Trilogy Metals (TMQ) 10-Q 6 Jul 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	May 31, 2022	Jul. 06, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 31, 2022
Document Transition Report	false
Entity File Number	1-35447
Entity Registrant Name	TRILOGY METALS INC.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-1006991
Entity Address, Address Line One	Suite 1150, 609 Granville Street
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V7Y 1G5
City Area Code	604
Local Phone Number	638-8088
Title of 12(b) Security	Common Shares
Trading Symbol	TMQ
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		145,853,395
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001543418
Amendment Flag	false

Interim Consolidated Balance Sh

Interim Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Current assets
Cash and cash equivalents	$ 3,497	$ 6,308
Accounts receivable	12	19
Deposits and prepaid amounts	626	285
Total Current Assets	4,135	6,612
Investment in Ambler Metals LLC (note 3)	155,744	160,063
Fixed assets	18	29
Mineral properties	0	119
Right of use asset (note 5 (a))	402	482
Total Assets	160,299	167,305
Current liabilities
Accounts payable and accrued liabilities (note 4)	553	852
Current portion of lease liability	192	179
Current liabilities	745	1,031
Long-term portion of lease liability (note 5 (b))	139	235
Total Liabilities	884	1,266
Shareholders' equity
Share capital (note 6) - unlimited common shares authorized, no par value Issued - 145,624,286 (2021 - 144,446,485)	181,710	180,820
Contributed surplus	122	122
Contributed surplus - options (note 6(a))	27,106	25,990
Contributed surplus - units (note 6(b))	2,179	1,712
Deficit	(51,702)	(42,605)
Total Shareholders' Equity	159,415	166,039
Total Liabilities and Shareholders' Equity	$ 160,299	$ 167,305

Interim Consolidated Balance _2

Interim Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	May 31, 2022	Nov. 30, 2021
Interim Consolidated Balance Sheets
Unlimited common shares authorized	Unlimited	Unlimited
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares, Issued	145,624,286	144,446,485

Interim Consolidated Statements

Interim Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021
Expenses
Amortization	$ 5	$ 5	$ 11	$ 11
Foreign exchange loss (gain)	1	40	4	75
General and administrative	338	351	735	762
Investor relations	38	116	137	270
Professional fees	192	275	437	504
Salaries	261	407	675	846
Salaries and directors expense - stock-based compensation	662	524	2,584	2,672
Total expenses	1,497	1,718	4,583	5,140
Other items
Share of loss on equity investment (note 3(b))	2,460	1,700	4,370	2,820
Write Off Mineral Properties	119		148
Interest and other income	(2)	(5)	(4)	(9)
Services agreement income				(22)
Comprehensive loss for the period	$ (4,074)	$ (3,413)	$ (9,097)	$ (7,929)
Basic loss per common share	$ (0.03)	$ (0.02)	$ (0.06)	$ (0.05)
Diluted loss per common share	$ (0.03)	$ (0.02)	$ (0.06)	$ (0.05)
Basic weighted average number of common shares outstanding	145,507,982	144,428,511	145,398,436	144,297,644
Diluted weighted average number of common shares outstanding	145,507,982	144,428,511	145,398,436	144,297,644

Interim Consolidated Statemen_2

Interim Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Share capital	Contributed surplus.	Contributed surplus - options	Contributed surplus - units.	Deficit	Total
Beginning Balance at Nov. 30, 2020	$ 179,746	$ 122	$ 23,303	$ 1,585	$ (20,945)	$ 183,811
Beginning Balance (Shares) at Nov. 30, 2020	144,137,850
Exercise of options	$ 334		(334)
Exercise of options (Shares)	76,635
Stock-based compensation			2,112	36		2,148
Earnings (Loss) for the period					(4,516)	(4,516)
Ending Balance at Feb. 28, 2021	$ 180,080	122	25,081	1,621	(25,461)	181,443
Ending Balance (Shares) at Feb. 28, 2021	144,214,485
Beginning Balance at Nov. 30, 2020	$ 179,746	122	23,303	1,585	(20,945)	183,811
Beginning Balance (Shares) at Nov. 30, 2020	144,137,850
Earnings (Loss) for the period						(7,929)
Ending Balance at May. 31, 2021	$ 180,388	122	25,367	1,657	(28,874)	178,660
Ending Balance (Shares) at May. 31, 2021	144,446,485
Beginning Balance at Feb. 28, 2021	$ 180,080	122	25,081	1,621	(25,461)	181,443
Beginning Balance (Shares) at Feb. 28, 2021	144,214,485
Exercise of options	$ 308		(202)			106
Exercise of options (Shares)	232,000
Stock-based compensation			488	36		524
Earnings (Loss) for the period					(3,413)	(3,413)
Ending Balance at May. 31, 2021	$ 180,388	122	25,367	1,657	(28,874)	178,660
Ending Balance (Shares) at May. 31, 2021	144,446,485
Beginning Balance at Nov. 30, 2021	$ 180,820	122	25,990	1,712	(42,605)	166,039
Beginning Balance (Shares) at Nov. 30, 2021	145,009,811
Exercise of options	$ 50		(32)			18
Exercise of options (Shares)	31,674
Restricted Share Units	$ 650			(650)
Restricted Share Units (Shares)	391,332
Joint venture contribution (Shares)	31,469
Stock-based compensation			864	1,001		1,865
Earnings (Loss) for the period					(5,023)	(5,023)
Ending Balance at Feb. 28, 2022	$ 181,571	122	26,822	2,063	(47,628)	162,950
Ending Balance (Shares) at Feb. 28, 2022	145,464,286
Beginning Balance at Nov. 30, 2021	$ 180,820	122	25,990	1,712	(42,605)	166,039
Beginning Balance (Shares) at Nov. 30, 2021	145,009,811
Exercise of options (Shares)	328,635
Restricted Share Units (Shares)	501,332
Joint venture contribution (Shares)	31,469
Earnings (Loss) for the period						(9,097)
Ending Balance at May. 31, 2022	$ 181,710	122	27,106	2,179	(51,702)	159,415
Ending Balance (Shares) at May. 31, 2022	145,851,247
Joint venture contribution	$ 51					51
Beginning Balance at Feb. 28, 2022	$ 181,571	122	26,822	2,063	(47,628)	162,950
Beginning Balance (Shares) at Feb. 28, 2022	145,464,286
Exercise of options	$ 26		10			36
Exercise of options (Shares)	276,961
Restricted Share Units	$ 113			(113)
Restricted Share Units (Shares)	110,000
Stock-based compensation			274	229		503
Earnings (Loss) for the period					(4,074)	(4,074)
Ending Balance at May. 31, 2022	$ 181,710	$ 122	$ 27,106	$ 2,179	$ (51,702)	$ 159,415
Ending Balance (Shares) at May. 31, 2022	145,851,247
Joint venture contribution	$ 51

