What changed in this filing

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Item 1. Financial Statements

2024-07-10 compared with 2024-04-03 · 110 added, 114 removed, 240 unchanged (48% of the section changed)

1 unchanged sentence

Trilogy Metals Inc.

Interim Consolidated Balance Sheets

Condensed Interim Consolidated Balance Sheets

in thousands of US dollars

February 29, 2024

November 30, 2023

18 unchanged sentences

Total liabilities and shareholders' equity

Commitments (note 8)

(See accompanying notes to the interim consolidated financial statements)

Subsequent Events (note 8)

(See accompanying notes to the condensed interim consolidated financial statements)

/s/ Tony Giardini, President, CEO and Director

2 unchanged sentences

Trilogy Metals Inc.

For the Quarter Ended February 29, 2024

For the Quarter Ended May 31, 2024

Trilogy Metals Inc.

Interim Consolidated Statements of Loss

Condensed Interim Consolidated Statements of Loss

and Comprehensive Loss

1 unchanged sentence

For the three months ended

February 29, 2024

February 28, 2023

For the six months ended

Exploration expenses

13 unchanged sentences

Diluted weighted average number of common shares outstanding

(See accompanying notes to the interim consolidated financial statements)

(See accompanying notes to the condensed interim consolidated financial statements)

Trilogy Metals Inc.

For the Quarter Ended February 29, 2024

For the Quarter Ended May 31, 2024

Trilogy Metals Inc.

Interim Consolidated Statements of Changes in Shareholders’ Equity

Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity

in thousands of US dollars, except share amounts

9 unchanged sentences

Balance – February 28, 2023

Shares issued for private placement, net of share issue cost

Restricted Share Units

Deferred Share Units conversion

Services settled by common shares

Stock-based compensation

Loss for the period

Balance – May 31, 2023

Balance – November 30, 2023

5 unchanged sentences

Balance – February 29, 2024

(See accompanying notes to the interim consolidated financial statements)

Restricted Share Units

Services settled by common shares

Stock-based compensation

Loss for the period

Balance – May 31, 2024

(See accompanying notes to the condensed interim consolidated financial statements)

Trilogy Metals Inc.

For the Quarter Ended February 29, 2024

For the Quarter Ended May 31, 2024

Trilogy Metals Inc.

Interim Consolidated Statements of Cash Flows

Condensed Interim Consolidated Statements of Cash Flows

in thousands of US dollars

For the three months ended

February 29, 2024

February 28, 2023

For the six months ended

Cash flows used in operating activities

Loss for the period

Adjustments to reconcile net loss to cash flows in operating activities

Adjustments to reconcile net loss to cash flows used in operating activities

Consulting fees settled by common shares

4 unchanged sentences

Net change in non-cash working capital

Decrease (increase) in accounts receivable

Decrease in accounts receivable

Decrease in deposits and prepaid amounts

2 unchanged sentences

Cash flows from financing activities

Issuance of common shares, net of share issue cost (note 6(a))

Total cash flows from financing activities

Cash flows from investing activities

Return of capital from Ambler Metals LLC (note 3(c))

Total cash flows from investing activities

Decrease in cash

Change in cash

Effect of exchange rate on cash

1 unchanged sentence

Cash and cash equivalents – end of the period

(See accompanying notes to the interim consolidated financial statements)

(See accompanying notes to the condensed interim consolidated financial statements)

Trilogy Metals Inc.

For the Quarter Ended February 29, 2024

For the Quarter Ended May 31, 2024

Trilogy Metals Inc.

Notes to the Interim Consolidated Financial Statements

1) Nature of operations and going concern

Notes to the Condensed Interim Consolidated Financial Statements

1) Nature of operations

Trilogy Metals Inc.

2 unchanged sentences

The Company also conducts early-stage exploration through a wholly owned subsidiary, 995 Exploration Inc.

These interim consolidated financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for at least twelve months from the date of approval of these consolidated financial statements.

As at February 29, 2024, the Company had working capital (current assets less current liabilities) of $ 1.7 million (2023 - $ 2.4 million) and an accumulated deficit of $ 85.4 million (2023 - $ 81.8 million).

