Trilogy Metals (TMQ) 10-Q 5 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Feb. 28, 2023	Apr. 05, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2023
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		148,956,662
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001543418
Amendment Flag	false

Interim Consolidated Balance Sh

Interim Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Feb. 28, 2023	Nov. 30, 2022
Current assets
Cash	$ 1,682	$ 2,573
Accounts receivable	26	17
Deposits and prepaid amounts	163	320
Total current assets	1,871	2,910
Investment in Ambler Metals LLC (note 3)	141,380	142,754
Fixed assets	10	12
Right of use asset (note 5 (a))	276	319
Total assets	143,537	145,995
Current liabilities
Accounts payable and accrued liabilities (note 4)	670	345
Current portion of lease liability	176	189
Total current liabilities	846	534
Long-term portion of lease liability (note 5 (b))		33
Total liabilities	846	567
Shareholders' equity
Share capital (note 6) - unlimited common shares authorized, no par value Issued - 148,722,699 (2022 - 146,225,035)	183,831	182,178
Contributed surplus	121	122
Contributed surplus - options (note 6(a))	27,872	27,352
Contributed surplus - units (note 6(b))	2,801	2,638
Deficit	(71,934)	(66,862)
Total Shareholders' Equity	142,691	145,428
Total Liabilities and Shareholders' Equity	$ 143,537	$ 145,995

Interim Consolidated Balance _2

Interim Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Feb. 28, 2023	Nov. 30, 2022
Interim Consolidated Balance Sheets (unaudited)
Unlimited common shares authorized	Unlimited	Unlimited
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares, Issued	148,722,699	146,225,035

Interim Consolidated Statements

Interim Consolidated Statements of Loss and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Expenses
Amortization	$ 2	$ 6
Exploration expenses	1	29
Foreign exchange (gain)/loss	(4)	3
General and administrative	408	397
Investor relations	30	99
Professional fees	570	245
Salaries	237	414
Salaries and directors expense - stock-based compensation	2,362	1,922
Total expenses	3,606	3,115
Other items
Interest and other income	(19)	(2)
Share of loss on equity investment (note 4(b))	1,485	1,910
Loss and comprehensive loss for the period	$ (5,072)	$ (5,023)
Basic loss per common share	$ (0.03)	$ (0.03)
Diluted loss per common share	$ (0.03)	$ (0.03)
Basic weighted average number of common shares outstanding	147,768,741	145,286,456
Diluted weighted average number of common shares outstanding	147,768,741	145,286,456

Interim Consolidated Statemen_2

Interim Consolidated Statements of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Thousands	Share capital	Contributed surplus.	Contributed surplus - options	Contributed surplus - units.	Deficit	Total
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	$ 51					51
Joint venture contribution (Shares)	31,469
Stock-based compensation			864	1,001		1,865
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, 2022	$ 182,178	122	27,352	2,638	(66,862)	145,428
Beginning Balance (Shares) at Nov. 30, 2022	146,225,035
Restricted Share Units	$ 1,538	(1)		(1,537)
Restricted Share Units (Shares)	2,346,366
Joint venture contribution (Shares)	143,505
Services settled by common shares	$ 4					4
Services settled by common shares (in shares)	7,793
Stock-based compensation			520	1,700		2,220
Loss for the period					(5,072)	(5,072)
Ending Balance at Feb. 28, 2023	$ 183,831	$ 121	$ 27,872	$ 2,801	$ (71,934)	$ 142,691
Ending Balance (Shares) at Feb. 28, 2023	148,722,699

Interim Consolidated Statemen_3

Interim Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Cash flows used in operating activities
Loss for the period	$ (5,072)	$ (5,023)
Adjustments to reconcile net loss to cash flows in operating activities
Amortization	2	6
Professional fees settled by common shares	21
Office lease accounting	(2)	(4)
Loss on equity investment in Ambler Metals LLC (note 4(b))	1,485	1,910
Unrealized foreign exchange loss	4	2
Stock-based compensation	2,362	1,865
Net change in non-cash working capital
Decrease (increase) in accounts receivable	(9)	2
Decrease in deposits and prepaid amounts	157	43
(Decrease) increase in accounts payable and accrued liabilities	167	(281)
Total cash flows used in operating activities	(885)	(1,480)
Cash flows from financing activities
Proceeds from exercise of options		18
Total cash flows from financing activities		18
Decrease in cash	(885)	(1,462)
Effect of exchange rate on cash	(6)	1
Cash - beginning of the period	2,573	6,308
Cash - end of the period	$ 1,682	$ 4,847

