Trilogy Metals Inc(NYSE MKT:TMQ) 
Trilogy Metals Inc., a base metals exploration company, explores for and develops mineral properties in the United States. It principally holds interests in the Upper Kobuk mineral projects that include the Arctic, which contains polymetallic volcanogenic massive sulfide deposits; and Bornite that c...
Website: http://www.trilogymetals.com
Founded: 2004
Full Time Employees: 13
Sector: Basic Materials
Industry: Other Industrial Metals & Mining
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At a glance:
- Polymetallic Development Story Focused on the Ambler District (Alaska): Trilogy Metals is primarily an exploration/development company advancing copper-zinc-lead-gold-silver assets in Alaska’s Ambler mining district, with value driven by project advancement rather than current production cash flows.
- Flagship Assets: Arctic and Bornite: The company’s core portfolio centers on the Arctic VMS deposit (copper-zinc dominant) and the Bornite copper-cobalt deposit, which together underpin the long-term investment thesis and major catalysts (studies, permitting, partner activity).
- Execution and Permitting/Infrastructure Are Key Value Drivers: Project timelines depend heavily on permitting outcomes and access/infrastructure development in a remote region, making regulatory progress and logistics solutions central to de-risking and valuation.
- Joint Venture/Partner Dynamics Can Drive Re-Rating: Strategic partnerships and joint-venture decisions (funding commitments, earn-in terms, development sequencing) are important determinants of capital availability, risk sharing, and near- to mid-term milestones.
- Financing and Liquidity Remain Ongoing Considerations: As a pre-revenue developer, Trilogy typically funds work programs through cash on hand and capital markets/partner funding, so dilution risk, budget discipline, and runway relative to planned exploration and studies are key investor focus areas.
Bull Thesis:
- World-Class Critical Mineral Deposits: Trilogy Metals' Arctic and Bornite projects contain high-grade, large-scale deposits of copper, zinc, and cobalt, which are essential critical minerals for the global energy transition, electrification, and renewable energy sectors, ensuring strong long-term demand tailwinds.
- Progress on Ambler Access Project (AAP): The crucial Ambler Access Project road, vital for developing the remote Upper Kobuk Mineral Projects (UKMP), has seen renewed state and federal support, with permitting progress indicating a potential path forward for this critical infrastructure, unlocking significant project value.
- Strong Joint Venture Partner (South32): The 50/50 joint venture with South32, a major global diversified mining company, provides significant financial backing, technical expertise, and shares the substantial development costs and risks of the multi-billion dollar projects, de-risking the venture for Trilogy Metals.
- Favorable Geopolitical Location: Operating in Alaska, USA, offers a stable political and regulatory environment, reducing geopolitical and country risk compared to many other mining jurisdictions globally. This enhances project security, permitting predictability, and overall investment appeal.
Bear Thesis:
- Ambler Access Project (AAP) Uncertainty: Despite recent progress, the Ambler Access Project road faces significant environmental, legal, and indigenous opposition. This poses a major risk of further delays, legal challenges, or even cancellation, which would severely impede project development and value realization.
- Substantial Capital Requirements and Funding Risk: The Upper Kobuk Mineral Projects are multi-billion dollar developments. Trilogy Metals' 50% share of the capital expenditure will be immense, likely requiring significant future equity raises and potential dilution for existing shareholders to fund its portion.
- Commodity Price Volatility: The economic viability and financing prospects of the Arctic and Bornite projects are highly sensitive to the volatile prices of copper, zinc, and cobalt. A sustained downturn in these key commodity markets could negatively impact project economics and make financing more challenging.
- Complex Permitting and Environmental Hurdles: Beyond the Ambler road, the actual mine sites will require complex and lengthy permitting processes, facing potential environmental challenges, stringent regulatory scrutiny, and opposition from various stakeholders, leading to potential delays and increased costs.
Main Competitors:
- Northern Dynasty Minerals Ltd. ($NAK) (Pebble Project (copper, gold, molybdenum)), Competes directly for investor capital and public perception regarding large-scale mining development in Alaska. Both companies face significant environmental permitting hurdles and public scrutiny, making them direct comparables for assessing the risk and potential of developing major mineral deposits in the state.
- Ivanhoe Mines Ltd. ($IVN) (Kamoa-Kakula Copper Complex, Platreef PGM-Nickel-Copper-Gold Project), Competes for investor capital seeking exposure to world-class, large-scale copper and base metal development projects. Ivanhoe's advanced and producing Kamoa-Kakula project offers a benchmark for successful project execution and attracts capital that might otherwise consider earlier-stage projects like Trilogy's.
- Filo Mining Corp. ($FIL) (Filo del Sol Project (copper, gold, silver)), Competes for investor capital in the junior mining sector, specifically for those seeking exposure to large-scale, long-life copper-gold-silver development projects in challenging but high-potential jurisdictions. Investors compare the geological potential, development timelines, and jurisdictional risks of projects like Filo del Sol against Trilogy's Alaskan assets.
- Freeport-McMoRan Inc. ($FCX) (Global copper and molybdenum production (e.g., Grasberg, Morenci)), Represents the established, large-cap copper producer. It competes for investor capital by offering exposure to existing copper production, cash flow, and lower development risk compared to a development-stage company like Trilogy. Investors might choose to invest in a proven producer with ongoing operations and growth projects rather than a company focused solely on bringing a new mine into production.
