[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","hjp05zab1osrbvkbm6h3e3r8m","revision",4,"title","Trilogy Metals Inc. 2026年前九个月净亏损扩大","originalTitle","10-Q - Trilogy Metals Inc. (0001543418) (Filer)","summary","Trilogy Metals Inc. 2026年前九个月净亏损达1.3164亿美元，较2025年同期的7547万美元扩大。公司现金及现金等价物减少至3120.9万美元，投资Ambler Metals LLC价值增加至1.09029亿美元。公司还因与美国战争部的交易获得1.78亿美元融资，但面临能源价格上涨带来的成本上升风险。","reason","Trilogy Metals Inc. 2026年前九个月净亏损扩大，现金流减少，同时面临能源价格波动带来的成本上升风险。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_77":91},"publishedAt","2026-10-02T10:45:29.000Z","discoveredAt","2026-10-02T12:10:34.214Z","timelineAt","category","ai-products","tags",[83,84,85,86,87,88],"stockSymbols",[82],"score",70,"selected",true,"channel","news","story",{"_73":74,"_16":17},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":71},"hasTranslation","bodyLanguage","zh","factId","fM1mXmFqSN3c",{"_73":74,"_16":17},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","20f0c355-f3bf-426e-9bf0-81cf0b9b7e8a",{"_73":74,"_16":17},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

☒根据《1934年证券交易法》第13条或第15(d)条提交的季度报告

截至 2026年8月31日的季度

或

☐根据《1934年证券交易法》第13条或第15(d)条提交的过渡报告

从到的过渡期

委员会文件编号： 1-35447

$\"Graphic\"$

TRILOGY METALS INC.

(注册人章程中指定的全名)


不列颠哥伦比亚省	98-1006991
(州或其他司法管辖区) 成立或组织)	(美国国税局雇主识别号码)

901室，510 Burrard Street 温哥华，不列颠哥伦比亚省加拿大	V6C 3A8
(主要执行办公室地址)	(邮政编码)

(604) 638-8088

(注册人的电话号码，包括区号)

根据《法案》第12(b)条注册的证券：

每类证券的名称

交易代码

每种证券的注册交易所名称

普通股

TMQ

纽约证券交易所美国市场

多伦多证券交易所

通过勾选方框表明注册人（1）是否已提交根据《1934年证券交易法》第13条或第15(d)条在前12个月内（或注册人需要提交此类报告的较短期间）要求提交的所有报告，以及（2）是否在过去90天内受到此类提交要求的约束。是 ☒ 否 ◻

通过勾选方框表明注册人是否在前12个月内（或注册人需要提交此类文件的较短期间）根据S-T条例第405条（本章第232.405条）提交了所有要求提交的交互式数据文件。

是 ☒ 否 ◻

通过勾选方框表明注册人是大型加速提交者、加速提交者、非加速提交者、较小报告公司或新兴成长公司。请参见《交易所法》第12b-2条中“大型加速提交者”、“加速提交者”、“较小报告公司”和“新兴成长公司”的定义。


大型加速提交者 ◻	加速提交者 ◻	非加速提交者 ☒	较小报告公司 ☒	新兴成长公司 ☐

如果为新兴成长公司，请通过勾选方框表明注册人是否已选择不使用根据《交易所法》第13(a)条提供的任何新修订的财务会计标准的延长过渡期。◻

通过勾选方框表明注册人是否为壳公司（根据《交易所法》第12b-2条定义）。是 ☐ 否 ☒

截至2026年10月2日，注册人已发行 181,361,209 股普通股，无面值。

Trilogy Metals Inc.


	页码
第一部分 - 财务信息	3
项目 1.	财务报表	3
项目 2.	管理层讨论与分析财务状况和经营成果	17
项目 3.	关于市场风险的定量和定性披露	25
项目 4.	控制与程序	26

第二部分 - 其他信息	26
项目 1.	法律诉讼	26
项目 1A.	风险因素	26
项目 2.	未注册的股权证券销售和资金用途	28
项目 3.	高级证券违约	28
项目 4.	矿山安全披露	28
项目 5.	其他信息	28
项目 6.	附录	29

第一部分 - 财务信息

项目 1. 财务报表

Trilogy Metals Inc.

