UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C.
20549
FORM
10-Q
| x | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly
Period Ended August 31, 2018
OR
| ¨ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition
Period from to
Commission File
Number: 1-35447
TRILOGY
METALS INC.
(Exact Name of Registrant
as Specified in Its Charter)
British
Columbia |
98-1006991 |
(State or
Other Jurisdiction of
Incorporation
or Organization) |
(I.R.S. Employer
Identification
No.) |
|
|
Suite
1150, 609 Granville Street
Vancouver,
British Columbia
Canada |
V7Y
1G5 |
(Address
of Principal Executive Offices) |
(Zip
Code) |
|
|
(604)
638-8088
(Registrant’s
Telephone Number, Including Area Code) |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes x
No ¨
Indicate by check mark
whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes x
No ¨
Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ¨ |
Accelerated
filer x |
Non-accelerated
filer ¨ |
Smaller
reporting
company x |
Emerging
growth
company ¨ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨
No x
As of
October 4, 2018, the registrant had 131,555,020 Common Shares, no par value, outstanding.
TRILOGY METALS INC.
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
| Item 1. | Financial Statements |
Trilogy
Metals Inc.
Consolidated
Balance Sheets
(unaudited)
in thousands of US dollars
| |
August 31, 2018 $ | | |
November 30, 2017 $ | |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
| 30,468 | | |
| 5,391 | |
Accounts receivable | |
| 57 | | |
| 470 | |
Deposits and prepaid amounts | |
| 646 | | |
| 837 | |
Investments (note 3) | |
| - | | |
| 2,516 | |
| |
| 31,171 | | |
| 9,214 | |
Plant and Equipment (note 4) | |
| 363 | | |
| 478 | |
Mineral properties and development costs (note 5) | |
| 30,587 | | |
| 30,587 | |
| |
| 62,121 | | |
| 40,279 | |
Liabilities | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued liabilities (note 6) | |
| 3,964 | | |
| 4,249 | |
| |
| 3,964 | | |
| 4,249 | |
| |
| | | |
| | |
Mineral properties purchase option (note 5(c)) | |
| 20,800 | | |
| 10,365 | |
| |
| 24,764 | | |
| 14,614 | |
Shareholders’ equity | |
| | | |
| | |
Share capital (note 7) – unlimited common shares authorized, no par value Issued -131,533,953 (2017 – 105,684,523) | |
| 164,034 | | |
| 136,525 | |
Warrants (note 7(c)) | |
| 2,253 | | |
| 2,163 | |
Contributed surplus | |
| 122 | | |
| 124 | |
Contributed surplus – options (note 7(a)) | |
| 19,011 | | |
| 18,402 | |
Contributed surplus – units (note 7(b)) | |
| 1,425 | | |
| 1,319 | |
Deficit | |
| (149,488 | ) | |
| (132,868 | ) |
| |
| 37,357 | | |
| 25,665 | |
| |
| 62,121 | | |
| 40,279 | |
Commitments and contingencies (notes
5, 9)
(See accompanying notes to the interim
consolidated financial statements)
/s/ Rick Van Nieuwenhuyse,
Director |
|
/s/ Kalidas Madhavpeddi,
Director |
Approved on behalf of the Board of
Directors
Trilogy
Metals Inc.
Consolidated
Statements of Loss and Comprehensive Loss
(unaudited)
in thousands of US dollars, except share
and per share amounts
| |
For the three months ended | | |
For the nine months ended | |
| |
August 31, 2018 $ | | |
August 31, 2017 $ | | |
August 31, 2018 $ | | |
August 31, 2017 $ | |
Expenses | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Amortization | |
| 39 | | |
| 27 | | |
| 122 | | |
| 66 | |
Foreign exchange loss (gain) | |
| 15 | | |
| (592 | ) | |
| (29 | ) | |
| (542 | ) |
General and administrative | |
| 376 | | |
| 273 | | |
| 1,175 | | |
| 1,050 | |
Investor relations | |
| 59 | | |
| 107 | | |
| 261 | | |
| 263 | |
Mineral properties expense (note 5(d)) | |
| 9,051 | | |
| 8,471 | | |
| 12,657 | | |
| 10,407 | |
Professional fees | |
| 13 | | |
| 86 | | |
| 286 | | |
| 404 | |
Salaries | |
| 286 | | |
| 218 | | |
| 738 | | |
| 683 | |
Salaries – stock-based compensation | |
| 204 | | |
| 104 | | |
| 1,277 | | |
| 603 | |
Total expenses | |
| 10,043 | | |
| 8,694 | | |
| 16,487 | | |
| 12,934 | |
Other items | |
| | | |
| | | |
| | | |
| | |
Loss on held for trading investments | |
| 12 | | |
| 313 | | |
| 272 | | |
| 1,482 | |
Loss on disposal of equipment | |
| - | | |
| 8 | | |
| - | | |
| 8 | |
Interest and other income | |
| (135 | ) | |
| (23 | ) | |
| (229 | ) | |
| (46 | ) |
Loss and comprehensive loss for the period | |
| 9,920 | | |
| 8,992 | | |
| 16,530 | | |
| 14,378 | |
| |
| | | |
| | | |
| | | |
| | |
Basic and diluted loss per common share | |
$ | 0.08 | | |
$ | 0.09 | | |
$ | 0.14 | | |
$ | 0.14 | |
Weighted average number of common shares outstanding | |
| 131,470,146 | | |
| 105,581,406 | | |
| 118,530,242 | | |
| 105,524,598 | |
(See accompanying notes to the interim
consolidated financial statements)
Trilogy
Metals Inc.
Consolidated
Statements of Changes in Shareholders’ Equity
(unaudited)
in thousands of US dollars, except share
amounts
| |
Number of shares outstanding | | |
Share capital $ | | |
Warrants $ | | |
Contributed surplus $ | | |
Contributed surplus – options $ | | |
Contributed surplus – units $ | | |
Deficit $ | | |
Total shareholders’ equity $ | |
Balance – November 30, 2016 | |
| 105,286,469 | | |
| 136,357 | | |
| 2,163 | | |
| 124 | | |
| 18,134 | | |
| 1,140 | | |
| (111,764 | ) | |
| 46,154 | |
Exercise of options | |
| 171,458 | | |
| 54 | | |
| - | | |
| - | | |
| (54 | ) | |
| - | | |
| - | | |
| - | |
Restricted Share Units | |
| 209,198 | | |
| 83 | | |
| - | | |
| - | | |
| - | | |
| (173 | ) | |
| - | | |
| (90 | ) |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 312 | | |
| 291 | | |
| - | | |
| 603 | |
Loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (14,378 | ) | |
| (14,378 | ) |
Balance – August 31, 2017 | |
| 105,667,125 | | |
| 136,494 | | |
| 2,163 | | |
| 124 | | |
| 18,392 | | |
| 1,258 | | |
| (126,142 | ) | |
| 32,289 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance – November 30, 2017 | |
| 105,684,523 | | |
| 136,525 | | |
| 2,163 | | |
| 124 | | |
| 18,402 | | |
| 1,319 | | |
| (132,868 | ) | |
| 25,665 | |
Bought deal financing (Note 7) | |
| 24,784,482 | | |
| 28,750 | | |
| 90 | | |
| - | | |
| - | | |
| - | | |
| (90 | ) | |
| 28,750 | |
Share issuance costs | |
| - | | |
| (1,805 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,805 | ) |
Exercise of options | |
| 263,928 | | |
| 105 | | |
| - | | |
| - | | |
| (105 | ) | |
| - | | |
| - | | |
| - | |
Restricted Share Units | |
| 800,000 | | |
| 457 | | |
| - | | |
| - | | |
| - | | |
| (457 | ) | |
| - | | |
| - | |
NovaGold DSU Conversion | |
| 1,020 | | |
| 2 | | |
| - | | |
| (2 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 714 | | |
| 563 | | |
| - | | |
| 1,277 | |
Loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (16,530 | ) | |
| (16,530 | ) |
Balance – August 31, 2018 | |
| 131,533,953 | | |
| 164,034 | | |
| 2,253 | | |
| 122 | | |
| 19,011 | | |
| 1,425 | | |
| (149,488 | ) | |
| 37,357 | |
(See accompanying notes to the interim
consolidated financial statements)
Trilogy
Metals Inc.
Consolidated
Statements of Cash Flows
(unaudited)
in thousands of US dollars
| |
For the nine months ended | |
| |
August 31, 2018 $ | | |
August 31, 2017 $ | |
Cash flows used in operating activities | |
| | | |
| | |
Loss for the period | |
| (16,530 | ) | |
| (14,378 | ) |
Items not affecting cash | |
| - | | |
| - | |
Amortization | |
| 122 | | |
| 66 | |
Loss on disposal of equipment | |
| - | | |
| 8 | |
Loss on held for trading investments | |
| 272 | | |
| 1,424 | |
Unrealized foreign exchange loss (gain) | |
| (52 | ) | |
| (472 | ) |
Stock-based compensation | |
| 1,277 | | |
| 603 | |
Net change in non-cash working capital | |
| | | |
| | |
Decrease (Increase) in accounts receivable | |
| 413 | | |
| (294 | ) |
Decrease (Increase) in deposits and prepaid amounts | |
| 191 | | |
| (140 | ) |
(Increase) Decrease in accounts payable and accrued liabilities | |
| (285 | ) | |
| 4,116 | |
| |
| (14,592 | ) | |
| (9,067 | ) |
Cash flows from (used in) financing activities | |
| | | |
| | |
| |
| | | |
| | |
Proceeds from bought deal financing (note 7) | |
| 28,750 | | |
| - | |
Share issuance cost | |
| (1,805 | ) | |
| - | |
Settlement of Restricted Share Units | |
| - | | |
| (90 | ) |
| |
| 26,945 | | |
| (90 | ) |
Cash flows from (used in) investing activities | |
| | | |
| | |
Acquisition of plant & equipment | |
| (7 | ) | |
| (209 | ) |
Mineral properties funding (note 5 (c)) | |
| 10,435 | | |
| 10,000 | |
Proceeds from the sale of investments, net of fees | |
| 2,297 | | |
| 2,180 | |
| |
| 12,725 | | |
| 11,971 | |
Increase in cash and cash equivalents | |
| 25,078 | | |
| 2,814 | |
Effect of exchange rate on cash and cash equivalents | |
| (1 | ) | |
| 51 | |
Cash and cash equivalents – beginning of period | |
| 5,391 | | |
| 7,340 | |
Cash and cash equivalents – end of period | |
| 30,468 | | |
| 10,205 | |
(See accompanying notes to the interim
consolidated financial statements)
Trilogy
Metals Inc.
Notes
to the Consolidated Financial Statements
Trilogy Metals Inc. (“Trilogy”
or the “Company”) was incorporated in British Columbia under the Business Corporations Act (BC) on April 27, 2011.
The Company is engaged in the exploration and development of mineral properties with a focus on the Upper Kobuk Mineral Projects
(“UKMP”), including the Arctic and Bornite Projects located in Northwest Alaska in the United States of America (“US”).
| 2. | Summary of significant accounting
policies |
Basis of presentation
These consolidated financial statements
have been prepared using accounting principles generally accepted in the United States (“U.S. GAAP”) and include
the accounts of Trilogy and its wholly-owned subsidiary, NovaCopper US Inc. (dba “Trilogy Metals US”). All
significant intercompany transactions are eliminated on consolidation.
All figures are in United States dollars
unless otherwise noted. References to CAD$ refer to amounts in Canadian dollars.
The unaudited interim consolidated financial
statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial
position as of August 31, 2018 and our results of operations and cash flows for the nine months ended August 31, 2018 and August
31, 2017. The results of operations for the nine months ended August 31, 2018 are not necessarily indicative of the results to
be expected for the year ending November 30, 2018.
As these interim consolidated financial
statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these unaudited interim
consolidated financial statements should be read in conjunction with the annual financial statements and related notes included
in our Annual Report on Form 10-K for the fiscal year ended November 30, 2017 filed with the U.S. Securities and Exchange Commission
(“SEC”) on February 2, 2018.
These financial statements were approved
by the Company’s Audit Committee on behalf of the Board of Directors for issue on October 4, 2018.
Recent accounting pronouncements
In February 2016, the Financial
Accounting Standards Board (“FASB”) issued new accounting requirements for accounting for, presentation of, and classification
of leases (“ASU 2016-02”). This will result in most leases being capitalized as a right of use asset with a related
liability on the balance sheets. The requirements of the new standard are effective for annual reporting periods beginning after
December 15, 2018, and interim periods within those annual periods, which for us is the first quarter of the fiscal year
ending November 30, 2020. We expect the adoption will have an impact as we expect to capitalize leases, specifically our office
leases which are not currently recognized on the balance sheets. We are in the process of analyzing the quantitative impact of
this guidance on our results of operations and financial position. The impact of this adoption will increase asset and liability
balances as part of recognizing the leases on the balance sheet. It will impact the statement of loss and comprehensive loss due
to the recognition of depreciation on the leased assets and interest expense from the lease liability compared to the current
recognition of lease expense as incurred.
In March 2016, the FASB issued
new guidance on classifying and measuring financial instruments (“ASU 2016-02”). This update is effective for annual
reporting periods beginning after December 15, 2017, and early adoption is permitted. The Company has analyzed the impact of the
update and determined that the changes to classification and measurement of financial instruments are not expected to have an
impact as the Company’s prior year equity investments which were held at fair value with changes recorded to the statement
of loss and comprehensive loss. The remaining changes in the update do not have an effect on the Company’s accounting for
financial instruments. The standard will be effective for the Company for the fiscal year ending November 30, 2019.
| iii. | Stock-based compensation |
In March 2016, the FASB issued
new guidance simplifying the accounting for stock-based compensation transactions, including income tax consequences, classification
of awards as equity or liabilities, forfeitures, and classification on the statement of cash flows (“ASU 2016-09”).
This update is effective for annual reporting periods beginning after December 15, 2016. The Company has adopted this guidance
and made the policy choice of estimating the number of awards expected to be forfeited and adjusting the estimate when it is no
longer probable that the employee will fulfill the service condition. This policy choice is consistent with the Company’s
previous practice and therefore, no adjustments were necessary on adoption. The remaining changes in the update do not have an
effect on the Company’s accounting for stock-based compensation.
In January 2017, the FASB
issued new guidance to assist in determining if a set of assets and activities being acquired or sold is a business (“ASU
2017-01”). It also provided a framework to assist entities in evaluating whether both an input and a substantive process
are present, which at a minimum, must be present to be considered a business. This update is effective for annual reporting periods
beginning after December 15, 2017, and early adoption is permitted in most circumstances. The standard does not have an impact
to the Company’s historical recognition of asset acquisitions and business combinations. However, the Company expects there
would be an impact to how the Company accounts for assets acquired in the future. The Company has adopted the standard early for
the fiscal year ended November 30, 2018.
| v. | Accounting for certain financial instruments with
down round features |
In July 2017, the FASB issued
a two-part Accounting Standards Update (“ASU”), No. 2017-11, Earnings Per Share (ASC 260), Distinguishing Liabilities
from Equity (ASC 480), Derivatives and Hedging (ASC 815): I. Accounting for Certain Financial Instruments with Down Round Features
and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities
and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. Under the guidance, entities will no longer
consider a down round feature when determining whether a free-standing financial instrument or an embedded feature that contains
a down round feature is considered indexed to the entity’s own stock under ASC 815-40 which is required for a freestanding
financial instrument to be classified in shareholder’s equity and may exempt an embedded feature from bifurcation and derivative
accounting. Entities will recognize the effect of a down round feature only when it is triggered.
ASU 2017-11 is effective for
public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 and
early adoption is permitted. The Company has adopted this guidance for the fiscal year ended November 30, 2018.
On September 1, 2016, Trilogy acquired
5,000,000 common shares of GoldMining Inc. (“GMI”), formerly Brazil Resources Inc., a public company listed on the
TSX-Venture exchange, and 1,000,000 warrants, with each warrant exercisable into one common share of GMI until September 1, 2018
at an exercise price of CAD$3.50, through its sale of Sunward Investments Ltd.
The common shares and warrants received
have been designated as held-for-trading financial assets and classified as current investments.
in thousands
of dollars
| |
August 31, 2018 $ | | |
November 30, 2017 $ | |
Current investments | |
| - | | |
| 2,516 | |
During the nine-month period ended August
31, 2018, the Company sold 2,365,000 (2017 – 1,519,000) common shares of GMI for proceeds of $2.3 million (2017 –
$2.2 million) and realized a loss on sale of $0.3 million (2017 - $0.2 million). During the period, the Company recorded an unrealized
gain on the common shares and warrants of GMI of Nil (2017 - loss of $1.3 million).
