Trilogy Metals (TMQ) 10-Q 3 Apr 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Feb. 29, 2024	Apr. 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Feb. 29, 2024
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		160,166,788
Current Fiscal Year End Date	--11-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001543418
Amendment Flag	false

Interim Consolidated Balance Sh

Interim Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 29, 2024	Nov. 30, 2023
Current assets
Cash and cash equivalents	$ 2,012	$ 2,590
Accounts receivable	14	33
Deposits and prepaid amounts	125	259
Total current assets	2,151	2,882
Investment in Ambler Metals LLC (note 3)	134,340	135,021
Fixed assets	3	4
Right of use asset (note 5(a))	65	113
Total assets	136,559	138,020
Current liabilities
Accounts payable and accrued liabilities (note 4)	464	432
Current portion of lease liability		33
Total current liabilities	464	465
Total liabilities	464	465
Shareholders' equity
Share capital (note 6) - unlimited common shares authorized, no par value issued - 159,766,930 (2023 - 155,925,990)	189,832	187,886
Contributed surplus	118	118
Contributed surplus - options (note 6(a))	28,555	28,237
Contributed surplus - units (note 6(b))	3,004	3,127
Deficit	(85,414)	(81,813)
Total shareholders' equity	136,095	137,555
Total liabilities and shareholders' equity	$ 136,559	$ 138,020

Interim Consolidated Balance _2

Interim Consolidated Balance Sheets (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Feb. 29, 2024	Nov. 30, 2023
Statement of Financial Position [Abstract]
Unlimited common shares authorized	Unlimited	Unlimited
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares, Issued	159,766,930	155,925,990

Interim Consolidated Statements

Interim Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Expenses
Amortization	$ 1	$ 2
Exploration expenses		1
Foreign exchange (gain) loss	2	(4)
General and administrative	415	408
Investor relations	12	30
Professional fees	200	570
Salaries	191	237
Salaries and directors expense - stock-based compensation	1,999	2,362
Total expenses	2,820	3,606
Other items
Interest and other income	(2)	(19)
Services agreement income	(10)
Share of loss on equity investment (note 3(b))	793	1,485
Loss and comprehensive loss for the period	$ (3,601)	$ (5,072)
Basic loss per common share	$ (0.02)	$ (0.03)
Diluted loss per common share	$ (0.02)	$ (0.03)
Basic weighted average number of common shares outstanding	157,669,238	147,768,741
Diluted weighted average number of common shares outstanding	157,669,238	147,768,741

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, 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	$ 111					111
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
Earnings (loss) for the year					(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
Beginning Balance at Nov. 30, 2023	$ 187,886	118	28,237	3,127	(81,813)	137,555
Beginning Balance (Shares) at Nov. 30, 2023	155,925,990
Restricted Share Units	$ 1,804			(1,804)
Restricted Share Units (Shares)	3,633,065
Joint venture contribution	$ 112					112
Joint venture contribution (Shares)	143,507
Services settled by common shares	$ 30					30
Services settled by common shares (in shares)	64,368
Stock-based compensation			318	1,681		1,999
Earnings (loss) for the year					(3,601)	(3,601)
Ending Balance at Feb. 29, 2024	$ 189,832	$ 118	$ 28,555	$ 3,004	$ (85,414)	$ 136,095
Ending Balance (Shares) at Feb. 29, 2024	159,766,930

Interim Consolidated Statemen_3

Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Cash flows used in operating activities
Net Income (Loss)	$ (3,601)	$ (5,072)
Adjustments to reconcile net loss to cash flows in operating activities
Amortization	1	2
Consulting fees settled by common shares	30	21
Office lease accounting	15	(2)
Loss on equity investment in Ambler Metals LLC (note 3(b))	793	1,485
Unrealized foreign exchange loss (gain)	(1)	4
Stock-based compensation	1,999	2,362
Net change in non-cash working capital
Decrease in accounts receivable	19	(9)
Decrease (Increase) in deposits and prepaid amounts	134	157
Decrease in accounts payable and accrued liabilities	32	167
Total cash flows used in operating activities	(579)	(885)
Decrease in cash	(579)	(885)
Effect of exchange rate on cash	1	(6)
Cash - beginning of the period	2,590	2,573
Cash - end of the period	$ 2,012	$ 1,682

