T
Trilogy Metals Inc.
TMQCIK 0001543418NYSENon-AcceleratedSmaller ReportingGold And Silver OresA1CAFY ends Nov 30
Period
FY 2025
Revenue
—
Net Income
—
Total Assets
$157.30M
Equity
$124.12M
Shares Out
175.55M
Op. Cash Flow
$-3.25M
Business
Trilogy Metals Inc. explores and develops the Upper Kobuk Mineral Projects in the Ambler Mining District of Northwest Alaska through its interest in Ambler Metals. It advances the Arctic Project, a high-grade polymetallic volcanogenic massive sulfide deposit, and the Bornite Project, a carbonate-hosted copper deposit, while conducting early-stage exploration via a wholly owned subsidiary. Key business arrangements include the 50/50 Ambler Metals joint venture with South32, Trilogy Metals US and 995 Exploration Inc., and the NANA Agreement oversight. Operations are focused on Northwest Alaska field seasons and involve engagement with local communities and regulatory processes.
Summary from filing dated 2025-02-14
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-11-30 | FY 2024 2024-11-30 | FY 2023 2023-11-30 | FY 2022 2022-11-30 | FY 2021 2021-11-30 |
|---|---|---|---|---|---|---|
| Amortization | — | 4,000 | 8,000 | 17,000 | 21,000 | |
| Exploration expenses | 166,000 | 36,000 | 43,000 | 47,000 | 143,000 | |
| Foreign exchange (gain) loss | −17,000 | −1,000 | 5,000 | −18,000 | 36,000 | |
| General and administrative | 1 | 1 | 1 | 1 | 2 | |
| Investor relations | 161,000 | 72,000 | 130,000 | 183,000 | 602,000 | |
| Professional fees | 2 | 923,000 | 1 | 998,000 | 818,000 | |
| Salaries | 2 | 927,000 | 753,000 | 984,000 | 2 | |
| Salaries and directors expense - stock-based compensation (note 7) | 3 | 4 | 4 | 3 | 3 | |
| Total expenses | 9 | 7 | 7 | 7 | 9 | |
| Interest and other income | −1 | −748,000 | −120,000 | −34,000 | −16,000 | |
| Share of loss on equity investment (note 3(b)) | 11 | 3 | 8 | 17 | 13 | |
| Loss on derivative carried at fair market value (note 6) | 23 | — | — | — | — | |
| Loss and comprehensive loss for the year | −42 | −9 | −15 | −24 | −22 | |
| Basic loss per common share | −0.26 | −0.05 | −0.1 | −0.17 | −0.15 | |
| Diluted loss per common share | −0.26 | −0.05 | −0.1 | −0.17 | −0.15 | |
| Basic weighted average number of common shares outstanding | 165 | 160 | 153 | 146 | 144 | |
| Diluted weighted average number of common shares outstanding | 165 | 160 | 153 | 146 | 144 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-11-30 | FY 2024 2024-11-30 | FY 2024 2024-06-30 | FY 2023 2023-11-30 | FY 2022 2022-11-30 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 52 | 26 | — | 3 | — | |
| Accounts receivable | 118,000 | 16,000 | — | 33,000 | 17,000 | |
| Deposits and prepaid amounts | 193,000 | 195,000 | — | 259,000 | 320,000 | |
| Total current assets | 52 | 26 | — | 3 | 3 | |
| Investment in Ambler Metals LLC (note 3) | 105 | 107 | — | 135 | 143 | |
| Right of use asset (note 5(a)) | 117,000 | 155,000 | 170,000 | 113,000 | 319,000 | |
| Total assets | 157 | 134 | — | 138 | 146 | |
| Accounts payable and accrued liabilities (note 4) | 2 | 756,000 | — | 432,000 | 345,000 | |
| Current portion of lease liability (note 5b) | 41,000 | 37,000 | — | 33,000 | 189,000 | |
| Derivative liability (note 6) | 31 | — | — | — | — | |
| Total current liabilities | 33 | 793,000 | — | 465,000 | 534,000 | |
| Long-term portion of lease liability (note 5(b)) | 70,000 | 110,000 | — | — | 33,000 | |
| Total liabilities | 33 | 903,000 | — | 465,000 | 567,000 | |
| Share capital (note 7) - unlimited common shares authorized, no par value issued - 171,069,888 (2024 - 161,085,313) | 225 | 191 | — | 188 | 182 | |
| Contributed surplus | 118,000 | 118,000 | — | 118,000 | 122,000 | |
| Contributed surplus - options (note 7(a)) | 27 | 29 | — | 28 | 27 | |
| Contributed surplus - units (note 7(b)) | 4 | 4 | — | 3 | 3 | |
| Deficit | −133 | −90 | — | −82 | −67 | |
| Total shareholders' equity | 124 | 133 | — | 138 | 145 | |
| Total liabilities and shareholders' equity | 157 | 134 | — | 138 | 146 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-11-30 | FY 2024 2024-11-30 | FY 2023 2023-11-30 | FY 2022 2022-11-30 | FY 2021 2021-11-30 |
|---|---|---|---|---|---|---|
| Amortization | — | 4,000 | 8,000 | 17,000 | 21,000 | |
| Consulting fees settled by common shares | 30,000 | 120,000 | 116,000 | 114,000 | — | |
| Office lease accounting | 2,000 | 76,000 | 17,000 | −16,000 | −15,000 | |
| Loss on derivative carried at fair market value | 23 | — | — | — | — | |
| Unrealized foreign exchange (gain)/loss | −17,000 | −2,000 | 5,000 | −18,000 | 10,000 | |
| Stock-based compensation | 3 | 4 | 4 | 3 | 3 | |
| Decrease/(increase) in accounts receivable | 8,000 | 17,000 | −16,000 | 2,000 | 110,000 | |
| Decrease in deposits and prepaid amounts | 2,000 | 64,000 | 61,000 | −64,000 | −101,000 | |
| Increase/(decrease) in accounts payable and accrued liabilities | 2 | 324,000 | −64,000 | −506,000 | −36,000 | |
| Total cash flows used in operating activities | −3 | −2 | −3 | −4 | −5 | |
| Proceeds from issuance of common shares, net of share issue costs | 24 | — | 3 | — | — | |
| Proceeds from exercise of options | 6 | 74,000 | — | 54,000 | 416,000 | |
| Total cash flows from financing activities | 30 | 74,000 | 3 | 54,000 | 416,000 | |
| Return of capital from Ambler Metals LLC (note 3(b)) | — | 25 | — | — | — | |
| Contribution to Ambler Metals LLC | −1 | — | — | — | — | |
| Total cash (used in)/flows from investing activities | −1 | 25 | — | 142,000 | −119,000 | |
| Change in cash | 26 | 23 | 22,000 | −4 | −5 | |
| Effect of exchange rate on cash | 17,000 | −2,000 | −5,000 | 4,000 | 3,000 |
Filings
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