Moat:
Trilogy Metals Inc. operates in the highly capital-intensive and cyclical mining industry, where its primary competition is for investor capital and the successful permitting and development of its high-grade copper and nickel deposits. Its 'moat' lies in the quality and strategic importance of its Arctic and Bornite deposits, which are critical for the global energy transition. However, significant competitive challenges include the lengthy and complex permitting process in Alaska, the substantial capital required for infrastructure development (Ambler Access Project), and the inherent risks of a development-stage company in a volatile commodity market. Competitors range from other development-stage projects globally vying for similar investor attention to established producers offering lower-risk exposure to base metals.
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| Unit: USD | 2026-05-31 | 2026-02-28 | 2025-11-30 | 2025-08-31 | 2025-05-31 | 2025-02-28 | 2024-11-30 | 2024-08-31 | 2024-05-31 | 2024-02-29 | 2023-11-30 | 2023-08-31 | 2023-05-31 | 2023-02-28 | 2022-11-30 | 2022-08-31 | 2022-05-31 | 2022-02-28 | 2021-11-30 | 2021-08-31 | 2021-05-31 | 2021-02-28 | 2020-11-30 | 2020-08-31 | 2020-05-31 | 2020-02-29 | 2019-11-30 | 2019-08-31 | 2019-05-31 | 2019-02-28 | 2018-11-30 | 2018-08-31 | 2018-05-31 | 2018-02-28 | 2017-11-30 | 2017-08-31 | 2017-05-31 | 2017-02-28 | 2016-11-30 | 2016-08-31 | 2016-05-31 | 2016-02-29 | 2015-11-30 | 2015-08-31 | 2015-05-31 | 2015-02-28 | 2014-08-31 | 2014-02-28 | 2013-11-30 | 2013-08-31 | 2013-05-31 | 2013-02-28 | 2012-11-30 | 2012-08-31 | 2012-07-10 | 2012-05-31 | 2012-02-29 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
current assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents | 38,838,000 | 47,784,000 | 51,613,000 | 23,372,000 | 24,616,000 | 25,213,000 | 25,738,000 | 14,022,000 | 2,012,000 | 3,133,000 | 3,497,000 | 4,847,000 | 6,308,000 | 6,831,000 | 8,449,000 | 9,631,000 | 11,125,000 | 12,780,000 | 12,343,000 | 15,217,000 | 19,174,000 | 26,852,000 | 25,806,000 | 29,955,000 | 22,991,000 | 30,468,000 | 37,469,000 | 12,146,000 | 5,391,000 | 10,205,000 | 14,529,000 | 6,447,000 | 7,340,000 | 9,227,000 | 13,000,000 | 14,678,000 | 16,139,000 | 18,365,000 | 2,732,000 | 3,988,000 | 6,999,000 | 4,364,000 | 6,484,000 | 9,440,000 | 15,687,000 | 18,738,000 | 22,244,000 | 29,101,000 | 38,696,000 | 38,696,000 | 296,000 | ||||||
accounts receivable | 106,000 | 112,000 | 118,000 | 17,000 | 20,000 | 19,000 | 16,000 | 8,000 | 15,000 | 14,000 | 33,000 | 10,000 | 16,000 | 26,000 | 17,000 | 11,000 | 12,000 | 17,000 | 19,000 | 16,000 | 19,000 | 24,000 | 129,000 | 121,000 | 699,000 | 418,000 | 264,000 | 359,000 | 171,000 | 29,000 | 23,000 | 57,000 | 29,000 | 352,000 | 470,000 | 341,000 | 106,000 | 30,000 | 47,000 | 62,000 | 42,000 | 31,000 | 39,000 | 279,000 | 104,000 | 57,000 | 250,000 | 141,000 | 90,000 | 312,000 | 378,000 | 301,000 | 365,000 | 184,000 | 122,000 | 122,000 | |
deposits and prepaid amounts | 69,000 | 120,000 | 193,000 | 344,000 | 59,000 | 97,000 | 195,000 | 352,000 | 46,000 | 125,000 | 259,000 | 457,000 | 58,000 | 163,000 | 320,000 | 487,000 | 626,000 | 242,000 | 285,000 | 481,000 | 702,000 | 217,000 | 184,000 | 379,000 | 473,000 | 300,000 | 719,000 | 520,000 | 1,513,000 | 899,000 | 619,000 | 646,000 | 904,000 | 561,000 | 837,000 | 864,000 | 1,112,000 | 574,000 | 724,000 | 533,000 | 688,000 | 532,000 | 707,000 | 499,000 | 600,000 | 423,000 | 481,000 | 458,000 | 591,000 | 554,000 | 782,000 | 508,000 | 554,000 | 545,000 | 699,000 | 699,000 | 267,000 |
total current assets | 39,013,000 | 48,016,000 | 51,924,000 | 23,733,000 | 24,695,000 | 25,329,000 | 26,045,000 | 26,098,000 | 14,083,000 | 2,151,000 | 2,882,000 | 3,516,000 | 4,240,000 | 1,871,000 | 2,910,000 | ||||||||||||||||||||||||||||||||||||||||||
investment in ambler metals llc | 112,086,000 | 106,420,000 | 105,263,000 | 105,261,000 | 106,152,000 | 106,916,000 | 107,497,000 | 108,114,000 | 121,238,000 | 134,340,000 | 135,021,000 | 136,867,000 | 139,777,000 | 141,380,000 | 142,754,000 | 146,819,000 | 155,744,000 | 158,204,000 | 160,063,000 | 164,253,000 | 170,325,000 | 172,025,000 | 173,145,000 | ||||||||||||||||||||||||||||||||||
right of use asset | 96,000 | 106,000 | 117,000 | 126,000 | 136,000 | 145,000 | 155,000 | 164,000 | 16,000 | 65,000 | 113,000 | 188,000 | 233,000 | 276,000 | 319,000 | 361,000 | 402,000 | 443,000 | 482,000 | 521,000 | 559,000 | 448,000 | 476,000 | 503,000 | 529,000 | 547,000 | |||||||||||||||||||||||||||||||
total assets | 151,195,000 | 154,542,000 | 157,304,000 | 129,120,000 | 130,983,000 | 132,390,000 | 133,697,000 | 134,376,000 | 135,338,000 | 136,559,000 | 138,020,000 | 140,577,000 | 144,258,000 | 143,537,000 | 145,995,000 | ||||||||||||||||||||||||||||||||||||||||||
liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
current liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