Nature of operations and Going

Nature of operations and Going Concern	3 Months Ended
	Feb. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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, Canada under the Business Corporations Act (British Columbia) 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 at least twelve months from the date of approval of these consolidated financial statements. As at February 29, 2024, the Company had working capital (current assets less current liabilities) of $1.7 million (2023 - $2.4 million) and an accumulated deficit of $85.4 million (2023 - $81.8 million). The Company recorded a loss of $3.6 million and cash outflow from operations of $0.6 million for the quarter ended February 29, 2024. The continued operations of the Company are dependent on its ability to obtain additional financing or to generate future cash flows. The Company has no recurring source of operating cash inflows at its current stage. The Company intends to finance its future requirements through a combination of debt and equity issuance. There is no assurance that the Company will be able to obtain such financings or obtain them on favourable terms. These material uncertainties raise substantial doubt about the Company’s ability to continue as a going concern. These 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. 29, 2024
Accounting Policies [Abstract]
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 29, 2024 and our results of operations and cash flows for the three-month period ended February 29, 2024 and February 28, 2023. The results of operations for the three-month period ended February 29, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2024. 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, 2023, filed with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities on February 9, 2024. These interim consolidated financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on April 2, 2024. 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 for our 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. Management considers factors that may be indicative of an impairment include a loss in the value of an investment that is not temporary. Factors consider include but are 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. ​

Investment in Ambler Metals LLC

Investment in Ambler Metals LLC	3 Months Ended
	Feb. 29, 2024
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 February 29, 2024, totaled $134 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 $1.6 million for the three-month period ending February 29, 2024 (2023 - $3.0 million). During the three-month period ending February 29, 2024, Trilogy made a $112,000 equity contribution to Ambler Metals through the issuance of 143,507 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 $112,000 in cash for their 50% share. The carrying value of Trilogy’s 50% investment in Ambler Metals as at February 29, 2024 is summarized on the following table. ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ $ November 30, 2023, Investment in Ambler Metals ​ 135,021 ​ Joint venture equity contribution ​ 112 ​ Share of loss on equity investment for the three month period ending February 29, 2024 ​ (793) ​ February 29, 2024, Investment in Ambler Metals ​ 134,340 ​ ​ (c) The following table summarizes Ambler Metals’ Balance Sheet as at February 29, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ February 29, 2024 ​ ​ November 30, 2023 ​ ​ $ $ Total assets ​ 94,090 ​ ​ 97,180 ​ Cash and cash equivalents ​ 61,331 ​ ​ 63,829 ​ Mineral properties ​ 30,899 ​ ​ 30,899 ​ Total liabilities ​ (1,204) ​ ​ (2,931) ​ Accounts payable and accrued liabilities ​ (835) ​ ​ (2,500) ​ Members' equity (total assets less total liabilities) ​ 92,886 ​ ​ 94,249 ​ ​ Members’ cash and cash equivalents are held at one bank, the majority of cash and cash equivalent is uninsured as at February 29, 2024. (d) The following table summarizes Ambler Metals' loss for the three-month period ending February 29, 2024 and February 28, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ Three months ended ​ ​ ​ February 29, 2024 ​ ​ February 28, 2023 ​ ​ $ $ Depreciation ​ 38 ​ ​ 37 ​ Corporate salaries and wages ​ 234 ​ ​ 444 ​ General and administrative ​ 127 ​ ​ 133 ​ Mineral property expense ​ 1,094 ​ ​ 2,285 ​ Professional fees ​ 177 ​ ​ 159 ​ Foreign exchange loss ​ 2 ​ ​ — ​ Interest and other income ​ (87) ​ ​ (89) ​ Comprehensive loss ​ 1,585 ​ ​ 2,969 ​ ​ (e) Related party transactions ​ During the three-month period ended February 29, 2024, the Company charged $10,000 (2023 - $Nil) related to human resources and accounting services in connection with the Service Agreement. In addition, the company received payments of