Interim Consolidated Statemen_3

Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	May 31, 2022	May 31, 2021
Cash flows used in operating activities
Loss for the period	$ (9,097)	$ (7,929)
Adjustments to reconcile net loss to cash flows in operating activities
Amortization	11	11
Office lease accounting	(8)	(5)
Loss on equity investment in Ambler Metals LLC (note 3(b))	4,370	2,820
Unrealized foreign exchange loss	3	35
Stock-based compensation	2,368	2,672
Write off mineral properties	148
Net change in non-cash working capital
Decrease in accounts receivable	7	110
Decrease (increase) in deposits and prepaid amounts	(370)	(518)
Decrease in accounts payable and accrued liabilities	(299)	19
Cash flows used in operating activities	(2,867)	(2,785)
Cash flows from financing activities
Proceeds from exercise of options	54	106
Cash flows from financing activities	54	106
Decrease in cash and cash equivalents	(2,813)	(2,679)
Effect of exchange rate on cash and cash equivalents	2	3
Cash and cash equivalents - beginning of year	6,308	11,125
Cash and cash equivalents - end of the year	$ 3,497	$ 8,449

Nature of operations

Nature of operations	6 Months Ended
	May 31, 2022
Nature of operations
Nature of operations	1) Nature of operations Trilogy Metals Inc. (“Trilogy” or the “Company”) was incorporated in British Columbia under the Business Corporations Act (BC) At May 31, 2022, we had $3.5 million in cash and cash equivalents and working capital of $3.4 million. The Company continues to manage its cash expenditures through its working capital including cash preservation efforts related to Director and management compensation. We believe our existing cash resources will provide sufficient funds to carry out our planned operations for the 12-months

Summary of significant accounti

Summary of significant accounting policies	6 Months Ended
	May 31, 2022
Summary of significant accounting policies
Summary of significant accounting policies	2) Summary of significant accounting policies Basis of presentation These interim consolidated financial statements have been prepared using accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of Trilogy and its wholly owned 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 unaudited interim consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s financial position as of May 31, 2022 and our results of operations and cash flows for the six months ended May 31, 2022 and May 31, 2021. The results of operations for the six months ended May 31, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2022. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these unaudited interim consolidated financial statements should be read in conjunction with the annual financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2021, filed with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities on February 11, 2022. These interim consolidated financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on July 5, 2022. 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 equity method investment, income taxes, and the valuation of stock-based compensation. Actual results could differ materially from those reported. Management assesses the possibility of impairment in the carrying value of its equity method investment in Ambler Metals whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable. Significant judgments are made in assessing the possibility of impairment. Factors that may be indicative of an impairment include a loss in the value of an investment that is not temporary. Management considers several factors in considering if an indicator of impairment has occurred, including but not limited to, sustained losses by the investment, the absence of the ability to recover the carrying amount of the investment, significant changes in the legal, business or regulatory environment, significant adverse changes impacting the investee and internal reporting indicating the economic performance of an investment is, or will be, worse than expected. ​ These factors are subjective and require consideration at each period end. If an indicator of impairment is determined to exist, the fair value of the impaired investment is determined based on the valuation of cohort companies with similar projects or upon 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. ​ 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.

