $1.00 876,674 ​ 0.95 ​ ​ 0.78 ​ ​ 876,674 ​ ​ 0.78 ​ ​ — ​ $1.01 to $1.50 75,000 ​ 1.06 ​ ​ 1.15 ​ ​ 75,000 ​ ​ 1.15 ​ ​ — ​ $1.51 to $2.00 4,265,150 ​ 3.78 ​ ​ 1.95 ​ ​ 2,775,483 ​ ​ 1.93 ​ ​ 1,489,667 ​ $2.01 to $2.50 5,285,000 ​ 2.98 ​ ​ 2.23 ​ ​ 4,248,329 ​ ​ 2.24 ​ ​ 1,036,671 ​ $2.51 to $2.67 ​ 37,500 ​ ​ 2.47 ​ ​ 2.67 ​ ​ 37,500 ​ ​ 2.67 ​ ​ — ​ ​ ​ 10,539,324 ​ ​ 3.12 ​ ​ 1.99 ​ ​ 8,012,986 ​ ​ 1.97 ​ ​ 2,526,338 ​
Schedule of restricted share Units and deferred share units plans	​ ​ ​ ​ ​ ​ Number of DSUs Balance – beginning of the year 1,218,520 ​ Granted 58,925 ​ Balance – end of the year 1,277,445 ​

Financial instruments (Tables)

Financial instruments (Tables)	12 Months Ended
	Nov. 30, 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 852 ​ 852 ​ — ​ ​ — ​ ​ — ​ Office lease 449 ​ ​ 204 ​ ​ 245 ​ ​ — ​ ​ — ​ 1,301 ​ 1,056 ​ 245 ​ ​ — ​ ​ — ​

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Nov. 30, 2021
Income taxes
Schedule of Income Tax Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ ​ November 30, 2021 ​ ​ November 30, 2020 ​ ​ November 30, 2019 ​ ​ $ $ $ Combined federal and provincial statutory tax rate ​ 27.00 % ​ 27.00 % ​ 27.00 % Income tax (recovery) at statutory rate ​ (5,848) ​ ​ 43,677 ​ ​ (7,534) ​ Difference in foreign tax rates ​ (194) ​ ​ 2,424 ​ ​ (281) ​ Impact of change in tax rate ​ — ​ ​ — ​ ​ — ​ Effect of foreign exchange changes ​ — ​ ​ (4) ​ ​ — ​ Non-deductible expenditures ​ 937 ​ ​ 1,009 ​ ​ 4,061 ​ Income from option payments applied as proceeds of sale ​ — ​ ​ (8,812) ​ ​ — ​ Return to provision adjustments ​ 116 ​ ​ (6) ​ ​ 193 ​ Impact of new lease accounting rules (ASC 842 adoption) ​ — ​ ​ (28) ​ ​ — ​ Expiry of Losses ​ — ​ ​ — ​ ​ 277 ​ Change in valuation allowance ​ 4,989 ​ ​ (38,260) ​ ​ 3,284 ​ Income tax recovery (expense) ​ — ​ ​ — ​ ​ — ​
Schedule of Future Income Tax Assets and Liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ November 30, 2021 ​ ​ November 30, 2020 ​ $ $ Deferred income tax assets ​ ​ ​ Non-capital losses ​ 54,502 ​ 51,250 ​ Mineral property interest ​ 447 ​ — ​ Deferred interest ​ 6,251 ​ 6,251 ​ Property, plant and equipment ​ 82 ​ 88 ​ Lease liability ​ 112 ​ ​ 153 ​ Share issuance costs ​ 103 ​ 267 ​ Capital Loss ​ — ​ — ​ Investments ​ — ​ — ​ Other deductible temporary differences ​ 197 ​ 223 ​ Total deferred tax assets ​ 61,694 ​ 58,232 ​ Valuation allowance ​ (34,249) ​ (29,259) ​ Net deferred income tax assets ​ 27,445 ​ 28,973 ​ Deferred income tax liabilities ​ ​ ​ Investment in Ambler Metals LLC ​ (27,315) ​ ​ (28,844) ​ Right of use asset ​ (130) ​ ​ (129) ​ Other taxable temporary differences ​ — ​ — ​ Deferred income tax liabilities ​ (27,445) ​ (28,973) ​ Net deferred income tax assets ​ — ​ — ​
Schedule of loss carry forwards expiry	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ ​ Non-capital losses ​ ​ Operating losses ​ ​ ​ Canada ​ ​ United States ​ ​ $ $ 2022 ​ — ​ ​ 366 ​ 2023 ​ — ​ ​ 960 ​ 2024 ​ — ​ ​ 569 ​ 2025 ​ — ​ ​ 1,530 ​ Thereafter ​ 51,808 ​ ​ 139,099 ​ ​ ​ 51,808 ​ ​ 142,524 ​