Accounts payable and accrued li

Accounts payable and accrued liabilities	3 Months Ended
	Feb. 29, 2024
Accounts payable and accrued liabilities.
Accounts payable and accrued liabilities	4) Accounts payable and accrued liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ February 29, 2024 ​ ​ November 30, 2023 ​ ​ $ $ Trade accounts payable ​ 159 ​ ​ 146 ​ Accrued liabilities 60 ​ 54 ​ Accrued salaries and vacation 245 ​ 232 ​ Accounts payable and accrued liabilities 464 ​ 432 ​ ​ ​ ​ ​ ​ Of the accrued salaries and vacation approximately $155,000 was settled, subsequent to the end of the first quarter, on March 1, 2024 through the issuance of common shares of the Company. $155,000 was settled on December 1, 2023 through the issuance of common shares of the Company from the November 30, 2023 balance.

Leases

Leases	3 Months Ended
	Feb. 29, 2024
Leases
Leases	5) Leases (a) Right-of-use asset ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ Balance as at November 30, 2023 ​ 113 ​ Net amortization ​ (48) ​ Balance as at February 29, 2024 ​ 65 ​ ​ (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 29, 2024 ​ ​ February 28, 2023 ​ ​ ​ $ $ Operating lease costs ​ 49 ​ ​ 47 ​ Variable lease costs ​ 58 ​ ​ 36 ​ Total lease expense ​ 107 ​ ​ 83 ​ ​ 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 at February 29, 2024, the weighted-average remaining lease term is 0.3 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 29, 2024 are as follows: ● Cash paid for amounts included in the measurement of lease liabilities was $33,158 .

Share capital

Share capital	3 Months Ended
	Feb. 29, 2024
Share-Based Payment Arrangement [Abstract]
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, 2023 155,925,990 ​ ​ 187,886 ​ Restricted Share Units ​ 3,633,065 ​ ​ 1,804 ​ Services settled by common shares ​ 64,368 ​ ​ 30 ​ Joint venture equity contribution (note 3(a)) ​ 143,507 ​ ​ 112 ​ February 29, 2024, issued and outstanding ​ 159,766,930 ​ ​ 189,832 ​ ​ 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 at February 29, 2024, a total of 5,144 NovaGold DSUs remain outstanding representing a right to receive 859 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 29, 2024, the Company granted 2,775,000 stock options (2023 - 3,230,000 stock options) at an exercise price of CDN$0.59 (2023 - CDN$0.78) 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 this option grants was CDN$0.27 (2023 - CDN$0.37). For the three-month period ended February 29, 2024, Trilogy recognized a stock-based compensation charge of $0.3 million (2023 - $0.5 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 29, 2024 are as provided below. ​ ​ ​ ​ ​ February 29, 2024 Risk-free interest rates 3.84% Exercise price CDN$0.59 Expected life 3 years Expected volatility 65.5% Expected dividends Nil ​ As at February 29, 2024, there were 2,533,339 non-vested options outstanding with a weighted average exercise price of CDN$0.66; the value of non-vested stock option expense not yet recognized was $0.5 million. This expense is expected to be recognized over the next 22 months. A summary of the Company’s stock option outstanding and changes during the three-month period ended February 29, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 29, 2024 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ exercise price ​ ​ Number of options CDN$ Balance – beginning of the period 12,649,400 ​ ​ 2.15 ​ Granted 2,775,000 ​ ​ 0.59 ​ Expired (1,070,000) ​ ​ 2.94 ​ Balance – end of the period 14,354,400 ​ ​ 1.79 ​ ​ There were no stock options exercised during the three-month period ended February 29, 2024. The following table summarizes information about the stock options outstanding at February 29, 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $0.59 to $1.00 5,955,000 ​ ​ 4.24 ​ ​ 0.69 ​ ​ 3,421,661 ​ ​ 0.72 ​ ​ 2,533,339 ​ $2.01 to $3.00 7,016,900 ​ ​ 1.72 ​ ​ 2.47 ​ ​ 7,016,900 ​ ​ 2.47 ​ ​ — ​ $3.01 to $3.41 ​ 1,382,500 ​ ​ 0.81 ​ ​ 3.03 ​ ​ 1,382,500 ​ ​ 3.03 ​ ​ — ​ ​ ​ 14,354,400 ​ ​ 2.67 ​ ​ 1.79 ​ ​ 11,821,061 ​ ​ 2.03 ​ ​ 2,533,339 ​ ​ The aggregate intrinsic value of vested stock options (the market value less the exercise price) at February 29, 2024 was $Nil $Nil (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 29, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of RSUs Number of DSUs Balance – beginning of the period ​ 1,610,638 ​ 2,428,701 ​ Granted 4,905,134 ​ ​ 194,819 ​ Vested/Converted (4,222,433) ​ ​ — ​ Balance – end of the period 2,293,339 ​ 2,623,520 ​ ​ For the three-month period ending February 29, 2024, Trilogy recognized a combined RSU and DSU stock-based compensation charge of $1.5 million (2023 - $1.1 million), net of estimated forfeitures.