简要中期合并资产负债表

(未经审计)


	以千美元计
		2026年8月31日	2025年11月30日
		$	$
资产
流动资产
现金及现金等价物		31,209	51,613
应收账款		93	118
存款和预付款		338	193
流动资产合计		31,640	51,924

对Ambler Metals LLC的投资（注3）		109,029	105,263
使用权资产（注5(a)）		85	117
总资产		140,754	157,304

负债
流动负债
应付账款和应计负债（注4）		861	2,329
租赁负债的流动部分（注5(b)）		45	41
衍生品负债（注2）		22,970	30,743
流动负债合计		23,876	33,113

租赁负债的长期部分（注5(b)）		36	70
总负债		23,912	33,183

股东权益
股本（注6） - 无限普通股授权，无面值发行 - 172,945,639（2025年 - 171,069,888）		228,105	225,241
资本公积		118	118
资本公积 - 期权（注6(a)）		30,359	27,294
资本公积 - 单位（注6(b)）		4,065	4,109
亏损		(145,805)	(132,641)
股东权益合计		116,842	124,121
总负债和股东权益		140,754	157,304

后续事件（注11）

（详见简要中期合并财务报表的附注）


/s/ Tony Giardini，总裁、首席执行官和董事		/s/ Diana Walters，董事

经董事会批准


	Trilogy Metals Inc. 截至2026年8月31日的季度	3

Trilogy Metals Inc.

简要中期合并损益表

和全面损益表

(未经审计)


以千美元计，除每股和每股金额外
	截至		截至
		2026年8月31日		2025年8月31日	2026年8月31日	2025年8月31日
		$		$	$	$
费用
勘探费用		27		40	61	40
外汇损失/收益		15		2	(28)	(9)
一般及行政费用		294		214	1,291	910
投资者关系		14		38	121	72
专业费用		643		246	1,429	1,305
工资		429		251	1,547	774
工资和董事费用 - 股票薪酬（注6）		675		374	4,445	2,971
总费用		2,097		1,165	8,866	6,063
其他项目
利息和其他收入		(334)		(309)	(1,163)	(752)
权益投资的损失份额（注3(b)）		9,557		891	13,234	2,236
按公允市场价值计算的衍生品收益（注释7）		(11,564)		—	(7,773)	—
期间净收入/综合损失		244		(1,747)	(13,164)	(7,547)
每股普通股亏损		0.00		(0.01)	(0.08)	(0.05)
稀释每股普通股亏损		0.00		(0.01)	(0.08)	(0.05)
加权平均流通普通股数量（基本）		172,761,943		164,258,258	172,442,894	163,770,522
加权平均流通普通股数量（稀释）		172,761,943		164,258,258	172,442,894	163,770,522

（参见附注中的简明中期合并财务报表）


	Trilogy Metals Inc. 截至2026年8月31日的季度	4

Trilogy Metals Inc.

股东权益变动的简明中期合并报表

（未经审计）

以千美元计，除股票金额外


				投入	投入		总计
			投入	盈余 –	盈余 –		股东
	股票数量	股本	盈余	期权	单位	亏损	权益
	流通中	$	$	$	$	$	$
余额 – 2024年11月30日	161,085,313	190,503	118	28,801	3,772	(90,400)	132,794
期权行权	263,333	195	—	(64)	—		131
限制性股票单位	2,647,945	1,863	—	—	(1,863)	—	—
以普通股结算的服务	24,260	30	—	—	—	—	30
基于股票的薪酬	—	—	—	738	1,520	—	2,258
期间亏损	—	—	—	—	—	(3,623)	(3,623)
余额 – 2025年2月28日	164,020,851	192,591	118	29,475	3,429	(94,023)	131,590
期权行权	86,667	110	—	(39)	—	—	71
限制性股票单位	119,906	145	—	—	(145)	—	—
以普通股结算的服务	13,986	20	—	—	—	—	20
基于股票的薪酬	—	—	—	140	372	—	512
期间亏损	—	—	—	—	—	(2,177)	(2,177)
余额 – 2025年5月31日	164,241,410	192,866	118	29,576	3,656	(96,200)	130,016
期权行权	50,000	32	—	(10)	—	—	22
基于股票的薪酬	—	—	—	146	228	—	374
期间亏损	—	—	—	—	—	(1,747)	(1,747)
余额 – 2025年8月31日	164,291,410	192,898	118	29,712	3,884	(97,947)	128,665