Summary of significant accoun_4

Summary of significant accounting policies - Fixed assets estimated useful lives (Details)	12 Months Ended
	Nov. 30, 2021
Computer hardware and software
Estimated useful lives	3 years
Office furniture and equipment
Estimated useful lives	5 years
Machinery and equipment | Minimum
Estimated useful lives	P3Y
Machinery and equipment | Maximum
Estimated useful lives	10 years
Vehicles
Estimated useful lives	3 years

Summary of significant accoun_5

Summary of significant accounting policies - Narrative (Details)	12 Months Ended
	Nov. 30, 2021
Summary of significant accounting policies
Likelihood of tax benefit being realized upon settlement	50.00%

Accounts receivable (Details)

Accounts receivable (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Accounts receivable
GST input tax credits	$ 19	$ 15
Ambler Metals		114
Accounts receivable	$ 19	$ 129

Investment in Ambler Metals L_3

Investment in Ambler Metals LLC - Narrative (Details)	10 Months Ended	12 Months Ended
	Nov. 30, 2020USD ($)	Nov. 30, 2021USD ($)Owner	Nov. 30, 2020USD ($)	Nov. 30, 2019USD ($)	Feb. 11, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Comprehensive loss		$ (21,660,000)	$ 161,767,000	$ (27,905,000)
Number of board members | Owner		2
Service agreement
Related party transactions - services agreement income
Amount charged for expenses		$ 22,000	900,000
Ambler Metals
Schedule of Equity Method Investments [Line Items]
Percentage of ownership		50.00%			50.00%
Comprehensive loss	$ (5,700,000)	$ (26,200,000)
Number of board members | Owner		4
Maximum exposure to loss		$ 160,100,000
Fair value ascribed to Ambler Metals LLC interest					$ 176,000,000
Related party transactions - services agreement income
Amount charged for expenses		$ 4,000	$ 2,800,000
South32 | Ambler Metals
Schedule of Equity Method Investments [Line Items]
Percentage of ownership					50.00%
Upper Kobuk Mineral Projects | South32 | Ambler Metals
Schedule of Equity Method Investments [Line Items]
Joint venture, contributed amount					$ 145,000,000

Investment in Ambler Metals L_4

Investment in Ambler Metals LLC - UKMP assets upon transfer to the Ambler Metals joint venture (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Feb. 11, 2020
Alaska, USA
Less: carrying value of contributed /eliminated assets
Mineral properties	$ (30,631)
Ambler Metals
UKMP assets upon transfer to the Ambler Metals joint venture
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 located in Alaska		(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

Investment in Ambler Metals L_5

Investment in Ambler Metals LLC - Financial information (Details) - USD ($) $ in Thousands	10 Months Ended	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Feb. 11, 2020
The carrying value of investment in Ambler Metals LLC
Share of loss on equity investment		$ (13,082)	$ (2,855)
Investment in Ambler Metals LLC.	$ 173,145	160,063	173,145
Assets [Abstract]
Total assets	185,265	167,305	185,265
Mineral properties		119
Liabilities [Abstract]
Total liabilities	(1,454)	(1,266)	(1,454)
Ambler Metals' net loss
Depreciation		21	91
General and administrative		1,517	1,650	$ 1,838
Professional Fees		818	1,347	1,382
Foreign exchange loss (gain)		36	56	$ (19)
Ambler Metals LLC
Assets [Abstract]
Total assets	171,991	149,374	171,991
Cash	81,673	61,205	81,673
Loan receivable from South32 (current and long-term)	58,478	55,355	58,478
Mineral properties	30,705	30,757	30,705
Liabilities [Abstract]
Total liabilities	(1,496)	(5,043)	(1,496)
Accounts payable and accrued liabilities	(1,445)	(4,148)	(1,445)
Members' equity (Total assets less Total liabilities)	170,495	144,331	170,495
Ambler Metals' net loss
Depreciation	95	77
Corporate salaries and wages	614	2,421
General and administrative	653	756
Lease expense	48	276
Mineral properties expense	3,488	22,639
Professional Fees	1,990	1,047
Foreign exchange loss (gain)	3	6
Interest income	(1,180)	(1,058)
Comprehensive loss	5,711	26,164
Revision of Prior Period, Adjustment [Member]
Ambler Metals' net loss
Mineral properties expense	300
Ambler Metals
The carrying value of investment in Ambler Metals LLC
Investment in Ambler Metals LLC.					$ 176,000
Share of loss on equity investment	(2,855)	(13,082)
Investment in Ambler Metals LLC.	$ 173,145	$ 160,063	$ 173,145