Financial instruments

Financial instruments	3 Months Ended
	Feb. 29, 2024
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 February 29, 2024 is limited to the Canadian dollar balances consisting of cash of approximately CDN$542,000, accounts receivable of approximately CDN$19,000 and accounts payable of approximately CDN$340,000. 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 $15,000. (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 29, 2024. 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 29, 2024 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ Total < 1 Year 1–2 Years 2–5 Years Thereafter ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ ​ $ ​ Accounts payable and accrued liabilities 289 ​ 289 ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ 289 ​ 289 ​ — ​ ​ — ​ ​ — ​ ​ 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, 2024, 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 29, 2024, 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. 29, 2024
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	3 Months Ended
	Feb. 29, 2024
Subsequent Events [Abstract]
Subsequent event	9) Subsequent event On March 1, 2024, pursuant to previous elections, the Board of Directors were granted 188,670 DSUs in settlement of approximately $82,750 of director fees and senior management were granted 353,347 RSUs in lieu of cash salaries of approximately $155,000, 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. 29, 2024
Accounting Policies [Abstract]
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 29, 2024 and our results of operations and cash flows for the three-month period ended February 29, 2024 and February 28, 2023. The results of operations for the three-month period ended February 29, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2024. 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, 2023, filed with the U.S. Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities on February 9, 2024. These interim consolidated financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on April 2, 2024.
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 for our 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. Management considers factors that may be indicative of an impairment include a loss in the value of an investment that is not temporary. Factors consider include but are 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. ​

Investment in Ambler Metals L_2

Investment in Ambler Metals LLC (Tables)	3 Months Ended
	Feb. 29, 2024
Investment in Ambler Metals LLC
Schedule of equity investment	​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ $ November 30, 2023, Investment in Ambler Metals ​ 135,021 ​ Joint venture equity contribution ​ 112 ​ Share of loss on equity investment for the three month period ending February 29, 2024 ​ (793) ​ February 29, 2024, Investment in Ambler Metals ​ 134,340 ​
Schedule of Ambler Metals LLC's Balance Sheet	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ February 29, 2024 ​ ​ November 30, 2023 ​ ​ $ $ Total assets ​ 94,090 ​ ​ 97,180 ​ Cash and cash equivalents ​ 61,331 ​ ​ 63,829 ​ Mineral properties ​ 30,899 ​ ​ 30,899 ​ Total liabilities ​ (1,204) ​ ​ (2,931) ​ Accounts payable and accrued liabilities ​ (835) ​ ​ (2,500) ​ Members' equity (total assets less total liabilities) ​ 92,886 ​ ​ 94,249 ​
Schedule of Ambler Metals LLC's net loss	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ Three months ended ​ ​ ​ February 29, 2024 ​ ​ February 28, 2023 ​ ​ $ $ Depreciation ​ 38 ​ ​ 37 ​ Corporate salaries and wages ​ 234 ​ ​ 444 ​ General and administrative ​ 127 ​ ​ 133 ​ Mineral property expense ​ 1,094 ​ ​ 2,285 ​ Professional fees ​ 177 ​ ​ 159 ​ Foreign exchange loss ​ 2 ​ ​ — ​ Interest and other income ​ (87) ​ ​ (89) ​ Comprehensive loss ​ 1,585 ​ ​ 2,969 ​