accounts payable and accrued liabilities | 646,000 | 698,000 | 2,329,000 | 333,000 | 835,000 | 666,000 | 756,000 | 391,000 | 463,000 | 464,000 | 432,000 | 482,000 | 598,000 | 670,000 | 345,000 | 502,000 | 553,000 | 571,000 | 852,000 | 385,000 | 907,000 | 551,000 | 888,000 | 1,287,000 | 539,000 | 1,274,000 | 2,354,000 | 4,512,000 | 1,481,000 | 1,067,000 | 1,657,000 | 3,964,000 | 2,567,000 | 1,460,000 | 4,249,000 | 4,759,000 | 1,200,000 | 421,000 | 593,000 | 840,000 | 469,000 | 497,000 | 751,000 | 1,374,000 | 1,265,000 | 727,000 | 1,750,000 | 1,765,000 | 1,742,000 | 1,578,000 | 1,801,000 | 616,000 | 1,846,000 | 2,765,000 | 1,708,000 | 1,708,000 | 132,000 |
current portion of lease liability | 44,000 | 43,000 | 41,000 | 40,000 | 39,000 | 36,000 | 37,000 | 37,000 | 33,000 | 82,000 | 130,000 | 176,000 | 189,000 | 190,000 | 192,000 | 186,000 | 179,000 | 176,000 | 179,000 | 166,000 | 158,000 | 152,000 | 139,000 | 137,000 | |||||||||||||||||||||||||||||||||
derivative liability | 34,534,000 | 32,257,000 | 30,743,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
total current liabilities | 35,224,000 | 32,998,000 | 33,113,000 | 373,000 | 874,000 | 702,000 | 793,000 | 428,000 | 463,000 | 464,000 | 465,000 | 564,000 | 728,000 | 846,000 | 534,000 | ||||||||||||||||||||||||||||||||||||||||||
long-term portion of lease liability | 48,000 | 60,000 | 70,000 | 82,000 | 93,000 | 98,000 | 110,000 | 125,000 | 33,000 | 85,000 | 139,000 | 188,000 | 235,000 | 286,000 | 347,000 | 374,000 | 408,000 | 447,000 | 460,000 | 510,000 | |||||||||||||||||||||||||||||||||||||
total liabilities | 35,272,000 | 33,058,000 | 33,183,000 | 455,000 | 967,000 | 800,000 | 903,000 | 553,000 | 463,000 | 464,000 | 465,000 | 564,000 | 728,000 | 846,000 | 567,000 | ||||||||||||||||||||||||||||||||||||||||||
shareholders' equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
share capital | 228,019,000 | 227,818,000 | 225,241,000 | 192,898,000 | 192,866,000 | 192,591,000 | 190,503,000 | 190,200,000 | 190,017,000 | 189,832,000 | 187,886,000 | 187,715,000 | 187,570,000 | 183,831,000 | 182,178,000 | 181,945,000 | 181,710,000 | 181,571,000 | 180,820,000 | 180,392,000 | 180,388,000 | 180,080,000 | 179,746,000 | 179,310,000 | 178,650,000 | 178,307,000 | 177,971,000 | 176,970,000 | 164,574,000 | 164,521,000 | 164,069,000 | 164,034,000 | 163,947,000 | 137,011,000 | 136,525,000 | 136,494,000 | 136,449,000 | 136,357,000 | 136,348,000 | 136,117,000 | 136,103,000 | 136,040,000 | 135,690,000 | 112,469,000 | 106,497,000 | 104,895,000 | 104,192,000 | 92,157,000 | 92,137,000 | 92,137,000 | 27,280,000 | ||||||
contributed surplus | 118,000 | 118,000 | 118,000 | 118,000 | 118,000 | 118,000 | 118,000 | 118,000 | 118,000 | 118,000 | 118,000 | 118,000 | 121,000 | 121,000 | 122,000 | 122,000 | 122,000 | 122,000 | 122,000 | 122,000 | 122,000 | 122,000 | 122,000 | 122,000 | 122,000 | 122,000 | 122,000 | 122,000 | 122,000 | 122,000 | 122,000 | 122,000 | 124,000 | 124,000 | 124,000 | 124,000 | 124,000 | 124,000 | 124,000 | 124,000 | 124,000 | 124,000 | 124,000 | 124,000 | 124,000 | 124,000 | 124,000 | 124,000 | 152,000 | 152,000 | 151,000 | 156,000 | 12,180,000 | 12,180,000 | 12,180,000 | 12,180,000 | 37,883,000 |
contributed surplus – options | 29,893,000 | 29,477,000 | 27,294,000 | 29,712,000 | 29,576,000 | 29,475,000 | 28,801,000 | 28,741,000 | 28,647,000 | 28,555,000 | 28,237,000 | 28,111,000 | 27,986,000 | 27,872,000 | 27,352,000 | 27,327,000 | 27,106,000 | 26,822,000 | 25,990,000 | 25,750,000 | 25,367,000 | 25,081,000 | 23,303,000 | 23,024,000 | 22,661,000 | 22,272,000 | 21,123,000 | 21,183,000 | 20,936,000 | 20,634,000 | 19,076,000 | 19,011,000 | 18,942,000 | 18,857,000 | 18,402,000 | 18,392,000 | 18,380,000 | 18,351,000 | 18,134,000 | 18,111,000 | 18,081,000 | 18,025,000 | 17,841,000 | 17,646,000 | 17,432,000 | 17,368,000 | 16,624,000 | 16,651,000 | 17,248,000 | ||||||||
contributed surplus – units | 3,942,000 | 3,775,000 | 4,109,000 | 3,884,000 | 3,656,000 | 3,429,000 | 3,772,000 | 3,528,000 | 3,266,000 | 3,004,000 | 3,127,000 | 2,858,000 | 2,590,000 | 2,801,000 | 2,638,000 | 2,294,000 | 2,179,000 | 2,063,000 | 1,712,000 | 1,682,000 | 1,657,000 | 1,621,000 | 1,585,000 | 1,549,000 | 1,508,000 | 1,470,000 | 1,759,000 | 1,652,000 | 1,727,000 | 1,418,000 | 1,489,000 | 1,425,000 | 1,361,000 | 1,300,000 | 1,319,000 | 1,258,000 | 1,197,000 | 1,136,000 | 1,140,000 | 1,101,000 | 1,216,000 | 1,170,000 | 1,164,000 | 1,318,000 | 1,400,000 | 1,375,000 | 1,703,000 | 1,740,000 | 2,584,000 | 1,571,000 | 1,683,000 | ||||||
deficit | -146,049,000 | -139,704,000 | -132,641,000 | -97,947,000 | -96,200,000 | -94,023,000 | -90,400,000 | -88,764,000 | -87,173,000 | -85,414,000 | -81,813,000 | -78,789,000 | -74,737,000 | -71,934,000 | -66,862,000 | -61,640,000 | -51,702,000 | -47,628,000 | -42,605,000 | -36,538,000 | -28,874,000 | -25,461,000 | -20,945,000 | -17,719,000 | -14,535,000 | -11,533,000 | -182,712,000 | -176,187,000 | -163,652,000 | -159,143,000 | -154,807,000 | -149,488,000 | -139,568,000 | -135,814,000 | -132,868,000 | -126,142,000 | -117,151,000 | -114,760,000 | |||||||||||||||||||
total shareholders' equity | 115,923,000 | 121,484,000 | 124,121,000 | 128,665,000 | 130,016,000 | 131,590,000 | 132,794,000 | 133,823,000 | 134,875,000 | 136,095,000 | 137,555,000 | 140,013,000 | 143,530,000 | 142,691,000 | 145,428,000 | ||||||||||||||||||||||||||||||||||||||||||