As at August 31, 2018, the Company held
Nil (2017 – 3,371,000) common shares of GMI and 1,000,000 (2017 – 1,000,000) warrants expiring September 1, 2018 which
were valued at $Nil using the Black-Scholes option pricing model at period end. All the warrants expired unexercised on September
1, 2018.
in thousands of dollars
| |
August 31, 2018 | |
| |
Cost $ | | |
Accumulated amortization $ | | |
Net $ | |
British Columbia, Canada | |
| | | |
| | | |
| | |
Furniture and equipment | |
| 63 | | |
| (14 | ) | |
| 49 | |
Leasehold improvements | |
| 53 | | |
| (8 | ) | |
| 45 | |
Computer hardware and software | |
| 115 | | |
| (108 | ) | |
| 7 | |
Alaska, USA | |
| | | |
| | | |
| | |
Machinery, and equipment | |
| 3,178 | | |
| (2,939 | ) | |
| 239 | |
Vehicles | |
| 348 | | |
| (327 | ) | |
| 21 | |
Computer hardware and software | |
| 35 | | |
| (33 | ) | |
| 2 | |
| |
| 3,792 | | |
| (3,429 | ) | |
| 363 | |
in thousands of dollars
| |
November 30, 2017 | |
| |
Cost $ | | |
Accumulated amortization $ | | |
Net $ | |
British Columbia, Canada | |
| | | |
| | | |
| | |
Furniture and equipment | |
| 63 | | |
| (4 | ) | |
| 59 | |
Leasehold improvements | |
| 85 | | |
| (34 | ) | |
| 51 | |
Computer hardware and software | |
| 108 | | |
| (105 | ) | |
| 3 | |
Alaska, USA | |
| | | |
| | | |
| | |
Machinery, and equipment | |
| 3,178 | | |
| (2,855 | ) | |
| 323 | |
Vehicles | |
| 348 | | |
| (309 | ) | |
| 39 | |
Computer hardware and software | |
| 35 | | |
| (32 | ) | |
| 3 | |
| |
| 3,817 | | |
| (3,339 | ) | |
| 478 | |
| 5. | Mineral properties and development
costs |
in thousands of dollars
| |
November 30, 2017 $ | | |
Acquisition costs $ | | |
August 31, 2018 $ | |
Alaska, USA | |
| | | |
| | | |
| | |
Ambler (a) | |
| 26,587 | | |
| - | | |
| 26,587 | |
Bornite (b) | |
| 4,000 | | |
| - | | |
| 4,000 | |
| |
| 30,587 | | |
| - | | |
| 30,587 | |
in thousands of dollars
| |
November 30, 2016 $ | | |
Acquisition costs $ | | |
November 30, 2017 $ | |
Alaska, USA | |
| | | |
| | | |
| | |
Ambler (a) | |
| 26,586 | | |
| 1 | | |
| 26,587 | |
Bornite (b) | |
| 4,000 | | |
| - | | |
| 4,000 | |
| |
| 30,586 | | |
| - | | |
| 30,587 | |
On January 11, 2010,
NovaGold Resources Inc. (“NovaGold”), through Alaska Gold Company (“AGC”), at the time a wholly-owned
NovaGold subsidiary, purchased 100% of the Ambler lands in Northwest Alaska, which contains the copper-zinc-lead-gold-silver Arctic
Project and other mineralized targets within the volcanogenic massive sulfide belt, through a series of cash and share payments.
Total fair value of the consideration was $26.6 million. The vendor retained a 1% net smelter return royalty that the Company
can purchase at any time for a one-time payment of $10.0 million.
The Ambler lands were acquired
on October 17, 2011 by Trilogy Metals US through a purchase and sale agreement with AGC. On October 24, 2011, NovaGold
transferred its ownership of Trilogy Metals US to the Company, then itself a wholly owned subsidiary of NovaGold, which was subsequently
spun-out to NovaGold shareholders and publicly listed on April 30, 2012 (“NovaGold Arrangement”).
On October 19, 2011, Trilogy
Metals US acquired the exclusive right to explore and the non-exclusive right to access and enter on the Bornite lands, and lands
deeded to NANA Regional Corporation, Inc. (“NANA”) through the Alaska Native Claims Settlement Act, located adjacent
to the Ambler lands in Northwest Alaska. As consideration, Trilogy Metals US paid $4 million to acquire the right to explore
and develop the combined Upper Kobuk Mineral Projects through an Exploration Agreement and Option to Lease with NANA. Upon a decision
to proceed with construction of a mine on the lands, NANA maintains the right to purchase between a 16%-25% ownership interest
in the mine or retain a 15% net proceeds royalty which is payable after Trilogy Metals US has recovered certain historical costs,
including capital and cost of capital. Should NANA elect to purchase an ownership interest, consideration will be payable equal
to all historical costs incurred on the properties at the elected percentage purchased less $40 million, not to be less than
zero. The parties would form a joint venture and be responsible for all future costs, including capital costs of the mine based
on their pro-rata share.
NANA would also be granted
a net smelter return royalty of between 1% and 2.5% upon the execution of a mining lease or a surface use agreement, the amount
of which is determined by the classification of land from which production originates.
On April 10, 2017, Trilogy
and Trilogy Metals US entered into an Option Agreement to form a Joint Venture with South32 Group Operations Pty Ltd. (“South32
Operations”), a wholly-owned subsidiary of South32 Limited, on the UKMP (the “Option Agreement”), which agreement
was later assigned by South32 Operations to its affiliate, South32 USA Exploration Inc. (together with South32 Operations, “South32”).
Trilogy Metals US granted South32 the right to form a 50/50 joint venture to hold all of Trilogy Metals US’ Alaskan assets.
Upon exercise of the option, Trilogy Metals US will transfer its Alaskan assets, including the UKMP, and South32 will contribute
a minimum of $150 million to a newly formed limited liability company (“JV LLC”), plus any amounts Trilogy Metals
US spends at the Arctic Project over the next three years to a maximum of $5 million per year (the “Subscription Price”),
less an amount of the initial funding contributed by South32.
To maintain the option in good
standing, South32 is required to fund a minimum of $10 million per year for up to a three-year period, which funds will be used
to execute a mutually agreed upon program at the UKMP. The funds provided by South32 may only be expended based on the approved
program. Provided that all the exploration data and information has been made available to South32 by no later than December 31
of each year, South32 must decide by the end of January of the following year whether: (i) to fund a further tranche of a minimum
of $10 million, or (ii) to withdraw and not provide any further annual funding. If the election to fund a further tranche is not
made in January, South32 has until the end of March to exercise the option to form the JV LLC and make the subscription payment.
During the year ended November
30, 2017, the Company received the first payment of $10.0 million and these funds were expended on the year 1 program at the Bornite
Project. In October 2017, the Company received $0.4 million as a first instalment towards the year 2 program and budget to begin
preparatory work. During the nine months ended August 31, 2018, the Company received payments totaling $10.4 million following
the approval of the year 2 program and budget in January 2018, including a $0.80 million advance on South32’s year three
funding obligation per the Option Agreement. The Company is responsible for the disbursement of these funds in accordance with
the approved program and budget and accordingly has not classified the funds as restricted cash.
As the initial option payments
are credited against the future subscription price upon exercise, the Company has accounted for the payment received as deferred
consideration for the purchase of the UKMP interest. At such time as the option is exercised, the initial payments received to
that date will be recognized as part of the consideration received for the Company’s contribution of the UKMP into JV LLC.
If South 32 withdraws from the Option Agreement, the consideration will be recognized as income in the statement of loss at that
time.
The option to form the JV LLC
is recognized as a financial instrument at inception of the arrangement with an initial fair value of $nil. This option is required
to be re-measured at fair value at each reporting date with any changes in fair value recorded in loss for the period. The Company
determined that the fair value of the option is still $nil as at August 31, 2018.
| (d) | Mineral properties expense |
The following table summarizes
mineral properties expense for the noted periods.
In thousands of dollars
| |
Three months ended August 31, 2018 $ | | |
Three months ended August 31, 2017 $ | | |
Nine months ended August 31, 2018 $ | | |
Nine months ended August 31, 2017 $ | |
Alaska, USA | |
| | | |
| | | |
| | | |
| | |
Community | |
| 81 | | |
| 67 | | |
| 324 | | |
| 201 | |
Drilling | |
| 3,624 | | |
| 3,194 | | |
| 3,804 | | |
| 3,284 | |
Engineering | |
| 259 | | |
| 1,085 | | |
| 785 | | |
| 1,508 | |
Environmental | |
| 326 | | |
| 122 | | |
| 488 | | |
| 181 | |
Geochemistry and geophysics | |
| 420 | | |
| 146 | | |
| 1,066 | | |
| 151 | |
Land and permitting | |
| 118 | | |
| 215 | | |
| 463 | | |
| 667 | |
Project support | |
| 2,703 | | |
| 2,307 | | |
| 3,381 | | |
| 2,641 | |
Other income | |
| - | | |
| (26 | ) | |
| (20 | ) | |
| (26 | ) |
Wages and benefits | |
| 1,520 | | |
| 1,361 | | |
| 2,366 | | |
| 1,800 | |
Mineral property expense | |
| 9,051 | | |
| 8,471 | | |
| 12,657 | | |
| 10,407 | |
Mineral property expenses consist
of direct drilling, personnel, community, resource reporting and other exploration expenses as outlined above, as well as indirect
project support expenses such as fixed wing charters, helicopter support, fuel, and other camp operation costs. Cumulative mineral
properties expense in Alaska from the initial earn-in agreement on the property in 2004 to August 31, 2018 is $91.0 million
and cumulative acquisition costs are $30.6 million totaling $121.6 million spent to date.
| 6. | Accounts payable and accrued
liabilities |
in thousands of dollars
| |
August 31, 2018 $ | | |
November 30, 2017 $ | |
Trade accounts payable | |
| 3,021 | | |
| 2,767 | |
Accrued liabilities | |
| 838 | | |
| 1,293 | |
Accrued salaries and vacation | |
| 105 | | |
| 189 | |
Accounts payable and accrued liabilities | |
| 3,964 | | |
| 4,249 | |
Authorized:
unlimited common shares, no par
value
in thousands of dollars, except share
amounts
| |
Number of shares | | |
Ascribed value $ | |
November 30, 2016 | |
| 105,286,469 | | |
| 136,357 | |
Exercise of options | |
| 188,856 | | |
| 85 | |
Restricted Share Units | |
| 209,198 | | |
| 83 | |
November 30, 2017 | |
| 105,684,523 | | |
| 136,525 | |
Bought deal financing | |
| 24,784,482 | | |
| 28,750 | |
Share issuance costs | |
| - | | |
| (1,805 | ) |
Exercise of options | |
| 263,928 | | |
| 105 | |
Restricted Share Units | |
| 800,000 | | |
| 457 | |
NovaGold DSU Conversion | |
| 1,020 | | |
| 2 | |
August 31, 2018, issued and outstanding | |
| 131,533,953 | | |
| 164,034 | |
On April 20, 2018, the Company completed
a bought-deal financing for gross proceeds of $28.8 million by issuing 24,784,482 common shares at $1.16 per common share. Expenses
including bank commissions, legal fees, stock exchange and other fees totaled $1.8 million for net proceeds of $26.9 million.
As of August 31, 2018, 11,927 NovaGold
DSUs remain outstanding representing a right to receive 1,988 common shares in Trilogy, which will settle upon certain directors
retiring from the board of NovaGold Resources Inc.
During the nine-month period ended August
31, 2018, the Company granted 2,395,000 options (2017 – 1,695,000 options) at a weighted-average exercise price of CAD$1.15
(2017 – CAD$0.72) to employees, consultants and directors exercisable for a period of five years with various vesting terms
between nil and two years. The weighted-average fair value attributable to options granted in the period was $0.43.
For the nine-month period ended August
31, 2018, Trilogy recognized a stock-based compensation charge of $0.71 million (2017– $0.31 million) for options
granted to directors, employees and service providers, net of estimated forfeitures.
The fair value of the stock options recognized
in the period has been estimated using the Black-Scholes option pricing model.
Assumptions used in the pricing model
for the period are as provided below.
| |
August 31, 2018 | |
Risk-free interest rates | |
| 1.59 | % |
Exercise price | |
CAD$ | 1.18 | |
Expected life | |
| 3.0 years | |
Expected volatility | |
| 77.9 | % |
Expected dividends | |
| Nil | |
As of August 31, 2018, there were 1,586,676
non-vested options outstanding with a weighted average exercise price of $0.85; the non-vested stock option expense not yet recognized
was $0.64 million. This expense is expected to be recognized over the next two years.
A summary of the Company’s stock
option plan and changes during the nine-month period ended August 31, 2018 is as follows:
| |
August 31, 2018 | |
| |
Number of options | | |
Weighted average exercise price $ | |
Balance – beginning of the year | |
| 7,127,500 | | |
| 0.54 | |
Granted | |
| 2,395,000 | | |
| 0.88 | |
Exercised | |
| (412,732 | ) | |
| 0.58 | |
Forfeited | |
| (70,000 | ) | |
| 1.10 | |
Expired | |
| (25,000 | ) | |
| 1.52 | |
Balance – end of period | |
| 9,014,768 | | |
| 0.62 | |
The following table summarizes information
about the stock options outstanding at August 31, 2018.
| |
Outstanding | | |
Exercisable | | |
Unvested | |
Range of price | |
Number of outstanding options | | |
Weighted average years to expiry | | |
Weighted average exercise price $ | | |
Number of exercisable options | | |
Weighted average exercise price $ | | |
Number of unvested options | |
$0.34 to $0.50 | |
| 4,006,433 | | |
| 1.95 | | |
| 0.40 | | |
| 4,006,433 | | |
| 0.40 | | |
| - | |
$0.51 to $1.00 | |
| 4,663,335 | | |
| 3.15 | | |
| 0.74 | | |
| 3,329,993 | | |
| 0.75 | | |
| 1,333,342 | |
$1.01 to $1.49 | |
| 345,000 | | |
| 4.84 | | |
| 1.47 | | |
| 91,666 | | |
| 1.19 | | |
| 253,334 | |
| |
| 9,014,768 | | |
| 2.68 | | |
| 0.62 | | |
| 7,428,092 | | |
| 0.57 | | |
| 1,586,676 | |
The aggregate intrinsic value of vested
share options (the market value less the exercise price) at August 31, 2018 was $9.2 million (2017 - $2.8 million) and the aggregate
intrinsic value of exercised options for the nine months ended August 31, 2018 was $0.4 million (2017 - $0.15 million).
| (b) | Restricted Share Units and Deferred
Share Units |
The Company has a Restricted Share Unit
Plan (“RSU Plan”) and a Non-Executive Director Deferred Share Unit Plan (“DSU Plan”) to provide long-term
incentives to employees, officers and directors. Awards under the RSU Plan and DSU Plan may be settled in cash and/or common shares
of the Company at the Company’s election with each restricted share unit (“RSU”) and deferred share unit (“DSU”)
entitling the holder to receive one common share of the Company or equivalent value. All units are accounted for as equity-settled
awards.
A summary of the Company’s unit
plans and changes during the nine month period ended August 31, 2018 is as follows:
| |
Number of RSUs | | |
Number of DSUs | |
Balance – beginning of the year | |
| 600,002 | | |
| 1,041,231 | |
Granted | |
| 600,000 | | |
| 109,670 | |
Vested/paid | |
| (800,000 | ) | |
| - | |
Balance – end of period | |
| 400,002 | | |
| 1,150,901 | |
For the nine months ended August 31, 2018,
Trilogy recognized a stock-based compensation charge of $0.56 million (2017- $0.29 million), net of estimated forfeitures.
As part of the annual incentive payout
for the 2017 fiscal year, 300,000 RSUs were granted to officers vesting immediately. In addition, 300,000 RSUs were granted to
officers vesting one third immediately, one third on the first anniversary of the grant date, and one third on the second anniversary.
On December 27, 2017, 800,000 RSUs vested and were settled through the issuance of 800,000 shares.
| (c) | Share Purchase Warrants |
A summary of the Company’s warrants
and changes during the nine months ended August 31, 2018 is as follows:
| |
Number of warrants | | |
Years to expiry | | |
Exercise price $ | |
Balance – beginning of the year | |
| 6,521,740 | | |
| 1.60 | | |
| 1.60 | |
Balance – end of period | |
| 6,521,740 | | |
| 0.84 | | |
| 1.52 | |
The exercise price of the share purchase
warrants was adjusted downward as a result of the financing completed on April 20, 2018 from $1.60 to $1.52. The Company measured
the fair value of the warrants prior to the financing and after the financing and recorded the difference of $90,000 as an adjustment
to the warrant value and to retained earnings in shareholders equity during the period. The warrants expire on July 2, 2019.
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. The Company’s investments were
held for trading and were marked-to-market at each period end with changes in fair value recorded to the statement of loss.
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.