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	3 Months Ended
	Feb. 29, 2024
Accounts payable and accrued liabilities.
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ February 29, 2024 ​ ​ November 30, 2023 ​ ​ $ $ Trade accounts payable ​ 159 ​ ​ 146 ​ Accrued liabilities 60 ​ 54 ​ Accrued salaries and vacation 245 ​ 232 ​ Accounts payable and accrued liabilities 464 ​ 432 ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Feb. 29, 2024
Leases
Schedule of right-of-use asset	​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ $ Balance as at November 30, 2023 ​ 113 ​ Net amortization ​ (48) ​ Balance as at February 29, 2024 ​ 65 ​
Schedule of lease expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars ​ ​ Three months ended ​ ​ Three months ended ​ ​ ​ February 29, 2024 ​ ​ February 28, 2023 ​ ​ ​ $ $ Operating lease costs ​ 49 ​ ​ 47 ​ Variable lease costs ​ 58 ​ ​ 36 ​ Total lease expense ​ 107 ​ ​ 83 ​

Share capital (Tables)

Share capital (Tables)	3 Months Ended
	Feb. 29, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of common stock outstanding roll forward	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in thousands of dollars, except share amounts ​ ​ ​ Number of shares ​ ​ Ascribed value ​ ​ ​ $ November 30, 2023 155,925,990 ​ ​ 187,886 ​ Restricted Share Units ​ 3,633,065 ​ ​ 1,804 ​ Services settled by common shares ​ 64,368 ​ ​ 30 ​ Joint venture equity contribution (note 3(a)) ​ 143,507 ​ ​ 112 ​ February 29, 2024, issued and outstanding ​ 159,766,930 ​ ​ 189,832 ​
Schedule of assumptions used in the pricing model	​ ​ ​ ​ ​ February 29, 2024 Risk-free interest rates 3.84% Exercise price CDN$0.59 Expected life 3 years Expected volatility 65.5% Expected dividends Nil
Summary of the company's stock option plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 29, 2024 ​ ​ ​ ​ ​ ​ Weighted average ​ ​ ​ ​ ​ ​ exercise price ​ ​ Number of options CDN$ Balance – beginning of the period 12,649,400 ​ ​ 2.15 ​ Granted 2,775,000 ​ ​ 0.59 ​ Expired (1,070,000) ​ ​ 2.94 ​ Balance – end of the period 14,354,400 ​ ​ 1.79 ​
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 $0.59 to $1.00 5,955,000 ​ ​ 4.24 ​ ​ 0.69 ​ ​ 3,421,661 ​ ​ 0.72 ​ ​ 2,533,339 ​ $2.01 to $3.00 7,016,900 ​ ​ 1.72 ​ ​ 2.47 ​ ​ 7,016,900 ​ ​ 2.47 ​ ​ — ​ $3.01 to $3.41 ​ 1,382,500 ​ ​ 0.81 ​ ​ 3.03 ​ ​ 1,382,500 ​ ​ 3.03 ​ ​ — ​ ​ ​ 14,354,400 ​ ​ 2.67 ​ ​ 1.79 ​ ​ 11,821,061 ​ ​ 2.03 ​ ​ 2,533,339 ​
Schedule of restricted share Units and deferred share units plans	​ ​ ​ ​ ​ ​ ​ ​ ​ Number of RSUs Number of DSUs Balance – beginning of the period ​ 1,610,638 ​ 2,428,701 ​ Granted 4,905,134 ​ ​ 194,819 ​ Vested/Converted (4,222,433) ​ ​ — ​ Balance – end of the period 2,293,339 ​ 2,623,520 ​

Financial instruments (Tables)

Financial instruments (Tables)	3 Months Ended
	Feb. 29, 2024
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 289 ​ 289 ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ 289 ​ 289 ​ — ​ ​ — ​ ​ — ​