total liabilities and shareholders' equity | 151,195,000 | 154,542,000 | 157,304,000 | 129,120,000 | 130,983,000 | 132,390,000 | 133,697,000 | 134,376,000 | 135,338,000 | 136,559,000 | 138,020,000 | 140,577,000 | 144,258,000 | 143,537,000 | 145,995,000 | ||||||||||||||||||||||||||||||||||||||||||
shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
cash | 25,834,000 | 2,590,000 | 3,049,000 | 4,166,000 | 1,682,000 | 2,573,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
fixed assets | 1,000 | 3,000 | 4,000 | 6,000 | 8,000 | 10,000 | 12,000 | 14,000 | 18,000 | 23,000 | 29,000 | 34,000 | 39,000 | 189,000 | 206,000 | ||||||||||||||||||||||||||||||||||||||||||
mineral properties | 119,000 | 119,000 | 119,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
current assets - sum | 3,631,000 | 4,135,000 | 5,106,000 | 6,612,000 | 7,328,000 | 9,170,000 | 9,872,000 | 11,438,000 | 13,280,000 | 13,381,000 | 13,730,000 | 15,241,000 | 16,885,000 | 19,143,000 | 3,436,000 | 4,468,000 | 7,730,000 | 4,963,000 | 7,165,000 | 10,306,000 | 16,847,000 | 19,547,000 | 23,163,000 | 29,830,000 | 39,517,000 | 563,000 | |||||||||||||||||||||||||||||||
current liabilities - sum | 692,000 | 745,000 | 757,000 | 1,031,000 | 561,000 | 1,086,000 | 717,000 | 1,046,000 | 1,439,000 | 854,000 | 469,000 | 497,000 | 751,000 | 1,374,000 | 1,265,000 | 727,000 | 1,750,000 | 1,765,000 | 1,742,000 | 2,057,000 | 2,757,000 | 2,754,000 | 1,973,000 | 2,876,000 | 1,952,000 | 132,000 | |||||||||||||||||||||||||||||||
shareholders’ equity - sum | 150,048,000 | 159,415,000 | 162,950,000 | 166,039,000 | 171,408,000 | 178,660,000 | 181,443,000 | 183,811,000 | 186,286,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
mineral properties and development costs | 30,631,000 | 30,587,000 | 30,587,000 | 30,587,000 | 30,587,000 | 30,587,000 | 30,587,000 | 30,587,000 | 30,587,000 | 30,587,000 | 30,586,000 | 30,586,000 | 30,586,000 | 33,850,000 | 33,850,000 | 33,850,000 | 33,850,000 | 30,586,000 | 30,586,000 | 30,586,000 | 30,586,000 | 30,586,000 | 30,586,000 | 30,586,000 | 30,586,000 | 30,586,000 | 30,582,000 | 30,547,000 | 30,547,000 | 30,547,000 | |||||||||||||||||||||||||||
rent deposit | 114,000 | 114,000 | 114,000 | 114,000 | 114,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
mineral properties purchase option | 31,000,000 | 31,000,000 | 31,000,000 | 31,000,000 | 20,800,000 | 20,800,000 | 20,000,000 | 20,000,000 | 10,365,000 | 10,000,000 | 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
equity method investment | 174,167,000 | 175,261,000 | 175,822,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
plant and equipment | 222,000 | 239,000 | 255,000 | 715,000 | 820,000 | 250,000 | 288,000 | 325,000 | 363,000 | 408,000 | 443,000 | 478,000 | 399,000 | 278,000 | 215,000 | 235,000 | 345,000 | 394,000 | 446,000 | 510,000 | 181,000 | 272,000 | 540,000 | 891,000 | 1,148,000 | 1,410,000 | 1,615,000 | 1,711,000 | 1,947,000 | 2,099,000 | 2,094,000 | 2,094,000 | |||||||||||||||||||||||||
/s/ tony giardini, president, ceo and director | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
/s/ james gowans, director | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
approved on behalf of the board of directors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
warrants | 2,253,000 | 2,253,000 | 2,253,000 | 2,253,000 | 2,253,000 | 2,163,000 | 2,163,000 | 2,163,000 | 2,163,000 | 2,163,000 | 2,163,000 | 2,163,000 | 2,163,000 | 2,163,000 | 2,163,000 | 2,163,000 | 2,163,000 | 2,163,000 | 2,163,000 | ||||||||||||||||||||||||||||||||||||||
/s/ rick van nieuwenhuyse, director | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
current investments | 2,516,000 | 4,571,000 | 5,600,000 | 5,869,000 | 7,538,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
investments | 229,000 | 1,012,000 | 81,000 | 165,000 | 183,000 | 297,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
share capital (note 6) – unlimited common shares authorized, no par value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
issued -105,554,489 | 136,463,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
current assets held for sale | 3,559,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
assets held for sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
current liabilities held for sale | 14,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
deficit accumulated during the exploration stage | -111,764,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
issued - 60,633,701 | 112,469,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
issued - 60,296,365 | 111,833,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
due to related parties | 61,000 | 98,000 | 127,000 | 111,000 | 244,000 | 244,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
other liabilities | 479,000 | 895,000 | 2,040,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
share capital (note 8) – unlimited common shares authorized, no par value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
issued – 53,015,597 | 104,651,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
contributed surplus – stock-based compensation | 16,426,000 | 16,002,000 | 14,593,000 | 12,703,000 | 10,785,000 | 8,817,000 | 8,817,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
issued – 52,771,101 | 104,208,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