Currency risk is the risk of a fluctuation
in financial asset and liability settlement amounts due to a change in foreign exchange rates. The Company operates in the United
States and Canada. The Company’s exposure to currency risk at August 31, 2018 is limited to the Canadian dollar consisting
of cash of CAD$1.0 million, deposit amounts of CAD$0.1 million and accounts payable of CAD$0.5 million. 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
$0.1 million.
Credit risk is the risk of an unexpected
loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company holds cash
and cash equivalents with Canadian Chartered financial institutions. The Company’s accounts receivable consists of Canadian
Goods and Services Tax receivable from the Federal Government of Canada and other receivables for recoverable expenses. The Company’s
exposure to credit risk is equal to the balance of cash and cash equivalents and accounts receivable as recorded in the financial
statements.
Liquidity risk is the risk that the Company
will encounter difficulties raising funds to meet its financial obligations as they fall due. The Company is in the exploration
stage and does not have cash inflows from operations; therefore, the Company manages liquidity risk through the management of
its capital structure and financial leverage.
Contractually obligated cash flow requirements
as at August 31, 2018 are as follows.
in thousands of dollars
| |
Total $ | | |
< 1 Year $ | | |
1–2 Years $ | | |
2–5 Years $ | | |
Thereafter $ | |
Accounts payable and accrued liabilities | |
| 3,964 | | |
| 3,964 | | |
| - | | |
| - | | |
| - | |
Office lease (note 9) | |
| 1,128 | | |
| 175 | | |
| 182 | | |
| 596 | | |
| 175 | |
| |
| 5,092 | | |
| 4,139 | | |
| 182 | | |
| 596 | | |
| 175 | |
Interest rate risk is the risk that the
fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company
is exposed to interest rate risk with respect to interest earned on cash and cash equivalents. Based on balances as at August
31, 2018, a 1% change in interest rates would result in a change in net loss of $0.3 million, assuming all other variables remain
constant.
Fair value accounting
Financial instruments measured at fair
value are classified into one of three levels in the fair value hierarchy according to the significance of the inputs used in
making the measurement. The three levels of the fair value hierarchy are as follows:
Level 1 — Unadjusted
quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted
prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full
term of the asset or liability; and
Level 3 — Prices
or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported
by little or no market activity)
The levels in the fair value hierarchy
into which the Company’s financial assets and liabilities that are measured and recognized at fair value on a recurring
basis were categorized as follows:
in thousands of dollars
| |
August 31, 2018
$
| | |
November
30, 2017
$
| |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Current investments – shares | |
| - | | |
| - | | |
| - | | |
| 2,516 | | |
| - | | |
| - | |
During the nine-month period ended August
31, 2018, the Company disposed of its remaining shares of GMI, a publicly-held mineral exploration company. The share investments
were recorded as current investments and were valued using quoted market prices in active markets and as such are classified as
a Level 1 financial instrument.
The Company has commitments in respect
of its office lease (denominated in Canadian dollars converted at the foreign exchange rate at the end of the quarter) requiring
future minimum lease payments from the date as follows:
in thousands of dollars
| |
August 31, 2018 $ | |
One year | |
| 175 | |
Years 2 through 5 | |
| 778 | |
Beyond 5 years | |
| 175 | |
Total | |
| 1,128 | |
| Item 2. | Management’s
Discussion and Analysis of Financial Condition and Results of Operations |
Cautionary notes
Forward-looking statements
This Management’s Discussion
and Analysis contains “forward-looking information” and “forward-looking statements” within the meaning
of Canadian Securities laws, Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the Exchange Act, and
other applicable securities laws (collectively, “forward-looking statements”). These forward-looking statements may
include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates,
work programs, capital expenditures, operating costs, cash flow estimates, production estimates and similar statements relating
to the economic viability of a project, timelines, strategic plans, statements relating to anticipated activity with respect to
the Ambler Mining District Industrial Access Project, including the Company’s plans and expectations relating to its Upper
Kobuk Mineral Projects, market prices for precious and base metals, or other statements that are not statements of fact. These
statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet
determinable and assumptions of management. Statements concerning mineral resource estimates may also be deemed to constitute
“forward-looking statements” to the extent that they involve estimates of the mineralization that will be encountered
if the property is developed.
Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or
performance (often, but not always, identified by words or phrases such as “expects”, “is expected”, “anticipates”,
“believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”,
“strategy”, “goals”, “objectives”, “potential”, “possible” or variations
thereof or stating that certain actions, events, conditions or results “may”, “could”, “would”,
“should”, “might” or “will” be taken, occur or be achieved, or the negative of any of these
terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements are based
on a number of material assumptions, including those listed below, which could prove to be significantly incorrect:
| · | assumptions
made in the interpretation of drill results, and of the geology, grade, and continuity
of the Company’s mineral deposits; |
| · | our
ability to achieve production at any of the Company’s mineral exploration and development
properties; |
| · | our
expected ability to develop adequate infrastructure and that the cost of doing so will
be reasonable; |
| · | assumptions
that all necessary permits and governmental approvals will be obtained; |
| · | estimated
capital costs, operating costs, production and economic returns; |
| · | estimated
metal pricing, metallurgy, mineability, marketability and operating and capital costs,
together with other assumptions underlying the Company’s resource and reserve estimates; |
| · | continued
good relationships with local communities and other stakeholders; |
| · | our
expectations regarding demand for equipment, skilled labour and services needed for exploration
and development of mineral properties; |
| · | assumptions
regarding the merit of litigation; and |
| · | that
our activities will not be adversely disrupted or impeded by development, operating or
regulatory risks. |
Forward-looking statements are subject
to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from
those reflected in the forward-looking statements, including, without limitation:
| · | risks
related to the inability to define proven and probable reserves; |
| · | risks
related to our ability to finance the development of our mineral properties through external
financing, strategic alliances, the sale of property interests or otherwise; |
| · | none
of the Company’s mineral properties are in production or are under development;
|
| · | uncertainties
relating to the assumptions underlying our resource estimates, such as metal pricing,
metallurgy, mineability, marketability and operating and capital costs; |
| · | risks
related to lack of infrastructure including but not limited to the risk whether or not
the AMDIAP will receive the requisite permits and, if it does, whether AIDEA will build
the AMDIAP; |
| · | uncertainties
related to the Company’s exploration programs, metallurgical studies and other
activities at its properties; |
| · | uncertainty
as to whether there will ever be production at the Company’s mineral exploration
and development properties; |
| · | uncertainty
as to estimates of capital costs, operating costs, production and economic returns; |
| · | risks
related to our ability to commence production and generate material revenues or obtain
adequate financing for our planned exploration and development activities; |
| · | risks
related to future sales or issuances of equity securities decreasing the value of existing
Trilogy common shares, diluting voting power and reducing future earnings per share; |
| · | risks
related to market events and general economic conditions; |
| · | uncertainty
related to inferred mineral resources; |
| · | uncertainty
related to the economic projections contained herein derived from the Arctic PFS; |
| · | risks
related to inclement weather which may delay or hinder exploration activities at its
mineral properties; |
| · | risks
and uncertainties relating to the interpretation of drill results, the geology, grade,
and continuity of our mineral deposits; |
| · | mining
and development risks, including risks related to infrastructure, accidents, equipment
breakdowns, labor disputes or other unanticipated difficulties with or interruptions
in development, construction or production; |
| · | the
risk that permits and governmental approvals necessary to develop and operate mines at
our mineral properties will not be available on a timely basis or at all; |
| · | commodity
price fluctuations; |
| · | risks
related to governmental regulation and permits, including environmental regulation, including
the risk that more stringent requirements or standards may be adopted or applied due
to circumstances unrelated to the Company and outside of its control; |
| · | risks
related to the need for reclamation activities on our properties and uncertainty of cost
estimates related thereto; |
| · | uncertainty
related to title to our mineral properties; |
| · | our
history of losses and expectation of future losses; |
| · | risks
related to increases in demand for equipment, skilled labor and services needed for exploration
and development of mineral properties, and related cost increases; |
| · | our
need to attract and retain qualified management and technical personnel; |
| · | risks
related to conflicts of interests of some of our directors; |
| · | risks
related to potential future litigation; |
| · | risks
related to the voting power of our major shareholders and the impact that a sale by such
shareholders may have on our share price; |
| · | risks
related to global climate change; |
| · | risks
related to adverse publicity from non-governmental organizations; |
| · | uncertainty
as to the volatility in the price of the Company’s shares; |
| · | the
Company’s expectation of not paying cash dividends; |
| · | adverse
federal income tax consequences for U.S. shareholders should the Company be a passive
foreign investment company; |
| · | uncertainty
as to our ability to maintain the adequacy of internal control over financial reporting
as per the requirements of Section 404 of the Sarbanes-Oxley Act; and |
| · | increased
regulatory compliance costs, associated with rules and regulations promulgated by the
United States Securities and Exchange Commission (the “SEC”), Canadian Securities
Administrators, the NYSE American, the TSX, and the Financial Accounting Standards Boards,
and more specifically, our efforts to comply with the Dodd-Frank Wall Street Reform and
Consumer Protection Act. |
This list is not exhaustive of the
factors that may affect any of the Company’s forward-looking statements. Forward-looking statements are statements about
the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ
materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors,
including, without limitation, those referred to in Trilogy’s annual report on Form 10-K filed with the Canadian securities
regulatory authorities and the SEC on February 2, 2018, and other information released by Trilogy and filed with the appropriate
regulatory agencies.
The Company’s forward-looking
statements are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company
does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations
or opinions should change, except as required by law. For the reasons set forth above, investors should not place undue reliance
on forward-looking statements.
Cautionary note to United States investors
Reserve and resource estimates
This Management’s Discussion
and Analysis has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from
the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this Management’s
Discussion and Analysis have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral
Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral
Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards
for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards,
including NI 43-101, differ significantly from the requirements of the SEC, and resource and reserve information contained herein
may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of
the foregoing, the term “resource” does not equate to the term “reserves”. Under U.S. standards, mineralization
may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically
and legally produced or extracted at the time the reserve determination is made. The SEC’s disclosure standards normally
do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources”
or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do
not constitute “reserves” by U.S. standards in documents filed with the SEC. Investors are cautioned not to assume
that any part or all of mineral deposits in these categories will ever be converted into reserves. U.S. investors should also
understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty
as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource”
will ever be upgraded to a higher category. Under Canadian rules, estimated “inferred mineral resources” may not form
the basis of feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that all or any
part of an “inferred mineral resource” exists or is economically or legally mineable. Disclosure of “contained ounces”
in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization
that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures.
The requirements of NI 43-101 for identification of “reserves” are also not the same as those of the SEC, and reserves
reported by the Company in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly,
information concerning mineral deposits set forth herein may not be comparable with information made public by companies that
report in accordance with U.S. standards.
General
This Management’s Discussion and
Analysis (“MD&A”) of Trilogy Metals Inc. (“Trilogy”, “Trilogy Metals”, “the Company”
or “we”) is dated October 4, 2018 and provides an analysis of our unaudited interim financial results for the quarter
ended August 31, 2018 compared to the quarter ended August 31, 2017.
The following information should be read
in conjunction with our August 31, 2018 unaudited interim consolidated financial statements and related notes, including recent
accounting pronouncements, which were prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”).
The MD&A should also be read in conjunction with our audited consolidated financial statements and related notes for the year
ended November 30, 2017. A summary of the U.S. GAAP accounting policies is outlined in note 2 of the audited
consolidated financial statements. All amounts are in United States dollars unless otherwise stated. References to “Canadian
dollars” and “C$” and “CDN$” are to the currency of Canada and references to “U.S. dollars”,
“$” or “US$” are to the currency of the United States.
Andrew W. West, P.Geo., an employee and
Exploration Manager of Trilogy, is a Qualified Person under National Instrument 43-101 - Standards of Disclosure for Mineral
Projects (“NI 43-101”), and has approved the scientific and technical information in this MD&A.
Trilogy’s shares are listed on the
Toronto Stock Exchange (“TSX”) and the NYSE American Stock Exchange (“NYSE American”) under the symbol
“TMQ”. Additional information related to Trilogy, including our annual report on Form 10-K, is available on SEDAR
at www.sedar.com and on EDGAR at www.sec.gov.
Description of business
We are an exploration company focused
on exploring and developing our base, precious and critical metal mineral holdings in the Ambler mining district located in Alaska,
U.S.A. We conduct our operations through a wholly-owned subsidiary, NovaCopper US Inc., which is doing business as Trilogy Metals
US (“Trilogy Metals US”). Our Upper Kobuk Mineral Projects, (“UKMP” or “UKMP Projects”), consist
of: i) the 100% owned Ambler lands which host the Arctic copper-zinc-lead-gold-silver Project (the “Arctic Project”);
and ii) the Bornite lands being explored under a collaborative long-term agreement with NANA Regional Corporation, Inc. (“NANA”),
a regional Alaska Native Corporation, which host the Bornite carbonate-hosted copper Project (the “Bornite Project”).
Project activities
Arctic Project
In a press release dated January 18, 2018,
the Company announced additional in-fill drill results at its Arctic Project from the 2017 field program which included 785.2
meters of diamond drilling to collect representative sample material to conduct bulk ore sorting studies for the Arctic deposit.
An additional 273.8 meters of sonic drilling was completed to collect geotechnical, hydrological, geothermal (permafrost), and
hydrogeological information for the tailings management facilities and waste rock dump for the project in support of the Pre-Feasibility
Study titled “Arctic Project, Northwest Alaska, USA, NI 43-101 Technical Report on Pre-Feasibility Study” with an
effective date of February 20, 2018 and a release date of April 6, 2018 (the “Arctic PFS”).
In a press release dated February 20,
2018, the Company announced the results of its Arctic PFS. These results convert indicated mineral resources at Arctic to probable
mineral reserves.
Highlights of the Arctic PFS study are
as follows:
| · | Pre-tax
Net Present Value (“NPV”)8% of $1,935.2 million calculated at
the beginning of the three-year construction period and an Internal Rate of Return (“IRR”)
of 38.0% for the base case. |
| · | After-tax
NPV8% of $1,412.7 million and after-tax IRR of 33.4% for the base case. |
| · | Initial
capital expenditure of $779.6 million and sustaining capital of $65.9 million for total
estimated capital expenditures of $845.5 million over the estimated 12-year mine life.
In addition, closure and reclamation costs are estimated at $65.3 million. |
| · | Estimated
pre-tax and after-tax payback of initial capital within 2 years for the base case at
$3.00/lb copper. At $2.00/lb copper, pre-tax and after-tax payback of initial capital
is 3 years. |
| · | Minimum
12-year mine life supporting a maximum 10,000 tonne-per-day conventional grinding mill-and-flotation
circuit to produce copper, zinc and lead concentrates containing significant gold and
silver by-products. |
| · | Life
of mine strip ratio of 6.9 to 1. |
| · | Average
annual payable production projected to be more than 159 million pounds of copper, 199
million pounds of zinc, 33 million pounds of lead, 30,600 ounces of gold and 3.3 million
ounces of silver for life of mine. |
| · | A
capital intensity ratio on initial capital of approximately $6,200 per tonne of average
annual copper equivalent produced. |
| · | Estimated
cash costs of $0.15/lb of payable copper (C1 cash costs include on-site mining and processing
costs, road tolls and maintenance, transport, royalties, and is net of by-product credits). |
| · | Total
“all-in” cash costs (initial/sustaining capital, operating, transportation,
treatment and refining charges, road toll, and by-product metal credits) estimated at
$0.63/lb of payable copper. |
| · | Economic
indicators justify moving forward with permitting and a feasibility study. |
The Arctic PFS was prepared under National
Instrument 43-101 standards by independent consultant, Ausenco Engineering Canada Inc. (“Ausenco”) of Vancouver, Canada
and the full technical report was filed on SEDAR on April 6, 2018 and on EDGAR on April 12, 2018. The Company also engaged Amec
Foster Wheeler (“Amec”) to complete mine planning and SRK Consulting (Canada) Inc. (“SRK”) to complete
tailings and waste design, hydrology and water management studies. Please see the Arctic PFS for additional information on the
Arctic Project.
In a press release dated May 29, 2018,
the Company announced that our board of directors approved a $6.7 million budget to advance the Arctic Project towards feasibility
and permitting. The focus of the Arctic work program for the remainder of the year is to be on geotechnical and hydrological engineering
studies at the Project’s proposed waste and tailings sites with the objective to advance the engineering design for these
facilities to a feasibility level of study. Approximately 25geotechnical and hydrological drill holes have recently been completed
to support this effort. The Company also expects to gather extensive environmental data for a variety of studies to support the
anticipated submission of a mine permit application in 2019.
Bornite Project
In a press release dated December 4, 2017,
the Company announced the final set of drill results at the Bornite Project from the 2017 exploration drill program and in a press
release dated January 10, 2018, the Company announced the results of a metallurgical test work program demonstrating that a high
quality, 30% copper concentrate containing no deleterious metals can be produced at the currently defined in-pit resource at the
Bornite Project.