余额 – 2025年11月30日	171,069,888	225,241	118	27,294	4,109	(132,641)	124,121
期权行权	153,334	246	—	(80)	—	—	166
按市价发行，扣除股票发行成本	174,410	1,164	—	—	—	—	1,164
限制性股票单位	1,148,007	1,167	—	—	(1,167)	—	—
基于股票的薪酬	—	—	—	2,263	833	—	3,096
期间亏损	—	—	—	—	—	(7,063)	(7,063)
余额 – 2026年2月28日	172,545,639	227,818	118	29,477	3,775	(139,704)	121,484
期权行权	100,000	158	—	(48)	—	—	110
限制性股票单位	100,000	43	—	—	(43)	—	—
基于股票的薪酬	—	—	—	464	210	—	674
期间亏损	—	—	—	—	—	(6,345)	(6,345)
余额 – 2026年5月31日	172,745,639	228,019	118	29,893	3,942	(146,049)	115,923
限制性股票单位	200,000	86	—	—	(86)	—	—
基于股票的薪酬	—	—	—	466	209	—	675
期间收入	—	—	—	—	—	244	244
余额 – 2026年8月31日	172,945,639	228,105	118	30,359	4,065	(145,805)	116,842

（参见附注中的简明中期合并财务报表）


	Trilogy Metals Inc. 截至2026年8月31日的季度	5

Trilogy Metals Inc.

现金流量的简明中期合并报表

（未经审计）


		以千美元计
		截至
			2026年8月31日	2025年8月31日
			$	$
经营活动产生的现金流量
期间亏损			(13,164)	(7,547)
将净亏损调整为经营活动现金流量
以普通股结算的咨询费用			—	30
办公室租赁会计			—	2
对Ambler Metals LLC的权益投资亏损			13,234	2,236
按公允市场价值计算的衍生品收益			(7,773)	—
未实现的外币兑换收益			(48)	(2)
基于股票的薪酬			4,445	2,971
非现金营运资本的净变化
应收账款的减少/增加			25	(1)
存款和预付款项的增加			(145)	(149)
应付账款和应计负债的减少			(1,468)	(230)
经营活动产生的现金流量总计			(4,894)	(2,690)
融资活动产生的现金流量
发行普通股所得，扣除股票发行成本			1,164	—
期权行权所得			276	224
融资活动产生的现金流量总计			1,440	224
投资活动产生的现金流量
对Ambler Metals LLC的出资			(17,000)	—
投资活动产生的现金总计			(17,000)	—
现金变动			(20,454)	(2,466)
汇率对现金的影响			50	4
期初现金			51,613	25,834
期末现金			31,209	23,372

（参见附注中的简明中期合并财务报表）


	Trilogy Metals Inc. 截至2026年8月31日的季度	6

Trilogy Metals Inc.

简要中期合并财务报表附注

1) 业务性质及列报基础

Trilogy Metals Inc.（“Trilogy”或“公司”）于2011年4月27日在加拿大不列颠哥伦比亚省根据《不列颠哥伦比亚省公司法》注册成立。公司通过其权益投资公司Ambler Metals LLC（“Ambler Metals”）从事矿产资源的勘探和开发，重点在于Upper Kobuk矿产项目（“UKMP”），包括位于美国阿拉斯加西北部的Arctic和Bornite项目。公司还通过其全资子公司995 Exploration Inc.进行早期勘探。

这些简要中期合并财务报表是根据美国通用会计准则（“U.S. GAAP”）编制的，并包括Trilogy及其全资子公司NovaCopper US Inc.和995 Exploration Inc.的账户。所有内部交易在合并时均予以消除。

由于这些简要中期合并财务报表未包含U.S. GAAP要求的年度财务报表的所有披露内容，因此应结合我们截至2025年11月30日止财年的年度财务报表和相关附注阅读，这些内容包含在我们的年度报告10-K表中（“10-K表年度报告”）。

2) 重要会计政策摘要

对Ambler Metals LLC的投资

公司将对Ambler Metals的投资作为权益法投资进行核算。对于Trilogy不是主要受益人的可变利益实体（“VIE”），我们采用权益法核算。管理层在发生事件或情况表明投资的账面价值可能无法收回时，会评估其对Ambler Metals权益法投资的账面价值是否存在减值的可能。 Ambler Metals是一项非公开交易的权益投资，拥有勘探和开发项目。在评估减值可能性时需要做出重大判断。公司通过评估Ambler Metals的底层资产是否可收回，以及项目的发展计划或策略是否发生变化，来判断是否存在其他暂时性减值的潜在触发事件。如果公司得出存在充分证据表明发生其他暂时性减值的结论，将进行公允价值评估。如果底层资产不可收回，公司将记录一项减值费用，金额等于权益投资的账面价值与其公允价值之间的差额。该评估具有主观性，需要在每个报告期末进行考虑。

衍生负债的公允价值计量

2025年10月6日，公司与美国战争部达成了具有约束力的意向书，根据该协议，公司有条件地以每股2.17美元的价格发行8,215,570个单位，预计投资金额约为1,780万美元，每个单位包括公司的一股普通股和¾份10年期认股权证。每份完整的认股权证可按每股0.01美元的价格购买公司一股普通股。公司根据ASC 815-40将发行股票和认股权证的义务作为衍生金融工具进行核算，并按公允价值进行初始计量。随后，每个会计期间结束时，衍生负债将按公允价值重新计量，变动计入合并损益和综合损益表。有关此交易的更多信息，请参见第11号注释，后续事件。


	Trilogy Metals Inc. 截至2026年8月31日的季度	7

Trilogy Metals Inc.

简要中期合并财务报表的附注

以股票为基础的支付

公司根据授予日的公允价值记录以股票为基础的补偿奖励，用于员工、董事和某些承包商服务，并在要求的服务期内费用化这些奖励。股票期权的公允价值在授予时使用Black-Scholes期权定价模型确定，该模型在授予日考虑了股票的公允市场价格、预期波动率、预期股息收益率、无风险利率和期权的预期寿命。公司的估计可能受到某些变量的影响，包括但不限于股票价格波动、员工股票期权行权行为、额外的股票期权授予以及对放弃的估计。

新的会计准则

已发布但尚未生效

2023年12月，财务会计准则委员会（“FASB”）发布了会计准则更新（“ASU”）2023-09《所得税（主题740）：所得税披露的改进》（“ASU 2023-09”）。ASU 2023-09通过改进税率调节和所得税支付信息，提高了所得税披露的透明度和决策有用性。该标准适用于公司截至2026年11月30日止财年的年度报告10-K表，以及随后的中期期间，允许提前采用。公司正在评估ASU 2023-09对年度合并财务报表中披露的影响。

2025年12月，FASB发布了ASU 2025-11《中期报告（主题270）：狭义改进》（“ASU 2025-11”），以改进中期报告的指导，并明确该指导适用的条件。 ASU 2025-11提供了一份全面的披露要求清单，并要求实体披露自上次年度报告期以来对实体产生重大影响的事件。 ASU 2025-11适用于2027年12月15日之后开始的年度报告期间内的中期报告期间。对该公司而言，该指导适用于截至2029年11月30日止财年的财年第一个中期报告期间。允许提前采用。管理层目前正在评估ASU 2025-11，以确定其对该公司披露的影响。

3) 对Ambler Metals LLC的投资

(a)	成立Ambler Metals LLC

2020年2月11日，公司完成了与South32 Limited（“South32”）的50/50合资企业Ambler Metals的成立。作为合资企业成立的一部分，Trilogy将其与UKMP相关的所有资产，包括Arctic和Bornite项目，全部投入其中，而South32则投入了1.45亿美元现金，从而使双方的子公司直接持有Ambler Metals 50%的权益。

Ambler Metals是由Trilogy和South32通过一个由四名成员组成的董事会共同控制的公司，其中两名成员根据Trilogy的50%股权比例由Trilogy任命。与UKMP相关的所有重大决策都需要两家公司的批准。我们确定Ambler Metals是一个VIE，因为它预计需要其所有者为其重大活动提供额外资金。然而，我们得出结论，我们不是Ambler Metals的主要受益人，因为根据Ambler Metals LLC有限责任公司协议，通过其董事会，对其实体活动的控制权是共享的。由于我们通过在董事会中的代表对Ambler Metals有重大影响，因此我们对Ambler Metals的投资采用权益法进行核算。我们在此实体中的最大损失敞口仅限于我们在Ambler Metals的投资账面金额，截至2026年8月31日，该金额总计为1.09亿美元（2025年11月30日为1.053亿美元）。


	Trilogy Metals Inc. 截至2026年8月31日的季度	8

Trilogy Metals Inc.