nature of operations, liquidity, structure and plan of arrangement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
commitments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
share capital (note 7) – unlimited common shares authorized, no par value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
issued - 46,665,069 | 92,168,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
property, plant and equipment | 1,010,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
shareholder’s equity |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-05-31 | 2026-02-28 | 2025-11-30 | 2025-08-31 | 2025-05-31 | 2025-02-28 | 2024-11-30 | 2024-08-31 | 2024-05-31 | 2024-02-29 | 2023-11-30 | 2023-08-31 | 2023-05-31 | 2023-02-28 | 2022-11-30 | 2022-08-31 | 2022-05-31 | 2022-02-28 | 2021-11-30 | 2021-08-31 | 2021-05-31 | 2021-02-28 | 2020-11-30 | 2020-08-31 | 2020-05-31 | 2020-02-29 | 2019-11-30 | 2019-08-31 | 2019-05-31 | 2019-02-28 | 2018-11-30 | 2018-08-31 | 2018-05-31 | 2018-02-28 | 2017-11-30 | 2017-08-31 | 2017-05-31 | 2017-02-28 | 2016-11-30 | 2016-08-31 | 2016-05-31 | 2016-02-29 | 2015-02-28 | 2014-02-28 | 2013-11-30 | 2013-08-31 | 2013-05-31 | 2013-02-28 | 2012-11-30 | 2012-08-31 | 2012-05-31 | 2012-02-29 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
loss for the period | -6,345,000 | -7,063,000 | -1,747,000 | -2,177,000 | -3,623,000 | -1,591,000 | -1,759,000 | -3,601,000 | -4,052,000 | -2,803,000 | -5,072,000 | -9,938,000 | -4,074,000 | -5,023,000 | -12,535,000 | -4,509,000 | -4,336,000 | -9,920,000 | -3,664,000 | -2,946,000 | -8,991,000 | -2,391,000 | -2,996,000 | |||||||||||||||||||||||||||||
adjustments to reconcile net loss to cash flows from operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
consulting fees settled by common shares | 0 | 0 | 0 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | ||||||||||||||||||||||||||||||||||||||||||||
office lease accounting | 0 | 0 | 1,000 | 1,000 | 0 | 12,000 | 49,000 | 15,000 | 26,000 | -4,000 | -3,000 | -2,000 | -3,000 | -5,000 | -4,000 | -4,000 | -5,000 | 88,000 | ||||||||||||||||||||||||||||||||||
loss on equity investment in ambler metals llc | 2,334,000 | 1,343,000 | 9,156,000 | 891,000 | 764,000 | 581,000 | 617,000 | 624,000 | 602,000 | 793,000 | 1,846,000 | 2,910,000 | 1,603,000 | 1,485,000 | 4,065,000 | 8,925,000 | 2,460,000 | 1,910,000 | 4,190,000 | 6,072,000 | 1,700,000 | 1,120,000 | 1,022,000 | |||||||||||||||||||||||||||||
loss on derivative carried at fair market value | 2,277,000 | 1,514,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
unrealized foreign exchange gain | 1,000 | 25,000 | 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
stock-based compensation | 674,000 | 3,096,000 | 365,000 | 374,000 | 367,000 | 2,230,000 | 506,000 | 506,000 | 509,000 | 1,999,000 | 508,000 | 526,000 | 491,000 | 2,362,000 | 488,000 | 571,000 | 503,000 | 1,865,000 | 391,000 | 409,000 | 524,000 | 2,148,000 | 534,000 | 1,064,000 | 770,000 | 1,196,000 | 840,000 | 402,000 | 664,000 | 1,939,000 | 164,000 | 204,000 | 151,000 | 922,000 | 102,000 | 104,000 | 104,000 | 395,000 | 470,000 | 29,000 | -137,000 | 253,000 | 282,000 | 116,000 | 7,381,000 | -4,739,000 | 1,381,000 | 4,113,000 | 7,424,000 | -3,507,000 | ||
net change in non-cash working capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||
decrease in accounts receivable | 5,000 | 7,000 | 9,000 | 3,000 | -1,000 | -3,000 | -8,000 | 7,000 | -1,000 | 19,000 | 0 | 6,000 | 10,000 | -9,000 | -6,000 | 1,000 | 5,000 | 2,000 | -3,000 | -8,000 | 95,000 | -188,000 | 34,000 | -28,000 | 323,000 | 118,000 | -76,000 | 17,000 | 119,000 | 64,000 | ||||||||||||||||||||||
decrease in deposits and prepaid amounts | 51,000 | 73,000 | 151,000 | -285,000 | 38,000 | 98,000 | 157,000 | -306,000 | 79,000 | 134,000 | 105,000 | 157,000 | 196,000 | 195,000 | -199,000 | -87,000 | 258,000 | -343,000 | 276,000 | 27,000 | 248,000 | -538,000 | 150,000 | -172,000 | 152,000 | 46,000 | ||||||||||||||||||||||||||
increase in accounts payable and accrued liabilities | 1,885,000 | -502,000 | 334,000 | -62,000 | 362,000 | -69,000 | -1,000 | 32,000 | -70,000 | 167,000 | -399,000 | -816,000 | ||||||||||||||||||||||||||||||||||||||||
total cash flows from operating activities | -1,039,000 | -2,741,000 | -558,000 | -1,265,000 | -677,000 | -748,000 | 26,000 | -785,000 | -490,000 | -579,000 | -459,000 | -1,117,000 | -632,000 | -885,000 | -568,000 | |||||||||||||||||||||||||||||||||||||
cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from issuance of common shares, net of share issue costs | 0 | 1,164,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from exercise of options | 110,000 | 166,000 | 5,461,000 | 22,000 | 71,000 | 131,000 | 0 | 0 | 36,000 | 18,000 | 307,000 | 3,000 | ||||||||||||||||||||||||||||||||||||||||
total cash flows from financing activities | 110,000 | 1,330,000 | 29,786,000 | 22,000 | 71,000 | 131,000 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||
cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
contribution to ambler metals llc | -8,000,000 | -2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
total cash from investing activities | -8,000,000 | -2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