Investment in Ambler Metals LLC

Investment in Ambler Metals LLC	6 Months Ended
	May 31, 2022
Investment in Ambler Metals LLC
Investment in Ambler Metals LLC	3) 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 LLC (“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 cash of US$145 million, resulting in each party’s subsidiaries directly owning a 50% interest in Ambler Metals. Ambler Metals is an independently operated company jointly controlled by Trilogy and South32 through a four-member board, of which two members are appointed by Trilogy based on its 50% equity interest. All significant decisions related to the UKMP require the approval of both companies. We determined that Ambler Metals 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, as at May 31, 2022, totaled $155.7million. (b) Carrying value of equity method investment Trilogy recognized, based on its 50% ownership interest in Ambler Metals, an equity loss equivalent to its pro rata share of Ambler Metals’ comprehensive loss of $4.9 million for the three-month period ending May 31, 2022 (2021 - $3.4 million) and $8.7 million for the six-month period ending May 31, 2022 (2021 - $5.6 million). During the six-month period ending May 31, 2022, Trilogy made a $51,000 equity contribution to Ambler Metals through the issuance of 31,469 common shares of the Company as part of the long-term incentive compensation for an Ambler Metals executive. Likewise, South32 made an equivalent equity contribution to Ambler Metals for $51,000 in cash for their 50% share. The carrying value of Trilogy’s 50% investment in Ambler Metals as at May 31, 2022 is summarized on the following table. ​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ November 30, 2021, Investment in Ambler Metals ​ 160,063 ​ Joint venture equity contribution ​ 51 ​ Share of loss on equity investment for the six-month period ending May 31, 2022 ​ (4,370) ​ May 31, 2022, Investment in Ambler Metals ​ 155,744 ​ ​ (c) The following table summarizes Ambler Metals’ Balance Sheet as at May 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ May 31, 2022 ​ ​ November 30, 2021 ​ ​ $ $ Total assets ​ 139,683 ​ ​ 149,374 ​ Cash ​ 52,810 ​ ​ 61,205 ​ Loan receivable from South32 (current and long-term) ​ 53,475 ​ ​ 55,355 ​ Mineral properties ​ 30,757 ​ ​ 30,757 ​ Total liabilities ​ (3,990) ​ ​ (5,043) ​ Accounts payable and accrued liabilities ​ (3,206) ​ ​ (4,148) ​ Members' equity (total assets less total liabilities) ​ 135,693 ​ ​ 144,331 ​ ​ The loan receivable from South32 is repaid through a quarterly demand notice prepared by Ambler Metals, thirty days prior to the beginning of the following calendar quarter. The demand notice amount is based on Ambler Metals’ expected expenditures, pursuant to their approved program and operating budget (South32’s 50% share) for the applicable calendar quarter. During the six-month period ending May 31, 2022, Ambler Metals received $2.4 million (2021 - $1.1) in loan repayments from South32, consisting of $0.3 million (2021 - $1.1 million) in interest and $2.1 million (2021 - $nil) in principal. (d) The following table summarizes Ambler Metals' loss for the three and six-month period ending May 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ Three months ended ​ ​ Six months ended ​ ​ ​ May 31, 2022 ​ ​ May 31, 2021 ​ ​ May 31, 2022 ​ ​ May 31, 2021 ​ ​ $ $ $ $ Depreciation ​ 22 ​ ​ 17 ​ ​ 45 ​ ​ 33 ​ Corporate salaries and wages ​ 486 ​ ​ 692 ​ ​ 960 ​ ​ 1,209 ​ General and administrative ​ 169 ​ ​ 259 ​ ​ 401 ​ ​ 494 ​ Mineral property expense ​ 4,367 ​ ​ 2,531 ​ ​ 7,407 ​ ​ 3,970 ​ Professional fees ​ 205 ​ ​ 162 ​ ​ 502 ​ ​ 460 ​ Foreign exchange (gain)/loss ​ (7) ​ ​ 14 ​ ​ (5) ​ ​ 20 ​ Interest income ​ (322) ​ ​ (275) ​ ​ (570) ​ ​ (547) ​ Comprehensive loss ​ 4,920 ​ ​ 3,400 ​ ​ 8,740 ​ ​ 5,639 ​ ​

Accounts payable and accrued li

Accounts payable and accrued liabilities	6 Months Ended
	May 31, 2022
Accounts payable and accrued liabilities.
Accounts payable and accrued liabilities	4) Accounts payable and accrued liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ May 31, 2022 ​ ​ November 30, 2021 ​ ​ $ $ Trade accounts payable ​ 111 ​ ​ 205 ​ Accrued liabilities 213 ​ 105 ​ Accrued salaries and vacation 229 ​ 542 ​ Accounts payable and accrued liabilities 553 ​ 852 ​ ​

Leases

Leases	6 Months Ended
	May 31, 2022
Leases
Leases	5) Leases (a) Right-of-use asset ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ Balance as at November 30, 2021 ​ 482 ​ Net amortization ​ (80) ​ Balance as at May 31, 2022 ​ 402 ​ ​ (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 ​ ​ Six months ended ​ ​ Six months ended ​ ​ ​ May 31, 2022 ​ ​ May 31, 2021 ​ ​ $ $ Operating lease costs ​ 93 ​ ​ 93 ​ Variable lease costs ​ 82 ​ ​ 50 ​ Total lease expense ​ 175 ​ ​ 143 ​ ​ 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 May 31, 2022, the weighted-average remaining lease term is 2.1 years and the weighted-average discount rate is 8% . Significant judgment was used in the determination of the incremental borrowing rate which included estimating the Company’s credit rating. Supplemental cash and non-cash information relating to our leases during the six-month period ending May 31, 2022 are as follows: ● Cash paid for amounts included in the measurement of lease liabilities was $101,951 . Future minimum payments relating to the lease recognized in our balance sheet as of May 31, 2022 are as follows: ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ May 31, 2022 Fiscal year $ 2022 105 ​ 2023 212 ​ 2024 35 ​ Total undiscounted lease payments 352 ​ Effect of discounting (21) ​ Present value of lease payments recognized as lease liability 331 ​ ​

Share capital

Share capital	6 Months Ended
	May 31, 2022
Share capital.
Share capital	6) Share capital Authorized: unlimited common shares, no par value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars, except share amounts ​ ​ ​ Number of shares ​ ​ Ascribed value ​ ​ ​ $ November 30, 2021 145,009,811 ​ ​ 180,820 ​ Exercise of options ​ 328,635 ​ ​ 76 ​ Restricted Share Units ​ 501,332 ​ ​ 763 ​ Joint venture equity contribution (note 3(b)) ​ 31,469 ​ ​ 51 ​ May 31, 2022, issued and outstanding ​ 145,871,247 ​ ​ 181,710 ​ ​ (a) Stock options During the first quarter, the Company granted 1,734,500 stock options (2021 - 3,374,150 stock options) at an exercise price of CDN$2.21 (2021 - CDN$2.52) to employees, consultants and directors exercisable for a period of five years with various vesting terms from immediate vesting to vesting over a two-year period. The fair value attributable to options granted in the period was CDN$0.90 (2021 - CDN$0.84). No stock options were granted during the second quarter. For the six-month period ended May 31, 2022, Trilogy recognized a stock-based compensation charge of $1.2 million (2021 - $2.6 million) for options granted to directors, employees and service providers, net of estimated forfeitures. The fair value of the stock options recognized in the period has been estimated using the Black-Scholes option pricing model. Assumptions used in the pricing model for the six-month period ended May 31, 2022 are as provided below. ​ ​ ​ ​ ​ May 31, 2022 Risk-free interest rates 1.07% Exercise price CDN$2.20 Expected life 3 years Expected volatility 60.6% Expected dividends Nil ​ As of May 31, 2022, there were 2,312,838 non-vested options outstanding with a weighted average exercise price of CDN$2.43; the non-vested stock option expense not yet recognized was $0.57 million. This expense is expected to be recognized over the next twelve months. A summary of the Company’s stock option plan and changes during the six-month period ended May 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 31, 2022 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ exercise price ​ ​ Number of options CDN$ Balance – beginning of the period 10,539,324 ​ ​ 2.54 ​ Granted 1,734,500 ​ ​ 2.21 ​ Exercised (81,674) ​ ​ 0.85 ​ Expired (5,000) ​ ​ 2.52 ​ Balance – end of the period 12,187,150 ​ ​ 2.50 ​ ​ During the six-month period ended May 31, 2022, the Company received net proceeds of $54,295 upon the exercise of 81,674 options. The following table summarizes information about the stock options outstanding at May 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ Exercisable ​ ​ Unvested ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Number of ​ ​ Weighted ​ ​ average ​ ​ Number of ​ ​ average ​ ​ Number of ​ ​ outstanding ​ ​ average years ​ ​ exercise price ​ ​ exercisable ​ ​ exercise price ​ ​ unvested ​ Range of exercise price (CDN$) options to expiry CDN$ options CDN$ options $1.01 to $1.50 870,000 ​ 0.52 ​ ​ 1.05 ​ ​ 870,000 ​ ​ 1.05 ​ ​ — ​ $2.01 to $2.50 2,599,500 ​ 3.84 ​ ​ 2.26 ​ ​ 1,676,498 ​ ​ 2.29 ​ ​ 923,002 ​ $2.51 to $3.00 ​ 6,920,150 ​ ​ 2.95 ​ ​ 2.64 ​ ​ 5,530,314 ​ ​ 2.66 ​ ​ 1,389,836 ​ $3.01 to $3.41 ​ 1,797,500 ​ ​ 2.56 ​ ​ 3.03 ​ ​ 1,797,500 ​ ​ 3.03 ​ ​ — ​ ​ ​ 12,187,150 ​ ​ 2.91 ​ ​ 2.50 ​ ​ 9,874,312 ​ ​ 2.52 ​ ​ 2,312,838 ​ ​ The aggregate intrinsic value of vested stock options (the market value less the exercise price) at May 31, 2022 was $0.13 million (2021 - $6.8 million) and the aggregate intrinsic value of exercised options for the six-month period ending May 31, 2022 was $0.05 million (2021 - $0.71 million). (b) Restricted Share Units and Deferred Share Units The Company has a Restricted Share Unit Plan (“RSU Plan”) to provide long-term incentives to employees and consultants and a Non-Executive Director Deferred Share Unit Plan (“DSU Plan”) to offset cash payments for fees to directors. Awards under the RSU Plan and DSU Plan have been settled in common shares of the Company with each restricted share unit (“RSU”) and deferred share unit (“DSU”) entitling the holder to receive one common share of the Company. All units are accounted for as equity-settled awards. A summary of the Company’s unit plans and changes during the six-month period ending May 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of RSUs Number of DSUs Balance – beginning of the period ​ — ​ 1,277,445 ​ Granted 758,600 ​ 193,740 ​ Vested (501,332) ​ — ​ Balance – end of the period 257,268 ​ 1,471,185 ​ ​ For the six-month period ending May 31 2022, Trilogy recognized a stock-based compensation charge of $1.2 million (2021 - $0.07 million), net of estimated forfeitures.

Financial instruments

Financial instruments	6 Months Ended
	May 31, 2022
Financial instruments
Financial instruments	7) Financial instruments The Company is exposed to a variety of risks arising from financial instruments. These risks and management’s objectives, policies and procedures for managing these risks are disclosed as follows. The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, deposits, and accounts payable and accrued liabilities. The fair value of the Company’s financial instruments approximates their carrying value due to the short-term nature of their maturity. The Company’s financial instruments initially measured at fair value and then held at amortized cost include cash and cash equivalents, accounts receivable, deposits, and accounts payable and accrued liabilities. Financial risk management The Company’s activities expose it to certain financial risks, including currency risk, credit risk, liquidity risk, interest risk and price risk. (a) Currency risk Currency risk is the risk of a fluctuation in financial asset and liability settlement amounts due to a change in foreign exchange rates. The Company operates in the United States and Canada. The Company’s exposure to currency risk at May 31, 2022 is limited to the Canadian dollar balances consisting of cash of approximately CDN$284,000, accounts receivable of approximately CDN$15,000 and accounts payable of approximately CDN$500,000. 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 $16,000. (b) Credit risk Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company holds cash and cash equivalents with Canadian Chartered financial institutions. The Company’s accounts receivable consists of Canadian Goods and Services Tax receivable from the Federal Government of Canada and other receivables for recoverable expenses. The Company’s exposure to credit risk is equal to the balance of cash and cash equivalents and accounts receivable as recorded in the financial statements. (c) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulties raising funds to meet its financial obligations as they fall due. The Company is in the exploration stage and does not have cash inflows from operations; therefore, the Company manages liquidity risk through the management of its capital structure and financial leverage. Contractually obligated undiscounted cash flow requirements as at May 31, 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ Total < 1 Year 1–2 Years 2–5 Years Thereafter ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ Accounts payable and accrued liabilities 553 ​ 553 ​ — ​ ​ — ​ ​ — ​ Office lease 352 ​ ​ 209 ​ ​ 143 ​ ​ — ​ ​ — ​ 905 ​ 762 ​ 143 ​ ​ — ​ ​ — ​ ​ Included in accounts payable and accrued liabilities is $216 thousand for accrued salaries and director fees that were settled, subsequent to the end of the second quarter, on June 1, 2022 through the issuance of common shares of the Company (note 9). (d) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk with respect to interest earned on cash and cash equivalents. Based on balances as at May 31, 2022, a 1% change in interest rates would result in a negligible change in net loss, 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.

Commitment

Commitment	6 Months Ended
	May 31, 2022
Commitment
Commitment	8) Commitment The Company has commitments with respect to an office lease requiring future minimum lease payments as summarized in note 5(b) above.

Subsequent event

Subsequent event	6 Months Ended
	May 31, 2022
Subsequent event
Subsequent event	9) Subsequent event On June 1, 2022 the Board of Directors and senior management were granted 244,216 RSUs in settlement of $216 thousand in accrued salaries and director fees, all vesting immediately. The grants were in support of an effort to preserve cash and increase share ownership by settling the cash component of director fees and a portion of senior management salaries in shares of the Company. ​ ​

Summary of significant accoun_2

Summary of significant accounting policies (Policies)	6 Months Ended
	May 31, 2022
Summary of significant accounting policies
Basis of presentation	Basis of presentation These interim consolidated financial statements have been prepared using accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of Trilogy and its wholly owned 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 unaudited interim consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s financial position as of May 31, 2022 and our results of operations and cash flows for the six months ended May 31, 2022 and May 31, 2021. The results of operations for the six months ended May 31, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2022. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these unaudited interim consolidated financial statements should be read in conjunction with the annual financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2021, filed with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities on February 11, 2022. These interim consolidated financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on July 5, 2022.
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 equity method investment, income taxes, and the valuation of stock-based compensation. Actual results could differ materially from those reported. Management assesses the possibility of impairment in the carrying value of its equity method investment in Ambler Metals whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable. Significant judgments are made in assessing the possibility of impairment. Factors that may be indicative of an impairment include a loss in the value of an investment that is not temporary. Management considers several factors in considering if an indicator of impairment has occurred, including but not limited to, sustained losses by the investment, the absence of the ability to recover the carrying amount of the investment, significant changes in the legal, business or regulatory environment, significant adverse changes impacting the investee and internal reporting indicating the economic performance of an investment is, or will be, worse than expected. ​ These factors are subjective and require consideration at each period end. If an indicator of impairment is determined to exist, the fair value of the impaired investment is determined based on the valuation of cohort companies with similar projects or upon 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. ​ 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.

Investment in Ambler Metals L_2

Investment in Ambler Metals LLC (Tables)	6 Months Ended
	May 31, 2022
Investment in Ambler Metals LLC
Schedule of equity investment	​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ November 30, 2021, Investment in Ambler Metals ​ 160,063 ​ Joint venture equity contribution ​ 51 ​ Share of loss on equity investment for the six-month period ending May 31, 2022 ​ (4,370) ​ May 31, 2022, Investment in Ambler Metals ​ 155,744 ​
Schedule of Ambler Metals LLC's Balance Sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ May 31, 2022 ​ ​ November 30, 2021 ​ ​ $ $ Total assets ​ 139,683 ​ ​ 149,374 ​ Cash ​ 52,810 ​ ​ 61,205 ​ Loan receivable from South32 (current and long-term) ​ 53,475 ​ ​ 55,355 ​ Mineral properties ​ 30,757 ​ ​ 30,757 ​ Total liabilities ​ (3,990) ​ ​ (5,043) ​ Accounts payable and accrued liabilities ​ (3,206) ​ ​ (4,148) ​ Members' equity (total assets less total liabilities) ​ 135,693 ​ ​ 144,331 ​
Schedule of Ambler Metals LLC's net loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ Three months ended ​ ​ Six months ended ​ ​ ​ May 31, 2022 ​ ​ May 31, 2021 ​ ​ May 31, 2022 ​ ​ May 31, 2021 ​ ​ $ $ $ $ Depreciation ​ 22 ​ ​ 17 ​ ​ 45 ​ ​ 33 ​ Corporate salaries and wages ​ 486 ​ ​ 692 ​ ​ 960 ​ ​ 1,209 ​ General and administrative ​ 169 ​ ​ 259 ​ ​ 401 ​ ​ 494 ​ Mineral property expense ​ 4,367 ​ ​ 2,531 ​ ​ 7,407 ​ ​ 3,970 ​ Professional fees ​ 205 ​ ​ 162 ​ ​ 502 ​ ​ 460 ​ Foreign exchange (gain)/loss ​ (7) ​ ​ 14 ​ ​ (5) ​ ​ 20 ​ Interest income ​ (322) ​ ​ (275) ​ ​ (570) ​ ​ (547) ​ Comprehensive loss ​ 4,920 ​ ​ 3,400 ​ ​ 8,740 ​ ​ 5,639 ​

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	6 Months Ended
	May 31, 2022
Accounts payable and accrued liabilities.
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ May 31, 2022 ​ ​ November 30, 2021 ​ ​ $ $ Trade accounts payable ​ 111 ​ ​ 205 ​ Accrued liabilities 213 ​ 105 ​ Accrued salaries and vacation 229 ​ 542 ​ Accounts payable and accrued liabilities 553 ​ 852 ​

Leases (Tables)