简要中期合并财务报表的附注

(b)	权益法投资的账面价值

基于其在Ambler Metals中50%的股权，Trilogy确认了其按比例份额的综合损失，即2026年8月31日止三个月期间的损失960万美元（2025年为90万美元）和2026年8月31日止九个月期间的损失1,320万美元（2025年为220万美元）。在2026年8月31日止的九个月期间，Trilogy和South32各自向Ambler Metals投入了1,700万美元现金以资助其运营。截至2026年8月31日，Trilogy在Ambler Metals中50%投资的账面价值如下表所示。


	单位为千美元
		$
2025年11月30日，对Ambler Metals的投资		105,263
合资企业股权出资		17,000
截至2026年8月31日止九个月期间的权益投资损失		(13,234)
2026年8月31日，对Ambler Metals的投资		109,029

(c) 以下表格显示了截至2026年8月31日Ambler Metals的100%基础余额。由于在2020年以公允价值记录了公司的初始投资，因此公司对Ambler Metals的投资账面价值超过了其对Ambler Metals净资产账面价值的份额。


		单位为千美元
		2026年8月31日	2025年11月30日
		$	$
现金及现金等价物		14,833	3,507
矿业资产		30,899	30,899
其他资产		3,530	1,303
总资产		49,262	35,709

应付账款及应计负债		6,674	961
其他负债		324	16
总负债		6,998	977

所有者权益（总资产减去总负债）		42,264	34,732

Ambler Metals的现金及现金等价物存于一家银行。截至2026年8月31日，大部分现金及现金等价物未投保。

(d) 下表总结了截至2026年8月31日的九个月期间Ambler Metals的亏损。


以千美元为单位
		截至九个月
		2026年8月31日
		$
项目成本		22,291
公司成本		4,069
其他项目		108
综合亏损		26,468


	Trilogy Metals Inc. 截至2026年8月31日的季度	9

Trilogy Metals Inc.

简要中期合并财务报表附注

(e) 关联方交易

在截至2026年8月31日的九个月期间，公司就行政服务、会计服务及为Ambler Metals支付的支出报销收取了17,800美元（2025年 - 102,250美元）；所有费用均与公司和Ambler Metals之间的服务协议有关。截至2026年8月31日，尚无未结的应收款。

4) 应付账款和应计负债


	以千美元为单位
		2026年8月31日	2025年11月30日
		$	$
应付账款		220	646
应计负债		527	311
应计工资负债		114	1,372
应付账款和应计负债		861	2,329

5) 租赁

(a)

使用权资产


		以千美元为单位
		$
截至2025年11月30日的余额		117
净摊销		(32)
截至2026年8月31日的余额		85

(b)

租赁负债

公司的租赁安排包括一个企业办公室的经营租赁。2024年7月1日，公司签订了一份为期四年的办公室租赁合同，租期至2028年6月结束。该租赁合同没有续约选项。目前每月的租赁付款约为加元9,700，包括基本租金和可变运营成本。

计入一般及行政费用的总租赁费用包括以下组成部分：


	* *	以千美元为单位
		截至	截至
		2026年8月31日	2026年8月31日
		$	$
固定租金费用		38	38
可变租金费用		25	13
总租赁费用		63	51

可变租赁成本主要由公司承担的与办公室租赁相关的运营成本组成，因为公司选择应用了不区分租赁和非租赁组件的实务操作。对于截至2025年8月31日的九个月期间，可变租赁成本因收到调整后的运营成本退款而减少。


	Trilogy Metals Inc. 截至2026年8月31日的季度	10

Trilogy Metals Inc.

简要中期合并财务报表附注

截至2026年8月31日，剩余租赁期限为1.8年。用于计量租赁负债的折现率为9%。在确定增量借款利率时使用了判断，其中包括对公司信用评级的估计。

截至2026年8月31日的九个月期间与租赁相关的补充现金流量信息如下：

●

计入租赁负债计量中的基础租金现金支付约为$36,800。

截至2026年8月31日，我们资产负债表中确认的租赁相关未来最低支付额如下：


	* *	以千美元为单位
		2026年8月31日
财年		$
2026		13
2027		50
2028		25
未折现的租赁付款总额		88
折现的影响		(7)
作为租赁负债确认的租赁付款现值		81
减：租赁负债的当前部分		(45)
租赁负债的长期部分		36

6) 股本

授权：

无限数量的普通股，无面值


		以千美元为单位，除股票数量外
	* *	股票数量	$
2025年11月30日		171,069,888	225,241
按市价发行，扣除股票发行成本		174,410	1,164
期权行权		253,334	404
从限制性股票单位中发行的股票		1,448,007	1,296
2026年8月31日已发行和流通的股票		172,945,639	228,105

2025年11月7日，公司与Cantor Fitzgerald & Co.和BMO Capital Markets Corp.作为主要代理（“主要代理”），以及Canaccord Genuity LLC、National Bank of Canada Financial Inc.和Raymond James (USA) Ltd.（与主要代理一起，称为“代理”）签订了股权分销协议，开展按市价股票计划，根据该计划，公司可随时通过代理发行最多2亿美元的普通股（“11月按市价计划”）。该发行在美国根据公司向SEC提交的Form S-3注册声明（“11月招股说明书补充文件”）条款进行。不会在加拿大、任何已知为加拿大居民的人或通过TSX或其他加拿大交易所或市场的设施进行该11月招股说明书补充文件下的普通股销售。


	Trilogy Metals Inc. 截至2026年8月31日的季度	11

Trilogy Metals Inc.

简要中期合并财务报表附注

在截至2026年2月28日的三个月期间，公司根据其11月按市价计划发行了174,410股普通股，以每股平均价格6.83美元的价格获得119万美元的毛收益。扣除佣金后，公司获得116万美元的净收益。在截至2026年5月31日和2026年8月31日的三个月期间，公司未根据其11月按市价计划发行任何股票。

(a)

股票期权

在截至2026年2月28日的三个月期间，公司向员工、顾问和董事授予了1,655,000份股票期权（2025年 - 2,125,000份股票期权），加权行权价为加元6.53（2025年 - 加元1.52），这些期权可在五年内行使，根据不同的归属条款，从立即归属到两年内归属。归属于期权授予的公允价值为2.49（2025年 - 0.59）。在截至2026年5月31日和2026年8月31日的三个月期间，公司未进行任何授予。

本期确认的股票期权公允价值是使用Black-Scholes期权定价模型估算的。

期权定价模型中使用的假设，适用于截至2026年8月31日的九个月期间，如下所示。


		加权平均
无风险利率		2.58%
行权价		CDN$6.53
预期期限		3年
预期波动率		79.1%
预期股息		无

公司确认了截至2026年8月31日的三个月期间的股票期权费用为0.5百万美元（2025年 - 0.1百万美元）以及截至2026年8月31日的九个月期间的3.2百万美元（2025年 - 1.0百万美元），扣除放弃的费用。

截至2026年8月31日，尚有1,435,005份未归属的股票期权，加权平均行权价为CDN$4.67。尚未确认的未归属股票期权费用为1.1百万美元。预计该费用将在未来十六个月内确认。

截至2026年8月31日的九个月期间，公司未行权股票期权及其变动情况如下：


			加权平均
			行权价
		期权数量	CDN$
年初余额		8,433,584	1.11
授予		1,655,000	6.53
行权		(253,334)	1.49
期末余额		9,835,250	2.01


	Trilogy Metals Inc. 截至2026年8月31日的季度	12

Trilogy Metals Inc.

简要中期合并财务报表的附注

在截至2026年8月31日的九个月期间，公司根据股票期权的行使，发行了253,334股普通股（2025年 - 400,000股），加权平均价格为每股CDN$1.49。行使这些股票期权时，0.1百万美元从资本公积重新分类至股本，与股票薪酬相关的额外实收资本0.3百万美元被计入普通股。

下表总结了截至2026年8月31日未行权股票期权的信息。


	未行权	可行使	未归属
			加权		加权
	期权数量	加权	平均	期权数量	平均	期权数量
	未行权	平均年数	行权价	可行使	行权价	未归属
行权价范围 - CDN	期权	到期	CDN$	期权	CDN$	期权
CDN$0.59至CDN$1.00	5,115,000	1.75	0.69	5,115,000	1.75	—
CDN$1.01至CDN$2.00	1,935,000	3.25	1.52	1,393,332	3.27	541,668
CDN$2.01至CDN$3.00	1,130,250	0.27	2.21	1,130,250	0.27	—
CDN$3.01至CDN$7.85	1,655,000	4.21	6.53	761,663	4.23	893,337
	9,835,250	2.29	2.01	8,400,245	2.03	1,435,005

截至2026年8月31日，已归属股票期权的总内在价值（市场价值减去行权价）为21.8百万美元（2025年 - 6.1百万美元），以及截至2026年8月31日的九个月期间行权股票期权的总内在价值为0.9百万美元（2025年 - 0.3百万美元）。\n

(b)	限制性股份单位和递延股份单位

公司设有限制性股份单位计划（“RSU计划”），以向员工和顾问提供长期激励，以及非执行董事递延股份单位计划和非执行董事固定递延股份单位计划（统称为“DSU计划”），以抵消支付给董事的现金费用。RSU计划和DSU计划下的奖励将以公司普通股结算，每个限制性股份单位（“RSU”）和递延股份单位（“DSU”）使持有人有权获得一股公司普通股。所有单位均作为权益结算的奖励进行核算。

截至2026年8月31日的九个月期间，公司单位计划及其变动情况如下：


		RSU 数量	DSU 数量
年初余额		1,798,338	3,560,305
授予		301,339	21,349
以普通股结算		(1,448,007)	—
期末余额		651,670	3,581,654

在截至 2026 年 8 月 31 日的九个月期间，公司向员工和顾问发行了 1,248,007 股普通股，以结算之前授予并已归属的 RSU。

对于截至 2026 年 8 月 31 日的三个月期间，公司确认了合计 0.2 百万美元（2025 年 - 0.2 百万美元）的 RSU 和 DSU 股票薪酬费用，以及截至 2026 年 8 月 31 日的九个月期间的 130 万美元（2025 年 - 200 万美元），扣除预估的放弃价值。


	Trilogy Metals Inc. 截至 2026 年 8 月 31 日的季度	13

Trilogy Metals Inc.

简要中期合并财务报表的附注

7) 公允价值会计

按公允价值计量的金融工具根据计量时使用的输入值的重要性被归类为公允价值层级中的三个级别。公允价值层级的三个级别如下：

级别 1 – 在计量日可获得的相同、无限制资产或负债的未调整报价；

级别 2 – 非活跃市场中的报价，或对于资产或负债的实质性整个期限可观察的输入值（直接或间接）；以及

级别 3 – 需要对公允价值计量具有重大影响且不可观察的输入值的定价或估值技术（由很少或没有市场活动支持）。

公司的金融工具包括现金及现金等价物、应收账款、存款以及应付账款和应计负债和衍生负债。除衍生负债外，公司金融工具的公允价值由于其到期日的短期性质，近似于其账面价值。公司最初按公允价值计量，然后按摊销成本持有的金融工具包括现金及现金等价物、应收账款、存款以及应付账款和应计负债。截至 2026 年 8 月 31 日，公司大部分现金及现金等价物存于两家加拿大金融机构，且未投保。

衍生负债代表公司向美国战争部发行股票和认股权证的义务，按持续基础的公允价值计量。衍生负债的公允价值基于第三级输入值进行计量。截至2026年8月31日的估计公允价值为2300万美元（2025年11月为3070万美元），基于该公司普通股在该日的价格为3.61美元、波动率为85.6%、无风险利率为3.69%，以及管理层对Ambler Access项目完成和未完成可能性相等的估计，而该项目超出公司的控制范围。在截至2026年8月31日的九个月内，公司记录了770万美元的公允价值收益，主要反映了该期间公司股价的下降。2026年8月31日，公司股价10%的变动会使衍生负债的收益或损失约变动410万美元。2026年8月31日，管理层对项目完成可能性的估计值10%的变动会使衍生负债的收益或损失约变动110万美元。2026年3月30日，公司、South32、Ambler Metals和美国战争部签署了此前披露的具有约束力的意向书（“LOI”）的修改协议，该协议日期为2025年10月6日。第一次修改将交易完成日期从2026年3月31日延长至2026年5月31日。2026年5月30日，各方签署了第二次修改，将交易完成日期从2025年5月31日延长至2026年7月31日。未再进行其他修改。原始LOI的其他所有条款和条件保持不变。有关此交易的更多信息，请参见注释11，后续事件。

8）承诺

公司就办公室租赁有承诺，未来最低租赁付款额如上文注释5(b)所述。


	Trilogy Metals Inc. 截至2026年8月31日的季度	14

Trilogy Metals Inc.