The Company recorded a loss of $ 3.6 million and cash outflow from operations of $ 0.6 million for the quarter ended February 29, 2024.

The continued operations of the Company are dependent on its ability to obtain additional financing or to generate future cash flows.

The Company has no recurring source of operating cash inflows at its current stage.

The Company intends to finance its future requirements through a combination of debt and equity issuance.

There is no assurance that the Company will be able to obtain such financings or obtain them on favourable terms.

These material uncertainties raise substantial doubt about the Company’s ability to continue as a going concern.

These consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue as a going concern.

Such adjustments could be material.

2) Summary of significant accounting policies

Basis of presentation

These interim consolidated financial statements have been prepared using accounting principles generally accepted in the United States (“U.S.

These condensed interim consolidated financial statements have been prepared using accounting principles generally accepted in the United States (“U.S.

GAAP”) and include the accounts of Trilogy and its wholly owned subsidiaries, NovaCopper US Inc.

4 unchanged sentences

References to CDN$ refer to amounts in Canadian dollars.

These interim consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s financial position as of February 29, 2024 and our results of operations and cash flows for the three-month period ended February 29, 2024 and February 28, 2023.

The results of operations for the three-month period ended February 29, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2024.

As these interim consolidated financial statements do not contain all of the disclosures required by U.S.

GAAP for annual financial statements, these interim consolidated financial statements should be read in conjunction with the annual financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2023, filed with the U.S.

These condensed interim consolidated financial statements include all adjustments necessary for the fair statement of the Company’s financial position as of May 31, 2024 and our results of operations and cash flows for the six-month period ended May 31, 2024 and May 31, 2023.

The results of operations for the six-month period ended May 31, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending November 30, 2024.

As these condensed interim consolidated financial statements do not contain all of the disclosures required by U.S.

GAAP for annual financial statements, these condensed interim consolidated financial statements should be read in conjunction with the annual financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2023, filed with the U.S.

Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities on February 9, 2024.

These interim consolidated financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on April 2, 2024.

Trilogy Metals Inc.

For the Quarter Ended February 29, 2024

Trilogy Metals Inc.

Notes to the Interim Consolidated Financial Statements

These condensed interim consolidated financial statements were approved by the Company’s Audit Committee on behalf of the Board of Directors for issue on July 9, 2024.

Use of estimates and measurement uncertainties

1 unchanged sentence

GAAP requires management to make estimates and assumptions of future events that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenditures during the period.

Significant judgments include the assessment of potential indicators of impairment for our equity method investments where key judgement is the delay on the Ambler Access Project is temporary and the delay was considered when assessing indicators of impairment.

Significant estimates include the measurement of income taxes and the valuation of stock-based compensation.

1 unchanged sentence

Management assesses the possibility of impairment in the carrying value of its equity method investment in Ambler Metals whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable.

Ambler Metals is a non-publicly traded equity investment owning exploration and development projects.

Significant judgments are made in assessing the possibility of impairment.

Management considers factors that may be indicative of an impairment include a loss in the value of an investment that is not temporary.

Factors consider include but are not limited to, sustained losses by the investment, the absence of the ability to recover the carrying amount of the investment, significant changes in the legal, business or regulatory environment, significant adverse changes impacting the investee and internal reporting indicating the economic performance of an investment is, or will be, worse than expected.

These factors are subjective and require consideration at each period end.

The Company assesses whether there has been a potential triggering event for other-than-temporary impairment by assessing the underlying assets of Ambler Metals for recoverability and assessing whether there has been a change in the development plan or strategy for the projects.

If the Company concludes there is sufficient evidence for an other-than-temporary impairment, an assessment of fair value is performed.

If the underlying assets are not recoverable, the Company will record an impairment charge equal to the difference between the carrying amount of the equity investment and its fair value.

This assessment is subjective and require consideration at each period end.

Trilogy Metals Inc.

For the Quarter Ended May 31, 2024

Trilogy Metals Inc.

Notes to the Condensed Interim Consolidated Financial Statements

3) Investment in Ambler Metals LLC

2 unchanged sentences

As part of the formation of the joint venture, Trilogy contributed all its assets associated with the UKMP, including the Arctic and Bornite Projects, while South32 contributed cash of $ 145.0 million, resulting in each party’s subsidiaries directly owning a 50 % interest in Ambler Metals.

