10-Q Filing

Trilogy Metals Inc. CIK: 1543418 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001558370-22-010546`
Period End Date	20220531
Filing Date	20220706
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	tmq-20220531x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 63 Cash Flow Statement 43 Stockholders Equity 26

Balance Sheet 50 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`	144.45M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.50M	USD	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	145.62M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.31M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$19.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$12.00K	USD	Point-in-time
Deposits and prepaid amounts	`PrepaidExpenseCurrent`	$285.00K	USD	Point-in-time
Deposits and prepaid amounts	`PrepaidExpenseCurrent`	$626.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.13M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$6.61M	USD	Point-in-time
Investment in Ambler Metals LLC (note 3)	`EquityMethodInvestments`	$155.74M	USD	Point-in-time
Investment in Ambler Metals LLC (note 3)	`EquityMethodInvestments`	$160.06M	USD	Point-in-time
Fixed assets	`PropertyPlantAndEquipmentNet`	$18.00K	USD	Point-in-time
Fixed assets	`PropertyPlantAndEquipmentNet`	$29.00K	USD	Point-in-time
Mineral properties	`MineralPropertiesNet`	$119.00K	USD	Point-in-time
Mineral properties	`MineralPropertiesNet`	-	USD	Point-in-time
Right of use asset (note 5 (a))	`OperatingLeaseRightOfUseAsset`	$402.00K	USD	Point-in-time
Right of use asset (note 5 (a))	`OperatingLeaseRightOfUseAsset`	$482.00K	USD	Point-in-time
Total Assets	`Assets`	$167.31M	USD	Point-in-time
Total Assets	`Assets`	$160.30M	USD	Point-in-time
Accounts payable and accrued liabilities (note 4)	`AccountsPayableAndAccruedLiabilitiesCurrent`	$553.00K	USD	Point-in-time
Accounts payable and accrued liabilities (note 4)	`AccountsPayableAndAccruedLiabilitiesCurrent`	$852.00K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$192.00K	USD	Point-in-time
Current portion of lease liability	`OperatingLeaseLiabilityCurrent`	$179.00K	USD	Point-in-time
Current liabilities	`LiabilitiesCurrent`	$745.00K	USD	Point-in-time
Current liabilities	`LiabilitiesCurrent`	$1.03M	USD	Point-in-time
Long-term portion of lease liability (note 5 (b))	`OperatingLeaseLiabilityNoncurrent`	$139.00K	USD	Point-in-time
Long-term portion of lease liability (note 5 (b))	`OperatingLeaseLiabilityNoncurrent`	$235.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.27M	USD	Point-in-time
Total Liabilities	`Liabilities`	$884.00K	USD	Point-in-time
Share capital (note 6) - unlimited common shares authorized, no par value Issued - 145,624,286 (2021 - 144,446,485)	`CommonStockValue`	$180.82M	USD	Point-in-time
Share capital (note 6) - unlimited common shares authorized, no par value Issued - 145,624,286 (2021 - 144,446,485)	`CommonStockValue`	$181.71M	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 6(a))	`AdditionalPaidInCapital`	$25.99M	USD	Point-in-time
Contributed surplus - options (note 6(a))	`AdditionalPaidInCapital`	$27.11M	USD	Point-in-time
Contributed surplus - units (note 6(b))	`ContributedSurplusUnits`	$1.71M	USD	Point-in-time
Contributed surplus - units (note 6(b))	`ContributedSurplusUnits`	$2.18M	USD	Point-in-time
Deficit	`RetainedEarningsAccumulatedDeficit`	$-51.70M	USD	Point-in-time
Deficit	`RetainedEarningsAccumulatedDeficit`	$-42.60M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$181.44M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$178.66M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$162.95M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$183.81M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$166.04M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$159.41M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$167.31M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$160.30M	USD	Point-in-time

