Trilogy Metals Inc 2026年季度报告

FORM 10-Q ☒QUARTERLYREPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 For the Quarterly Period Ended May 31, 2026 OR ☐TRANSITIONREPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 (604) 638-8088(Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to filesuch reports), and (2)has been subject to such filing requirements for the past 90 days. Yes☒No◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer◻Accelerated filer◻Non-accelerated filer☒Smaller reportingcompany☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.◻ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ Trilogy MetalsInc.Table of Contents PagePART I - FINANCIAL INFORMATION3Item 1.Financial Statements3Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations16Item 3.Quantitative and Qualitative Disclosures about Market Risk24Item 4.Controls and Procedures24PART II - OTHER INFORMATION25Item 1.Legal Proceedings25Item 1A. Risk Factors25Item 2.Unregistered Sales of Equity Securities and Use of Proceeds25Item 3.Defaults Upon Senior Securities26Item 4.Mine Safety Disclosures26Item 5.Other Information26Item 6.Exhibits26 PART I - FINANCIAL INFORMATION Trilogy MetalsInc.Condensed Interim Consolidated Balance Sheets(unaudited) inthousandsofUSdollars (See accompanying notes to the condensed interim consolidatedfinancial statements) Trilogy MetalsInc.Condensed Interim Consolidated Statements of Lossand Comprehensive Loss(unaudited) Trilogy MetalsInc.Condensed Interim Consolidated Statements of Changes inShareholders’ Equity(unaudited) Trilogy MetalsInc.Condensed Interim Consolidated Statements of Cash Flows(unaudited) in thousands of US dollarsFor the six months ended Table of contents Trilogy MetalsInc.Notesto the Condensed Interim Consolidated Financial Statements 1)Nature of operations and basis of presentation Trilogy Metals Inc. (“Trilogy” or the “Company”) was incorporated in British Columbia, Canada under theBusiness Corporations Act (British Columbia)on April27,2011. The Company is engaged in the explorationand development of mineral properties, through its equity investee Ambler Metals LLC (“Ambler Metals”),with a focus on the Upper Kobuk Mineral Projects (“UKMP”), including the Arctic and Bornite Projectslocated in Northwest Alaska in the United States of America. The Company also conducts early-stageexploration through a wholly owned subsidiary, 995 Exploration Inc. These condensed interim consolidatedfinancial statements have been prepared using accounting principlesgenerally accepted in the United States (“U.S. GAAP”) and include the accounts of Trilogy and its whollyowned subsidiaries, NovaCopper US Inc. and 995 Exploration Inc. All intercompany transactions areeliminated on consolidation. As these condensed interim consolidatedfinancial statements do not contain all of the disclosures requiredby U.S. GAAP for annualfinancial statements, these condensed interim consolidatedfinancial statementsshould be read in conjunction with the annualfinancial statements and related notes included in our AnnualReport on Form 10-K for thefiscal year ended November 30, 2025 (“Annual Report on Form 10-K”). 2)Summary of significant accounting policies Investment in Ambler Metals LLC The Company accounts for its investment in Ambler Metals as an investment in associate.For a variableinterest entity (“VIE”) where Trilogy is not the primary beneficiary, we use the equity method of accounting.Management assesses the possibility of impairment in the carrying value of its equity method investment inAmbler Metals whenever events or circumstances indicate that the carrying amount of the investment maynot be recoverable.Ambler Metals is a non-public