Leases (Tables)	6 Months Ended
	May 31, 2022
Leases
Schedule of right-of-use asset	​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ Balance as at November 30, 2021 ​ 482 ​ Net amortization ​ (80) ​ Balance as at May 31, 2022 ​ 402 ​
Schedule of lease expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ Six months ended ​ ​ Six months ended ​ ​ ​ May 31, 2022 ​ ​ May 31, 2021 ​ ​ $ $ Operating lease costs ​ 93 ​ ​ 93 ​ Variable lease costs ​ 82 ​ ​ 50 ​ Total lease expense ​ 175 ​ ​ 143 ​
Schedule of future minimum payments	​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ May 31, 2022 Fiscal year $ 2022 105 ​ 2023 212 ​ 2024 35 ​ Total undiscounted lease payments 352 ​ Effect of discounting (21) ​ Present value of lease payments recognized as lease liability 331 ​

Share capital (Tables)

Share capital (Tables)	6 Months Ended
	May 31, 2022
Share capital.
Schedule of common stock outstanding roll forward	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars, except share amounts ​ ​ ​ Number of shares ​ ​ Ascribed value ​ ​ ​ $ November 30, 2021 145,009,811 ​ ​ 180,820 ​ Exercise of options ​ 328,635 ​ ​ 76 ​ Restricted Share Units ​ 501,332 ​ ​ 763 ​ Joint venture equity contribution (note 3(b)) ​ 31,469 ​ ​ 51 ​ May 31, 2022, issued and outstanding ​ 145,871,247 ​ ​ 181,710 ​
Schedule of assumptions used in the pricing model	​ ​ ​ ​ ​ May 31, 2022 Risk-free interest rates 1.07% Exercise price CDN$2.20 Expected life 3 years Expected volatility 60.6% Expected dividends Nil
Summary of the company's stock option plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 31, 2022 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ exercise price ​ ​ Number of options CDN$ Balance – beginning of the period 10,539,324 ​ ​ 2.54 ​ Granted 1,734,500 ​ ​ 2.21 ​ Exercised (81,674) ​ ​ 0.85 ​ Expired (5,000) ​ ​ 2.52 ​ Balance – end of the period 12,187,150 ​ ​ 2.50 ​
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 (CDN$) options to expiry CDN$ options CDN$ options $1.01 to $1.50 870,000 ​ 0.52 ​ ​ 1.05 ​ ​ 870,000 ​ ​ 1.05 ​ ​ — ​ $2.01 to $2.50 2,599,500 ​ 3.84 ​ ​ 2.26 ​ ​ 1,676,498 ​ ​ 2.29 ​ ​ 923,002 ​ $2.51 to $3.00 ​ 6,920,150 ​ ​ 2.95 ​ ​ 2.64 ​ ​ 5,530,314 ​ ​ 2.66 ​ ​ 1,389,836 ​ $3.01 to $3.41 ​ 1,797,500 ​ ​ 2.56 ​ ​ 3.03 ​ ​ 1,797,500 ​ ​ 3.03 ​ ​ — ​ ​ ​ 12,187,150 ​ ​ 2.91 ​ ​ 2.50 ​ ​ 9,874,312 ​ ​ 2.52 ​ ​ 2,312,838 ​
Schedule of restricted share Units and deferred share units plans	​ ​ ​ ​ ​ ​ ​ ​ ​ Number of RSUs Number of DSUs Balance – beginning of the period ​ — ​ 1,277,445 ​ Granted 758,600 ​ 193,740 ​ Vested (501,332) ​ — ​ Balance – end of the period 257,268 ​ 1,471,185 ​

Financial instruments (Tables)

Financial instruments (Tables)	6 Months Ended
	May 31, 2022
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 553 ​ 553 ​ — ​ ​ — ​ ​ — ​ Office lease 352 ​ ​ 209 ​ ​ 143 ​ ​ — ​ ​ — ​ 905 ​ 762 ​ 143 ​ ​ — ​ ​ — ​

Nature of operations (Details)

Nature of operations (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2022	Nov. 30, 2021
Nature of operations
Cash and cash equivalents	$ 3,497	$ 6,308
Working Capital	$ 3,400
Cash Resources For Planned Operations, Term	12 months

Investment in Ambler Metals L_3

Investment in Ambler Metals LLC - Narrative (Details)	3 Months Ended		6 Months Ended
	May 31, 2022 USD ($) shares	May 31, 2021 USD ($)	May 31, 2022 USD ($) Owner shares	May 31, 2021 USD ($)	Feb. 28, 2022 USD ($)	Nov. 30, 2021 USD ($)	Feb. 11, 2020 USD ($)
Schedule of Equity Method Investments [Line Items]
Joint venture, contributed amount					$ 51,000
Comprehensive loss	$ (4,074,000)	$ (3,413,000)	$ (9,097,000)	$ (7,929,000)
Number of board members | Owner			2
Ambler Metals LLC
Schedule of Equity Method Investments [Line Items]
Joint venture, contributed amount	51,000		$ 51,000
Contribution made to joint venture	$ 51,000		$ 51,000
Joint venture contribution made in common shares | shares	31,469		31,469
Percentage of ownership	50%		50%				50%
Comprehensive loss	$ (4,900,000)	$ (3,400,000)	$ (8,700,000)	(5,600,000)
Number of board members | Owner			4
Maximum exposure to loss	155,700,000		$ 155,700,000
Fair value ascribed to Ambler Metals LLC interest						$ 160,063,000
Loan repayments			2,400,000	1,100,000
Loan repayments, Interest			300,000	$ 1,100,000
Loan repayments, principal			2,100,000
South32 | Ambler Metals LLC
Schedule of Equity Method Investments [Line Items]
Contribution made to joint venture	$ 51,000		$ 51,000
Percentage of ownership							50%
South32
Schedule of Equity Method Investments [Line Items]
Contribution made to joint venture							$ 145,000,000