Income Statement 63 line items

Line Item	Tag	Value	Unit	Period
Amortization	`DepreciationAndAmortization`	$11.00K	USD	2 Qtrs
Amortization	`DepreciationAndAmortization`	$5.00K	USD	1 Quarter
Amortization	`DepreciationAndAmortization`	$5.00K	USD	1 Quarter
Amortization	`DepreciationAndAmortization`	$11.00K	USD	2 Qtrs
Foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-75.00K	USD	2 Qtrs
Foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.00K	USD	1 Quarter
Foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-40.00K	USD	1 Quarter
Foreign exchange loss (gain)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-4.00K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$338.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$762.00K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$735.00K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$351.00K	USD	1 Quarter
Investor relations	`BusinessDevelopment`	$270.00K	USD	2 Qtrs
Investor relations	`BusinessDevelopment`	$38.00K	USD	1 Quarter
Investor relations	`BusinessDevelopment`	$116.00K	USD	1 Quarter
Investor relations	`BusinessDevelopment`	$137.00K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$192.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$275.00K	USD	1 Quarter
Professional fees	`ProfessionalFees`	$504.00K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$437.00K	USD	2 Qtrs
Salaries	`SalariesAndWages`	$261.00K	USD	1 Quarter
Salaries	`SalariesAndWages`	$846.00K	USD	2 Qtrs
Salaries	`SalariesAndWages`	$407.00K	USD	1 Quarter
Salaries	`SalariesAndWages`	$675.00K	USD	2 Qtrs
Salaries and directors expense - stock-based compensation	`EmployeeBenefitsAndShareBasedCompensationNoncash`	$2.58M	USD	2 Qtrs
Salaries and directors expense - stock-based compensation	`EmployeeBenefitsAndShareBasedCompensationNoncash`	$524.00K	USD	1 Quarter
Salaries and directors expense - stock-based compensation	`EmployeeBenefitsAndShareBasedCompensationNoncash`	$2.67M	USD	2 Qtrs
Salaries and directors expense - stock-based compensation	`EmployeeBenefitsAndShareBasedCompensationNoncash`	$662.00K	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.72M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.50M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$5.14M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$4.58M	USD	2 Qtrs
Share of loss on equity investment (note 3(b))	`IncomeLossFromEquityMethodInvestments`	$-2.46M	USD	1 Quarter
Share of loss on equity investment (note 3(b))	`IncomeLossFromEquityMethodInvestments`	$-4.37M	USD	2 Qtrs
Share of loss on equity investment (note 3(b))	`IncomeLossFromEquityMethodInvestments`	$-1.70M	USD	1 Quarter
Share of loss on equity investment (note 3(b))	`IncomeLossFromEquityMethodInvestments`	$-2.82M	USD	2 Qtrs
Write Off Mineral Properties	`WriteOffMineralProperties`	$148.00K	USD	2 Qtrs
Write Off Mineral Properties	`WriteOffMineralProperties`	$119.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$4.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$2.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$5.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$9.00K	USD	2 Qtrs
Services agreement income	`ServiceAgreementIncome`	$22.00K	USD	2 Qtrs
Comprehensive loss for the period	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-7.93M	USD	2 Qtrs
Comprehensive loss for the period	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-4.07M	USD	1 Quarter
Comprehensive loss for the period	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-3.41M	USD	1 Quarter
Comprehensive loss for the period	`OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent`	$-9.10M	USD	2 Qtrs
Basic loss per common share	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Basic loss per common share	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic loss per common share	`EarningsPerShareBasic`	$-0.05	USD	2 Qtrs
Basic loss per common share	`EarningsPerShareBasic`	$-0.06	USD	2 Qtrs
Diluted loss per common share	`EarningsPerShareDiluted`	$-0.05	USD	2 Qtrs
Diluted loss per common share	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Diluted loss per common share	`EarningsPerShareDiluted`	$-0.06	USD	2 Qtrs
Diluted loss per common share	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Basic weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	144.30M	shares	2 Qtrs
Basic weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	145.40M	shares	2 Qtrs
Basic weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	144.43M	shares	1 Quarter
Basic weighted average number of common shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	145.51M	shares	1 Quarter
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	144.43M	shares	1 Quarter
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	144.30M	shares	2 Qtrs
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	145.40M	shares	2 Qtrs
Diluted weighted average number of common shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	145.51M	shares	1 Quarter