Fixed assets (Details)

Fixed assets (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2021USD ($)	Nov. 30, 2020USD ($)
Cost
Cost, beginning balance	$ 431	$ 3,902
Reclassed to ROU asset	(200)
Cost, ending balance	231	431
Accumulated amortization
Accumulated amortization, beginning balance	225	3,187
Depreciation	21	91
Assets derecognized (note 4(a))		3,053
ROU asset reclass	(44)
Accumulated amortization, ending balance	202	225
Net Book Value
Net Book Value	29	206
Revision of Prior Period, Adjustment [Member] | ASC 842 adoption
Cost
Cost, beginning balance	200
Assets derecognized (note 4(a))		3,671
Cost, ending balance		200
British Columbia, Canada
Cost
Cost, beginning balance	115	115
Cost, ending balance	115	115
Accumulated amortization
Accumulated amortization, beginning balance	114	111
Depreciation	1	3
Accumulated amortization, ending balance	115	114
Net Book Value
Net Book Value		1
Furniture and equipment | British Columbia, Canada
Cost
Cost, beginning balance	63	63
Cost, ending balance	63	63
Accumulated amortization
Accumulated amortization, beginning balance	42	29
Depreciation	14	13
Accumulated amortization, ending balance	56	42
Net Book Value
Net Book Value	7	21
Leasehold improvements | British Columbia, Canada
Cost
Cost, beginning balance	253	53
Reclassed to ROU asset	(200)
Cost, ending balance	53	253
Accumulated amortization
Accumulated amortization, beginning balance	69	18
Depreciation	6	51
ROU asset reclass	(44)
Accumulated amortization, ending balance	31	69
Net Book Value
Net Book Value	22	184
Leasehold improvements | British Columbia, Canada | Revision of Prior Period, Adjustment [Member] | ASC 842 adoption
Cost
Cost, beginning balance	$ 200
Cost, ending balance		200
Machinery and equipment | Alaska, USA
Cost
Cost, beginning balance		3,667
Accumulated amortization
Accumulated amortization, beginning balance		3,026
Depreciation		23
Assets derecognized (note 4(a))		3,049
Machinery and equipment | Alaska, USA | Revision of Prior Period, Adjustment [Member] | ASC 842 adoption
Cost
Assets derecognized (note 4(a))		3,667
Vehicles | Alaska, USA
Cost
Cost, beginning balance		4
Accumulated amortization
Accumulated amortization, beginning balance		3
Depreciation		1
Assets derecognized (note 4(a))		4
Vehicles | Alaska, USA | Revision of Prior Period, Adjustment [Member] | ASC 842 adoption
Cost
Assets derecognized (note 4(a))		$ 4

Mineral Properties and develo_3

Mineral Properties and development costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Mineral properties and development costs, Ending Balance	$ 119
Alaska, USA
Assets derecognized note 4(a)		$ (30,631)
Acquisition costs	119
Mineral properties and development costs, Ending Balance	119
Ambler | Alaska, USA
Assets derecognized note 4(a)		(26,631)
Bornite | Alaska, USA
Assets derecognized note 4(a)		$ (4,000)
West Kobuk | Alaska, USA
Acquisition costs	58
Mineral properties and development costs, Ending Balance	58
East Ambler | Alaska, USA
Acquisition costs	61
Mineral properties and development costs, Ending Balance	$ 61