Ambler Metals is an independently operated company jointly controlled by Trilogy and South32 through a four -member board, of which two members are appointed by Trilogy based on its 50 % equity interest.

Ambler Metals is a company jointly controlled by Trilogy and South32 through a four -member board, of which two members are appointed by Trilogy based on its 50 % equity interest.

All significant decisions related to the UKMP require the approval of both companies.

2 unchanged sentences

As we have significant influence over Ambler Metals through our representation on its board, we use the equity method of accounting for our investment in Ambler Metals.

Our investment in Ambler Metals was initially measured at its fair value of $ 176 million upon recognition.

Our maximum exposure to loss in this entity is limited to the carrying amount of our investment in Ambler Metals, which, as February 29, 2024, totaled $ 134 million.

Our maximum exposure to loss in this entity is limited to the carrying amount of our investment in Ambler Metals, which, as of May 31, 2024, totaled $ 121.2 million.

Carrying value of equity method investment

Trilogy recognized, based on its 50 % ownership interest in Ambler Metals, an equity loss equivalent to its pro rata share of Ambler Metals’ comprehensive loss of $ 1.6 million for the three-month period ending February 29, 2024 (2023 - $ 3.0 million).

During the three-month period ending February 29, 2024, Trilogy made a $ 112,000 equity contribution to Ambler Metals through the issuance of 143,507 common shares of the Company as part of the long-term incentive compensation for Ambler Metals executives.

Trilogy recognized, based on its 50 % ownership interest in Ambler Metals, an equity loss equivalent to its pro rata share of Ambler Metals’ comprehensive loss of $ 0.6 million for the three-month period ending May 31, 2024 (2023 - $ 1.6 million) and $ 1.4 million for the six-month period ending May 31, 2024 (2023 - $ 3.1 million).

During the six-month period ending May 31, 2024, Trilogy made a $ 112,000 equity contribution to Ambler Metals through the issuance of 143,507 common shares of the Company as part of the long-term incentive compensation for Ambler Metals executives.

Likewise, South32 made an equivalent equity contribution to Ambler Metals for $ 112,000 in cash for their 50 % share.

The carrying value of Trilogy’s 50 % investment in Ambler Metals as at February 29, 2024 is summarized on the following table.

Trilogy Metals Inc.

For the Quarter Ended February 29, 2024

Trilogy Metals Inc.

Notes to the Interim Consolidated Financial Statements

The carrying value of Trilogy’s 50 % investment in Ambler Metals as at May 31, 2024 is summarized on the following table.

in thousands of dollars

1 unchanged sentence

Joint venture equity contribution

Share of loss on equity investment for the three month period ending February 29, 2024

February 29, 2024, Investment in Ambler Metals

The following table summarizes Ambler Metals’ Balance Sheet as at February 29, 2024.

Return of capital

Share of loss on equity investment for the six-month period ending May 31, 2024

May 31, 2024, Investment in Ambler Metals

The following table summarizes Ambler Metals’ Balance Sheet as at May 31, 2024.

in thousands of dollars

February 29, 2024

November 30, 2023

4 unchanged sentences

Members' equity (total assets less total liabilities)

Members’ cash and cash equivalents are held at one bank, the majority of cash and cash equivalent is uninsured as at February 29, 2024.

(d) The following table summarizes Ambler Metals' loss for the three-month period ending February 29, 2024 and February 28, 2023.

Trilogy Metals Inc.

For the Quarter Ended May 31, 2024

Trilogy Metals Inc.

Notes to the Condensed Interim Consolidated Financial Statements

Members’ cash and cash equivalents are held at one bank, the majority of cash and cash equivalent is uninsured as at May 31, 2024.

During the second quarter, Ambler Metals returned $ 25 million of excess cash to the members.

Subsequent to May 31, 2024, Ambler Metals returned another $ 25 million of excess cash to the members.