Nature of operations and Going

Nature of operations and Going Concern	3 Months Ended
	Feb. 28, 2023
Nature of operations and Going Concern
Nature of operations and Going Concern	1) Nature of operations and Going Concern Trilogy Metals Inc. (“Trilogy” or the “Company”) was incorporated in British Columbia under the Business Corporations Act (BC) These interim consolidated financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. At February 28, 2023, we had a working capital surplus of $1.0 million (2022 - $2.4 million) and an accumulated deficit of $71.9 million (2022 - $66.9 million). The Company has no recurring source of cash inflows at its current stage. The Company’s cash outflow from operations was $0.9 million for the first quarter ended February 28, 2023. The Company intends to finance its future requirements through a combination of debt and/or equity issuance. There is no assurance that the Company will be able to obtain such financings or obtain them on favourable terms. These uncertainties raise substantial doubt about the Company’s ability to continue as a going concern. These interim consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.

Summary of significant accounti

Summary of significant accounting policies	3 Months Ended
	Feb. 28, 2023
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 interim consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s financial position as of February 28, 2023 and our results of operations and cash flows for the three-month period ended February 28, 2023 and February 28, 2022. The results of operations for the three-month period ended February 28, 2023 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2023. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these 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, 2022, filed with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities on February 14, 2023. These interim consolidated financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on April 4, 2023. 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 equity method investments where key judgement is the delay on the Ambler Access Project is temporary and the delay was considered when assessing indicators of impairment. Significant estimates include the measurement of 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	3 Months Ended
	Feb. 28, 2023
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 $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 February 28, 2023, totaled $141.4 million. (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 $3.0 million for the three-month period ending February 28, 2023 (2022 - $3.8 million). During the three-month period ending February 28, 2023, Trilogy made a $111,000 equity contribution to Ambler Metals through the issuance of 143,505 common shares of the Company as part of the long-term incentive compensation for Ambler Metals executives. Likewise, South32 made an equivalent equity contribution to Ambler Metals for $111,000 in cash for their 50% share. The carrying value of Trilogy’s 50% investment in Ambler Metals as at February 28, 2023 is summarized on the following table. ​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ November 30, 2022, Investment in Ambler Metals ​ 142,754 ​ Joint venture equity contribution ​ 111 ​ Share of loss on equity investment for the three month period ending February 28, 2023 ​ (1,485) ​ February 28, 2023, Investment in Ambler Metals ​ 141,380 ​ ​ (c) The following table summarizes Ambler Metals’ Balance Sheet as at February 28, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ February 28, 2023 ​ ​ November 30, 2022 ​ ​ $ $ Total assets ​ 109,541 ​ ​ 114,049 ​ Cash ​ 76,476 ​ ​ 80,755 ​ Mineral properties ​ 30,899 ​ ​ 30,899 ​ Total liabilities ​ (2,574) ​ ​ (4,335) ​ Accounts payable and accrued liabilities ​ (1,962) ​ ​ (3,664) ​ Members' equity (total assets less total liabilities) ​ 106,967 ​ ​ 109,714 ​ ​ Members’ cash is held at one bank, the majority of cash is uninsured as at February 28, 2023. (d) The following table summarizes Ambler Metals' loss for the three-month period ending February 28, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ For the three months ended ​ ​ ​ February 28, 2023 ​ ​ February 28, 2022 ​ ​ $ $ Depreciation ​ 37 ​ ​ 23 ​ Corporate salaries and wages ​ 444 ​ ​ 474 ​ General and administrative ​ 133 ​ ​ 232 ​ Mineral property expense ​ 2,285 ​ ​ 3,040 ​ Professional fees ​ 159 ​ ​ 297 ​ Foreign exchange (gain)/loss ​ — ​ ​ 2 ​ Interest income ​ (89) ​ ​ (248) ​ Comprehensive loss ​ 2,969 ​ ​ 3,820 ​ ​

Accounts payable and accrued li

Accounts payable and accrued liabilities	3 Months Ended
	Feb. 28, 2023
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable and accrued liabilities	4) Accounts payable and accrued liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ February 28, 2023 ​ ​ November 30, 2022 ​ ​ $ $ Trade accounts payable ​ 251 ​ ​ 188 ​ Accrued liabilities 146 ​ 36 ​ Accrued salaries and vacation 273 ​ 121 ​ Accounts payable and accrued liabilities 670 ​ 345 ​ ​ ​ ​ ​ ​ Included in accrued salaries and vacation approximately $155,000 was settled, subsequent to the end of the first quarter, on March 1, 2023 through the issuance of common shares of the Company. ​ ​ ​