Nature of operations and Goin_2

Nature of operations and Going Concern (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital surplus	$ 1,700	$ 2,400
Accumulated deficit	(85,414)	(81,800)	$ (81,813)
Loss for the year	(3,601)	(5,072)
Cash flow from operation	$ (579)	$ (885)

Investment in Ambler Metals L_3

Investment in Ambler Metals LLC - Financial information (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023	Nov. 30, 2023	Feb. 11, 2020
The carrying value of equity method investment
Share of loss on equity investment	$ (793)	$ (1,485)
Investment in Ambler Metals	134,340		$ 135,021
Assets [Abstract]
Total assets	136,559		138,020
Cash and cash equivalents	2,012		2,590
Liabilities [Abstract]
Total liabilities	(464)		(465)
Ambler Metals' Net Loss
General and administrative	415	408
Professional Fees	200	570
Foreign exchange (gain) loss	2	(4)
Ambler Metals
Assets [Abstract]
Total assets	94,090		97,180
Cash and cash equivalents	61,331		63,829
Mineral properties	30,899		30,899
Liabilities [Abstract]
Total liabilities	(1,204)		(2,931)
Accounts payable and accrued liabilities	(835)		(2,500)
Members' equity (total assets less total liabilities)	92,886		94,249
Ambler Metals' Net Loss
Depreciation	38	37
Corporate salaries and wages	234	444
General and administrative	127	133
Mineral property expense	1,094	2,285
Professional Fees	177	159
Foreign exchange (gain) loss	2
Interest and other income	87	89
Comprehensive loss	1,585	$ 2,969
Ambler Metals LLC
The carrying value of equity method investment
Investment in Ambler Metals			$ 135,021
Joint venture, contributed amount	112
Share of loss on equity investment	(793)
Investment in Ambler Metals	$ 134,340			$ 176,000

Investment in Ambler Metals L_4

Investment in Ambler Metals LLC - Narrative (Details)		3 Months Ended		12 Months Ended
	Feb. 11, 2020 USD ($) Owner	Feb. 29, 2024 USD ($) shares	Feb. 28, 2023 USD ($)	Nov. 30, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Loss for the year		$ (3,601,000)	$ (5,072,000)
Investment in Ambler Metals		134,340,000		$ 135,021,000
Ambler Metals LLC
Schedule of Equity Method Investments [Line Items]
Joint venture, contributed amount		112,000
Contribution made to joint venture		$ 112,000
Joint venture contribution made in common shares | shares		143,507
Percentage of ownership	50%	50%
Loss for the year		$ (1,600,000)	$ (3,000,000)
Number of board members | Owner	4
Number of members appointed by Trilogy | Owner	2
Investment in Ambler Metals	$ 176,000,000	134,340,000
Maximum exposure to loss		134,000,000
Fair value ascribed to Ambler Metals LLC interest				135,021,000
South32 | Ambler Metals LLC
Schedule of Equity Method Investments [Line Items]
Contribution made to joint venture		$ 112,000
Percentage of ownership	50%	50%
Ambler Metals
Schedule of Equity Method Investments [Line Items]
Operating expenses		$ 16,000		$ 0
South32
Schedule of Equity Method Investments [Line Items]
Contribution made to joint venture	$ 145,000,000

Accounts payable and accrued _3

Accounts payable and accrued liabilities (Details) - USD ($)	Mar. 01, 2024	Feb. 29, 2024	Dec. 01, 2023	Nov. 30, 2023
Subsequent Event [Line Items]
Trade accounts payable		$ 159,000		$ 146,000
Accrued liabilities		60,000		54,000
Accrued salaries and vacation		245,000	$ 155,000	232,000
Accounts payable and accrued liabilities		$ 464,000		$ 432,000
Subsequent Event
Subsequent Event [Line Items]
Accrued salaries and vacation	$ 155,000

Leases - Narrative (Details)

Leases - Narrative (Details)	3 Months Ended
	Feb. 29, 2024 USD ($)
Leases
Lessee, Operating Lease, Existence of Option to Extend [true false]	false
Weighted-average remaining lease term	3 months 18 days
Weighted-average discount rate	8%
Cash paid for amounts included in the measurement of lease liabilities	$ 33,158