In a press release dated December 14,
2017, the Company announced that South32 Limited (“South32”) had committed to fund the second tranche of $10 million
under an Option Agreement on the UKMP entered into on April 10, 2017 (“Option Agreement”). The funds necessary to
maintain the Option Agreement in good standing were fully received during the first quarter. On May 3, 2018 the Company announced
work had been initiated to estimate a cobalt resource for the Bornite Project and on June 5, 2018 the Company announced a maiden
cobalt resource and a full technical report titled “NI 43-101 Technical Report on the Bornite Project, Northeast Alaska,
USA” (the “Bornite Project”) was filed on SEDAR and EDGAR on July 20, 2018 with the following highlights:
| · | At
a base case 0.50% copper cut-off grade, and within the combined Indicated and Inferred
Cu resource pit shell, the Bornite Project is estimated to contain in-pit Inferred Resources
of 124.6 million tonnes grading 0.017% Co containing 45 million pounds of cobalt (see
Table 1 for details). |
| · | Below
the resource limiting pit shell and at a base case cut-off grade of 1.5% copper, the
Bornite Project is estimated to contain additional Inferred Resources of 57.8 million
tonnes grading 0.025% Co containing 32 million pounds of cobalt. |
| · | Total
Inferred Resources (in-pit and below-pit) of 182.4 million tonnes grading 0.019% Co for
77 million pounds of contained cobalt (see Table 1 for details). |
Table 1: Estimate
of Cobalt Mineral Resources for the Bornite Deposit
Type | |
Cut-off (Cu%) | | |
Tonnes (million) | | |
Average Grade Co (%) | | |
Contained Metal Co (Mlbs) | |
In-Pit | |
| 0.5 | | |
| 124.6 | | |
| 0.017 | | |
| 45 | |
Below-Pit | |
| 1.5 | | |
| 57.8 | | |
| 0.025 | | |
| 32 | |
Total Inferred | |
| | | |
| 182.4 | | |
| 0.019 | | |
| 77 | |
| 1. | Resources stated as contained
within a pit shell developed using a metal price of $3.00/lb Cu, mining costs of $2.00/tonne,
milling costs of $11/tonne, G&A cost of $5.00/tonne, 87% metallurgical recoveries
and an average pit slope of 43 degrees. |
| 2. | Mineral Resources are not Mineral
Reserves and do not have demonstrated economic viability. There is no certainty that
all or any part of the Mineral Resources will be converted into Mineral Reserves. |
| 3. | U.S. investors should also understand
that “inferred mineral resources” have a great amount of uncertainty as to
their existence and great uncertainty as to their economic and legal feasibility. It
is reasonably expected that the majority of Inferred mineral resources could be upgraded
to Indicated mineral resources with additional exploration. |
Please
see the Bornite Report for additional information on the Bornite Project.
In a press release dated August 23, 2018,
the Company announced its first drill results from the 2018 exploration program at the Bornite Project. The Company received,
on an expedited basis, initial assay results from drill hole RC18-0247. At a copper cut-off grade of 1.5%, RC18-0247 contains
an interval of 16.4 metres grading 5.34% copper and 0.21% cobalt. The mineralized interval was intersected at a depth of 791.9
metres (total mineralized interval was between 791.9 metres to 808.3 metres). The high-grade mineralized zone in RC18-0247 consists
of massive chalcopyrite occurring as breccia infill with intergrown pyrite and within dolomite-quartz veins as centimetre scale
blebs. Bornite and chalcocite mineralization replace chalcopyrite within the breccia matrix in the highest-grade intervals from
795.9 to 799.3 metres and 803.9 to 808.3 metres. Large (4 to 10 centimetres wide) carbonate/quartz veins also host a chalcopyrite-bornite-chalcocite
mineral assemblage. Massive cobaltiferous pyrite occurs as 10 to 20-centimetre-wide stringers between the two higher grade zones.
The Company also announced that South32 had agreed to increase its contributions to this year’s Bornite drilling program
by funding an additional $800,000 to the Company. The additional funding will reduce South32’s 2019 minimum exploration
budget commitment of $10 million to $9.2 million. The $800,000 has allowed the Company to add two drill rigs to the Bornite program
that completed four holes totaling approximately 2,170 metres.
Corporate developments
Financing
On April 16, 2018, the Company entered
into an underwriting agreement with a syndicate of underwriters (the "Underwriters") led by Cantor Fitzgerald Canada
Corporation, acting as sole lead underwriter and book-running manager, and including Cormark Securities Inc., BMO Capital Markets
and Roth Capital Partners, LLC, under which the Underwriters agreed to buy, on a bought deal underwritten basis, 21,551,724 common
shares of the Company at a price of $1.16 per common share for aggregate gross proceeds of approximately $25 million (the "Offering").
On April 20, 2018, we announced the closing of the Offering of 24,784,482 common shares, including the exercise in full by the
Underwriters of the over-allotment option, at a price of $1.16 per common share for aggregate gross proceeds of approximately
$28.7 million.
Certain large shareholders participated
in the Offering with South32 purchasing approximately 40% or $11.5 million, Electrum Strategic Opportunities Fund L.P. taking
approximately 20% or $5.8 million, The Baupost Group LLC taking approximately 10% or $2.8 million, and Selz Capital LLC taking
approximately 4% or $1.2 million of the common shares. South32’s involvement in this financing represented the maximum allocation
of their rights to participate, to a minimum of 20% to a maximum of 40%, in future financings, private or public, subject to a
maximum aggregate ownership of 19.9% in the Company.
The Company intends to use the net proceeds
from the Offering for an anticipated period of three years (i) to finance advancing the Arctic Project towards feasibility and
permitting, (ii) for exploration in the Ambler mining district, and (iii) for general corporate purposes.
Annual General Meeting
The Annual General Meeting of shareholders
was held on May 15, 2018. In a press release dated May 15, 2018, we were pleased to report all directors nominated by the Company
and standing for election were resoundingly elected by shareholders of the Company.
Additions to the Senior Management
Team
On May 31, 2018, we announced the additions
of Patrick (“Pat”) Donnelly as Vice President, Corporate Communications and Development and Robert (“Bob”)
Jacko as Vice President, Projects to the Company’s senior management team.
Outlook
The 2018 program and budget at the Bornite
Project of $10 million, which includes in-fill and off-set drilling to better define and expand the high - grade copper resources
at Bornite, was increased during the quarter to $10.8 million with a focus on adding additional drilling towards the end of the
field program. Camp opened during mid-May and a seismic program was completed in early June. Results from the seismic program
have now been received and the technical teams at the Company and South32 intend to meet later this year to review and analyze
the information collected.
Three drill rigs started up in June to
complete a planned field program of approximately 8,000 meters of drilling. Two drill rigs were added towards the end of the field
season for an additional 1,500 to 2,100 meters of drilling. Initial assay results from hole RC18-0247 were released in a press
release dated August 23, 2018 with results from the remainder of the drilling program anticipated to be released throughout the
fall. Drilling at the Bornite Project completed on September 19, 2018.
The 2018 program and budget at the Arctic
Project of $6.7 million includes the work performed to date on the Arctic PFS and work to advance the Arctic Project towards feasibility
and permitting. In May 2018, the Company completed an ore sorting test at the Steinert facility in Walton, Kentucky and a summary
report has been received from Steinert. The Company and Ausenco are reviewing operating and capital cost implications of incorporating
ore sorting into the overall design to decide if ore sorting will be included into the final feasibility design or not. Results
from this review are expected by the end of the year. One drill started up in June at Arctic to collect feasibility level geotechnical
and hydrological data for the tailings dam and waste storage facility sites identified in the Arctic PFS. Approximately 695 meters
of geotechnical and hydrological drilling was completed. Engineering studies are planned to include additional metallurgical,
tailings and waste dump design, water treatment and water balance studies to support permitting and the feasibility study. In
addition, we continue to collect baseline environmental data on hydrology, meteorology and archeology. We are preparing for the
submission of permits for the Arctic mine in 2019.
We will be continuing to work closely
with The Alaska Industrial Development and Export Authority (“AIDEA”) (the proponent for the Ambler Mining District
Industrial Access Project (“AMDIAP”)) to advance the permitting process on the AMDIAP throughout 2018. On April 30,
2018 the Bureau of Land Management (“BLM”) released the Ambler Road Environmental Impact Statement Scoping Summary
Report. Permitting of the AMDIAP under the National Environmental Policy Act (“NEPA”) Environmental Impact Statement
(“EIS”) process has now concluded the “Scoping Phase” of permitting and has moved to the “Draft
EIS Phase”. Per the BLM’s website, the Draft EIS is scheduled to be released for public comment by the end of March
2019.
Property review
Our principal assets, the UKMP Projects,
are located in the Ambler mining district in Northwest Alaska. Our UKMP Projects comprise approximately 355,323 acres (143,794 hectares)
consisting of the Ambler and Bornite lands.
Option Agreement
On April 10, 2017, Trilogy and Trilogy
Metals US entered into an Option Agreement to form a Joint Venture with South32 Group Operations Pty Ltd. (“South32 Operations”),
a wholly-owned subsidiary of South32 Limited, on the UKMP (the “Option Agreement”), which agreement was later assigned
by South32 Operations to its affiliate, South32 USA Exploration Inc. (together with South32 Operations, “South32”).
Trilogy Metals US granted South32 the right to form a 50/50 joint venture to hold all of Trilogy Metals US’ Alaskan assets.
Upon exercise of the option, Trilogy Metals US will transfer its Alaskan assets, including the UKMP, and South32 will contribute
a minimum of $150 million to a newly formed limited liability company (“JV LLC”), plus any amounts Trilogy Metals
US spends at the Arctic Project over the next three years to a maximum of $5 million per year (the “Subscription Price”),
less an amount of the initial funding contributed by South32.
To maintain the option in good standing,
South32 is required to fund a minimum of $10 million per year for up to a three year period, which funds will be used to execute
a mutually agreed upon program at the UKMP. The funds provided by South32 may only be expended based on the approved program.
Provided that all the exploration data and information has been made available to South32 by no later than December 31 of each
year, South32 must decide by the end of January of the following year whether: (i) to fund a further tranche of a minimum of $10
million, or (ii) to withdraw and not provide any further annual funding. If the election to fund a further tranche is not made
in January, South32 has until the end of March to exercise the option to form the JV LLC and make the subscription payment.
Arctic Project
The Ambler lands, which host a number
of deposits, including the high-grade copper-zinc-lead-gold-silver Arctic Project, and other mineralized targets within a 100-kilometer-long
volcanogenic massive sulfide (“VMS”) belt, are owned by NovaCopper US. The Ambler lands are located in Northwestern
Alaska and consist of 114,500 acres (46,337 hectares) of Federal patented mining claims and State of Alaska mining claims,
within which VMS mineralization has been found.
We have recorded the Ambler lands as a
mineral property with acquisition costs capitalized and exploration costs expensed in accordance with our accounting policies.
Bornite Project
On October 19, 2011, Trilogy Metals
US and NANA signed a collaborative agreement to explore and develop the Ambler mining district. Under the Exploration Agreement
and Option to Lease (the “NANA Agreement”), we acquired, in exchange for, among other things, a $4.0 million cash
payment to NANA, the exclusive right to explore the Bornite Project property and lands deeded to NANA through the Alaska Native
Claims Settlement Act (“ANCSA”), located adjacent to the Arctic Project, and the non-exclusive right to access and
entry onto NANA’s lands. The agreement establishes a framework for any future development of either the Bornite Project
or the Arctic Project. Both projects are included as part of a larger area of interest set forth in the NANA Agreement. The agreement
with NANA created a total land package incorporating our Ambler lands with the adjacent Bornite and ANCSA lands with a total area
of approximately 355,323 acres (143,794 hectares).
Upon the decision to proceed with development
of a mine within the area of interest, NANA maintains the right to purchase an ownership interest in the mine equal to between
16%-25% or retain a 15% net proceeds royalty which is payable after we have recovered certain historical costs, including capital
and cost of capital. Should NANA elect to purchase an ownership interest in the mine, consideration will be payable based on the
elected percentage purchased and all the costs incurred on the properties less $40.0 million, not to be less than zero. The
parties would form a joint venture and be responsible for all future costs incurred in connection with the mine, including capital
costs of the mine, based on each party’s pro-rata share.
NANA would also be granted a net smelter
return royalty between 1% and 2.5% upon the execution of a mining lease or a surface use agreement, the amount of which is determined
by the particular area of land from which production originates.
We have accounted for the Bornite Project
as a mineral property with acquisition costs capitalized and exploration costs expensed in accordance with our accounting policies.
Summary of results
in thousands of dollars,
except for per share amounts
| |
Three months ended | | |
Nine months ended | |
Selected expenses | |
August 31, 2018 $ | | |
August 31, 2017 $ | | |
August 31, 2018 $ | | |
August 31, 2017 $ | |
General and administrative | |
| 376 | | |
| 273 | | |
| 1,175 | | |
| 1,050 | |
Mineral properties expense | |
| 9,051 | | |
| 8,471 | | |
| 12,657 | | |
| 10,407 | |
Professional fees | |
| 13 | | |
| 86 | | |
| 286 | | |
| 404 | |
Salaries | |
| 286 | | |
| 218 | | |
| 738 | | |
| 683 | |
Salaries – stock-based compensation | |
| 204 | | |
| 104 | | |
| 1,277 | | |
| 603 | |
Investor relations | |
| 59 | | |
| 107 | | |
| 261 | | |
| 263 | |
Loss and comprehensive loss for the period | |
| 9,920 | | |
| 8,992 | | |
| 16,530 | | |
| 14,378 | |
Basic and diluted loss per common share | |
$ | 0.08 | | |
$ | 0.09 | | |
$ | 0.14 | | |
$ | 0.14 | |
For the three months ended August 31,
2018, Trilogy reported a net loss of $9.9 million (or $0.08 basic and diluted loss per common share) compared to a net loss of
$9.0 million for the corresponding period in 2017 (or $0.09 basic and diluted loss per common share). This variance was primarily
due to the difference in mineral properties expense due to the size and timing of the field programs. An increase of $0.6 million
of mineral property expenses occurred during the three months ended August 31, 2018 compared to the three months ended August
31, 2017.
Other differences noted for the comparable
periods were i) an increase in general and administrative expenses to support the increased field program at the UKMP; ii) a slight
decrease in professional fees as legal fees associated with an equity financing in the second quarter have all been capitalized
under share issue costs; iii) an increase in salaries and stock-based compensation due to new hires in the quarter as well as
the granting of additional stock options and iv) a decrease in investor relations expenses as costs associated with the analyst
tours of the projects have been captured under general and administrative expenses.
The basic and diluted loss per common
share of $0.08 for the three months ended August 31, 2018 has decreased from the basic and diluted loss per common share of $0.09
for the three months ended August 31, 2017 due primarily by the activities affecting the loss for the period as described above,
offset by an increase in the weighted average number of shares outstanding for the three months ended August 31, 2018.
For the nine months ended August 31, 2018,
Trilogy reported a net loss of $16.5 million (or $0.14 basic and diluted loss per common share) compared to a net loss of $14.4
million for the corresponding period in 2017 (or $0.14 basic and diluted loss per common share). This variance was primarily due
to the increased activity level at our projects which are recorded as mineral properties expense. An increase of $2.3 million
of mineral property expenses occurred during the nine months ended August 31, 2018 compared to the nine months ended August 31,
2017 due to the work performed for the Arctic PFS in 2018 with no comparable activity in 2017. Similar to the activity levels
for the three months ended August 31, 2018, other differences noted relate to i) a small increase in general and administrative
expenses; ii) a decrease in professional fees as legal costs related to the financing completed on April 20, 2018 are recorded
as issuance costs in shareholders equity; iii) and a slight increase in salaries due to new hires as well as a significant increase
in stock based compensation due to the accelerated amortization of new options that were granted during the nine month period
ended August 31, 2018.
The basic and diluted loss per common
share of $0.14 for the nine months ended August 31, 2018 is consistent with the basic and diluted loss per common share of $0.14
for the nine months ended August 31, 2017. The operating activities increasing the loss as described above have been offset by
the dilutive effect of an increase in the weighted average number of shares outstanding for the nine months ended August 31, 2018.