Mineral properties and develo_4

Mineral properties and development costs - Narrative (Details) - USD ($)	Apr. 10, 2017	Oct. 19, 2011	Nov. 30, 2020	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2021	Feb. 11, 2020	Jan. 11, 2010
Mineral claims				$ 119,000
Feasibility study (note 6(a))					$ 1,065,000
Mineral properties expense					1,545,000	$ 19,211,000
Payments received recognized as consideration					31,000,000
Feasibility costs					1,065,000
Cumulative spend								$ 147,000,000
Mineral properties and development costs				119,000				119,000
Option Agreement to Form a Joint Venture with South32 | South32
Mineral property, fair value of consideration
Mineral properties									30,600,000
Maximum subscription price	$ 150,000,000
Required minimum amount to maintain option in good standing, period	3 years
Option to enter into the 50/50 joint venture, period (in years)	3 years
Percentage of ownership	50.00%
Subscription of options, description	To subscribe for 50% of the joint venture, the Option Agreement provided that South32 must contribute $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 had been exercised between April 1, 2018 and March 31, 2019 or $10 million if the option was 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”).
Machinery and equipment derecognized									620,000
Scenario, Plan | Option Agreement to Form a Joint Venture with South32 | South32
Matched parallel funding on Trilogy spending, maximum amount	$ 16,000,000
Required minimum amount to maintain option in good standing	10,000,000
Amount due if exercised between April 1, 2018 and March 31, 2019	5,000,000
Amount due if exercised between April 1, 2019 and the expiration date	$ 10,000,000
Alaska, USA
Mineral properties expense					1,545,000	19,211,000
Mineral properties			$ (30,631,000)		(30,631,000)		$ (30,631,000)
Cumulative spend								115,300,000
Cumulative acquisition costs								30,600,000
Mineral properties and development costs				$ 119,000		30,631,000		$ 119,000
Ambler | Alaska, USA
Mineral property interest percentage										100.00%
Mineral property, fair value of consideration										$ 26,600,000
Net smelter return royalty										1.00%
Purchase price for smelter return royalty (one-time payment)										$ 10,000,000
Mineral properties			(26,631,000)		(26,631,000)		(26,631,000)
Mineral properties and development costs						26,631,000
Arctic Project
Feasibility study (note 6(a))			1,100,000		1,500,000
Cost of feasibility study							700,000
Feasibility costs			1,100,000		1,500,000
Bornite
Mineral claims		$ 4,000,000
Net proceeds royalty		15.00%
Minimum purchase amount		$ 0
Bornite | Alaska, USA
Discount on consideration		$ 40,000,000
Mineral properties			$ (4,000,000)		$ (4,000,000)		$ (4,000,000)
Mineral properties and development costs						$ 4,000,000
Bornite | Minimum
Mineral property interest percentage		16.00%
Net smelter return royalty		1.00%
Bornite | Maximum
Mineral property interest percentage		25.00%
Net smelter return royalty		2.50%
Upper Kobuk Mineral Projects | Option Agreement to Form a Joint Venture with South32
Mineral properties									$ 30,600,000

Mineral properties and develo_5

Mineral properties and development costs - Mineral property expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Mineral property expense	$ 1,545	$ 19,211
Alaska, USA
Community	137	596
Drilling		5,194
Engineering	723	2,410
Environmental	99	611
Geochemistry and geophysics	12	1,259
Land and permitting	134	744
Project support	249	4,652
Other income		(13)
Wages and benefits	191	3,758
Mineral property expense	$ 1,545	$ 19,211

Accounts payable and accrued _3

Accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Accounts payable and accrued liabilities.
Trade accounts payable	$ 205	$ 226
Accrued liabilities	105	198
Accrued salaries and vacation	542	464
Accounts payable and accrued liabilities	$ 852	$ 888

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Leases
Rent deposit			$ 114,000
Lessee, Operating Lease, Existence of Option to Extend [true false]	false
Remaining lease term	2 years 6 months
Lease discount rate	8.00%
Cash paid for amounts included in the measurement of lease liabilities	$ 201,783
Derecognition of right of use asset	$ 92,974	$ 93,000
Lease liabilities		93,006
Cash paid upon termination of lease		$ 0