Leases - Right of use asset (De

Leases - Right of use asset (Details) $ in Thousands	3 Months Ended
	Feb. 29, 2024 USD ($)
Leases
Balance, beginning	$ 113
Net amortization	(48)
Balance, ending	$ 65

Leases - Lease liabilities (Det

Leases - Lease liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Leases
Operating lease costs	$ 49	$ 47
Variable lease costs	58	36
Total lease expense	$ 107	$ 83

Share capital - Narrative (Deta

Share capital - Narrative (Details)	3 Months Ended
	Feb. 29, 2024 USD ($) $ / shares shares	Feb. 29, 2024 USD ($) $ / shares $ / shares shares	Feb. 28, 2023 USD ($) shares	Feb. 28, 2023 USD ($) $ / shares	Feb. 29, 2024 $ / shares	Nov. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, conversion	1
Non-vested stock options outstanding	14,354,400	14,354,400
Stock-based compensation | $	$ (1,999,000)		$ (2,220,000)
Weighted average exercise price options outstanding | $ / shares	$ 1.79	$ 1.79
Period for recognition of stock compensation expense	22 months
Aggregate intrinsic value, vested options | $	$ 0	$ 0	20,000	$ 20,000
Aggregate intrinsic value, options exercised | $	$ 0
Share capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock committed for issuance	159,766,930	159,766,930				155,925,990
Nonvested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested stock options outstanding	2,533,339	2,533,339
Weighted average exercise price options outstanding | $ / shares					$ 0.66
Stock option expense not yet recognized | $	$ 500,000	$ 500,000
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $	$ 1,500,000		$ 1,100,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested stock options outstanding	14,354,400	14,354,400				12,649,400
Weighted average exercise price options outstanding | $ / shares	$ 1.79	$ 1.79				$ 2.15
Exercise of options, Number of shares	0
Stock options granted	2,775,000
Weighted-average exercise price | $ / shares	$ 0.59
Employees, consultants and directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted, expiration period	5 years		5 years
Stock options granted	2,775,000		3,230,000
Vesting period	2 years
Weighted-average exercise price | $ / shares		$ 0.59		$ 0.78
Stock options granted, weighted average fair value | $ / shares		$ 0.27		$ 0.37
Directors, employees and service providers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation | $	$ 300,000		$ 500,000
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]
Non-vested stock options outstanding	5,144	5,144
Common stock committed for issuance	859	859

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. 29, 2024	Feb. 28, 2023	Nov. 30, 2023
Class of Stock [Line Items]
Unlimited common shares authorized	Unlimited		Unlimited
Common Stock, No Par Value	$ 0		$ 0
Services settled by common shares, Ascribed value	$ 30	$ 4
Number of shares, issued	159,766,930		155,925,990
Share capital
Class of Stock [Line Items]
Restricted share units, Number of shares	3,633,065	2,346,366
Restricted share units, Ascribed value	$ 1,804
Services settled by common shares, Number of shares	64,368	7,793
Services settled by common shares, Ascribed value	$ 30	$ 4
Joint venture equity contribution (note 3(b)), Number of shares	143,507	143,505
Joint venture equity contribution (note 3(b)), Ascribed value	$ 112
Ending balance, Number of shares outstanding	159,766,930		155,925,990
Beginning balance, Number of shares	155,925,990
Ending balance, Ascribed value	$ 189,832		$ 187,886
Beginning balance, Ascribed value	$ 187,886

Share capital - Assumptions use

Share capital - Assumptions used in the pricing model (Details)	3 Months Ended
	Feb. 29, 2024 $ / shares
Share-Based Payment Arrangement [Abstract]
Risk-free interest rates	3.84%
Exercise price	$ 0.59
Expected life	3 years
Expected volatility	65.50%
Expected dividends