(d) The following table summarizes Ambler Metals' loss for the six-month period ended May 31, 2024 and May 31, 2023.

in thousands of dollars

Three months ended

February 29, 2024

February 28, 2023

Six months ended

Corporate salaries and wages

6 unchanged sentences

(e) Related party transactions

During the three-month period ended February 29, 2024, the Company charged $10,000 (2023 - $Nil) related to human resources and accounting services in connection with the Service Agreement.

During the six-month period ended May 31, 2024, the Company charged $ 25,000 (2023 - $ Nil ) related to human resources and accounting services in connection with a service agreement between the company and Ambler Metals.

In addition, the company received payments of $ 52,000 (2023 - $ Nil ) related to operating expenses paid on behalf of Ambler Metals pursuant to the Service Agreement.

Trilogy Metals Inc.

For the Quarter Ended February 29, 2024

Trilogy Metals Inc.

Notes to the Interim Consolidated Financial Statements

4) Accounts payable and accrued liabilities

in thousands of dollars

February 29, 2024

November 30, 2023

3 unchanged sentences

Accounts payable and accrued liabilities

Of the accrued salaries and vacation approximately $ 155,000 was settled, subsequent to the end of the first quarter, on March 1, 2024 through the issuance of common shares of the Company.

$ 155,000 was settled on December 1, 2023 through the issuance of common shares of the Company from the November 30, 2023 balance.

Subsequent to the end of the second quarter, on June 3, 2024, approximately $ 153,000 of accrued salaries was settled through the issuance of common shares of the Company.

Trilogy Metals Inc.

For the Quarter Ended May 31, 2024

Trilogy Metals Inc.

Notes to the Condensed Interim Consolidated Financial Statements

(a) Right-of-use asset

2 unchanged sentences

Net amortization

Balance as at February 29, 2024

Balance as at May 31, 2024

(b) Lease liabilities

3 unchanged sentences

in thousands of dollars

Three months ended

February 29, 2024

February 28, 2023

Six months ended

Operating lease costs

2 unchanged sentences

Variable lease costs consist primarily of the Company’s portion of operating costs associated with the office space lease as the Company elected to apply the practical expedient not to separate lease and non-lease components.

As at February 29, 2024, the weighted-average remaining lease term is 0.3 years and the weighted-average discount rate is 8 % .

As at May 31, 2024, the weighted-average remaining lease term is 0.1 years and the weighted-average discount rate is 8 % .

Significant judgment was used in the determination of the incremental borrowing rate which included estimating the Company’s credit rating.

Supplemental cash and non-cash information relating to our leases during the three-month period ending February 29, 2024 are as follows:

Supplemental cash and non-cash information relating to our leases during the six-month period ending May 31, 2024 are as follows:

● Cash paid for amounts included in the measurement of lease liabilities was $ 33,158 .

Trilogy Metals Inc.

For the Quarter Ended February 29, 2024

For the Quarter Ended May 31, 2024

Trilogy Metals Inc.

Notes to the Interim Consolidated Financial Statements

Notes to the Condensed Interim Consolidated Financial Statements

6) Share capital

7 unchanged sentences

Joint venture equity contribution (note 3(a))

February 29, 2024, issued and outstanding

May 31, 2024, issued and outstanding

On April 30, 2012, under the NovaGold Arrangement, Trilogy committed to issue common shares to satisfy holders of NovaGold deferred share units (“NovaGold DSUs”), once vested, on record as of the close of business April 27, 2012.

When vested, Trilogy committed to deliver one common share to the holder for every six shares of NovaGold the holder is entitled to receive, rounded down to the nearest whole number.

As at February 29, 2024, a total of 5,144 NovaGold DSUs remain outstanding representing a right to receive 859 Common Shares in Trilogy, which will settle upon certain directors retiring from NovaGold’s board.

As at May 31, 2024, a total of 5,144 NovaGold DSUs remain outstanding representing a right to receive 859 Common Shares in Trilogy, which will settle upon certain directors retiring from NovaGold’s board.

Stock options

During the three-month period ended February 29, 2024, the Company granted 2,775,000 stock options (2023 - 3,230,000 stock options) at an exercise price of CDN$ 0.59 (2023 - CDN$ 0.78 ) to employees, consultants and directors exercisable for a period of five years with various vesting terms from immediate vesting to vesting over a two-year period.