Leases

Leases	3 Months Ended
	Feb. 28, 2023
Leases
Leases	5) Leases (a) Right-of-use asset ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ Balance as at November 30, 2022 ​ 319 ​ Net amortization ​ (43) ​ Balance as at February 28, 2023 ​ 276 ​ ​ (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 ​ ​ Three months ended ​ ​ Three months ended ​ ​ ​ February 28, 2023 ​ ​ February 28, 2022 ​ ​ $ $ Operating lease costs ​ 47 ​ ​ 47 ​ Variable lease costs ​ 36 ​ ​ 35 ​ Total lease expense ​ 83 ​ ​ 82 ​ ​ 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 February 28, 2023, the weighted-average remaining lease term is 1.2 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 three-month period ending February 28, 2023 are as follows: ● Cash paid for amounts included in the measurement of lease liabilities was $49,310 . Future minimum payments relating to the lease recognized in our balance sheet as of February 28, 2023 are as follows: ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ February 28, 2023 Fiscal year $ 2023 149 ​ 2024 33 ​ 2025 — ​ Total undiscounted lease payments 182 ​ Effect of discounting (6) ​ Present value of lease payments recognized as lease liability 176 ​ ​

Share capital

Share capital	3 Months Ended
	Feb. 28, 2023
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, 2022 146,225,035 ​ ​ 182,178 ​ Restricted Share Units ​ 2,346,366 ​ ​ 1,538 ​ Services settled by common shares ​ 7,793 ​ ​ 4 ​ Joint venture equity contribution (note 4(b)) ​ 143,505 ​ ​ 111 ​ February 28, 2023, issued and outstanding ​ 148,722,699 ​ ​ 183,831 ​ ​ 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 February 28, 2023, a total of 9,293 NovaGold DSUs remain outstanding representing a right to receive 1,549 Common Shares in Trilogy, which will settle upon certain directors retiring from NovaGold’s board. (a) Stock options During the three-month period ended February 28, 2023, the Company granted 3,230,000 stock options (2022 - 1,734,500 stock options) at an exercise price of CDN$0.78 (2022 - CDN$2.21) 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$0.37 (2022 - CDN$0.90). For the three-month period ended February 28, 2023, Trilogy recognized a stock-based compensation charge of $0.5 million (2022 - $0.86 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 three-month period ended February 28, 2023 are as provided below. ​ ​ ​ ​ ​ February 28, 2023 Risk-free interest rates 3.49% Exercise price CDN$0.78 Expected life 3 years Expected volatility 67.7% Expected dividends Nil ​ As of February 28, 2023, there were 2,148,424 non-vested options outstanding with a weighted average exercise price of CDN$1.03; the non-vested stock option expense not yet recognized was $0.47 million. This expense is expected to be recognized over the 22 months. A summary of the Company’s stock option plan and changes during the three-month period ended February 28, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, 2023 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ exercise price ​ ​ Number of options CDN$ Balance – beginning of the period 11,225,400 ​ ​ 2.49 ​ Granted 3,230,000 ​ ​ 0.78 ​ Expired (870,000) ​ ​ 1.05 ​ Balance – end of the period 13,585,400 ​ ​ 2.18 ​ ​ There were no stock options exercised during the first quarter 2023. The following table summarizes information about the stock options outstanding at February 28, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $0.75 to $1.00 3,230,000 ​ 4.77 ​ ​ 0.78 ​ ​ 1,463,328 ​ ​ 0.78 ​ ​ 1,766,672 ​ $2.00 to $2.50 2,396,250 ​ 2.96 ​ ​ 2.27 ​ ​ 2,014,498 ​ ​ 2.28 ​ ​ 381,752 ​ $2.51 to $3.00 ​ 6,411,650 ​ ​ 2.14 ​ ​ 2.64 ​ ​ 6,411,650 ​ ​ 2.64 ​ ​ — ​ $3.01 to $3.41 ​ 1,547,500 ​ ​ 1.81 ​ ​ 3.03 ​ ​ 1,547,500 ​ ​ 3.03 ​ ​ — ​ ​ ​ 13,585,400 ​ ​ 2.87 ​ ​ 2.18 ​ ​ 11,436,976 ​ ​ 2.39 ​ ​ 2,148,424 ​ ​ The aggregate intrinsic value of vested stock options (the market value less the exercise price) at February 28, 2023 was $0.02 million (2022 - $0.15 million) and the aggregate intrinsic value of exercised options for the three-month period ending February 28, 2023 was $Nil million (2022 - $0.03 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 three-month period ending February 28, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of RSUs Number of DSUs Balance – beginning of the period ​ 257,268 ​ 1,560,734 ​ Granted 3,699,297 ​ 760,519 ​ Vested (2,345,927) ​ — ​ Balance – end of the period 1,610,638 ​ 2,321,253 ​ ​ For the three-month period ending February 28, 2023, Trilogy recognized a combined RSU and DSU stock-based compensation charge of $1.1 million (2022 - $1.0 million), net of estimated forfeitures.