Share capital - Stock options p

Share capital - Stock options plans and changes (Details)	3 Months Ended
	Feb. 29, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - end of period, number of options	14,354,400
Balance - end of period, weighted average exercise price | $ / shares	$ 1.79
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - beginning of the year, number of options	12,649,400
Balance - beginning of the year, weighted average exercise price | $ / shares	$ 2.15
Number of options, Granted	2,775,000
Weighted average exercise price, Granted | $ / shares	$ 0.59
Number of options, Exercised	0
Number of options, Expired	(1,070,000)
Weighted average exercise price, Expired | $ / shares	$ 2.94
Balance - end of period, number of options	14,354,400
Balance - end of period, weighted average exercise price | $ / shares	$ 1.79

Share capital - Stock options o

Share capital - Stock options outstanding (Details)	3 Months Ended
	Feb. 29, 2024 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding options | shares	14,354,400
Weighted average years to expiry	2 years 8 months 1 day
Weighted average exercise price options outstanding	$ 1.79
Number of exercisable options | shares	11,821,061
Weighted average exercise price exercisable	$ 2.03
Number of unvested options | shares	2,533,339
$0.59 to $1.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range limit	$ 0.59
Exercise price upper range limit	$ 1
Number of outstanding options | shares	5,955,000
Weighted average years to expiry	4 years 2 months 26 days
Weighted average exercise price options outstanding	$ 0.69
Number of exercisable options | shares	3,421,661
Weighted average exercise price exercisable	$ 0.72
Number of unvested options | shares	2,533,339
$2.01 to $3.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price lower range limit	$ 2.01
Exercise price upper range limit	$ 3
Number of outstanding options | shares	7,016,900
Weighted average years to expiry	1 year 8 months 19 days
Weighted average exercise price options outstanding	$ 2.47
Number of exercisable options | shares	7,016,900
Weighted average exercise price exercisable	$ 2.47
Number of unvested options | shares	0
$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	1,382,500
Weighted average years to expiry	9 months 21 days
Weighted average exercise price options outstanding	$ 3.03
Number of exercisable options | shares	1,382,500
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. 29, 2024 shares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - beginning of the period	1,610,638
Granted	4,905,134
Vested/Converted	(4,222,433)
Balance - end of the period	2,293,339
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance - beginning of the period	2,428,701
Granted	194,819
Balance - end of the period	2,623,520

Financial instruments - Narrati

Financial instruments - Narrative (Details)	3 Months Ended
	Feb. 29, 2024 USD ($)	Mar. 01, 2024 USD ($)	Feb. 29, 2024 CAD ($)	Nov. 30, 2023 USD ($)
Accounts receivable	$ 14,000			$ 33,000
Subsequent Event
Accrued salaries		$ 155,000
10% change in the US-Canadian exchange rate
Cash			$ 542,000
Accounts receivable			19,000
Accounts payable			$ 340,000
Change in foreign exchange rate	10%		10%
Foreign exchange loss	$ 15,000
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. 29, 2024 USD ($)
Total	$ 289
Less than 1 year	289
1 - 2 Years	0
2 - 5 Years	0
Thereafter	0
Accounts payable and accrued liabilities
Total	289
Less than 1 year	289
1 - 2 Years	0
2 - 5 Years	0
Thereafter	0
Office lease
Thereafter	$ 0

Subsequent event (Details)

Subsequent event (Details) - USD ($)		3 Months Ended
	Mar. 01, 2024	Feb. 29, 2024
RSUs
Subsequent Event [Line Items]
Granted units		4,905,134
Subsequent Event | RSUs | Senior management
Subsequent Event [Line Items]
Granted (in shares)	353,347
Stock issued in lieu of salaries	$ 155,000
Subsequent Event | DSUs. | Director
Subsequent Event [Line Items]
Granted (in shares)	188,670
Stock issued in lieu of director fees	$ 82,750

Document Information

Document Information	3 Months Ended
	Feb. 29, 2024
Document Information:
Document Type	10-Q
Amendment	false
CIK	0001543418
Registrant Name	TRILOGY METALS INC.
Period End Date	Feb. 29, 2024

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Feb. 29, 2024	Feb. 28, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,601)	$ (5,072)