Investment in Ambler Metals L_4

Investment in Ambler Metals LLC - Financial information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	May 31, 2022	May 31, 2021	May 31, 2022	May 31, 2021	Feb. 28, 2022	Nov. 30, 2021	Feb. 11, 2020
The carrying value of equity method investment
Joint venture contribution					$ 51
Share of loss on equity investment	$ (2,460)	$ (1,700)	$ (4,370)	$ (2,820)
Investment in Ambler Metals	155,744		155,744			$ 160,063
Assets [Abstract]
Total assets	160,299		160,299			167,305
Mineral properties	0		0			119
Liabilities [Abstract]
Total liabilities	(884)		(884)			(1,266)
Ambler Metals' net loss
General and administrative	338	351	735	762
Professional Fees	192	275	437	504
Foreign exchange loss (gain)	1	40	4	75
Ambler Metals
Assets [Abstract]
Total assets	139,683		139,683			149,374
Cash	52,810		52,810			61,205
Loan receivable from South32 (current and long-term)	53,475		53,475			55,355
Mineral properties	30,757		30,757			30,757
Liabilities [Abstract]
Total liabilities	(3,990)		(3,990)			(5,043)
Accounts payable and accrued liabilities	(3,206)		(3,206)			(4,148)
Members' equity (Total assets less Total liabilities)	135,693		135,693			144,331
Ambler Metals' net loss
Depreciation	22	17	45	33
Corporate salaries and wages	486	692	960	1,209
General and administrative	169	259	401	494
Mineral properties expense	4,367	2,531	7,407	3,970
Professional Fees	205	162	502	460
Foreign exchange loss (gain)	(7)	14	(5)	20
Interest income	(322)	(275)	(570)	(547)
Comprehensive loss	4,920	$ 3,400	8,740	$ 5,639
Ambler Metals LLC
The carrying value of equity method investment
Investment in Ambler Metals						$ 160,063
Joint venture contribution	51		51
Share of loss on equity investment			(4,370)
Investment in Ambler Metals	$ 155,744		$ 155,744				$ 176,000

Accounts payable and accrued _3

Accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands	May 31, 2022	Nov. 30, 2021
Accounts payable and accrued liabilities.
Trade accounts payable	$ 111	$ 205
Accrued liabilities	213	105
Accrued salaries and vacation	229	542
Accounts payable and accrued liabilities	$ 553	$ 852

Leases - Narrative (Details)

Leases - Narrative (Details)	6 Months Ended
	May 31, 2022 USD ($)
Leases
Weighted-average remaining lease term	2 years 1 month 6 days
Weighted-average discount rate	8%
Cash paid for amounts included in the measurement of lease liabilities	$ 101,951

Leases - Right of use asset (De

Leases - Right of use asset (Details) $ in Thousands	6 Months Ended
	May 31, 2022 USD ($)
Leases
Balance, beginning	$ 482
Net amortization	(80)
Balance, ending	$ 402

Leases - Lease liabilities (Det

Leases - Lease liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	May 31, 2022	May 31, 2021
Leases
Operating lease costs	$ 93	$ 93
Variable lease costs	82	50
Total lease expense	$ 175	$ 143

Leases - Future minimum payment

Leases - Future minimum payments (Details) $ in Thousands	May 31, 2022 USD ($)
Future minimum payments
2022	$ 105
2023	212
2024	35
Total undiscounted lease payments	352
Effect of discounting	(21)
Present value of lease payments recognized as lease liability	$ 331

Share capital - Narrative (Deta

Share capital - Narrative (Details)	3 Months Ended						6 Months Ended
	May 31, 2022 USD ($) $ / shares shares	Feb. 28, 2022 USD ($) shares	Feb. 28, 2022 $ / shares	May 31, 2021 USD ($) shares	Feb. 28, 2021 USD ($) $ / shares shares	Feb. 28, 2021 $ / shares	May 31, 2022 USD ($) $ / shares shares	May 31, 2021 USD ($)	May 31, 2022 $ / shares	Nov. 30, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, conversion							1
Stock-based compensation | $	$ (503,000)	$ (1,865,000)		$ (524,000)	$ (2,148,000)
Non-vested stock options outstanding	12,187,150						12,187,150
Weighted average exercise price options outstanding | $ / shares	$ 2.50						$ 2.50
Proceeds from exercise of options | $							$ 54,000	$ 106,000
Aggregate intrinsic value, vested options | $	$ 130,000			$ 6,800,000			130,000	6,800,000
Aggregate intrinsic value, options exercised | $							$ 50,000	710,000
Share capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock committed for issuance	145,871,247						145,871,247			145,009,811
Exercise of options, Number of shares	276,961	31,674		232,000	76,635		328,635
Nonvested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested stock options outstanding	2,312,838						2,312,838
Weighted average exercise price options outstanding | $ / shares									$ 2.43
Stock option expense not yet recognized | $	$ 570,000						$ 570,000
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $							$ 1,200,000	70,000
Granted units							193,740
Outstanding grants	1,471,185						1,471,185			1,277,445
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted units							758,600
Outstanding grants	257,268						257,268
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted, weighted average exercise price | $ / shares							$ 0.85
Non-vested stock options outstanding	12,187,150						12,187,150			10,539,324
Weighted average exercise price options outstanding | $ / shares	$ 2.50						$ 2.50			$ 2.54
Exercise of options, Number of shares							81,674
Proceeds from exercise of options | $							$ 54,295
Stock options granted							1,734,500
Weighted-average exercise price | $ / shares							$ 2.21
Employees, consultants and directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted, expiration period		5 years
Stock options granted	0	1,734,500			3,374,150
Vesting period		2 years
Weighted-average exercise price | $ / shares			$ 2.21			$ 2.52
Stock options granted, weighted average fair value | $ / shares					$ 0.84		$ 0.90
Directors, employees and service providers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $							$ 1,200,000	$ 2,600,000