Selected financial data
Quarterly information
in thousands of dollars,
except per share amounts
| |
Q3
2018 | | |
Q2
2018 | | |
Q1
2018 | | |
Q4
2017 | | |
Q3
2017 | | |
Q2
2017 | | |
Q1
2017 | | |
Q4
2016 | |
| |
08/31/18 $ | | |
05/31/18 $ | | |
02/28/18 $ | | |
11/30/17 $ | | |
08/31/17 $ | | |
05/31/17 $ | | |
02/28/17 $ | | |
11/30/16 $ | |
Interest and other
income | |
| 135 | | |
| 77 | | |
| 17 | | |
| 13 | | |
| 23 | | |
| 12 | | |
| 11 | | |
| 10 | |
Mineral property expenses | |
| 9,051 | | |
| 2,475 | | |
| 1,131 | | |
| 4,693 | | |
| 8,471 | | |
| 1,297 | | |
| 639 | | |
| 970 | |
Income (loss) from discontinued
operations for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 4,561 | |
Earnings (loss) for the period | |
| (9,920 | ) | |
| (3,664 | ) | |
| (2,946 | ) | |
| (6,726 | ) | |
| (8,992 | ) | |
| (2,390 | ) | |
| (2,996 | ) | |
| 2,736 | |
Earnings (loss) per common
share – basic and diluted | |
| (0.08 | ) | |
| (0.03 | ) | |
| (0.03 | ) | |
| (0.06 | ) | |
| (0.09 | ) | |
| (0.02 | ) | |
| (0.03 | ) | |
| 0.03 | |
Factors that can cause fluctuations in
our quarterly results include the length of the exploration field season at the properties, the type of program conducted, stock
option vesting and issuance of shares. Realized and unrealized losses or gains on held for trading investments had significant
movements period-to-period which affect the quarterly earnings or loss for the period. The investments consisted of common shares
and warrants in GoldMining Inc. (“GMI”) acquired as consideration for the sale of Sunward Investments Limited (“Sunward”)
and its Titiribi gold-copper exploration project in Colombia on September 1, 2016. All shares of GMI were disposed of during the
quarter ended August 31, 2018 and had a negligible impact on the loss for the period as the unrealized accounting losses offset
the realized gains on disposition. Other factors that have caused fluctuations in the quarterly results that would not be expected
to re-occur include the acquisition and disposition of Sunward in the fourth quarter of 2016 and financing activities in the second
quarter of 2018.
Our loss for the third quarter ended August
31, 2018 of $9.9 million is a significant increase from the second quarter ended May 31, 2018 and is primarily due to mineral
property expenditures. Mineral property expenditures during the third quarter were $6.6 million more than the second quarter ended
May 31, 2018 reflecting the increased activity at both projects as the drilling program became fully operational during the third
quarter. These costs were off-set by a $0.2 million reduction in salaries and stock-based compensation, professional fees and
general and administrative expenses, respectively.
Our loss for the second quarter ended
May 31, 2018 of $3.7 million has increased over the loss for the first quarter ended February 28, 2017 of $3.0 million due to
an increase in mineral property expenses related specifically to the work performed on the Arctic PFS results of which were released
on February 20, 2018 with work related to writing and filing of the technical report performed during the second quarter prior
to filing on April 6, 2018. Our loss for the first quarter ended February 28, 2018 of $2.9 million was lower compared to two prior
quarterly periods and reflects the seasonality of the mineral property expenses which are mostly incurred during the summer and
fall field season.
Our loss for the fourth quarter ended
November 30, 2017 of $6.7 million and third quarter ended August 31, 2017 of $9.0 million respectively, significantly increased
compared to prior quarterly periods due to the size and length of the 2017 field program which was more than double the 2016 field
program. The loss of $6.7 million for the fourth quarter ended November 30, 2017 is significantly increased compared to the earnings
of $2.7 million recognized for the fourth quarter ended November 30, 2016. In 2016, a gain of $4.4 million was recognized on the
sale of Sunward Investments. The loss for the fourth quarter ended November 30, 2017 of $6.7 million also increased significantly
due to the length of the field program undertaken in 2017 which operated during the majority of the fourth quarter. In 2016, the
field program did not extend into the fourth quarter and as such, mineral property expenses of $1.0 million incurred were related
to engineering and other desktop studies undertaken during the comparable period.
Liquidity and capital resources
At August 31, 2018, we had $30.5 million
in cash and cash equivalents and working capital of $27.2 million. The increase in cash and working capital was a result of fully
receiving the $10.0 million Year 2 funding from South32 as well as a $0.8 million third tranche advance and closing of a bought-deal
financing for net proceeds of $26.9 million.
We expended $14.6 million on operating
activities during the nine months ended August 31, 2018 compared with $9.1 million for operating activities for the same period
in 2017. A majority of cash spent on operating activities during all periods was expended on mineral property expenses, general
and administrative, salaries and professional fees. During the nine months ended August 31, 2018, we generated $2.3 million (2017
- $2.2 million) in proceeds from the sale of investments. As at August 31, 2018 we have sold all 5 million GoldMining Inc. (“GMI”)
shares for gross proceeds of C$7.6 million. The proceeds were used for general operating activities.
As at August 31, 2018 the Company continues
to manage its cash expenditures and management believes that the working capital available is sufficient to meet its operational
requirements for the next three years.
Contractual obligations
Contractual obligated undiscounted cash
flow requirements as at August 31, 2018 are as follows.
in thousands of dollars
| |
Total $ | | |
< 1 Year $ | | |
1–2 Years $ | | |
2–5 Years $ | | |
Thereafter $ | |
Accounts payable and accrued liabilities | |
| 3,964 | | |
| 3,964 | | |
| - | | |
| - | | |
| - | |
Office lease | |
| 1,128 | | |
| 175 | | |
| 182 | | |
| 596 | | |
| 175 | |
| |
| 5,092 | | |
| 4,139 | | |
| 182 | | |
| 596 | | |
| 175 | |
Off-balance sheet arrangements
We have no material off-balance sheet
arrangements. The Company has lease commitments for office spaces with a remaining total commitment of $1.1 million.
Outstanding share data
At October 4, 2018, we had 131,555,020
common shares issued and outstanding. At October 4, 2018, we had outstanding 6,521,740 warrants with an exercise price of $1.52
each, 8,974,768 stock options with a weighted-average exercise price of $0.62, 1,150,901 deferred share units, 400,002 restricted
share units and 11,927 NovaGold deferred share units entitling the holder to receive one common share for every six NovaGold shares
received. Upon exercise of all the foregoing convertible securities, the Company would be required to issue an aggregate of 17,049,400
common shares.
New accounting pronouncements
Certain recent accounting pronouncements
have been included under note 2 in our August 31, 2018 unaudited interim consolidated financial statements which are available
on the Company’s SEDAR profile at www.sedar.com and on the Company’s EDGAR profile at www.sec.gov.
Critical accounting estimates
The most critical accounting estimates
upon which our financial status depends are those requiring estimates of the recoverability of our capitalized mineral properties,
impairment of long-lived assets, accounting for business combinations, income taxes and valuation of stock-based compensation.
Mineral properties and development
costs
All direct costs related to the acquisition
of mineral property interests are capitalized. The acquisition of title to mineral properties is a complicated and uncertain process.
The Company has taken steps, in accordance with industry standards, to verify the title to mineral properties in which it has
an interest. Although the Company has made efforts to ensure that legal title to its mining assets is properly recorded, there
can be no assurance that such title will be secured indefinitely.
Impairment of long-lived assets
Management assesses the possibility of
impairment in the carrying value of its long-lived assets whenever events or circumstances indicate that the carrying amounts
of the asset or asset group may not be recoverable. Significant judgments are made in assessing the possibility of impairment.
Management considers several factors in considering if an indicator of impairment has occurred, including but not limited to,
indications of value from external sources, significant changes in the legal, business or regulatory environment, and adverse
changes in the use or physical condition of the asset. These factors are subjective and require consideration at each period end.
If an indicator of impairment is determined to exist, management calculates the estimated undiscounted future net cash flows relating
to the asset or asset group using estimated future prices, 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 and operating capital and reclamation costs are subject to risk and uncertainties that
may affect the determination of the recoverability of the long-lived asset. Income taxes
We must make estimates and judgments in
determining the provision for income tax expense, deferred tax assets and liabilities, and liabilities for unrecognized tax benefits
including interest and penalties. We are subject to income tax law in the United States and Canada. The evaluation of tax liabilities
involving uncertainties in the application of complex tax regulation is based on factors such as changes in facts or circumstances,
changes in tax law, new audit activity, and effectively settled issues. The evaluation of an uncertain tax position requires significant
judgment, and a change in such recognition would result in an additional charge to the income tax expense and liability.
Stock-based compensation
Compensation expense for options granted
to employees, directors and certain service providers is determined based on estimated fair values of the options at the time
of grant using the Black-Scholes option pricing model, which takes into account, as of the grant date, the fair market value of
the shares, expected volatility, expected life, expected forfeiture rate, expected dividend yield and the risk-free interest rate
over the expected life of the option. The use of the Black-Scholes option pricing model requires input estimation of the expected
life of the option, volatility, and forfeiture rate which can have a significant impact on the valuation model, and resulting
expense recorded.
| Item 3. | Quantitative and
Qualitative Disclosures about Market Risk |
Our financial instruments consist of cash
and cash equivalents, accounts receivable, deposits, investments, and accounts payable and accrued liabilities. The fair value
of the financial instruments approximates their carrying value due to the short-term nature of their maturity. Our 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. Our investments are held for trading and are marked-to-market at each period end
with changes in fair value recorded to the statement of loss. Our financial instruments are subject to the following risks:
Currency risk is the risk of a fluctuation
in financial asset and liability settlement amounts due to a change in foreign exchange rates. The Company operates in the United
States and Canada. The Company’s exposure to currency risk at August 31, 2018 is limited to the Canadian dollar consisting
of cash of C$1.0 million, deposit amounts of C$0.1 million and accounts payable of C$0.5 million. 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
$0.1 million.
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. We hold cash and cash equivalents
with Canadian Chartered financial institutions. Our accounts receivable consists of Canadian Goods and Services Tax receivable
from the Federal Government of Canada and other receivables for recoverable expenses. Our exposure to credit risk is equal to
the balance of cash and cash equivalents and accounts receivable as recorded in the financial statements.
Liquidity risk is the risk that we will
encounter difficulties raising funds to meet our financial obligations as they fall due. We are in the exploration stage and do
not have cash inflows from operations; therefore, we manage liquidity risk through the management of the capital structure and
financial leverage. Future financings may be obtained through debt financing, equity financing, sales of investments, convertible
debt, exercise of options, or other means. Continued operations are dependent on our ability to obtain additional financing or
to generate future cash flows. Our financing completed this year is disclosed under the section titled “Corporate Developments”.
Our contractually obligated cash flow is disclosed under the section titled “Contractual Obligations.”
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. We are exposed
to interest rate risk with respect to interest earned on cash and cash equivalents. Based on balances as at August 31, 2018, a
1% change in interest rates would result in a change in net loss of $0.3 million, 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.
Additional information
Additional information regarding the Company,
including our annual report on Form 10-K, is available on SEDAR at www.sedar.com and EDGAR at www.sec.gov and on
our website at www.trilogymetals.com. Information contained on our website is not incorporated by reference.
| Item 4. | Controls and Procedures |
Management, with the participation of our President and Chief Executive Officer and Chief Financial Officer,
evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange
Act) as of August 31, 2018. On the basis of this review, our Chief Executive Officer and Chief Financial Officer concluded that
our disclosure controls and procedures are effective to ensure that the information we are required to disclose in reports that
we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
rules and forms of the SEC and to ensure that information required to be disclosed in the reports filed or submitted under the
Exchange Act is accumulated and communicated to our management, including our President and Chief Executive Officer and Chief Financial
Officer, as appropriate to allow timely decisions regarding required disclosure.
There have not been any changes in the
Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) promulgated by the SEC
under the Exchange Act) during the Company’s most recently completed fiscal quarter that have materially affected or are
reasonably likely to materially affect the Company’s internal control over financial reporting. Any system of internal control
over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be
effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
PART II - OTHER INFORMATION
From time to time, we
are a party to routine litigation and proceedings that are considered part of the ordinary course of its business. We are not
aware of any material current, pending, or threatened litigation.
Trilogy and its future business, operations
and financial condition are subject to various risks and uncertainties due to the nature of its business and the present stage
of exploration of its mineral properties. Certain of these risks and uncertainties are under the heading “Risk Factors”
under Trilogy’s Form 10-K dated February 2, 2018, which is available on SEDAR www.sedar.com and EDGAR at www.sec.gov
and on our website at www.trilogymetals.com.
| Item 2. | Unregistered
Sales of Equity Securities and Use of Proceeds |
None
| Item 3. | Defaults
Upon Senior Securities |
None.
| Item 4. | Mine
Safety Disclosures |
These disclosures are
not applicable to us.
| Item 5. | Other
Information. |
None.
Exhibits
See
Exhibit Index.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Date: October 4, 2018 |
TRILOGY METALS INC. |
|
|
|
|
By: |
/s/ Rick Van Nieuwenhuyse |
|
|
Rick Van Nieuwenhuyse |
|
|
President and Chief Executive Officer |
|
|
|
|
By: |
/s/ Elaine M. Sanders |
|
|
Elaine M. Sanders |
|
|
Vice President and Chief Financial Officer |
EXHIBIT INDEX
Exhibit No. |
|
Description |
|
|
|
3.1 |
|
Certificate
of Incorporation, dated April 27, 2011 (incorporated by reference Exhibit 99.2 to the Registration Statement on Form 40-F as filed
on March 1, 2012, File No. 001-35447) |
|
|
|
3.2 |
|
Articles
of Trilogy Metals Inc., effective April 27, 2011, as altered March 20, 2011 (incorporated by reference to Exhibit 99.3 to Amendment
No. 1 to the Registration Statement on Form 40-F as filed on April 19, 2012, File No. 001-35447) |
|
|
|
3.3 |
|
Notice of Articles and Certificate of Change of Name, dated September 1, 2016 (incorporated by reference to Exhibit 3.1 to the Form 8-K dated September 8, 2016) |
|
|
|
31.1 |
|
Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a) |
|
|
|
31.2 |
|
Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) |
|
|
|
32.1 |
|
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350 |
|
|
|
32.2 |
|
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350 |
|
|
|
101 |
|
Interactive Data Files |
|
|
|
101.INS |
|
XBRL Instance Document |
|
|
|
101.SCH |
|
XBRL Taxonomy Extension Schema Document |
|
|
|
101.CAL |
|
XBRL Taxonomy Extension Calculation Linkbase Document |
|
|
|
101.LAB |
|
XBRL Taxonomy Extension Label Linkbase Document |
|
|
|
101.PRE |
|
XBRL Taxonomy Extension Presentation Linkbase Document |
|
|
|
101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase Document |
Exhibit 31.1
CERTIFICATION PURSUANT TO
RULE 13a-14 OF THE SECURITIES EXCHANGE
ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT
OF 2002
I, Rick Van Nieuwenhuyse, certify that:
| 1. | I have reviewed this Quarterly Report on Form 10-Q of Trilogy Metals Inc. |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report; |
| 4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared; |
| b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles; |
| c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and |
| d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during
the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and |
| 5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors
(or persons performing the equivalent functions): |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial
information; and |
| b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date: |
October 4, 2018 |
|
|
|
|
By: |
/s/ Rick Van Nieuwenhuyse |
|
|
Rick Van Nieuwenhuyse |
|
|
President and Chief Executive Officer |
|
|
(principal executive officer) |
|
Exhibit 31.2
CERTIFICATION PURSUANT TO
RULE 13a-14 OF THE SECURITIES EXCHANGE
ACT OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT
OF 2002
I, Elaine Sanders, certify that:
| 1. | I have reviewed this Quarterly Report on Form 10-Q of Trilogy Metals Inc. |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report; |
| 4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared; |
| b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles; |
| c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and |
| d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during
the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial
reporting; and |
| 5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors
(or persons performing the equivalent functions): |
| a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial
information; and |
| b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date: |
October 4, 2018 |
|
|
|
|
By: |
/s/ Elaine Sanders |
|
|
Elaine Sanders |
|
|
Vice President and Chief Financial Officer |
|
|
(principal financial officer) |
|
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. §1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002
In connection with the Quarterly Report
on Form 10-Q of Trilogy Metals Inc. (the “Registrant”) for the period ended August 31, 2018, as filed with the Securities
and Exchange Commission on the date hereof (the “Report”), I, Rick Van Nieuwenhuyse, President and Chief Executive
Officer of the Registrant, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:
| (1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
and |
| (2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Date: |
October 4, 2018 |
|
|
|
|
By: |
/s/ Rick Van Nieuwenhuyse |
|
|
Rick Van Nieuwenhuyse |
|
|
President and Chief Executive Officer |
|
|
(principal executive officer) |
|
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. §1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002
In connection with the Quarterly Report
on Form 10-Q of Trilogy Metals Inc. (the “Registrant”) for the period ended August 31, 2018, as filed with the Securities
and Exchange Commission on the date hereof (the “Report”), I, Elaine Sanders, Vice President and Chief Financial
Officer of the Registrant, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:
| (1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
and |
| (2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Date: |
October 4, 2018 |
|
|
|
|
By: |
/s/ Elaine Sanders |
|
|
Elaine Sanders |
|
|
Vice President and Chief Financial Officer |
|
|
(principal financial officer) |
|
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v3.10.0.1
Consolidated Balance Sheets - USD ($) $ in Thousands |
Aug. 31, 2018 |
Nov. 30, 2017 |
Current assets |
|
|
Cash and cash equivalents |
$ 30,468
|
$ 5,391
|
Accounts receivable |
57
|
470
|
Deposits and prepaid amounts |
646
|
837
|
Investments (note 3) |
0
|
2,516
|
Total Current Assets |
31,171
|
9,214
|
Plant and Equipment (note 4) |
363
|
478
|
Mineral properties and development costs (note 5) |
30,587
|
30,587
|
Total Assets |
62,121
|
40,279
|
Current liabilities |
|
|
Accounts payable and accrued liabilities (note 6) |
3,964
|
4,249
|
Current liabilities |
3,964
|
4,249
|
Mineral properties purchase option (note 5(c)) |
20,800
|
10,365
|
Total Liabilities |
24,764
|
14,614
|
Shareholders' equity |
|
|
Share capital (note 7) – unlimited common shares authorized, no par value Issued -131,533,953 (2017 – 105,684,523) |
164,034
|
136,525
|
Warrants (note 7(c)) |
2,253
|
2,163
|
Contributed surplus |
122
|
124
|
Contributed surplus - options (note 7(a)) |
19,011
|
18,402
|
Contributed surplus - units (note 7(b)) |
1,425
|
1,319
|
Deficit |
(149,488)
|
(132,868)
|
Total Stockholders' Equity |
37,357
|
25,665
|
Total Liabilities and Stockholders' Equity |
$ 62,121
|
$ 40,279
|
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v3.10.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
9 Months Ended |
12 Months Ended |
Aug. 31, 2018 |
Nov. 30, 2017 |
Common Stock, No Par Value |
$ 0
|
$ 0
|
Common Stock, Shares, Issued |
131,533,953
|
105,684,523
|
Common Stock, Shares Authorized, Unlimited [Fixed List] |
Unlimited
|
Unlimited
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X |
- DefinitionFace amount per share of no-par value common stock.