Financial instruments

Financial instruments	3 Months Ended
	Feb. 28, 2023
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, 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, 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 February 28, 2023 is limited to the Canadian dollar balances consisting of cash of approximately CDN$71,000, accounts receivable of approximately CDN$35,000 and accounts payable of approximately CDN$320,000. 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 $35,000. (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 with a Canadian chartered financial institution of which the majority is uninsured as at February 28, 2023. The Company’s only significant exposure to credit risk is equal to the balance of cash 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 February 28, 2023 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ Total < 1 Year 1–2 Years 2–5 Years Thereafter ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ Accounts payable and accrued liabilities 670 ​ 670 ​ — ​ ​ — ​ ​ — ​ Office lease 182 ​ ​ 182 ​ ​ — ​ ​ — ​ ​ — ​ 852 ​ 852 ​ — ​ ​ — ​ ​ — ​ ​ Included in accounts payable and accrued liabilities approximately $155,000 is for accrued salaries that were settled, subsequent to the end of the first quarter, on March 1, 2023 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. Based on balances as at February 28, 2023, 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	3 Months Ended
	Feb. 28, 2023
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 events

Subsequent events	3 Months Ended
	Feb. 28, 2023
Subsequent Events [Abstract]
Subsequent events	9) Subsequent event On March 1, 2023 the Board of Directors and senior management were granted 213,463 RSUs and 162,469 DSUs in settlement of approximately $247,000 of director fees and accrued salaries, all vesting immediately. The grants were in support of an effort to preserve cash and increase share ownership by settling 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)	3 Months Ended
	Feb. 28, 2023
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 interim consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s financial position as of February 28, 2023 and our results of operations and cash flows for the three-month period ended February 28, 2023 and February 28, 2022. The results of operations for the three-month period ended February 28, 2023 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2023. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these 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, 2022, filed with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities on February 14, 2023. These interim consolidated financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on April 4, 2023.
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 equity method investments where key judgement is the delay on the Ambler Access Project is temporary and the delay was considered when assessing indicators of impairment. Significant estimates include the measurement of 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)	3 Months Ended
	Feb. 28, 2023
Investment in Ambler Metals LLC
Schedule of equity investment	​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ November 30, 2022, Investment in Ambler Metals ​ 142,754 ​ Joint venture equity contribution ​ 111 ​ Share of loss on equity investment for the three month period ending February 28, 2023 ​ (1,485) ​ February 28, 2023, Investment in Ambler Metals ​ 141,380 ​
Schedule of Ambler Metals LLC's Balance Sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ February 28, 2023 ​ ​ November 30, 2022 ​ ​ $ $ Total assets ​ 109,541 ​ ​ 114,049 ​ Cash ​ 76,476 ​ ​ 80,755 ​ Mineral properties ​ 30,899 ​ ​ 30,899 ​ Total liabilities ​ (2,574) ​ ​ (4,335) ​ Accounts payable and accrued liabilities ​ (1,962) ​ ​ (3,664) ​ Members' equity (total assets less total liabilities) ​ 106,967 ​ ​ 109,714 ​ ​
Schedule of Ambler Metals LLC's net loss	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ For the three months ended ​ ​ ​ February 28, 2023 ​ ​ February 28, 2022 ​ ​ $ $ Depreciation ​ 37 ​ ​ 23 ​ Corporate salaries and wages ​ 444 ​ ​ 474 ​ General and administrative ​ 133 ​ ​ 232 ​ Mineral property expense ​ 2,285 ​ ​ 3,040 ​ Professional fees ​ 159 ​ ​ 297 ​ Foreign exchange (gain)/loss ​ — ​ ​ 2 ​ Interest income ​ (89) ​ ​ (248) ​ Comprehensive loss ​ 2,969 ​ ​ 3,820 ​ ​