Share capital - Authorized unli

Share capital - Authorized unlimited common shares, no par value (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended	12 Months Ended
	May 31, 2022	Feb. 28, 2022	May 31, 2021	Feb. 28, 2021	May 31, 2022	Nov. 30, 2021
Class of Stock [Line Items]
Unlimited common shares authorized					Unlimited	Unlimited
Common Stock, No Par Value	$ 0				$ 0	$ 0
Joint venture contribution		$ 51
Share capital
Class of Stock [Line Items]
Beginning balance, Number of shares		145,009,811			145,009,811
Beginning balance, Ascribed value		$ 180,820			$ 180,820
Exercise of options, Number of shares	276,961	31,674	232,000	76,635	328,635
Exercise of options, Ascribed value					$ 76
Restricted share units, Number of shares	110,000	391,332			501,332
Restricted share units, Ascribed value					$ 763
Joint venture equity contribution (note 3(b)), Number of shares		31,469			31,469
Joint venture contribution	$ 51	$ 51			$ 51
Ending balance, Number of shares	145,871,247				145,871,247	145,009,811
Ending balance, Ascribed value	$ 181,710				$ 181,710	$ 180,820

Share capital - Assumptions use

Share capital - Assumptions used in the pricing model (Details)	6 Months Ended
	May 31, 2022 $ / shares
Share capital.
Risk-free interest rates	1.07%
Exercise price	$ 2.20
Expected life	3 years
Expected volatility	60.60%
Expected dividends

Share capital - Stock options p

Share capital - Stock options plans and changes (Details)	6 Months Ended
	May 31, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - end of period, number of options | shares	12,187,150
Balance - end of period, weighted average exercise price | $ / shares	$ 2.50
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - beginning of the year, number of options | shares	10,539,324
Balance - beginning of the year, weighted average exercise price | $ / shares	$ 2.54
Number of options, Granted | shares	1,734,500
Weighted average exercise price, Granted | $ / shares	$ 2.21
Number of options, Exercised | shares	(81,674)
Weighted average exercise price, Exercised | $ / shares	$ 0.85
Number of options, Expired | shares	(5,000)
Weighted average exercise price, Expired | $ / shares	$ 2.52
Balance - end of period, number of options | shares	12,187,150
Balance - end of period, weighted average exercise price | $ / shares	$ 2.50

Share capital - Stock options o

Share capital - Stock options outstanding (Details)	6 Months Ended
	May 31, 2022 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding options | shares	12,187,150
Weighted average years to expiry	2 years 10 months 28 days
Weighted average exercise price options outstanding	$ 2.50
Number of exercisable options | shares	9,874,312
Weighted average exercise price exercisable	$ 2.52
Number of unvested options | shares	2,312,838
$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	870,000
Weighted average years to expiry	6 months 7 days
Weighted average exercise price options outstanding	$ 1.05
Number of exercisable options | shares	870,000
Weighted average exercise price exercisable	$ 1.05
Number of unvested options | shares	0
$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	2,599,500
Weighted average years to expiry	3 years 10 months 2 days
Weighted average exercise price options outstanding	$ 2.26
Number of exercisable options | shares	1,676,498
Weighted average exercise price exercisable	$ 2.29
Number of unvested options | shares	923,002
$2.51 to $3.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range limit	$ 2.51
Exercise price upper range limit	$ 3
Number of outstanding options | shares	6,920,150
Weighted average years to expiry	2 years 11 months 12 days
Weighted average exercise price options outstanding	$ 2.64
Number of exercisable options | shares	5,530,314
Weighted average exercise price exercisable	$ 2.66
Number of unvested options | shares	1,389,836
$3.01 to $3.41
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range limit	$ 3.01
Exercise price upper range limit	$ 3.41
Number of outstanding options | shares	1,797,500
Weighted average years to expiry	2 years 6 months 21 days
Weighted average exercise price options outstanding	$ 3.03
Number of exercisable options | shares	1,797,500
Weighted average exercise price exercisable	$ 3.03
Number of unvested options | shares	0

Share capital - DSU Plan and ch

Share capital - DSU Plan and changes during the year (Details)	6 Months Ended
	May 31, 2022 shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	758,600
Vested	(501,332)
Balance - end of period	257,268
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - beginning of the year	1,277,445
Granted	193,740
Balance - end of period	1,471,185

Financial instruments - Narrati

Financial instruments - Narrative (Details)	6 Months Ended
	May 31, 2022 USD ($)	Jun. 01, 2022 USD ($)	May 31, 2022 CAD ($)	Nov. 30, 2021 USD ($)
Accounts receivable	$ 12,000			$ 19,000
Subsequent Event
Accrued salaries and director fees		$ 216,000
10% change in the US-Canadian exchange rate
Cash			$ 284,000
Accounts receivable			15,000
Accounts payable			$ 500,000
Change in foreign exchange rate	10%		10%
Foreign exchange loss	$ 16,000
1% change in interest rates
Change in interest rate	1%		1%

Financial instruments - Contrac

Financial instruments - Contractually obligated cash flow requirements (Details) $ in Thousands	May 31, 2022 USD ($)
Total	$ 905
Less than 1 year	762
Less than 1 Year	143
2 - 5 Years	0
Thereafter	0
Accounts payable and accrued liabilities
Total	553
Less than 1 year	553
Less than 1 Year	0
2 - 5 Years	0
Thereafter	0
Office lease
Total	352
Less than 1 year	209
Less than 1 Year	143
2 - 5 Years	0
Thereafter	$ 0

Subsequent event (Details)

Subsequent event (Details) - USD ($) $ in Thousands		6 Months Ended
	Jun. 01, 2022	May 31, 2022
RSUs
Subsequent Event [Line Items]
Granted		758,600
Outstanding grants		257,268
Subsequent Event
Subsequent Event [Line Items]
Accrued salaries and director fees	$ 216
Subsequent Event | RSUs | Board of Directors and senior management
Subsequent Event [Line Items]
Granted (in shares)	244,216