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v3.10.0.1
Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Aug. 31, 2018 |
Aug. 31, 2017 |
Aug. 31, 2018 |
Aug. 31, 2017 |
Expenses |
|
|
|
|
Amortization |
$ 39
|
$ 27
|
$ 122
|
$ 66
|
Foreign exchange loss (gain) |
15
|
(592)
|
(29)
|
(542)
|
General and administrative |
376
|
273
|
1,175
|
1,050
|
Investor relations |
59
|
107
|
261
|
263
|
Mineral properties expense (note 5(d)) |
9,051
|
8,471
|
12,657
|
10,407
|
Professional fees |
13
|
86
|
286
|
404
|
Salaries |
286
|
218
|
738
|
683
|
Salaries - stock-based compensation |
204
|
104
|
1,277
|
603
|
Total expenses |
10,043
|
8,694
|
16,487
|
12,934
|
Other items |
|
|
|
|
Loss on held for trading investments |
12
|
313
|
272
|
1,482
|
Loss on disposal of equipment |
0
|
8
|
0
|
8
|
Interest and other income |
(135)
|
(23)
|
(229)
|
(46)
|
Loss and comprehensive loss for the period |
$ 9,920
|
$ 8,992
|
$ 16,530
|
$ 14,378
|
Basic and diluted loss per common share |
$ 0.08
|
$ 0.09
|
$ 0.14
|
$ 0.14
|
Weighted average number of common shares outstanding |
131,470,146
|
105,581,406
|
118,530,242
|
105,524,598
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v3.10.0.1
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands |
Total |
Share capital [Member] |
Warrants [Member] |
Contributed Surplus [Member] |
Contributed surplus - options [Member] |
Contributed surplus - units [Member] |
Deficit [Member] |
Beginning Balance at Nov. 30, 2016 |
$ 46,154
|
$ 136,357
|
$ 2,163
|
$ 124
|
$ 18,134
|
$ 1,140
|
$ (111,764)
|
Beginning Balance (Shares) at Nov. 30, 2016 |
|
105,286,469
|
|
|
|
|
|
Exercise of options |
0
|
$ 54
|
0
|
0
|
(54)
|
0
|
0
|
Exercise of options (Shares) |
|
171,458
|
|
|
|
|
|
Restricted Share Units |
(90)
|
$ 83
|
0
|
0
|
0
|
(173)
|
0
|
Restricted Share Units (Shares) |
|
209,198
|
|
|
|
|
|
Stock-based compensation |
603
|
$ 0
|
0
|
0
|
312
|
291
|
0
|
Loss for the period |
(14,378)
|
0
|
0
|
0
|
0
|
0
|
(14,378)
|
Ending Balance at Aug. 31, 2017 |
32,289
|
$ 136,494
|
2,163
|
124
|
18,392
|
1,258
|
(126,142)
|
Ending Balance (Shares) at Aug. 31, 2017 |
|
105,667,125
|
|
|
|
|
|
Beginning Balance at Nov. 30, 2017 |
25,665
|
$ 136,525
|
2,163
|
124
|
18,402
|
1,319
|
(132,868)
|
Beginning Balance (Shares) at Nov. 30, 2017 |
|
105,684,523
|
|
|
|
|
|
Bought deal financing (Note 7) |
28,750
|
$ 28,750
|
90
|
0
|
0
|
0
|
(90)
|
Bought deal financing (Note 7) (Shares) |
|
24,784,482
|
|
|
|
|
|
Share issuance costs |
(1,805)
|
$ (1,805)
|
0
|
0
|
0
|
0
|
0
|
Exercise of options |
0
|
$ 105
|
0
|
0
|
(105)
|
0
|
0
|
Exercise of options (Shares) |
|
263,928
|
|
|
|
|
|
Restricted Share Units |
0
|
$ 457
|
0
|
0
|
0
|
(457)
|
0
|
Restricted Share Units (Shares) |
|
800,000
|
|
|
|
|
|
NovaGold DSU Conversion |
0
|
$ 2
|
0
|
(2)
|
0
|
0
|
0
|
NovaGold DSU Conversion (Shares) |
|
1,020
|
|
|
|
|
|
Stock-based compensation |
1,277
|
$ 0
|
0
|
0
|
714
|
563
|
0
|
Loss for the period |
(16,530)
|
0
|
0
|
0
|
0
|
0
|
(16,530)
|
Ending Balance at Aug. 31, 2018 |
$ 37,357
|
$ 164,034
|
$ 2,253
|
$ 122
|
$ 19,011
|
$ 1,425
|
$ (149,488)
|
Ending Balance (Shares) at Aug. 31, 2018 |
|
131,533,953
|
|
|
|
|
|
X |
- Definition
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v3.10.0.1
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Aug. 31, 2018 |
Aug. 31, 2017 |
Aug. 31, 2018 |
Aug. 31, 2017 |
Nov. 30, 2017 |
Cash flows used in operating activities |
|
|
|
|
|
Loss for the period |
$ (9,920)
|
$ (8,992)
|
$ (16,530)
|
$ (14,378)
|
|
Items not affecting cash |
|
|
|
|
|
Amortization |
|
|
122
|
66
|
|
Loss on disposal of equipment |
0
|
8
|
0
|
8
|
|
Loss on held for trading investments |
12
|
313
|
272
|
1,482
|
|
Unrealized foreign exchange loss (gain) |
|
|
(52)
|
(472)
|
|
Stock-based compensation |
204
|
104
|
1,277
|
603
|
|
Net change in non-cash working capital |
|
|
|
|
|
Decrease (Increase) in accounts receivable |
|
|
413
|
(294)
|
|
Decrease (Increase) in deposits and prepaid amounts |
|
|
191
|
(140)
|
|
(Increase) Decrease in accounts payable and accrued liabilities |
|
|
(285)
|
4,116
|
|
Net Cash Provided by (Used in) Operating Activities |
|
|
(14,592)
|
(9,067)
|
|
Cash flows from (used in) financing activities |
|
|
|
|
|
Proceeds from bought deal financing (note 7) |
|
|
28,750
|
0
|
|
Share issuance cost |
|
|
(1,805)
|
0
|
|
Settlement of Restricted Share Units |
|
|
0
|
(90)
|
|
Net Cash Provided by (Used in) Financing Activities |
|
|
26,945
|
(90)
|
|
Cash flows from (used in) investing activities |
|
|
|
|
|
Acquisition of plant & equipment |
|
|
(7)
|
(209)
|
|
Mineral properties funding (note 5 (c)) |
|
|
10,435
|
10,000
|
|
Proceeds from the sale of investments, net of fees |
|
|
2,297
|
2,180
|
|
Net Cash Provided by (Used in) Investing Activities |
|
|
12,725
|
11,971
|
|
Increase in cash and cash equivalents |
|
|
25,078
|
2,814
|
|
Effect of exchange rate on cash and cash equivalents |
|
|
(1)
|
51
|
|
Cash and cash equivalents - beginning of period |
|
|
5,391
|
7,340
|
$ 7,340
|
Cash and cash equivalents - end of period |
$ 30,468
|
$ 10,205
|
$ 30,468
|
$ 10,205
|
$ 5,391
|
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- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.10.0.1
Summary of significant accounting policies
|
9 Months Ended |
Aug. 31, 2018 |
Accounting Policies [Abstract] |
|
Summary of significant accounting policies [Text Block] |
| | Summary of significant accounting policies |
These consolidated financial statements have been prepared using accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of Trilogy and its wholly-owned subsidiary, NovaCopper US Inc. (dba “Trilogy Metals US”). All significant intercompany transactions are eliminated on consolidation. All figures are in United States dollars unless otherwise noted. References to CAD$ refer to amounts in Canadian dollars. The unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position as of August 31, 2018 and our results of operations and cash flows for the nine months ended August 31, 2018 and August 31, 2017. The results of operations for the nine months ended August 31, 2018 are not necessarily indicative of the results to be expected for the year ending November 30, 2018. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these unaudited interim consolidated financial statements should be read in conjunction with the annual financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2017 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 2, 2018. These financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on October 4, 2018. Recent accounting pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued new accounting requirements for accounting for, presentation of, and classification of leases (“ASU 2016-02”). This will result in most leases being capitalized as a right of use asset with a related liability on the balance sheets. The requirements of the new standard are effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods, which for us is the first quarter of the fiscal year ending November 30, 2020. We expect the adoption will have an impact as we expect to capitalize leases, specifically our office leases which are not currently recognized on the balance sheets. We are in the process of analyzing the quantitative impact of this guidance on our results of operations and financial position. The impact of this adoption will increase asset and liability balances as part of recognizing the leases on the balance sheet. It will impact the statement of loss and comprehensive loss due to the recognition of depreciation on the leased assets and interest expense from the lease liability compared to the current recognition of lease expense as incurred. In March 2016, the FASB issued new guidance on classifying and measuring financial instruments (“ASU 2016-02”). This update is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted. The Company has analyzed the impact of the update and determined that the changes to classification and measurement of financial instruments are not expected to have an impact as the Company’s prior year equity investments which were held at fair value with changes recorded to the statement of loss and comprehensive loss. The remaining changes in the update do not have an effect on the Company’s accounting for financial instruments. The standard will be effective for the Company for the fiscal year ending November 30, 2019. In March 2016, the FASB issued new guidance simplifying the accounting for stock-based compensation transactions, including income tax consequences, classification of awards as equity or liabilities, forfeitures, and classification on the statement of cash flows (“ASU 2016-09”). This update is effective for annual reporting periods beginning after December 15, 2016. The Company has adopted this guidance and made the policy choice of estimating the number of awards expected to be forfeited and adjusting the estimate when it is no longer probable that the employee will fulfill the service condition. This policy choice is consistent with the Company’s previous practice and therefore, no adjustments were necessary on adoption. The remaining changes in the update do not have an effect on the Company’s accounting for stock-based compensation. In January 2017, the FASB issued new guidance to assist in determining if a set of assets and activities being acquired or sold is a business (“ASU 2017-01”). It also provided a framework to assist entities in evaluating whether both an input and a substantive process are present, which at a minimum, must be present to be considered a business. This update is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted in most circumstances. The standard does not have an impact to the Company’s historical recognition of asset acquisitions and business combinations. However, the Company expects there would be an impact to how the Company accounts for assets acquired in the future. The Company has adopted the standard early for the fiscal year ended November 30, 2018. | | Accounting for certain financial instruments with down round features |
In July 2017, the FASB issued a two-part Accounting Standards Update (“ASU”), No. 2017-11, Earnings Per Share (ASC 260), Distinguishing Liabilities from Equity (ASC 480), Derivatives and Hedging (ASC 815): I. Accounting for Certain Financial Instruments with Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. Under the guidance, entities will no longer consider a down round feature when determining whether a free-standing financial instrument or an embedded feature that contains a down round feature is considered indexed to the entity’s own stock under ASC 815-40 which is required for a freestanding financial instrument to be classified in shareholder’s equity and may exempt an embedded feature from bifurcation and derivative accounting. Entities will recognize the effect of a down round feature only when it is triggered. ASU 2017-11 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 and early adoption is permitted. The Company has adopted this guidance for the fiscal year ended November 30, 2018.
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v3.10.0.1
Investments
|
9 Months Ended |
Aug. 31, 2018 |
Investments, All Other Investments [Abstract] |
|
Investments [Text Block] |
On September 1, 2016, Trilogy acquired 5,000,000 common shares of GoldMining Inc. (“GMI”), formerly Brazil Resources Inc., a public company listed on the TSX-Venture exchange, and 1,000,000 warrants, with each warrant exercisable into one common share of GMI until September 1, 2018 at an exercise price of CAD$3.50, through its sale of Sunward Investments Ltd. The common shares and warrants received have been designated as held-for-trading financial assets and classified as current investments. During the nine-month period ended August 31, 2018, the Company sold 2,365,000 (2017 – 1,519,000) common shares of GMI for proceeds of $2.3 million (2017 – $2.2 million) and realized a loss on sale of $0.3 million (2017 - $0.2 million). During the period, the Company recorded an unrealized gain on the common shares and warrants of GMI of Nil (2017 - loss of $1.3 million). As at August 31, 2018, the Company held Nil (2017 – 3,371,000) common shares of GMI and 1,000,000 (2017 – 1,000,000) warrants expiring September 1, 2018 which were valued at $Nil using the Black-Scholes option pricing model at period end. All the warrants expired unexercised on September 1, 2018.