The fair value attributable to this option grants was CDN$ 0.27 (2023 - CDN$ 0.37 ).

For the three-month period ended February 29, 2024, Trilogy recognized a stock-based compensation charge of $ 0.3 million (2023 - $ 0.5 million) for options granted to directors, employees and service providers, net of estimated forfeitures.

The fair value attributable to each of these option grants was CDN$ 0.27 (2023 - CDN$ 0.37 ).

No grants were made during the three-month period ended May 31, 2024 or 2023.

For the six-month period ended May 31, 2024, Trilogy recognized a stock-based compensation charge of $ 0.4 million (2023 - $ 0.6 million) for options granted to directors, employees and service providers, net of estimated forfeitures.

The fair value of the stock options recognized in the period has been estimated using the Black-Scholes option pricing model.

Assumptions used in the pricing model for the three-month period ended February 29, 2024 are as provided below.

February 29, 2024

Assumptions used in the pricing model for the six-month period ended May 31, 2024 are as provided below.

Risk-free interest rates

3 unchanged sentences

Expected dividends

As at February 29, 2024, there were 2,533,339 non-vested options outstanding with a weighted average exercise price of CDN$ 0.66 ;

As at May 31, 2024, there were 2,533,339 non-vested options outstanding with a weighted average exercise price of CDN$ 0.66 ;

the value of non-vested stock option expense not yet recognized was $ 0.3 million.

1 unchanged sentence

Trilogy Metals Inc.

For the Quarter Ended February 29, 2024

For the Quarter Ended May 31, 2024

Trilogy Metals Inc.

Notes to the Interim Consolidated Financial Statements

A summary of the Company’s stock option outstanding and changes during the three-month period ended February 29, 2024 is as follows:

February 29, 2024

Notes to the Condensed Interim Consolidated Financial Statements

A summary of the Company’s stock options outstanding and changes during the six-month period ended May 31, 2024 is as follows:

Weighted average

4 unchanged sentences

Balance – end of the period

There were no stock options exercised during the three-month period ended February 29, 2024.

The following table summarizes information about the stock options outstanding at February 29, 2024.

There were no stock options exercised during the six-month period ended May 31, 2024.

The following table summarizes information about the stock options outstanding at May 31, 2024.

average years

5 unchanged sentences

$ 3.01 to $ 3.41

The aggregate intrinsic value of vested stock options (the market value less the exercise price) at February 29, 2024 was $Nil (2023 - $ 0.02 million) and the aggregate intrinsic value of exercised options for the three-month period ending February 29, 2024 was $Nil (2023 - $Nil).

The aggregate intrinsic value of vested stock options (the market value less the exercise price) at May 31, 2024 was $Nil (2023 - $Nil) and the aggregate intrinsic value of exercised options for the six-month period ending May 31, 2024 was $Nil (2023 - $Nil).

Restricted Share Units and Deferred Share Units

The Company has a Restricted Share Unit Plan (“RSU Plan”) to provide long-term incentives to employees and consultants and a Non-Executive Director Deferred Share Unit Plan (“DSU Plan”) to offset cash payments for fees to directors.

The Company has a Restricted Share Unit Plan (“RSU Plan”) to provide long-term incentives to employees and consultants, a Non-Executive Director Deferred Share Unit Plan (“DSU Plan”), and a Non-Executive Directors Fixed Deferred Share Unit Plan (“Fixed DSU Plan”) to offset cash payments for fees to directors.

Awards under the RSU Plan and DSU Plan have been settled in common shares of the Company with each restricted share unit (“RSU”) and deferred share unit (“DSU”) entitling the holder to receive one common share of the Company.

All units are accounted for as equity-settled awards.

A summary of the Company’s unit plans and changes during the three-month period ending February 29, 2024 is as follows:

A summary of the Company’s unit plans and changes during the six-month period ending May 31, 2024 is as follows:

Number of RSUs

Number of DSUs

Number of Fixed DSUs

Balance – beginning of the period

2 unchanged sentences

Balance – end of the period

For the three-month period ending February 29, 2024, Trilogy recognized a combined RSU and DSU stock-based compensation charge of $ 1.5 million (2023 - $ 1.1 million), net of estimated forfeitures.