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	3 Months Ended
	Feb. 28, 2023
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ February 28, 2023 ​ ​ November 30, 2022 ​ ​ $ $ Trade accounts payable ​ 251 ​ ​ 188 ​ Accrued liabilities 146 ​ 36 ​ Accrued salaries and vacation 273 ​ 121 ​ Accounts payable and accrued liabilities 670 ​ 345 ​ ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Feb. 28, 2023
Leases
Schedule of right-of-use asset	​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ Balance as at November 30, 2022 ​ 319 ​ Net amortization ​ (43) ​ Balance as at February 28, 2023 ​ 276 ​
Schedule of lease expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ Three months ended ​ ​ Three months ended ​ ​ ​ February 28, 2023 ​ ​ February 28, 2022 ​ ​ $ $ Operating lease costs ​ 47 ​ ​ 47 ​ Variable lease costs ​ 36 ​ ​ 35 ​ Total lease expense ​ 83 ​ ​ 82 ​
Schedule of future minimum payments	​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ February 28, 2023 Fiscal year $ 2023 149 ​ 2024 33 ​ 2025 — ​ Total undiscounted lease payments 182 ​ Effect of discounting (6) ​ Present value of lease payments recognized as lease liability 176 ​

Share capital (Tables)

Share capital (Tables)	3 Months Ended
	Feb. 28, 2023
Share capital.
Schedule of common stock outstanding roll forward	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars, except share amounts ​ ​ ​ Number of shares ​ ​ Ascribed value ​ ​ ​ $ November 30, 2022 146,225,035 ​ ​ 182,178 ​ Restricted Share Units ​ 2,346,366 ​ ​ 1,538 ​ Services settled by common shares ​ 7,793 ​ ​ 4 ​ Joint venture equity contribution (note 4(b)) ​ 143,505 ​ ​ 111 ​ February 28, 2023, issued and outstanding ​ 148,722,699 ​ ​ 183,831 ​ ​
Schedule of assumptions used in the pricing model	​ ​ ​ ​ ​ February 28, 2023 Risk-free interest rates 3.49% Exercise price CDN$0.78 Expected life 3 years Expected volatility 67.7% Expected dividends Nil
Summary of the company's stock option plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 28, 2023 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ exercise price ​ ​ Number of options CDN$ Balance – beginning of the period 11,225,400 ​ ​ 2.49 ​ Granted 3,230,000 ​ ​ 0.78 ​ Expired (870,000) ​ ​ 1.05 ​ Balance – end of the period 13,585,400 ​ ​ 2.18 ​
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 $0.75 to $1.00 3,230,000 ​ 4.77 ​ ​ 0.78 ​ ​ 1,463,328 ​ ​ 0.78 ​ ​ 1,766,672 ​ $2.00 to $2.50 2,396,250 ​ 2.96 ​ ​ 2.27 ​ ​ 2,014,498 ​ ​ 2.28 ​ ​ 381,752 ​ $2.51 to $3.00 ​ 6,411,650 ​ ​ 2.14 ​ ​ 2.64 ​ ​ 6,411,650 ​ ​ 2.64 ​ ​ — ​ $3.01 to $3.41 ​ 1,547,500 ​ ​ 1.81 ​ ​ 3.03 ​ ​ 1,547,500 ​ ​ 3.03 ​ ​ — ​ ​ ​ 13,585,400 ​ ​ 2.87 ​ ​ 2.18 ​ ​ 11,436,976 ​ ​ 2.39 ​ ​ 2,148,424 ​
Schedule of restricted share Units and deferred share units plans	​ ​ ​ ​ ​ ​ ​ ​ ​ Number of RSUs Number of DSUs Balance – beginning of the period ​ 257,268 ​ 1,560,734 ​ Granted 3,699,297 ​ 760,519 ​ Vested (2,345,927) ​ — ​ Balance – end of the period 1,610,638 ​ 2,321,253 ​

Financial instruments (Tables)

Financial instruments (Tables)	3 Months Ended
	Feb. 28, 2023
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 670 ​ 670 ​ — ​ ​ — ​ ​ — ​ Office lease 182 ​ ​ 182 ​ ​ — ​ ​ — ​ ​ — ​ 852 ​ 852 ​ — ​ ​ — ​ ​ — ​ ​