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v3.10.0.1
Mineral properties and development costs
|
9 Months Ended |
Aug. 31, 2018 |
Mineral Industries Disclosures [Abstract] |
|
Mineral Industries Disclosures [Text Block] |
| | Mineral properties and development costs |
On January 11, 2010, NovaGold Resources Inc. (“NovaGold”), through Alaska Gold Company (“AGC”), at the time a wholly-owned NovaGold subsidiary, purchased 100% of the Ambler lands in Northwest Alaska, which contains the copper-zinc-lead-gold-silver Arctic Project and other mineralized targets within the volcanogenic massive sulfide belt, through a series of cash and share payments. Total fair value of the consideration was $26.6 million. The vendor retained a 1% net smelter return royalty that the Company can purchase at any time for a one-time payment of $10.0 million. The Ambler lands were acquired on October 17, 2011 by Trilogy Metals US through a purchase and sale agreement with AGC. On October 24, 2011, NovaGold transferred its ownership of Trilogy Metals US to the Company, then itself a wholly owned subsidiary of NovaGold, which was subsequently spun-out to NovaGold shareholders and publicly listed on April 30, 2012 (“NovaGold Arrangement”). On October 19, 2011, Trilogy Metals US acquired the exclusive right to explore and the non-exclusive right to access and enter on the Bornite lands, and lands deeded to NANA Regional Corporation, Inc. (“NANA”) through the Alaska Native Claims Settlement Act, located adjacent to the Ambler lands in Northwest Alaska. As consideration, Trilogy Metals US paid $4 million to acquire the right to explore and develop the combined Upper Kobuk Mineral Projects through an Exploration Agreement and Option to Lease with NANA. Upon a decision to proceed with construction of a mine on the lands, NANA maintains the right to purchase between a 16%-25% ownership interest in the mine or retain a 15% net proceeds royalty which is payable after Trilogy Metals US has recovered certain historical costs, including capital and cost of capital. Should NANA elect to purchase an ownership interest, consideration will be payable equal to all historical costs incurred on the properties at the elected percentage purchased less $40 million, not to be less than zero. The parties would form a joint venture and be responsible for all future costs, including capital costs of the mine based on their pro-rata share. NANA would also be granted a net smelter return royalty of between 1% and 2.5% upon the execution of a mining lease or a surface use agreement, the amount of which is determined by the classification of land from which production originates. On April 10, 2017, Trilogy and Trilogy Metals US entered into an Option Agreement to form a Joint Venture with South32 Group Operations Pty Ltd. (“South32 Operations”), a wholly-owned subsidiary of South32 Limited, on the UKMP (the “Option Agreement”), which agreement was later assigned by South32 Operations to its affiliate, South32 USA Exploration Inc. (together with South32 Operations, “South32”). Trilogy Metals US granted South32 the right to form a 50/50 joint venture to hold all of Trilogy Metals US’ Alaskan assets. Upon exercise of the option, Trilogy Metals US will transfer its Alaskan assets, including the UKMP, and South32 will contribute a minimum of $150 million to a newly formed limited liability company (“JV LLC”), plus any amounts Trilogy Metals US spends at the Arctic Project over the next three years to a maximum of $5 million per year (the “Subscription Price”), less an amount of the initial funding contributed by South32. To maintain the option in good standing, South32 is required to fund a minimum of $10 million per year for up to a three-year period, which funds will be used to execute a mutually agreed upon program at the UKMP. The funds provided by South32 may only be expended based on the approved program. Provided that all the exploration data and information has been made available to South32 by no later than December 31 of each year, South32 must decide by the end of January of the following year whether: (i) to fund a further tranche of a minimum of $10 million, or (ii) to withdraw and not provide any further annual funding. If the election to fund a further tranche is not made in January, South32 has until the end of March to exercise the option to form the JV LLC and make the subscription payment. During the year ended November 30, 2017, the Company received the first payment of $10.0 million and these funds were expended on the year 1 program at the Bornite Project. In October 2017, the Company received $0.4 million as a first instalment towards the year 2 program and budget to begin preparatory work. During the nine months ended August 31, 2018, the Company received payments totaling $10.4 million following the approval of the year 2 program and budget in January 2018, including a $0.80 million advance on South32’s year three funding obligation per the Option Agreement. The Company is responsible for the disbursement of these funds in accordance with the approved program and budget and accordingly has not classified the funds as restricted cash. As the initial option payments are credited against the future subscription price upon exercise, the Company has accounted for the payment received as deferred consideration for the purchase of the UKMP interest. At such time as the option is exercised, the initial payments received to that date will be recognized as part of the consideration received for the Company’s contribution of the UKMP into JV LLC. If South 32 withdraws from the Option Agreement, the consideration will be recognized as income in the statement of loss at that time. The option to form the JV LLC is recognized as a financial instrument at inception of the arrangement with an initial fair value of $nil. This option is required to be re-measured at fair value at each reporting date with any changes in fair value recorded in loss for the period. The Company determined that the fair value of the option is still $nil as at August 31, 2018. | | Mineral properties expense |
The following table summarizes mineral properties expense for the noted periods. | | Three months ended August 31, 2018 $ | | | Three months ended August 31, 2017 $ | | | Nine months ended August 31, 2018 $ | | | Nine months ended August 31, 2017 $ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Geochemistry and geophysics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mineral property expenses consist of direct drilling, personnel, community, resource reporting and other exploration expenses as outlined above, as well as indirect project support expenses such as fixed wing charters, helicopter support, fuel, and other camp operation costs. Cumulative mineral properties expense in Alaska from the initial earn-in agreement on the property in 2004 to August 31, 2018 is $91.0 million and cumulative acquisition costs are $30.6 million totaling $121.6 million spent to date.
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v3.10.0.1
Share capital
|
9 Months Ended |
Aug. 31, 2018 |
Equity [Abstract] |
|
Stockholders' Equity Note Disclosure [Text Block] |
unlimited common shares, no par value in thousands of dollars, except share amounts | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | August 31, 2018, issued and outstanding | | | | | | | | |
On April 20, 2018, the Company completed a bought-deal financing for gross proceeds of $28.8 million by issuing 24,784,482 common shares at $1.16 per common share. Expenses including bank commissions, legal fees, stock exchange and other fees totaled $1.8 million for net proceeds of $26.9 million. As of August 31, 2018, 11,927 NovaGold DSUs remain outstanding representing a right to receive 1,988 common shares in Trilogy, which will settle upon certain directors retiring from the board of NovaGold Resources Inc. During the nine-month period ended August 31, 2018, the Company granted 2,395,000 options (2017 – 1,695,000 options) at a weighted-average exercise price of CAD$1.15 (2017 – CAD$0.72) to employees, consultants and directors exercisable for a period of five years with various vesting terms between nil and two years. The weighted-average fair value attributable to options granted in the period was $0.43. For the nine-month period ended August 31, 2018, Trilogy recognized a stock-based compensation charge of $0.71 million (2017– $0.31 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 period are as provided below. As of August 31, 2018, there were 1,586,676 non-vested options outstanding with a weighted average exercise price of $0.85; the non-vested stock option expense not yet recognized was $0.64 million. This expense is expected to be recognized over the next two years. A summary of the Company’s stock option plan and changes during the nine-month period ended August 31, 2018 is as follows: | | | | | | | | | Weighted average exercise price $ | | Balance – beginning of the year | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table summarizes information about the stock options outstanding at August 31, 2018. | | | | | | | | | | | | Number of outstanding options | | | Weighted average years to expiry | | | Weighted average exercise price $ | | | Number of exercisable options | | | Weighted average exercise price $ | | | Number of unvested options | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The aggregate intrinsic value of vested share options (the market value less the exercise price) at August 31, 2018 was $9.2 million (2017 - $2.8 million) and the aggregate intrinsic value of exercised options for the nine months ended August 31, 2018 was $0.4 million (2017 - $0.15 million). | | Restricted Share Units and Deferred Share Units |
The Company has a Restricted Share Unit Plan (“RSU Plan”) and a Non-Executive Director Deferred Share Unit Plan (“DSU Plan”) to provide long-term incentives to employees, officers and directors. Awards under the RSU Plan and DSU Plan may be settled in cash and/or common shares of the Company at the Company’s election with each restricted share unit (“RSU”) and deferred share unit (“DSU”) entitling the holder to receive one common share of the Company or equivalent value. All units are accounted for as equity-settled awards. A summary of the Company’s unit plans and changes during the nine month period ended August 31, 2018 is as follows: | | | | | | | Balance – beginning of the year | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the nine months ended August 31, 2018, Trilogy recognized a stock-based compensation charge of $0.56 million (2017- $0.29 million), net of estimated forfeitures. As part of the annual incentive payout for the 2017 fiscal year, 300,000 RSUs were granted to officers vesting immediately. In addition, 300,000 RSUs were granted to officers vesting one third immediately, one third on the first anniversary of the grant date, and one third on the second anniversary. On December 27, 2017, 800,000 RSUs vested and were settled through the issuance of 800,000 shares. A summary of the Company’s warrants and changes during the nine months ended August 31, 2018 is as follows: | | | | | | | | | | Balance – beginning of the year | | | | | | | | | | | | | | | | | | | | | | | | | |
The exercise price of the share purchase warrants was adjusted downward as a result of the financing completed on April 20, 2018 from $1.60 to $1.52. The Company measured the fair value of the warrants prior to the financing and after the financing and recorded the difference of $90,000 as an adjustment to the warrant value and to retained earnings in shareholders equity during the period. The warrants expire on July 2, 2019.
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v3.10.0.1
Financial instruments
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9 Months Ended |
Aug. 31, 2018 |
Financial Instruments [Abstract] |
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Financial instruments [Text Block] |
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. The Company’s investments were held for trading and were marked-to-market at each period end with changes in fair value recorded to the statement of loss. 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. Currency risk is the risk of a fluctuation in financial asset and liability settlement amounts due to a change in foreign exchange rates. The Company operates in the United States and Canada. The Company’s exposure to currency risk at August 31, 2018 is limited to the Canadian dollar consisting of cash of CAD$1.0 million, deposit amounts of CAD$0.1 million and accounts payable of CAD$0.5 million. 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 $0.1 million. Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company holds cash and cash equivalents with Canadian Chartered financial institutions. The Company’s accounts receivable consists of Canadian Goods and Services Tax receivable from the Federal Government of Canada and other receivables for recoverable expenses. The Company’s exposure to credit risk is equal to the balance of cash and cash equivalents and accounts receivable as recorded in the financial statements. Liquidity risk is the risk that the Company will encounter difficulties raising funds to meet its financial obligations as they fall due. The Company is in the exploration stage and does not have cash inflows from operations; therefore, the Company manages liquidity risk through the management of its capital structure and financial leverage. Contractually obligated cash flow requirements as at August 31, 2018 are as follows. | | | | | | | | | | | | | | | | Accounts payable and accrued liabilities | | | 3,964 | | | | 3,964 | | | | - | | | | - | | | | - | | Office lease (note 9) | | | 1,128 | | | | 175 | | | | 182 | | | | 596 | | | | 175 | | | | | | | | | | | | | | | | | | | | | | |
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk with respect to interest earned on cash and cash equivalents. Based on balances as at August 31, 2018, a 1% change in interest rates would result in a change in net loss of $0.3 million, assuming all other variables remain constant. Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the significance of the inputs used in making the measurement. The three levels of the fair value hierarchy are as follows: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity) The levels in the fair value hierarchy into which the Company’s financial assets and liabilities that are measured and recognized at fair value on a recurring basis were categorized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Current investments – shares | | | - | | | | - | | | | - | | | | 2,516 | | | | - | | | | - | |
During the nine-month period ended August 31, 2018, the Company disposed of its remaining shares of GMI, a publicly-held mineral exploration company. The share investments were recorded as current investments and were valued using quoted market prices in active markets and as such are classified as a Level 1 financial instrument.
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v3.10.0.1
Summary of Significant Accounting Policies (Policies)
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9 Months Ended |
Aug. 31, 2018 |
Accounting Policies [Abstract] |
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Basis of Accounting, Policy [Policy Text Block] |
These consolidated financial statements have been prepared using accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of Trilogy and its wholly-owned subsidiary, NovaCopper US Inc. (dba “Trilogy Metals US”). All significant intercompany transactions are eliminated on consolidation. All figures are in United States dollars unless otherwise noted. References to CAD$ refer to amounts in Canadian dollars. The unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s financial position as of August 31, 2018 and our results of operations and cash flows for the nine months ended August 31, 2018 and August 31, 2017. The results of operations for the nine months ended August 31, 2018 are not necessarily indicative of the results to be expected for the year ending November 30, 2018. As these interim consolidated financial statements do not contain all of the disclosures required by U.S. GAAP for annual financial statements, these unaudited interim consolidated financial statements should be read in conjunction with the annual financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2017 filed with the U.S. Securities and Exchange Commission (“SEC”) on February 2, 2018. These financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on October 4, 2018.
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New Accounting Pronouncements, Policy [Policy Text Block] |
Recent accounting pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued new accounting requirements for accounting for, presentation of, and classification of leases (“ASU 2016-02”). This will result in most leases being capitalized as a right of use asset with a related liability on the balance sheets. The requirements of the new standard are effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods, which for us is the first quarter of the fiscal year ending November 30, 2020. We expect the adoption will have an impact as we expect to capitalize leases, specifically our office leases which are not currently recognized on the balance sheets. We are in the process of analyzing the quantitative impact of this guidance on our results of operations and financial position. The impact of this adoption will increase asset and liability balances as part of recognizing the leases on the balance sheet. It will impact the statement of loss and comprehensive loss due to the recognition of depreciation on the leased assets and interest expense from the lease liability compared to the current recognition of lease expense as incurred. In March 2016, the FASB issued new guidance on classifying and measuring financial instruments (“ASU 2016-02”). This update is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted. The Company has analyzed the impact of the update and determined that the changes to classification and measurement of financial instruments are not expected to have an impact as the Company’s prior year equity investments which were held at fair value with changes recorded to the statement of loss and comprehensive loss. The remaining changes in the update do not have an effect on the Company’s accounting for financial instruments. The standard will be effective for the Company for the fiscal year ending November 30, 2019. In March 2016, the FASB issued new guidance simplifying the accounting for stock-based compensation transactions, including income tax consequences, classification of awards as equity or liabilities, forfeitures, and classification on the statement of cash flows (“ASU 2016-09”). This update is effective for annual reporting periods beginning after December 15, 2016. The Company has adopted this guidance and made the policy choice of estimating the number of awards expected to be forfeited and adjusting the estimate when it is no longer probable that the employee will fulfill the service condition. This policy choice is consistent with the Company’s previous practice and therefore, no adjustments were necessary on adoption. The remaining changes in the update do not have an effect on the Company’s accounting for stock-based compensation. In January 2017, the FASB issued new guidance to assist in determining if a set of assets and activities being acquired or sold is a business (“ASU 2017-01”). It also provided a framework to assist entities in evaluating whether both an input and a substantive process are present, which at a minimum, must be present to be considered a business. This update is effective for annual reporting periods beginning after December 15, 2017, and early adoption is permitted in most circumstances. The standard does not have an impact to the Company’s historical recognition of asset acquisitions and business combinations. However, the Company expects there would be an impact to how the Company accounts for assets acquired in the future. The Company has adopted the standard early for the fiscal year ended November 30, 2018. | | Accounting for certain financial instruments with down round features |
In July 2017, the FASB issued a two-part Accounting Standards Update (“ASU”), No. 2017-11, Earnings Per Share (ASC 260), Distinguishing Liabilities from Equity (ASC 480), Derivatives and Hedging (ASC 815): I. Accounting for Certain Financial Instruments with Down Round Features and II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception. Under the guidance, entities will no longer consider a down round feature when determining whether a free-standing financial instrument or an embedded feature that contains a down round feature is considered indexed to the entity’s own stock under ASC 815-40 which is required for a freestanding financial instrument to be classified in shareholder’s equity and may exempt an embedded feature from bifurcation and derivative accounting. Entities will recognize the effect of a down round feature only when it is triggered. ASU 2017-11 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 and early adoption is permitted. The Company has adopted this guidance for the fiscal year ended November 30, 2018.
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v3.10.0.1
Mineral properties and development costs (Tables)
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9 Months Ended |
Aug. 31, 2018 |
Mineral Industries Disclosures [Abstract] |
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Schedule of Mineral Properties and Development Costs [Table Text Block] |
On January 11, 2010, NovaGold Resources Inc. (“NovaGold”), through Alaska Gold Company (“AGC”), at the time a wholly-owned NovaGold subsidiary, purchased 100% of the Ambler lands in Northwest Alaska, which contains the copper-zinc-lead-gold-silver Arctic Project and other mineralized targets within the volcanogenic massive sulfide belt, through a series of cash and share payments. Total fair value of the consideration was $26.6 million. The vendor retained a 1% net smelter return royalty that the Company can purchase at any time for a one-time payment of $10.0 million. The Ambler lands were acquired on October 17, 2011 by Trilogy Metals US through a purchase and sale agreement with AGC. On October 24, 2011, NovaGold transferred its ownership of Trilogy Metals US to the Company, then itself a wholly owned subsidiary of NovaGold, which was subsequently spun-out to NovaGold shareholders and publicly listed on April 30, 2012 (“NovaGold Arrangement”). On October 19, 2011, Trilogy Metals US acquired the exclusive right to explore and the non-exclusive right to access and enter on the Bornite lands, and lands deeded to NANA Regional Corporation, Inc. (“NANA”) through the Alaska Native Claims Settlement Act, located adjacent to the Ambler lands in Northwest Alaska. As consideration, Trilogy Metals US paid $4 million to acquire the right to explore and develop the combined Upper Kobuk Mineral Projects through an Exploration Agreement and Option to Lease with NANA. Upon a decision to proceed with construction of a mine on the lands, NANA maintains the right to purchase between a 16%-25% ownership interest in the mine or retain a 15% net proceeds royalty which is payable after Trilogy Metals US has recovered certain historical costs, including capital and cost of capital. Should NANA elect to purchase an ownership interest, consideration will be payable equal to all historical costs incurred on the properties at the elected percentage purchased less $40 million, not to be less than zero. The parties would form a joint venture and be responsible for all future costs, including capital costs of the mine based on their pro-rata share. NANA would also be granted a net smelter return royalty of between 1% and 2.5% upon the execution of a mining lease or a surface use agreement, the amount of which is determined by the classification of land from which production originates.
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Schedule of Mineral Property Expenses [Table Text Block] |
| | Three months ended August 31, 2018 $ | | | Three months ended August 31, 2017 $ | | | Nine months ended August 31, 2018 $ | | | Nine months ended August 31, 2017 $ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Geochemistry and geophysics | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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- DefinitionThe Company has a Restricted Share Unit Plan ("RSU Plan") and a Non-Executive Director Deferred Share Unit Plan ("DSU Plan") to provide long-term incentives to employees, officers and directors..