change in cash | -8,929,000 | -3,911,000 | 28,228,000 | -1,243,000 | -606,000 | -617,000 | 100,000 | 11,715,000 | ||||||||||||||||||||||||||||||||||||||||||||
effect of exchange rate on cash | -17,000 | 82,000 | 13,000 | -1,000 | 9,000 | -4,000 | -4,000 | 1,000 | 0 | 1,000 | 0 | 0 | 1,000 | -6,000 | ||||||||||||||||||||||||||||||||||||||
cash – beginning of the period | 0 | 51,613,000 | 25,834,000 | 0 | 0 | 2,573,000 | ||||||||||||||||||||||||||||||||||||||||||||||
cash – end of the period | -8,946,000 | 47,784,000 | -1,244,000 | -597,000 | 25,213,000 | -1,117,000 | 2,484,000 | 1,682,000 | ||||||||||||||||||||||||||||||||||||||||||||
unrealized foreign exchange loss | -76,000 | 0 | -1,000 | 0 | 3,000 | -2,000 | 4,000 | -17,000 | -4,000 | 1,000 | 2,000 | -8,000 | -17,000 | 21,000 | 14,000 | 15,000 | 1,000 | -5,000 | -88,000 | 112,000 | -92,000 | |||||||||||||||||||||||||||||||
decrease in accounts payable and accrued liabilities | -1,635,000 | -22,000 | -156,000 | -281,000 | -735,000 | -1,080,000 | 414,000 | -590,000 | 1,397,000 | 1,107,000 | -2,789,000 | |||||||||||||||||||||||||||||||||||||||||
loss for the year | ||||||||||||||||||||||||||||||||||||||||||||||||||||
amortization | 0 | 1,000 | 2,000 | 1,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 4,000 | 5,000 | 6,000 | 5,000 | -88,000 | 87,000 | 17,000 | 16,000 | 17,000 | 16,000 | 42,000 | 105,000 | 31,000 | 38,000 | 37,000 | 38,000 | 39,000 | 42,000 | 41,000 | 41,000 | 27,000 | 19,000 | 20,000 | 126,000 | -4,000 | -2,000 | 54,000 | 143,000 | 258,000 | 767,000 | 12,000 | 4,000 | 250,000 | 534,000 | 67,000 | 50,000 | 118,000 | ||||||
return of capital from ambler metals llc | 0 | 12,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
total cash (used in)/flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cash – beginning of the year | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
cash – end of the year | ||||||||||||||||||||||||||||||||||||||||||||||||||||
total cash flows from investing activities | 0 | 12,500,000 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||
unpaid interest earned | ||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on disposal of mineral property | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
write off mineral properties | 0 | -58,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
issuance of common shares, net of share issue cost | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from disposition of mineral property | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents – beginning of the period | 0 | 0 | 2,590,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents – end of the period | 11,716,000 | 12,010,000 | 2,012,000 | -364,000 | -1,350,000 | 4,847,000 | -1,618,000 | -1,182,000 | 9,631,000 | |||||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net loss to cash flows in operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
decrease in cash | -579,000 | -885,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
increase in cash | -459,000 | -1,117,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
professional fees settled by common shares | 30,000 | 35,000 | 21,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
increase in deposits and prepaid amounts | 139,000 | 133,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
earnings for the year | ||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on working capital written-off upon joint venture formation | 0 | 0 | 0 | 18,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
mineral claims | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
decrease in cash and cash equivalents | -358,000 | -1,351,000 | -1,462,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
effect of exchange rate on cash and cash equivalents | -6,000 | 1,000 | 1,000 | 4,000 | -4,000 | 4,000 | -1,000 | -32,000 | 32,000 | 1,000 | -16,000 | 2,000 | 5,000 | -3,000 | -5,000 | -12,000 | -14,000 | 25,000 | -43,000 | |||||||||||||||||||||||||||||||||
cash and cash equivalents – beginning of period | 0 | 0 | 6,308,000 | 11,125,000 | 0 | 0 | 19,174,000 | 0 | 0 | 22,991,000 | 0 | 0 | 5,391,000 | 0 | 0 | 7,340,000 | -1,678,000 | -1,461,000 | 16,139,000 | 5,074,000 | 6,484,000 | 6,557,000 | -3,052,000 | -3,505,000 | 22,244,000 | -38,695,000 | 38,400,000 | 295,000 | 1,000 | |||||||||||||||||||||||
| -1,387,000 | -1,480,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
cash flows used in operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
adjustments to reconcile net income to cash flows in operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
decrease (increase) in deposits and prepaid amounts | 43,000 | -485,000 | -33,000 | -173,000 | 419,000 | -280,000 | 175,000 | |||||||||||||||||||||||||||||||||||||||||||||
gain on derecognition of assets | 0 | 0 | 0 | -175,770,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from exercise of warrants | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
cash flows from financing activities - sum | 208,000 | 0 | 14,000 | -90,000 | 1,602,000 | |||||||||||||||||||||||||||||||||||||||||||||||
acquisition of plant & equipment | -151,000 | 0 | 6,000 | -7,000 | -6,000 | -91,000 | -193,000 | |||||||||||||||||||||||||||||||||||||||||||||
mineral properties funding | 0 | 0 | 0 | 10,200,000 | 0 | 800,000 | 0 | 9,635,000 | 365,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents – beginning of year | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents – end of the year | ||||||||||||||||||||||||||||||||||||||||||||||||||||
earnings for the period | -7,664,000 | -3,413,000 | -4,516,000 | -3,184,000 | -3,002,000 | 171,179,000 | ||||||||||||||||||||||||||||||||||||||||||||||
decrease in cash from operating activities | -1,614,000 | -1,186,000 | -1,493,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
decrease (increase) in accounts receivable | 5,000 | 105,000 | -6,000 | 8,000 | 208,000 | |||||||||||||||||||||||||||||||||||||||||||||||
(decrease) in accounts payable and accrued liabilities | 356,000 | -337,000 | 693,000 | -172,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
right of use asset amortization and lease accretion | 38,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
office lease payments | -49,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
loss on held for trading investments | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from bought deal financing | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
share issuance costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from the sale of investments, net of fees | 0 | 217,000 | 648,000 | 1,432,000 | 1,299,000 | 1,299,000 | 242,000 | 639,000 | ||||||||||||||||||||||||||||||||||||||||||||
increase in cash and cash equivalents | -1,623,000 | 405,000 | -2,875,000 | -3,941,000 | -7,680,000 | 1,041,000 | -4,146,000 | 6,969,000 | -7,478,000 | -6,989,000 | 25,337,000 | 6,730,000 | -4,771,000 | -4,375,000 | 8,082,000 | -893,000 | 38,105,000 | 295,000 | ||||||||||||||||||||||||||||||||||
cash and cash equivalents – end of year | ||||||||||||||||||||||||||||||||||||||||||||||||||||
items not affecting cash | ||||||||||||||||||||||||||||||||||||||||||||||||||||
right of use asset amortization | 38,000 | 26,000 | 60,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
operating lease payments | -45,000 | -43,000 | -54,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents – end of period | 437,000 | -2,874,000 | 15,217,000 | 1,046,000 | -4,149,000 | 29,955,000 | -7,001,000 | 25,323,000 | 12,146,000 | -4,324,000 | 8,082,000 | 6,447,000 | -3,698,000 | -1,678,000 | 14,678,000 | 3,988,000 | 4,364,000 | -2,956,000 | -6,247,000 | -3,051,000 | 18,738,000 | -6,857,000 | -9,595,000 | 38,400,000 | 296,000 | |||||||||||||||||||||||||||
loss on equity investment in ambler metals llc. | 561,000 | 178,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
increase in accounts receivable | -281,000 | -154,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on disposal of equipment | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
foreign exchange loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||
increase in accounts payable, accrued liabilities and due to related parties | ||||||||||||||||||||||||||||||||||||||||||||||||||||
settlement of restricted share units | 0 | 0 | 0 | -90,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
cash flows from investing activities - sum | -151,000 | -494,000 | 0 | 1,023,000 | 641,000 | 11,061,000 | 1,573,000 | 1,106,000 | 10,226,000 | 639,000 | ||||||||||||||||||||||||||||||||||||||||||
share issuance cost | 14,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
gain on sale of sunward investments ltd. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
net cash outflow from the disposition of sunward investments ltd. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
unrealized gain on held for trading investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||
realized foreign exchange loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||
realized loss on sale of investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||
unrealized loss on held for trading investments | -639,000 | 393,000 | 83,000 | -70,000 | 1,239,000 | |||||||||||||||||||||||||||||||||||||||||||||||
loss on sale of investments | 774,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
loss on sale of investments, net of foreign exchange | ||||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds received on exercise of sunward arrangement options | ||||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from disposition of equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cash acquired through sunward arrangement | ||||||||||||||||||||||||||||||||||||||||||||||||||||
less cash and cash equivalents of discontinued operations – end of year | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents of continuing operations – end of year | ||||||||||||||||||||||||||||||||||||||||||||||||||||
non-cash investing and financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
acquisition of investments from the sale of sunward investments ltd. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
issuance of common shares and arrangement options on acquisition of sunward | ||||||||||||||||||||||||||||||||||||||||||||||||||||
loss on sale of held for trading investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||
less cash and cash equivalents of discontinued operations – end of period | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cash and cash equivalents of continuing operations – end of period | -4,324,000 | 8,082,000 | 6,447,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
gain on sale of investments | -3,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from private placement | ||||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds received on exercise of options | 17,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds from the sale of investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(increase) in accounts receivable | ||||||||||||||||||||||||||||||||||||||||||||||||||||
cash flows used in investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
acquisition of plant and equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
british columbia, canada | ||||||||||||||||||||||||||||||||||||||||||||||||||||
furniture and equipment | 46,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
leasehold improvements | 32,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
computer hardware and software | 93,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
alaska, usa | ||||||||||||||||||||||||||||||||||||||||||||||||||||
machinery, and equipment | 2,877,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
vehicles | 275,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
antioquia, colombia | ||||||||||||||||||||||||||||||||||||||||||||||||||||
machinery and equipment | 206,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
accretion | ||||||||||||||||||||||||||||||||||||||||||||||||||||
issuance of shares as compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
increase in accounts payable, accrued liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
proceeds received on exercise of stock options | ||||||||||||||||||||||||||||||||||||||||||||||||||||
funding provided by novagold on the completion of the plan of arrangement | ||||||||||||||||||||||||||||||||||||||||||||||||||||
funding provided and expenses paid by novagold | ||||||||||||||||||||||||||||||||||||||||||||||||||||
repayment of notes payable | ||||||||||||||||||||||||||||||||||||||||||||||||||||
acquisition of mineral properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||
issuance of common shares to novagold to acquire novacopper us inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
notes payable assumed on acquisition of ambler lands | ||||||||||||||||||||||||||||||||||||||||||||||||||||
issuance of common shares by novagold to acquire ambler lands | ||||||||||||||||||||||||||||||||||||||||||||||||||||
unrealized foreign exchange | -1,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
i. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
ii. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
iii. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
increasein accounts payable, accrued liabilities and due to related parties | 23,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
expenditures on mineral properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||
share capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||
balance – beginning of period | ||||||||||||||||||||||||||||||||||||||||||||||||||||
issued pursuant to plan of arrangement | ||||||||||||||||||||||||||||||||||||||||||||||||||||
issued pursuant to an employment agreement | ||||||||||||||||||||||||||||||||||||||||||||||||||||
issued on novagold arrangement options | ||||||||||||||||||||||||||||||||||||||||||||||||||||
balance – end of period | ||||||||||||||||||||||||||||||||||||||||||||||||||||
contributed surplus | ||||||||||||||||||||||||||||||||||||||||||||||||||||
funding provided and expenses paid by novagold resources inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
transfer to share capital on completion of plan of arrangement | ||||||||||||||||||||||||||||||||||||||||||||||||||||
transfer to contributed surplus – stock-based compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
contributed surplus – stock-based compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
transfer from contributed surplus on completion of plan of arrangement | ||||||||||||||||||||||||||||||||||||||||||||||||||||
exercise of novagold arrangement options | ||||||||||||||||||||||||||||||||||||||||||||||||||||
deficit | ||||||||||||||||||||||||||||||||||||||||||||||||||||
total shareholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
notes payable assumed on acquisition of ambler | ||||||||||||||||||||||||||||||||||||||||||||||||||||
issuance of common shares by novagold to acquire ambler | ||||||||||||||||||||||||||||||||||||||||||||||||||||
issuance of shares as | ||||||||||||||||||||||||||||||||||||||||||||||||||||
compensation | ||||||||||||||||||||||||||||||||||||||||||||||||||||
net change in non-cash working | ||||||||||||||||||||||||||||||||||||||||||||||||||||
capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||
funding provided by novagold | 1,602,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
acquisition of property, plant & equipment |