Nature of operations and Goin_2

Nature of operations and Going Concern (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Nov. 30, 2022
Nature of operations and Going Concern
Working Capital	$ 1,000	$ 2,400
Accumulated deficit	(71,934)	(66,900)	$ (66,862)
Cash flow from operation	$ (885)	$ (1,480)

Summary of significant accoun_3

Summary of significant accounting policies - Investment in affiliates and Mineral properties, development costs (Details) - Ambler Metals LLC	Feb. 28, 2023	Feb. 11, 2020
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	50%	50%
South32
Schedule of Equity Method Investments [Line Items]
Percentage of ownership	50%	50%

Investment in Ambler Metals L_3

Investment in Ambler Metals LLC - Narrative (Details)		3 Months Ended
	Feb. 11, 2020 USD ($) Owner	Feb. 28, 2023 USD ($) shares	Feb. 28, 2022 USD ($)	Nov. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Joint venture, contributed amount		$ 111,000
Comprehensive (loss) earnings for the year		(5,072,000)	$ (5,023,000)
Ambler Metals LLC
Schedule of Equity Method Investments [Line Items]
Joint venture, contributed amount		111,000
Contribution made to joint venture		$ 111,000
Joint venture contribution made in common shares | shares		143,505
Percentage of ownership	50%	50%
Comprehensive (loss) earnings for the year		$ (3,000,000)	$ (3,800,000)
Number of board members | Owner	4
Number of members appointed by Trilogy | Owner	2
Maximum exposure to loss		141,400,000
Fair value ascribed to Ambler Metals LLC interest				$ 142,754,000
South32 | Ambler Metals LLC
Schedule of Equity Method Investments [Line Items]
Contribution made to joint venture		$ 111,000
Percentage of ownership	50%	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
	Feb. 28, 2023	Feb. 28, 2022	Nov. 30, 2022	Feb. 11, 2020
The carrying value of equity method investment
Joint venture, contributed amount	$ 111
Share of loss on equity investment	(1,485)	$ (1,910)
Investment in Ambler Metals	141,380		$ 142,754
Assets [Abstract]
Total assets	143,537		145,995
Cash	1,682		2,573
Liabilities [Abstract]
Total liabilities	(846)		(567)
Ambler Metals' Net Loss
General and administrative	408	397
Professional Fees	570	245
Foreign exchange (gain)/loss	(4)	3
Ambler Metals
Assets [Abstract]
Total assets	109,541		114,049
Cash	76,476		80,755
Mineral properties	30,899		30,899
Liabilities [Abstract]
Total liabilities	(2,574)		(4,335)
Accounts payable and accrued liabilities	(1,962)		(3,664)
Members' equity (total assets less total liabilities)	106,967		109,714
Ambler Metals' Net Loss
Depreciation	37	23
Corporate salaries and wages	444	474
General and administrative	133	232
Mineral property expense	2,285	3,040
Professional Fees	159	297
Foreign exchange (gain)/loss		2
Interest income	(89)	(248)
Comprehensive loss	2,969	$ 3,820
Ambler Metals LLC
The carrying value of equity method investment
Investment in Ambler Metals			$ 142,754
Joint venture, contributed amount	111
Share of loss on equity investment	(1,485)
Investment in Ambler Metals	$ 141,380			$ 176,000

Accounts payable and accrued _3

Accounts payable and accrued liabilities (Details) - USD ($)	Mar. 01, 2023	Feb. 28, 2023	Nov. 30, 2022
Subsequent Event [Line Items]
Trade accounts payable		$ 251,000	$ 188,000
Accrued liabilities		146,000	36,000
Accrued salaries and vacation		273,000	121,000
Accounts payable and accrued liabilities		$ 670,000	$ 345,000
Subsequent Event
Subsequent Event [Line Items]
Accrued salaries and vacation	$ 155,000

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Feb. 28, 2023 USD ($)
Leases
Lessee, Operating Lease, Existence of Option to Extend [true false]	false
Weighted-average remaining lease term	1 year 2 months 12 days
Weighted-average discount rate	8%
Cash paid for amounts included in the measurement of lease liabilities	$ 49,310

Leases - Right of use asset (De

Leases - Right of use asset (Details) $ in Thousands	3 Months Ended
	Feb. 28, 2023 USD ($)
Leases
Balance, beginning	$ 319
Net amortization	(43)
Balance, ending	$ 276

Leases - Lease liabilities (Det

Leases - Lease liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Leases
Operating lease costs	$ 47	$ 47
Variable lease costs	36	35
Total lease expense	$ 83	$ 82

Leases - Future minimum payment

Leases - Future minimum payments (Details) $ in Thousands	Feb. 28, 2023 USD ($)
Future minimum payments
2023	$ 149
2024	33
Total undiscounted lease payments	182
Effect of discounting	(6)
Present value of lease payments recognized as lease liability	$ 176

Share capital - Narrative (Deta

Share capital - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 28, 2023 USD ($) $ / shares shares	Feb. 28, 2023 USD ($) $ / shares $ / shares shares	Feb. 28, 2022 USD ($) $ / shares shares	Feb. 28, 2022 USD ($) $ / shares	Feb. 28, 2023 $ / shares	Nov. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, conversion	1
Stock-based compensation | $	$ (2,220)		$ (1,865)
Non-vested stock options outstanding	13,585,400	13,585,400
Weighted average exercise price options outstanding | $ / shares	$ 2.18	$ 2.18
Period for recognition of stock compensation expense	22 months
Proceeds from exercise of options | $			18
Aggregate intrinsic value, vested options | $	$ 20	$ 20	150	$ 150
Aggregate intrinsic value, options exercised | $			$ 30
Share capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock committed for issuance	148,722,699	148,722,699				146,225,035
Exercise of options, Number of shares			31,674
Nonvested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested stock options outstanding	2,148,424	2,148,424
Weighted average exercise price options outstanding | $ / shares					$ 1.03
Stock option expense not yet recognized | $	$ 470	$ 470
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $	$ 1,100		$ 1,000
Granted units	760,519
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted units	3,699,297
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested stock options outstanding	13,585,400	13,585,400				11,225,400
Weighted average exercise price options outstanding | $ / shares	$ 2.18	$ 2.18				$ 2.49
Exercise of options, Number of shares	0
Stock options granted	3,230,000
Weighted-average exercise price | $ / shares	$ 0.78
Employees, consultants and directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted, expiration period	5 years
Stock options granted	3,230,000		1,734,500
Vesting period	2 years
Weighted-average exercise price | $ / shares		$ 0.78		$ 2.21
Stock options granted, weighted average fair value | $ / shares	$ 0.37		$ 0.90
Directors, employees and service providers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $	$ 500		$ 860
Directors, employees and service providers | NovaGold Arrangement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, conversion	6
Directors, employees and service providers | NovaGold Arrangement | Nonvested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock committed for issuance	1,549	1,549
Non-vested stock options outstanding	9,293	9,293

Share capital - Authorized unli

Share capital - Authorized unlimited common shares, no par value (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Nov. 30, 2022
Class of Stock [Line Items]
Unlimited common shares authorized	Unlimited		Unlimited
Common Stock, No Par Value	$ 0		$ 0
Beginning Balance	$ 145,428	$ 166,039	$ 166,039
Beginning balance, Number of shares issued	146,225,035
Services settled by common shares, Ascribed value	$ 4
Joint venture equity contribution (note 4(b)), Ascribed value	111
Ending Balance	$ 142,691	162,950	$ 145,428
Ending balance, Number of shares issued	148,722,699		146,225,035
Share capital
Class of Stock [Line Items]
Beginning balance, Number of shares	146,225,035
Beginning Balance	$ 182,178	$ 180,820	$ 180,820
Beginning balance, Ascribed value	$ 182,178
Exercise of options, Number of shares		31,674
Restricted share units, Number of shares	2,346,366	391,332
Restricted share units, Ascribed value	$ 1,538
Services settled by common shares, Number of shares	7,793
Services settled by common shares, Ascribed value	$ 4
Joint venture equity contribution (note 4(b)), Number of shares	143,505	31,469
Joint venture equity contribution (note 4(b)), Ascribed value	$ 111
Ending balance, Number of shares outstanding	148,722,699		146,225,035
Ending balance, Ascribed value	$ 183,831		$ 182,178
Ending Balance	$ 183,831	$ 181,571	$ 182,178

Share capital - Assumptions use

Share capital - Assumptions used in the pricing model (Details)	3 Months Ended
	Feb. 28, 2023 $ / shares
Share capital.
Risk-free interest rates	3.49%
Exercise price	$ 0.78
Expected life	3 years
Expected volatility	67.70%
Expected dividends