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Investments (Narrative) (Details) $ in Millions |
|
1 Months Ended |
9 Months Ended |
Sep. 01, 2016
CAD ($)
shares
|
Apr. 20, 2018 |
Aug. 31, 2018
USD ($)
shares
|
Aug. 31, 2017
USD ($)
shares
|
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued |
1,000,000
|
|
|
|
Noncash or Part Noncash Acquisition, Investments Acquired Shares |
5,000,000
|
|
|
|
Sale of Stock, Number of Shares Issued in Transaction |
|
|
2,365,000
|
1,519,000
|
Sale of Stock, Consideration Received on Transaction | $ |
|
|
$ 2.3
|
$ 2.2
|
Trading Securities, Realized Loss | $ |
|
|
0.3
|
0.2
|
Trading Securities, Change in Unrealized Holding Gain (Loss) | $ |
|
|
$ 0.0
|
$ (1.3)
|
Warrant Expiration Date |
|
Jul. 02, 2019
|
Sep. 01, 2018
|
|
GoldMining Inc [Member] |
|
|
|
|
Noncash or Part Noncash Acquisition, Shares Held |
|
|
0
|
3,371,000
|
Noncash or Part Noncash Acquisition, Warrants Held |
|
|
1,000,000
|
1,000,000
|
Sunward Investments [Member] |
|
|
|
|
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$ 3.50
|
|
|
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Aug. 31, 2018 |
Nov. 30, 2017 |
Current investments |
$ 0
|
$ 2,516
|
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Aug. 31, 2018 |
Nov. 30, 2017 |
Cost |
$ 3,792
|
$ 3,817
|
Accumulated amortization |
(3,429)
|
(3,339)
|
Net |
363
|
478
|
Furniture and equipment [Member] | British Columbia, Canada [Member] |
|
|
Cost |
63
|
63
|
Accumulated amortization |
(14)
|
(4)
|
Net |
49
|
59
|
Leasehold improvements [Member] | British Columbia, Canada [Member] |
|
|
Cost |
53
|
85
|
Accumulated amortization |
(8)
|
(34)
|
Net |
45
|
51
|
Computer hardware and software [Member] | British Columbia, Canada [Member] |
|
|
Cost |
115
|
108
|
Accumulated amortization |
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|
(105)
|
Net |
7
|
3
|
Computer hardware and software [Member] | Alaska, USA [Member] |
|
|
Cost |
35
|
35
|
Accumulated amortization |
(33)
|
(32)
|
Net |
2
|
3
|
Machinery, and equipment[Member] | Alaska, USA [Member] |
|
|
Cost |
3,178
|
3,178
|
Accumulated amortization |
(2,939)
|
(2,855)
|
Net |
239
|
323
|
Vehicles [Member] | Alaska, USA [Member] |
|
|
Cost |
348
|
348
|
Accumulated amortization |
(327)
|
(309)
|
Net |
$ 21
|
$ 39
|
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v3.10.0.1
Mineral properties and development costs (Narrative) (Details) - USD ($) $ in Thousands |
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
12 Months Ended |
165 Months Ended |
Apr. 10, 2017 |
Oct. 19, 2011 |
Jan. 11, 2010 |
Oct. 31, 2017 |
Oct. 19, 2011 |
Aug. 31, 2018 |
Aug. 31, 2017 |
Aug. 31, 2018 |
Aug. 31, 2017 |
Nov. 30, 2017 |
Aug. 31, 2018 |
Mineral properties expense |
|
|
|
|
|
$ 9,051
|
$ 8,471
|
$ 12,657
|
$ 10,407
|
|
|
Maximum Subscription Price |
$ 150,000
|
|
|
|
|
|
|
|
|
|
|
Cost, Maintenance |
10,000
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Contributions from Affiliates |
|
|
|
|
|
|
|
10,435
|
$ 10,000
|
|
|
Payments to Acquire Projects |
$ 5,000
|
|
|
|
|
|
|
|
|
|
|
Approximations |
|
|
|
|
|
|
|
|
|
|
|
Payments for mineral property |
|
|
|
|
|
|
|
|
|
|
$ 121,600
|
Acquisition costs |
|
|
|
|
|
|
|
|
|
|
30,600
|
Mineral properties expense |
|
|
|
|
|
|
|
|
|
|
$ 91,000
|
Titiribi Property [Member] |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Contributions from Affiliates |
|
|
|
$ 400
|
|
|
|
10,400
|
|
$ 10,000
|
|
Proceeds From Advances from Affiliates |
|
|
|
|
|
|
|
$ 800
|
|
|
|
Bornite Property [Member] |
|
|
|
|
|
|
|
|
|
|
|
Payments for mineral property |
|
$ 4,000
|
|
|
|
|
|
|
|
|
|
Net proceeds royalty |
|
|
|
|
15.00%
|
|
|
|
|
|
|
Discount on consideration |
|
$ 40,000
|
|
|
$ 40,000
|
|
|
|
|
|
|
Bornite Property [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Mineral property interest percentage |
|
16.00%
|
|
|
16.00%
|
|
|
|
|
|
|
Net smelter return royalty |
|
|
|
|
1.00%
|
|
|
|
|
|
|
Bornite Property [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Mineral property interest percentage |
|
25.00%
|
|
|
25.00%
|
|
|
|
|
|
|
Net smelter return royalty |
|
|
|
|
2.50%
|
|
|
|
|
|
|
Ambler Property [Member] |
|
|
|
|
|
|
|
|
|
|
|
Mineral property interest percentage |
|
|
100.00%
|
|
|
|
|
|
|
|
|
Mineral property, fair value of consideration |
|
|
$ 26,600
|
|
|
|
|
|
|
|
|
Net smelter return royalty |
|
|
1.00%
|
|
|
|
|
|
|
|
|
Purchase price of the net smelter royalty |
|
|
$ 10,000
|
|
|
|
|
|
|
|
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v3.10.0.1
Schedule of Mineral Properties and Development Costs (Details) - USD ($) $ in Thousands |
3 Months Ended |
12 Months Ended |
|
Aug. 31, 2018 |
Nov. 30, 2017 |
Nov. 30, 2016 |
Mineral properties and development costs |
|
$ 30,587
|
$ 30,587
|
|
Alaska, USA [Member] |
|
|
|
|
Acquisition costs |
|
0
|
0
|
|
Mineral properties and development costs |
|
30,587
|
30,587
|
$ 30,586
|
Ambler Propertyss [Member] | Alaska, USA [Member] |
|
|
|
|
Acquisition costs |
[1] |
0
|
1
|
|
Mineral properties and development costs |
[1] |
26,587
|
26,587
|
26,586
|
Bornite Propertys [Member] | Alaska, USA [Member] |
|
|
|
|
Acquisition costs |
[2] |
0
|
0
|
|
Mineral properties and development costs |
[2] |
$ 4,000
|
$ 4,000
|
$ 4,000
|
|
|
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v3.10.0.1
Schedule of Mineral Property Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Aug. 31, 2018 |
Aug. 31, 2017 |
Aug. 31, 2018 |
Aug. 31, 2017 |
Mineral property expense |
$ 9,051
|
$ 8,471
|
$ 12,657
|
$ 10,407
|
Alaska, USA [Member] |
|
|
|
|
Community |
81
|
67
|
324
|
201
|
Drilling |
3,624
|
3,194
|
3,804
|
3,284
|
Engineering |
259
|
1,085
|
785
|
1,508
|
Environmental |
326
|
122
|
488
|
181
|
Geochemistry and geophysics |
420
|
146
|
1,066
|
151
|
Land and permitting |
118
|
215
|
463
|
667
|
Project support |
2,703
|
2,307
|
3,381
|
2,641
|
Other income |
0
|
(26)
|
(20)
|
(26)
|
Wages and benefits |
$ 1,520
|
$ 1,361
|
$ 2,366
|
$ 1,800
|
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v3.10.0.1
Share capital (Narrative) (Details)
|
1 Months Ended |
9 Months Ended |
|
|
Apr. 20, 2018
USD ($)
$ / shares
shares
|
Dec. 31, 2017
shares
|
Dec. 27, 2017
shares
|
Aug. 31, 2018
USD ($)
$ / shares
shares
|
Aug. 31, 2018
USD ($)
$ / shares
$ / shares
shares
|
Aug. 31, 2017
USD ($)
shares
|
Aug. 31, 2017
USD ($)
$ / shares
|
Aug. 31, 2018
$ / shares
|
Nov. 30, 2017
$ / shares
|
Stock options granted, weighted average exericse price | $ / shares |
|
|
|
|
$ 1.15
|
|
$ 0.72
|
|
|
Stock-based compensation |
|
|
|
$ 1,277,000
|
|
$ 603,000
|
|
|
|
Non-vested stock options outstanding | shares |
|
|
|
9,014,768
|
9,014,768
|
|
|
|
|
Weighted average exercise price options outstanding | $ / shares |
|
|
|
$ 0.62
|
$ 0.62
|
|
|
|
|
Aggregate intrinsic value, vested options |
|
|
|
$ 9,200,000
|
$ 9,200,000
|
2,800,000
|
$ 2,800,000
|
|
|
Aggregate intrinsic value, options exercised |
|
|
|
400,000
|
|
150,000
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested , Number | shares |
|
|
800,000
|
|
|
|
|
|
|
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | shares |
|
|
800,000
|
|
|
|
|
|
|
Stock Issued During Period, Value, New Issues |
|
|
|
28,750,000
|
|
|
|
|
|
Legal Fees |
$ 1,800,000
|
|
|
|
|
|
|
|
|
Proceeds from Issuance of Common Stock |
26,900,000
|
|
|
$ (1,805,000)
|
|
0
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares |
|
|
|
$ 1.52
|
$ 1.52
|
|
|
|
$ 1.60
|
Adjustments to Additional Paid in Capital, Warrant Issued |
$ 90,000
|
|
|
|
|
|
|
|
|
Warrant Expiration Date |
Jul. 02, 2019
|
|
|
Sep. 01, 2018
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
$ 0
|
|
0
|
|
|
|
Stock Issued During Period, Value, New Issues |
$ 28,800,000
|
|
|
$ 28,750,000
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues | shares |
24,784,482
|
|
|
24,784,482
|
|
|
|
|
|
Shares Issued, Price Per Share | $ / shares |
$ 1.16
|
|
|
|
|
|
|
|
|
Non-Vested Options [Member] |
|
|
|
|
|
|
|
|
|
Non-vested stock options outstanding | shares |
|
|
|
1,586,676
|
1,586,676
|
|
|
|
|
Weighted average exercise price options outstanding | $ / shares |
|
|
|
|
|
|
|
$ 0.85
|
|
Number of DSU's [Member] |
|
|
|
|
|
|
|
|
|
Common stock committed for issuance | shares |
|
|
|
11,927
|
11,927
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares |
|
|
|
1,988
|
1,988
|
|
|
|
|
Stock Compensation Plan [Member] |
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
$ 560,000
|
|
$ 290,000
|
|
|
|
Approximationss [Member] | Non-Vested Options [Member] |
|
|
|
|
|
|
|
|
|
Stock option expense |
|
|
|
$ 640,000
|
|
|
|
|
|
Officer [Member] | Restricted Stock Units (RSUs) [Member] | First Vesting Shares [Member] |
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares |
|
300,000
|
|
|
|
|
|
|
|
Officer [Member] | Restricted Stock Units (RSUs) [Member] | Second Vesting Shares [Member] |
|
|
|
|
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares |
|
300,000
|
|
|
|
|
|
|
|
New Employees [Member] |
|
|
|
|
|
|
|
|
|
Stock options granted, weighted average exericse price | $ / shares |
|
|
|
$ 0.43
|
|
|
|
|
|
Stock options granted | shares |
|
|
|
2,395,000
|
|
1,695,000
|
|
|
|
Directors, Employees and Services Providers [Member] |
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
$ 710,000
|
|
$ 310,000
|
|
|
|
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v3.10.0.1
Schedule of Common Shares Issued and Outstanding (Details) - USD ($) $ in Thousands |
1 Months Ended |
9 Months Ended |
12 Months Ended |
Apr. 20, 2018 |
Aug. 31, 2018 |
Nov. 30, 2017 |
Number of shares |
|
105,684,523
|
105,286,469
|
Ascribed value |
|
$ 136,525
|
$ 136,357
|
Bought deal financing |
|
28,750
|
|
Share issuance costs |
|
(1,805)
|
|
Exercise of options (shares) |
|
|
188,856
|
Exercise of options |
|
|
$ 85
|
Restricted Share Units (Shares) |
|
|
209,198
|
Restricted Share Units |
|
|
$ 83
|
NovaGold DSU Conversion |
|
$ 0
|
|
Number of shares |
|
131,533,953
|
105,684,523
|
Ascribed value |
|
$ 164,034
|
$ 136,525
|
Share capital [Member] |
|
|
|
Bought deal financing (Shares) |
24,784,482
|
24,784,482
|
|
Bought deal financing |
$ 28,800
|
$ 28,750
|
|
Share issuance costs |
|
$ (1,805)
|
|
Exercise of options (shares) |
|
263,928
|
|
Exercise of options |
|
$ 105
|
|
Restricted Share Units (Shares) |
|
800,000
|
|
Restricted Share Units |
|
$ 457
|
|
NovaGold DSU Conversion (Shares) |
|
1,020
|
|
NovaGold DSU Conversion |
|
$ 2
|
|
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v3.10.0.1
Schedule of Stock Options Activity (Details)
|
9 Months Ended |
Aug. 31, 2018
$ / shares
shares
|
Aug. 31, 2018
$ / shares
shares
|
Aug. 31, 2017
$ / shares
|
Weighted average exercise price, Granted |
|
$ 1.15
|
$ 0.72
|
Balance - End of Period, Number of stock options | shares |
9,014,768
|
9,014,768
|
|
Balance - End of Period, Weighted average exercise price |
$ 0.62
|
|
|
Stock option [Member] |
|
|
|
Balance – beginning of the year, Number of stock Options | shares |
7,127,500
|
7,127,500
|
|
Balance – beginning of the year, Weighted average exercise price |
$ 0.54
|
|
|
Number of options, Granted | shares |
2,395,000
|
2,395,000
|
|
Weighted average exercise price, Granted |
$ 0.88
|
|
|
Number of options, Exercised | shares |
(412,732)
|
(412,732)
|
|
Weighted average exercise price, Exercised |
$ 0.58
|
|
|
Number of options, Forfeited | shares |
(70,000)
|
(70,000)
|
|
Weighted average exercise price, Forfeited |
$ 1.10
|
|
|
Number of options, Expired | shares |
(25,000)
|
(25,000)
|
|
Weighted average exercise price, Expired |
$ 1.52
|
|
|
Balance - End of Period, Number of stock options | shares |
9,014,768
|
9,014,768
|
|
Balance - End of Period, Weighted average exercise price |
$ 0.62
|
|
|
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v3.10.0.1
Schedule of Disclosure of Stock Options Outstanding (Details)
|
9 Months Ended |
Aug. 31, 2018
$ / shares
shares
|
Number of outstanding options |
9,014,768
|
Weighted average years to expiry |
2 years 8 months 5 days
|
Weighted average exercise price options outstanding | $ / shares |
$ 0.62
|
Number of exercisable options |
7,428,092
|
Weighted average exercise price exercisable | $ / shares |
$ 0.57
|
Number of unvested options |
1,586,676
|
Range 1 [Member] |
|
Number of outstanding options |
4,006,433
|
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1 year 11 months 12 days
|
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$ 0.40
|
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4,006,433
|
Weighted average exercise price exercisable | $ / shares |
$ 0.40
|
Number of unvested options |
0
|
Range 2 [Member] |
|
Number of outstanding options |
4,663,335
|
Weighted average years to expiry |
3 years 1 month 24 days
|
Weighted average exercise price options outstanding | $ / shares |
$ 0.74
|
Number of exercisable options |
3,329,993
|
Weighted average exercise price exercisable | $ / shares |
$ 0.75
|
Number of unvested options |
1,333,342
|
Range 3 [Member] |
|
Number of outstanding options |
345,000
|
Weighted average years to expiry |
4 years 10 months 2 days
|
Weighted average exercise price options outstanding | $ / shares |
$ 1.47
|
Number of exercisable options |
91,666
|
Weighted average exercise price exercisable | $ / shares |
$ 1.19
|
Number of unvested options |
253,334
|
X |
- DefinitionWeighted average years to expiry
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v3.10.0.1
Schedule of Unit Plans and Changes Activity (Details)
|
9 Months Ended |
Aug. 31, 2018
shares
|
Number of RSU's [Member] |
|
Balance – beginning of the year |
600,002
|
Granted |
600,000
|
Vested/paid |
(800,000)
|
Balance - end of period |
400,002
|
Number of DSU's [Member] |
|
Balance – beginning of the year |
1,041,231
|
Granted |
109,670
|
Vested/paid |
0
|
Balance - end of period |
1,150,901
|
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