What changed in this filing

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Item 1A. Risk Factors

2020-10-07 compared with 2020-07-08 · 15 added, 36 removed, 0 unchanged (100% of the section changed)

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 and the formation of the joint venture.

Except as set forth below, certain of these risks

and uncertainties are under the heading “Risk Factors” under Trilogy’s Form 10-K dated February 13,

2020 which is available on SEDAR at www.sedar.com , EDGAR at www.sec.gov and on our website at www.trilogymetals.com.

The outbreak of the coronavirus (COVID-19)

may affect our operations.

The Company faces risks related to health

epidemics and other outbreaks of communicable diseases, which could significantly disrupt its operations and may materially and

adversely affect its business and financial conditions.

The Company’s business could be

adversely impacted by the effects of the coronavirus or other epidemics.

In December 2019, a novel strain of the coronavirus

emerged in China and the virus has now spread to several other countries, including Canada and the U.S., and infections have been

reported globally.

The extent to which the coronavirus impacts the Company’s business, including exploration and development

activities at Ambler Metals and the market for its securities, will depend on future developments, which are highly uncertain

and cannot be predicted at this time, and include the duration, severity and scope of the outbreak and the actions taken to contain

or treat the coronavirus outbreak.

In particular, the continued spread of the coronavirus and travel and other restrictions established

to curb the spread of the coronavirus, could materially and adversely impact the Company’s business including without limitation,

the planned exploration programs at Ambler Metals during the 2020 field season, employee health, workforce productivity, increased

insurance premiums, limitations on travel, the availability of industry experts and personnel, the timing to process drill and

other metallurgical testing, and other factors that will depend on future developments beyond the Company’s control, which

may have a material and adverse effect on the its business, financial condition and results of operations.

There can be no assurance that the Company's

personnel will not be impacted by these pandemic diseases and ultimately see its workforce productivity reduced or incur increased

medical costs or insurance premiums as a result of these health risks.

In addition, a significant outbreak of

coronavirus could result in a widespread global health crisis that could adversely affect global economies and financial markets

resulting in an economic downturn that could have an adverse effect on the demand for precious metals and our future prospects.

Sales of Equity Securities and Use of Proceeds

Upon Senior Securities

Safety Disclosures

These disclosures are not applicable to

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 and the formation of the joint venture.

Except as set forth below, certain of these risks and uncertainties are under the heading “Risk Factors” under Trilogy’s Form 10-K dated February 13, 2020 which is available on SEDAR at www.sedar.com, EDGAR at www.sec.gov and on our website at www.trilogymetals.com.

The outbreak of the coronavirus (COVID-19) may affect our operations.

The Company faces risks related to health epidemics and other outbreaks of communicable diseases, which could significantly disrupt its operations and may materially and adversely affect its business and financial conditions.

The Company’s business could be adversely impacted by the effects of the coronavirus or other epidemics.

In December 2019, a novel strain of the coronavirus emerged in China and the virus has now spread to several other countries, including Canada and the U.S., and infections have been reported globally.

The extent to which the coronavirus impacts the Company’s business, including exploration and development activities at Ambler Metals and the market for its securities, will depend on future developments, which are highly uncertain and cannot be predicted at this time, and include the duration, severity and scope of the outbreak and the actions taken to contain or treat the coronavirus outbreak.

In particular, the continued spread of the coronavirus and travel and other restrictions established to curb the spread of the coronavirus, has and could continue to materially and adversely impact the Company’s business including without limitation, the planned exploration programs at Ambler Metals (see “Deferral of the 2020 Summer Exploration Program at the UKMP” above), employee health, workforce productivity, increased insurance premiums, limitations on travel, the availability of industry experts and personnel, the timing to process drill and other metallurgical testing, and other factors that will depend on future developments beyond the Company’s control, which may have a material and adverse effect on the its business, financial condition and results of operations.

There can be no assurance that the Company's personnel will not be impacted by these pandemic diseases and ultimately see its workforce productivity reduced or incur increased medical costs or insurance premiums as a result of these health risks.

Unregistered Sales of Equity Securities and Use of Proceeds

Defaults Upon Securities

Mine Safety Disclosures

These disclosures are not applicable to us.

Trilogy Metals Inc.

For the Quarter Ended August 31, 2020

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors