10-K Filing

Trilogy Metals Inc. CIK: 1543418 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001558370-21-000933`
Period End Date	20201130
Filing Date	20210212
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	tmq-20201130x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 51 Cash Flow Statement 58 Stockholders Equity 20

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Common Stock, No Par Value	`CommonStockNoParValue`	-	USD	Point-in-time
Common Stock, No Par Value	`CommonStockNoParValue`	-	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	140.43M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	144.14M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.12M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.17M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.39M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.99M	USD	Point-in-time
Accounts receivable (note 3)	`AccountsReceivableNetCurrent`	$264.00K	USD	Point-in-time
Accounts receivable (note 3)	`AccountsReceivableNetCurrent`	$129.00K	USD	Point-in-time
Deposits and prepaid amounts	`PrepaidExpenseCurrent`	$184.00K	USD	Point-in-time
Deposits and prepaid amounts	`PrepaidExpenseCurrent`	$719.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$11.44M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$20.16M	USD	Point-in-time
Equity method investment (note 4)	`EquityMethodInvestments`	$173.15M	USD	Point-in-time
Plant and equipment (note 5)	`PropertyPlantAndEquipmentNet`	$715.00K	USD	Point-in-time
Plant and equipment (note 5)	`PropertyPlantAndEquipmentNet`	$206.00K	USD	Point-in-time
Mineral properties and development costs (note 6)	`MineralPropertiesNet`	$30.63M	USD	Point-in-time
Rent deposit (note 8 (a))	`DeferredRentReceivablesNetNoncurrent`	$114.00K	USD	Point-in-time
Right of use asset (note 8 (a))	`OperatingLeaseRightOfUseAsset`	$476.00K	USD	Point-in-time
Total Assets	`Assets`	$185.26M	USD	Point-in-time
Total Assets	`Assets`	$51.62M	USD	Point-in-time
Accounts payable and accrued liabilities (note 7)	`AccountsPayableAndAccruedLiabilitiesCurrent`	$888.00K	USD	Point-in-time
Accounts payable and accrued liabilities (note 7)	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.35M	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$158.00K	USD	Point-in-time
Current liabilities	`LiabilitiesCurrent`	$1.05M	USD	Point-in-time
Current liabilities	`LiabilitiesCurrent`	$2.35M	USD	Point-in-time
Long-term portion of lease liability (note 8 (b))	`OperatingLeaseLiabilityNoncurrent`	$408.00K	USD	Point-in-time
Mineral properties purchase option	`PurchaseObligation`	$31.00M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.45M	USD	Point-in-time
Total Liabilities	`Liabilities`	$33.35M	USD	Point-in-time
Share capital (note 9) - unlimited common shares authorized, no par value Issued - 144,137,850 (2019 - 140,427,761)	`CommonStockValue`	$179.75M	USD	Point-in-time
Share capital (note 9) - unlimited common shares authorized, no par value Issued - 144,137,850 (2019 - 140,427,761)	`CommonStockValue`	$177.97M	USD	Point-in-time
Warrants (note 6(c))	`WarrantsAndRightsOutstanding`	-	USD	Point-in-time
Contributed surplus	`ContributedSurplus`	$122.00K	USD	Point-in-time
Contributed surplus	`ContributedSurplus`	$122.00K	USD	Point-in-time
Contributed surplus - options (note 9(a))	`AdditionalPaidInCapital`	$21.12M	USD	Point-in-time
Contributed surplus - options (note 9(a))	`AdditionalPaidInCapital`	$23.30M	USD	Point-in-time
Contributed surplus - units (note 9(b))	`ContributedSurplusUnits`	$1.76M	USD	Point-in-time
Contributed surplus - units (note 9(b))	`ContributedSurplusUnits`	$1.58M	USD	Point-in-time
Deficit	`RetainedEarningsAccumulatedDeficit`	$-20.95M	USD	Point-in-time
Deficit	`RetainedEarningsAccumulatedDeficit`	$-182.71M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$183.81M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$18.26M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$32.20M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$25.66M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$51.62M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$185.26M	USD	Point-in-time

Income Statement 51 line items

Line Item	Tag	Value	Unit	Period
Amortization	`DepreciationAndAmortization`	$160.00K	USD	Annual
Amortization	`DepreciationAndAmortization`	$91.00K	USD	Annual
Amortization	`DepreciationAndAmortization`	$211.00K	USD	Annual
Feasibility study (note 6(d))	`ResearchAndDevelopmentExpense`	$1.06M	USD	Annual
Foreign exchange (gain) loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$19.00K	USD	Annual
Foreign exchange (gain) loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-56.00K	USD	Annual
Foreign exchange (gain) loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$26.00K	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.84M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.53M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$1.65M	USD	Annual
Investor relations	`BusinessDevelopment`	$406.00K	USD	Annual
Investor relations	`BusinessDevelopment`	$623.00K	USD	Annual
Investor relations	`BusinessDevelopment`	$537.00K	USD	Annual
Mineral properties expense (note 6(a))	`MineralPropertyExpense`	$16.49M	USD	Annual
Mineral properties expense (note 6(a))	`MineralPropertyExpense`	$19.21M	USD	Annual
Mineral properties expense (note 6(a))	`MineralPropertyExpense`	$1.54M	USD	Annual
Professional fees	`ProfessionalFees`	$1.38M	USD	Annual
Professional fees	`ProfessionalFees`	$1.35M	USD	Annual
Professional fees	`ProfessionalFees`	$453.00K	USD	Annual
Salaries	`SalariesAndWages`	$1.31M	USD	Annual
Salaries	`SalariesAndWages`	$1.41M	USD	Annual
Salaries	`SalariesAndWages`	$1.47M	USD	Annual
Salaries - technical services (note 4(e))	`SalariesTechnicalServices`	$898.00K	USD	Annual
Salaries - stock-based compensation	`AllocatedShareBasedCompensationExpense`	$1.44M	USD	Annual
Salaries - stock-based compensation	`AllocatedShareBasedCompensationExpense`	$3.85M	USD	Annual
Salaries - stock-based compensation	`AllocatedShareBasedCompensationExpense`	$3.56M	USD	Annual
Total expenses	`OperatingExpenses`	$28.41M	USD	Annual
Total expenses	`OperatingExpenses`	$12.16M	USD	Annual
Total expenses	`OperatingExpenses`	$21.92M	USD	Annual
Loss on held for trading investments	`DebtSecuritiesTradingRealizedGainLoss`	$-272.00K	USD	Annual
Gain on derecognition of assets contributed to joint venture (note 4(a))	`GainOnDerecognitionOfAssetsContributedToJointVenture`	$175.77M	USD	Annual
Share of loss on equity investment (note 4(b))	`IncomeLossFromEquityMethodInvestments`	$-2.85M	USD	Annual
Interest and other income	`InterestAndOtherIncome`	$500.00K	USD	Annual
Interest and other income	`InterestAndOtherIncome`	$346.00K	USD	Annual
Interest and other income	`InterestAndOtherIncome`	$87.00K	USD	Annual
Services agreement income (note 4(e))	`ServiceAgreementIncome`	$929.00K	USD	Annual
Comprehensive earnings (loss) for the year	`NetIncomeLoss`	$161.77M	USD	Annual
Comprehensive earnings (loss) for the year	`NetIncomeLoss`	$-27.91M	USD	Annual
Comprehensive earnings (loss) for the year	`NetIncomeLoss`	$-21.85M	USD	Annual
Basic earnings (loss) per common share	`EarningsPerShareBasic`	$-0.21	USD	Annual
Basic earnings (loss) per common share	`EarningsPerShareBasic`	$-0.18	USD	Annual
Basic earnings (loss) per common share	`EarningsPerShareBasic`	$1.14	USD	Annual
Diluted earnings (loss) per common share	`EarningsPerShareDiluted`	$1.12	USD	Annual
Diluted earnings (loss) per common share	`EarningsPerShareDiluted`	$-0.18	USD	Annual
Diluted earnings (loss) per common share	`EarningsPerShareDiluted`	$-0.21	USD	Annual
Basic weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	121.78M	shares	Annual
Basic weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	141.46M	shares	Annual
Basic weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	135.23M	shares	Annual
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	135.23M	shares	Annual
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	144.60M	shares	Annual
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	121.78M	shares	Annual

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Earnings (loss) for the period	`NetIncomeLoss`	$161.77M	USD	Annual
Earnings (loss) for the period	`NetIncomeLoss`	$-27.91M	USD	Annual
Earnings (loss) for the period	`NetIncomeLoss`	$-21.85M	USD	Annual
Amortization	`AdjustmentForAmortization`	$211.00K	USD	Annual
Amortization	`AdjustmentForAmortization`	$160.00K	USD	Annual
Amortization	`AdjustmentForAmortization`	$91.00K	USD	Annual
Right of use asset amortization and lease accretion	`RightOfUseAmortizationAndLeaseAccretion`	$182.00K	USD	Annual
Office lease payments	`IncreaseDecreaseInOfficeLeasePayments`	$189.00K	USD	Annual
Loss on working capital written-off upon joint venture formation	`LossOnWorkingCapitalWrittenOffUponJointVentureFormation`	$18.00K	USD	Annual
Gain on derecognition of assets (note 4(a))	`GainOnDerecognitionOfAssetsContributedToJointVenture`	$175.77M	USD	Annual
Loss on equity investment in Ambler Metals LLC (note 4(b))	`IncomeLossFromEquityMethodInvestments`	$-2.85M	USD	Annual
Loss on held for trading investments	`MarketableSecuritiesGainLoss`	$-272.00K	USD	Annual
Unrealized foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossUnrealized`	$-27.00K	USD	Annual
Unrealized foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossUnrealized`	$-1.00K	USD	Annual
Unrealized foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossUnrealized`	$53.00K	USD	Annual
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$1.44M	USD	Annual
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$3.85M	USD	Annual
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$3.56M	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$241.00K	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-135.00K	USD	Annual
Decrease (increase) in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-447.00K	USD	Annual
Decrease (increase) in deposits and prepaid amounts	`IncreaseDecreaseInPrepaidExpense`	$100.00K	USD	Annual
Decrease (increase) in deposits and prepaid amounts	`IncreaseDecreaseInPrepaidExpense`	$-104.00K	USD	Annual
Decrease (increase) in deposits and prepaid amounts	`IncreaseDecreaseInPrepaidExpense`	$-535.00K	USD	Annual
(Decrease) increase in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$697.00K	USD	Annual
(Decrease) increase in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.59M	USD	Annual
(Decrease) increase in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.47M	USD	Annual
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-23.49M	USD	Annual
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-22.07M	USD	Annual
Net Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.25M	USD	Annual
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$208.00K	USD	Annual
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$217.00K	USD	Annual
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$9.91M	USD	Annual
Proceeds from bought deal financing (note 9 (d))	`ProceedsFromBoughtDealFinancing`	$28.75M	USD	Annual
Share issuance costs	`PaymentsFromShareIssuanceCosts`	$1.80M	USD	Annual
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$217.00K	USD	Annual
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$10.12M	USD	Annual
Net Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$26.95M	USD	Annual
Acquisition of plant & equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.00K	USD	Annual
Acquisition of plant & equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$645.00K	USD	Annual
Mineral properties funding	`ProceedsFromContributionsFromAffiliatesMineralProperties`	$10.20M	USD	Annual
Mineral properties funding	`ProceedsFromContributionsFromAffiliatesMineralProperties`	$10.44M	USD	Annual
Proceeds from the sale of investments, net of fees	`ProceedsFromSaleOfInvestmentProjects`	$2.30M	USD	Annual
Net Cash Provided by Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$9.55M	USD	Annual
Net Cash Provided by Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$12.72M	USD	Annual
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-8.03M	USD	Annual
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$17.60M	USD	Annual
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.82M	USD	Annual
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-15.00K	USD	Annual
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.00K	USD	Annual
Cash and cash equivalents - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$11.12M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$19.17M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.39M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$22.99M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashAndCashEquivalentsAtCarryingValue`	$11.12M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashAndCashEquivalentsAtCarryingValue`	$19.17M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.39M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashAndCashEquivalentsAtCarryingValue`	$22.99M	USD	Point-in-time

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$183.81M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$18.26M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$32.20M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$25.66M	USD	Point-in-time
Exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$217.00K	USD	Annual
Exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$208.00K	USD	Annual
Exercise of warrants	`ExerciseOfWarrants`	$-9.91M	USD	Annual
Exercise of warrants (Shares)	`ExerciseOfWarrantsInShares`	6.52M	shares	Annual
Bought deal financing	`StockIssuedDuringPeriodValueNewIssues`	$28.75M	USD	Annual
Share issuance costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$1.80M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$-3.85M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$-1.44M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$-3.56M	USD	Annual
Earnings (loss) for the period	`NetIncomeLoss`	$161.77M	USD	Annual
Earnings (loss) for the period	`NetIncomeLoss`	$-27.91M	USD	Annual
Earnings (loss) for the period	`NetIncomeLoss`	$-21.85M	USD	Annual
Ending Balance	`StockholdersEquity`	$183.81M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$18.26M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$32.20M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$25.66M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.