Leases - Right of use asset (De

Leases - Right of use asset (Details) - USD ($)	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Balance, beginning	$ 476,000
Net amortization	(150,000)	$ (112,000)
Previously classified in fixed assets	156,000
Derecognition of Fairbanks warehouse lease	(92,974)	(93,000)
Balance, ending	482,000	476,000
Cumulative Effect, Period of Adoption, Adjusted Balance
Balance, beginning	$ 476,000	681,000
Balance, ending		$ 476,000

Leases - Lease liabilities (Det

Leases - Lease liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Leases
Operating lease costs	$ 187	$ 162
Variable lease costs	122	131
Total lease expense	$ 309	$ 293

Leases - Future minimum payment

Leases - Future minimum payments (Details) $ in Thousands	Nov. 30, 2021USD ($)
Future minimum payments
2022	$ 204
2023	210
2024	35
Total undiscounted lease payments	449
Effect of discounting	(35)
Present value of lease payments recognized as lease liability	$ 414

Share capital - Narrative (Deta

Share capital - Narrative (Details)	Apr. 30, 2012shares	Nov. 30, 2021USD ($)$ / sharesshares	Nov. 30, 2021USD ($)$ / shares$ / sharesshares	Nov. 30, 2020USD ($)$ / sharesshares	Nov. 30, 2020USD ($)$ / sharesshares	Nov. 30, 2019USD ($)$ / sharesshares	Nov. 30, 2019USD ($)$ / sharesshares	Nov. 30, 2021$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $		$ (3,472,000)		$ (3,564,000)		$ (3,845,000)
Non-vested stock options outstanding		10,539,324	10,539,324
Weighted average exercise price options outstanding | $ / shares								$ 1.99
Stock option expense not yet recognized | $		$ 500,000	$ 500,000
Period for recognition of stock compensation expense		2 years
Aggregate intrinsic value, vested options | $		$ 800,000	800,000	2,400,000	$ 2,400,000	7,200,000	$ 7,200,000
Aggregate intrinsic value, options exercised | $		$ 1,400,000		$ 2,600,000		2,600,000
Rolling maximum number, percentage of the issued and outstanding Common Shares		10.00%
Warrants outstanding | $		$ 0	$ 0
Exercise of warrants | $						$ 9,900,000
Exercise of warrants (Shares)						6,521,740
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Rolling maximum number, percentage of the issued and outstanding Common Shares		10.00%
Share capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock committed for issuance		145,009,811	145,009,811	144,137,850	144,137,850	140,427,761	140,427,761
Exercise of warrants (Shares)						6,521,740
Nonvested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested stock options outstanding		2,526,338	2,526,338
Weighted average exercise price options outstanding | $ / shares		$ 2.06	$ 2.06
Restricted Share Units and Deferred Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, conversion		1
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock committed for issuance		11,927	11,927
Granted units		58,925		83,775		137,514
Outstanding grants		1,277,445	1,277,445	1,218,520	1,218,520
Annual retainer percentage in DSUs		50.00%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted units		0
NovaGold Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, conversion	6
Common stock, terms of conversion	On April 30, 2012, under the NovaGold Arrangement, Trilogy committed to issue common shares to satisfy holders of NovaGold deferred share units (“NovaGold DSUs”), once vested, on record as of the close of business April 27, 2012. When vested, Trilogy committed to deliver one common share to the holder for every six shares of NovaGold the holder is entitled to receive, rounded down to the nearest whole number.
Common Stock, Other Shares, Outstanding		1,988	1,988
Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $		$ 100,000		$ 500,000		$ 900,000
Stock Option.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $		$ 3,300,000		$ 3,100,000		$ 2,900,000
Closing foreign exchange rate		0.7817	0.7817
Employees, consultants and directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted		3,374,150		4,445,000		3,077,500
Weighted-average exercise price | $ / shares			$ 2.52		$ 2.79		$ 2.86
Stock options granted, weighted average fair value | $ / shares		$ 0.84		$ 0.90		$ 1.03
Employees, consultants and directors | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years
Employees, consultants and directors | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years