Share capital - Stock options p

Share capital - Stock options plans and changes (Details)	3 Months Ended
	Feb. 28, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - end of period, number of options	13,585,400
Balance - end of period, weighted average exercise price | $ / shares	$ 2.18
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - beginning of the year, number of options	11,225,400
Balance - beginning of the year, weighted average exercise price | $ / shares	$ 2.49
Number of options, Granted	3,230,000
Weighted average exercise price, Granted | $ / shares	$ 0.78
Number of options, Exercised	0
Number of options, Cancelled	(870,000)
Weighted average exercise price, Cancelled | $ / shares	$ 1.05
Balance - end of period, number of options	13,585,400
Balance - end of period, weighted average exercise price | $ / shares	$ 2.18

Share capital - Stock options o

Share capital - Stock options outstanding (Details)	3 Months Ended
	Feb. 28, 2023 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding options | shares	13,585,400
Weighted average years to expiry	2 years 10 months 13 days
Weighted average exercise price options outstanding	$ 2.18
Number of exercisable options | shares	11,436,976
Weighted average exercise price exercisable	$ 2.39
Number of unvested options | shares	2,148,424
$0.75 to $1.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range limit	$ 0.75
Exercise price upper range limit	$ 1
Number of outstanding options | shares	3,230,000
Weighted average years to expiry	4 years 9 months 7 days
Weighted average exercise price options outstanding	$ 0.78
Number of exercisable options | shares	1,463,328
Weighted average exercise price exercisable	$ 0.78
Number of unvested options | shares	1,766,672
$2.01 to $2.50
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range limit	$ 2
Exercise price upper range limit	$ 2.50
Number of outstanding options | shares	2,396,250
Weighted average years to expiry	2 years 11 months 15 days
Weighted average exercise price options outstanding	$ 2.27
Number of exercisable options | shares	2,014,498
Weighted average exercise price exercisable	$ 2.28
Number of unvested options | shares	381,752
$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	6,411,650
Weighted average years to expiry	2 years 1 month 20 days
Weighted average exercise price options outstanding	$ 2.64
Number of exercisable options | shares	6,411,650
Weighted average exercise price exercisable	$ 2.64
Number of unvested options | shares	0
$3.01 to $3.41
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding options | shares	1,547,500
Weighted average years to expiry	1 year 9 months 21 days
Weighted average exercise price options outstanding	$ 3.03
Number of exercisable options | shares	1,547,500
Weighted average exercise price exercisable	$ 3.03
Number of unvested options | shares	0

Share capital - Unit plans and

Share capital - Unit plans and changes (Details)	3 Months Ended
	Feb. 28, 2023 shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - beginning of the year	257,268
Granted	3,699,297
Vested	(2,345,927)
Balance - end of period	1,610,638
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - beginning of the year	1,560,734
Granted	760,519
Balance - end of period	2,321,253

Financial instruments - Narrati

Financial instruments - Narrative (Details)	3 Months Ended
	Feb. 28, 2023 USD ($)	Mar. 01, 2023 USD ($)	Feb. 28, 2023 CAD ($)	Nov. 30, 2022 USD ($)
Cash	$ 1,682,000			$ 2,573,000
Accounts receivable	$ 26,000			$ 17,000
Subsequent Event
Accrued salaries		$ 155,000
10% change in the US-Canadian exchange rate
Cash			$ 71,000
Accounts receivable			35,000
Accounts payable			$ 320,000
Change in foreign exchange rate	10%		10%
Foreign exchange loss	$ 35,000
1% change in interest rates
Change in interest rate	1%		1%

Financial instruments - Contrac

Financial instruments - Contractually obligated cash flow requirements (Details) $ in Thousands	Feb. 28, 2023 USD ($)
Total	$ 852
Less than 1 year	852
Less than 1 Year	0
2 - 5 Years	0
Thereafter	0
Accounts payable and accrued liabilities
Total	670
Less than 1 year	670
Less than 1 Year	0
2 - 5 Years	0
Thereafter	0
Office lease
Total	182
Less than 1 year	182
Less than 1 Year	0
2 - 5 Years	0
Thereafter	$ 0

Subsequent event (Details)

Subsequent event (Details) - USD ($)		3 Months Ended
	Mar. 01, 2023	Feb. 28, 2023
RSUs
Subsequent Event [Line Items]
Granted		3,699,297
Subsequent Event
Subsequent Event [Line Items]
Accrued salaries and director fees	$ 247,000
Subsequent Event | RSUs | Director
Subsequent Event [Line Items]
Granted (in shares)	213,463
Subsequent Event | DSUs. | Employee
Subsequent Event [Line Items]
Granted (in shares)	162,469