For the six-month period ending May 31, 2024, Trilogy recognized a combined RSU and DSU stock-based compensation charge of $ 1.6 million (2023 - $ 1.8 million), net of estimated forfeitures.

Trilogy Metals Inc.

For the Quarter Ended February 29, 2024

For the Quarter Ended May 31, 2024

Trilogy Metals Inc.

Notes to the Interim Consolidated Financial Statements

Notes to the Condensed Interim Consolidated Financial Statements

7) Financial instruments

9 unchanged sentences

The Company operates in the United States and Canada.

The Company’s exposure to currency risk at February 29, 2024 is limited to the Canadian dollar balances consisting of cash of approximately CDN$ 542,000 , accounts receivable of approximately CDN$ 19,000 and accounts payable of approximately CDN$ 340,000 .

The Company’s exposure to currency risk at May 31, 2024 is limited to the Canadian dollar balances consisting of cash of approximately CDN$ 19,000 , accounts receivable of approximately CDN$ 20,000 and accounts payable of approximately CDN$ 295,000 .

Based on a 10 % change in the US-Canadian exchange rate, assuming all other variables remain constant, the Company’s net loss would change by approximately $ 19,000 .

Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations.

The Company holds cash with a Canadian chartered financial institution of which the majority is uninsured as at February 29, 2024.

The Company holds cash with a Canadian chartered financial institution of which the majority is uninsured as at May 31, 2024.

The Company’s only significant exposure to credit risk is equal to the balance of cash as recorded in the financial statements.

3 unchanged sentences

therefore, the Company manages liquidity risk through the management of its capital structure and financial leverage.

Contractually obligated undiscounted cash flow requirements as at February 29, 2024 are as follows:

Contractually obligated undiscounted cash flow requirements as at May 31, 2024 are as follows:

in thousands of dollars

Accounts payable and accrued liabilities

Included in accounts payable and accrued liabilities approximately $ 155,000 is for accrued salaries that were settled, subsequent to the end of the first quarter, on March 1, 2024, through the issuance of common shares of the Company (note 9).

Included in accounts payable and accrued liabilities approximately $ 153,000 is for accrued salaries that were settled, subsequent to the end of the second quarter, on June 3, 2024, by the way of a grant of RSUs which was paid out through the issuance of common shares of the Company (note 8).

Trilogy Metals Inc.

For the Quarter Ended February 29, 2024

For the Quarter Ended May 31, 2024

Trilogy Metals Inc.

Notes to the Interim Consolidated Financial Statements

Notes to the Condensed Interim Consolidated Financial Statements

Interest rate risk

1 unchanged sentence

The Company is exposed to interest rate risk with respect to interest earned on cash.

Based on balances as at February 29, 2024, a 1 % change in interest rates would result in a negligible change in net loss, assuming all other variables remain constant.

Based on balances as at May 31, 2024, a 1 % change in interest rates would result in a negligible change in net loss, assuming all other variables remain constant.

As we are currently in the exploration phase none of our financial instruments are exposed to commodity price risk;

however, our ability to obtain long-term financing and its economic viability could be affected by commodity price volatility.

8) Commitment

The Company has commitments with respect to an office lease requiring future minimum lease payments as summarized in note 5(b) above.

9) Subsequent event

On March 1, 2024, pursuant to previous elections, the Board of Directors were granted 188,670 DSUs in settlement of approximately $ 82,750 of director fees and senior management were granted 353,347 RSUs in lieu of cash salaries of approximately $ 155,000 , all vesting immediately.

8) Subsequent events

On June 3, 2024, pursuant to previous elections, the Board of Directors were granted 168,187 DSUs in settlement of approximately $ 82,668 of director fees and senior management were granted 326,020 RSUs in lieu of cash salaries of approximately $ 153,000 , all vesting immediately.

The grants were in support of an effort to preserve cash and increase share ownership by settling director fees and a portion of senior management salaries in shares of the Company.

On June 10, 2024, Trilogy received $ 12.5 million from Ambler Metals returning excess cash to the owners.

Trilogy Metals Inc.

For the Quarter Ended February 29, 2024

For the Quarter Ended May 31, 2024

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 1. Financial Statements