Share capital - Authorized unli

Share capital - Authorized unlimited common shares, no par value (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Class of Stock [Line Items]
Unlimited common shares authorized	Unlimited	Unlimited
Common Stock, No Par Value	$ 0	$ 0
Share capital
Class of Stock [Line Items]
Beginning balance, Number of shares	144,137,850	140,427,761
Beginning balance, Ascribed value	$ 179,746	$ 177,971
Exercise of options, Number of shares	871,961	3,297,588	1,725,776
Exercise of options, Ascribed value	$ 1,074	$ 1,133
Restricted share units, Number of shares		412,501	412,501
Restricted share units, Ascribed value		$ 642
Ending balance, Number of shares	145,009,811	144,137,850	140,427,761
Ending balance, Ascribed value	$ 180,820	$ 179,746	$ 177,971

Share capital - Assumptions use

Share capital - Assumptions used in the pricing model (Details)	12 Months Ended
	Nov. 30, 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)	12 Months Ended
	Nov. 30, 2021$ / sharesshares	Nov. 30, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - end of period, number of options | shares	10,539,324	10,539,324
Balance - end of period, weighted average exercise price | $ / shares	$ 1.99
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	8,647,500
Balance - beginning of the year, weighted average exercise price | $ / shares		$ 1.87
Number of options, Granted | shares	3,374,150	3,374,150
Weighted average exercise price, Granted | $ / shares		$ 1.97
Number of options, Exercised | shares	(1,330,326)	(1,330,326)
Weighted average exercise price, Exercised | $ / shares		$ 1.14
Number of options, Cancelled | shares	(140,666)	(140,666)
Weighted average exercise price, Cancelled | $ / shares		$ 2.38
Balance - end of period, number of options | shares	10,539,324	10,539,324
Balance - end of period, weighted average exercise price | $ / shares		$ 1.99

Share capital - Stock options o

Share capital - Stock options outstanding (Details)	12 Months Ended
	Nov. 30, 2021$ / sharesshares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding options | shares	10,539,324
Weighted average years to expiry	3 years 1 month 13 days
Weighted average exercise price options outstanding	$ 1.99
Number of exercisable options | shares	8,012,986
Weighted average exercise price exercisable	$ 1.97
Number of unvested options | shares	2,526,338
$0.55 to $1.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range limit	$ 0.55
Exercise price upper range limit	$ 1
Number of outstanding options | shares	876,674
Weighted average years to expiry	11 months 12 days
Weighted average exercise price options outstanding	$ 0.78
Number of exercisable options | shares	876,674
Weighted average exercise price exercisable	$ 0.78
$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 21 days
Weighted average exercise price options outstanding	$ 1.15
Number of exercisable options | shares	75,000
Weighted average exercise price exercisable	$ 1.15
$1.51 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	4,265,150
Weighted average years to expiry	3 years 9 months 10 days
Weighted average exercise price options outstanding	$ 1.95
Number of exercisable options | shares	2,775,483
Weighted average exercise price exercisable	$ 1.93
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	5,285,000
Weighted average years to expiry	2 years 11 months 23 days
Weighted average exercise price options outstanding	$ 2.23
Number of exercisable options | shares	4,248,329
Weighted average exercise price exercisable	$ 2.24
Number of unvested options | shares	1,036,671
$2.51 to $2.67
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range limit	$ 2.51
Exercise price upper range limit	$ 2.67
Number of outstanding options | shares	37,500
Weighted average years to expiry	2 years 5 months 19 days
Weighted average exercise price options outstanding	$ 2.67
Number of exercisable options | shares	37,500
Weighted average exercise price exercisable	$ 2.67

Share capital - DSU Plan and ch

Share capital - DSU Plan and changes during the year (Details) - DSUs - shares	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - beginning of the year	1,218,520
Granted	58,925	83,775	137,514
Balance - end of period	1,277,445	1,218,520

Financial instruments - Narrati

Financial instruments - Narrative (Details)	12 Months Ended
	Nov. 30, 2021USD ($)	Nov. 30, 2021CAD ($)	Nov. 30, 2020USD ($)
Accounts receivable	$ 19,000		$ 129,000
10% change in the US-Canadian exchange rate
Cash		$ 247,000
Accounts receivable		23,000
Accounts payable		$ 946,000
Change in foreign exchange rate	10.00%	10.00%
Foreign exchange loss	$ (53,000)
Change in interest rate	1.00%	1.00%
Interest rate loss	$ 160,000,000

Financial instruments - Contrac

Financial instruments - Contractually obligated cash flow requirements (Details) $ in Thousands	Nov. 30, 2021USD ($)
Total	$ 1,301
Less than 1 Year	1,056
1 - 2 Years	245
Accounts payable and accrued liabilities
Total	852
Less than 1 Year	852
Office lease
Total	449
Less than 1 Year	204
1 - 2 Years	$ 245

Income taxes - Income tax recon

Income taxes - Income tax reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Income taxes
Combined federal and provincial statutory tax rate	27.00%	27.00%	27.00%
Income tax (recovery) at statutory rate	$ (5,848)	$ 43,677	$ (7,534)
Difference in foreign tax rates	(194)	2,424	(281)
Effect of foreign exchange changes		(4)
Non-deductible expenditures	937	1,009	4,061
Income from option payments applied as proceeds of sale		(8,812)
Return to provision adjustments	116	(6)	193
Impact of new lease accounting rules (ASC 842 adoption)		(28)
Expiry of losses			277
Change in valuation allowance	4,989	(38,260)	3,284
Income tax recovery (expense)	$ 0	$ 0	$ 0

Income taxes - Deferred Income

Income taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Deferred income tax assets
Non-capital losses	$ 54,502	$ 51,250
Mineral property interest	447
Deferred interest	6,251	6,251
Property, plant and equipment	82	88
Lease liability	112	153
Share issuance costs	103	267
Investments	0	0
Other deductible temporary differences	197	223
Total deferred tax assets	61,694	58,232
Valuation allowance	(34,249)	(29,259)
Net deferred income tax assets	27,445	28,973
Deferred income tax liabilities
Investment in Ambler Metals LLC	(27,315)	(28,844)
Right of use asset	(130)	(129)
Deferred income tax liabilities	(27,445)	(28,973)
Net deferred income tax assets	$ 0	$ 0

Income taxes - Narrative (Detai

Income taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Jun. 19, 2015
Loss carry-forwards	$ 194,000
Operating loss carry-forwards limitations	Future use of U.S. loss carry-forwards is subject to certain limitations under provisions of the Internal Revenue Code including limitations subject to Section 382, which relates to a 50% change in control over a three-year period and are further dependent upon the Company attaining profitable operations. An ownership change under Section 382 occurred on January 22, 2009 regarding losses incurred by AGC, of which the attributes of those losses were transferred to Trilogy Metals US with the purchase of the mineral property in October 2011. Therefore, approximately $39.4 million of the U.S. losses above are subject to limitation under Section 382. Accordingly, the Company’s ability to use these losses may be limited.
Change In control percentage	50.00%
Operating losses that can be carried forward indefinitely	$ 21,000
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ 4,989	$ (38,260)	$ 3,284
Section 382
change in control, period	3 years
Losses in Canada subject lo limitations
Loss carry-forwards				$ 15,200
US losses subject to limitations | Section 382
U.S. carryforward losses	$ 39,400

Income taxes - Losses Expiry (D

Income taxes - Losses Expiry (Details) $ in Thousands	Nov. 30, 2021USD ($)
CA
Non-capital losses	$ 51,808
Alaska, USA
Operating losses	142,524
2022 | Alaska, USA
Operating losses	366
2023 | Alaska, USA
Operating losses	960
2024 | Alaska, USA
Operating losses	569
2025 | Alaska, USA
Operating losses	1,530
Thereafter | CA
Non-capital losses	51,808
Thereafter | Alaska, USA
Operating losses	$ 139,099

Subsequent events (Details)

Subsequent events (Details) - USD ($) $ in Millions	Dec. 09, 2021	Nov. 30, 2021	Nov. 30, 2020
Subsequent Event [Line Items]
Proceeds from Contributions from Affiliates			$ 31
RSUs
Subsequent Event [Line Items]
Granted		0
Subsequent Event | Stock option | Director
Subsequent Event [Line Items]
Granted (in shares)	350,000
Subsequent Event | Stock option | Employee
Subsequent Event [Line Items]
Granted (in shares)	1,734,500
Vested immediately (in shares)	578,166
Subsequent Event | RSUs | Employee
Subsequent Event [Line Items]
Vested immediately (in shares)	391,332
Granted	648,600
Outstanding grants	257,268
Subsequent Event | DSUs. | Director
Subsequent Event [Line Items]
Granted	144,200