Cash Flow Statement 43 line items

Line Item	Tag	Value	Unit	Period
Loss for the period	`NetIncomeLoss`	$-3.41M	USD	1 Quarter
Loss for the period	`NetIncomeLoss`	$-9.10M	USD	2 Qtrs
Loss for the period	`NetIncomeLoss`	$-7.93M	USD	2 Qtrs
Loss for the period	`NetIncomeLoss`	$-4.52M	USD	1 Quarter
Loss for the period	`NetIncomeLoss`	$-5.02M	USD	1 Quarter
Loss for the period	`NetIncomeLoss`	$-4.07M	USD	1 Quarter
Amortization	`AdjustmentForAmortization`	$11.00K	USD	2 Qtrs
Amortization	`AdjustmentForAmortization`	$11.00K	USD	2 Qtrs
Office lease accounting	`IncreaseDecreaseInOfficeLeasePayments`	$8.00K	USD	2 Qtrs
Office lease accounting	`IncreaseDecreaseInOfficeLeasePayments`	$5.00K	USD	2 Qtrs
Loss on equity investment in Ambler Metals LLC (note 3(b))	`IncomeLossFromEquityMethodInvestments`	$-2.46M	USD	1 Quarter
Loss on equity investment in Ambler Metals LLC (note 3(b))	`IncomeLossFromEquityMethodInvestments`	$-4.37M	USD	2 Qtrs
Loss on equity investment in Ambler Metals LLC (note 3(b))	`IncomeLossFromEquityMethodInvestments`	$-1.70M	USD	1 Quarter
Loss on equity investment in Ambler Metals LLC (note 3(b))	`IncomeLossFromEquityMethodInvestments`	$-2.82M	USD	2 Qtrs
Unrealized foreign exchange loss	`ForeignCurrencyTransactionGainLossUnrealized`	$-35.00K	USD	2 Qtrs
Unrealized foreign exchange loss	`ForeignCurrencyTransactionGainLossUnrealized`	$-3.00K	USD	2 Qtrs
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$2.37M	USD	2 Qtrs
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$2.67M	USD	2 Qtrs
Write off mineral properties	`ImpairmentOfLongLivedAssetsToBeDisposedOf`	$148.00K	USD	2 Qtrs
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-110.00K	USD	2 Qtrs
Decrease in accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-7.00K	USD	2 Qtrs
Decrease (increase) in deposits and prepaid amounts	`IncreaseDecreaseInPrepaidExpense`	$370.00K	USD	2 Qtrs
Decrease (increase) in deposits and prepaid amounts	`IncreaseDecreaseInPrepaidExpense`	$518.00K	USD	2 Qtrs
Decrease in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$19.00K	USD	2 Qtrs
Decrease in accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-299.00K	USD	2 Qtrs
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.87M	USD	2 Qtrs
Cash flows used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.79M	USD	2 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$106.00K	USD	2 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$54.00K	USD	2 Qtrs
Cash flows from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$54.00K	USD	2 Qtrs
Cash flows from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$106.00K	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.68M	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.81M	USD	2 Qtrs
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.00K	USD	2 Qtrs
Effect of exchange rate on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.00K	USD	2 Qtrs
Cash and cash equivalents - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.12M	USD	Point-in-time
Cash and cash equivalents - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.31M	USD	Point-in-time
Cash and cash equivalents - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.45M	USD	Point-in-time
Cash and cash equivalents - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.50M	USD	Point-in-time
Cash and cash equivalents - end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.12M	USD	Point-in-time
Cash and cash equivalents - end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.31M	USD	Point-in-time
Cash and cash equivalents - end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.45M	USD	Point-in-time
Cash and cash equivalents - end of the year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.50M	USD	Point-in-time

Stockholders Equity 26 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$181.44M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$178.66M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$162.95M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$183.81M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$166.04M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$159.41M	USD	Point-in-time
Exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$18.00K	USD	1 Quarter
Exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$36.00K	USD	1 Quarter
Exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$106.00K	USD	1 Quarter
Joint venture contribution	`EquityMethodInvestmentAggregateCost`	$51.00K	USD	Point-in-time
Stock-based compensation	`ShareBasedCompensation`	$-524.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$-503.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$-1.86M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$-2.15M	USD	1 Quarter
Earnings (Loss) for the period	`NetIncomeLoss`	$-3.41M	USD	1 Quarter
Earnings (Loss) for the period	`NetIncomeLoss`	$-9.10M	USD	2 Qtrs
Earnings (Loss) for the period	`NetIncomeLoss`	$-7.93M	USD	2 Qtrs
Earnings (Loss) for the period	`NetIncomeLoss`	$-4.52M	USD	1 Quarter
Earnings (Loss) for the period	`NetIncomeLoss`	$-5.02M	USD	1 Quarter
Earnings (Loss) for the period	`NetIncomeLoss`	$-4.07M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$181.44M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$178.66M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$162.95M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$183.81M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$166.04M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$159.41M	USD	Point-in-time

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