简要中期合并财务报表附注

9）补充现金流量信息

10）分部信息

公司的运营部门报告方式与其向首席运营决策者（“CODM”）提供的内部报告一致。负责分配资源并评估运营部门绩效的CODM被确定为首席执行官和首席财务官。CODM根据公司的整体业绩来评估公司的表现，包括其投资Ambler Metals的表现，该投资持有阿拉斯加的UKMP。公司使用单一的与美国通用会计准则一致的部门利润或亏损衡量标准，没有调整项目或计量差异。管理层认为合并净利润（亏损）是衡量部门利润或亏损的适当指标。 CODM并不定期接收或审查单独的部门级费用类别，这些费用类别与合并损益表中呈现的费用类别不同。因此，没有重大部门费用单独披露，因为所有费用都包含在合并损益表中。


	Trilogy Metals Inc. 截至2026年8月31日的季度	15

Trilogy Metals Inc.

简要中期合并财务报表附注

11) 后续事项

2026年9月11日，公司完成了与美国战争部（“DOW”）的战略股权投资（“战略投资”），该投资最初于2025年10月6日签署的谅解备忘录中达成。根据公司与DOW于2026年8月28日签署的投资协议（“投资协议”），公司以每单位2.17美元的价格发行并出售了8,215,570个单位，每个单位包括公司的一股普通股和¾份10年期认股权证，该认股权证允许在2026年9月11日收盘时以每股市价0.01美元的价格购买最多6,161,678股公司普通股。认股权证可在以下情况中较早发生时行使：i）Ambler Access项目第一阶段完成；ii）Ambler Metals在任何10天内至少有10辆运输精矿的卡车使用Ambler Access项目；iii）公司发生控制权变更。根据投资协议，DOW有权任命一名代表进入公司的董事会（“董事会”）。DOW还享有任命一名观察员进入董事会的权利。

DOW还从South32处购买了8,215,570股公司普通股，以及一项10年期的认股权，允许其额外购买6,161,678股公司普通股，该交易根据South32与DOW于2026年8月28日签署的交易协议进行。

公司从此次发行的交割中获得了约1,780万美元的毛收益，并因该交易产生了约40万美元的法律费用。根据协议，公司需将收益用于直接向Ambler Metals进行额外的现金资本出资。该出资将与South32的等额出资同时进行；因此，公司对Ambler Metals的50%股权权益将保持不变。

在协议完成后，公司确认了390万美元的收益，该收益代表公司向DOW发行股票和认股权证的义务。相关的衍生负债在交割时被注销，相关金额重新分类至股本和资本公积。

管理层已评估截至2026年10月2日的后续事件，即这些财务报表可供发布之日。


	Trilogy Metals Inc. 截至2026年8月31日的季度	16

项目2. 管理层讨论与分析财务状况和经营成果

Trilogy Metals Inc.

管理层讨论与分析

截至2026年8月31日的季度

（以美元表示）

警示说明

前瞻性声明

本管理层讨论与分析（“MD&A”）包含“前瞻性信息”和“前瞻性声明”，根据美国1933年证券法（经修订）第27A条、美国1934年证券交易所法（经修订）第21E条（“交易所法”）以及其他适用的证券法定义。这些前瞻性声明可能包括有关公司（如下所述）的工作计划和预算；根据公司按市价股票计划（“Nov ATM计划”）可能发行的普通股总价值以及预计的净收益用途；对财产的潜在价值的评估；勘探结果和预算；公司和Ambler Metals的资金需求；矿产储量和资源估算；工作计划、资本支出、运营成本、现金流估算、生产估算以及与项目经济可行性相关的类似声明；时间表、战略计划、有关Ambler Metals对其上 Kobuk 矿产项目（“UKMP”）的计划和预期的声明；Ambler Metals的现金是否足以资助UKMP；2026年现场计划的时间和计划活动；UKMP的许可预计时间，包括FAST-41计划的预测结果和好处；与美国战争部的战略股权投资成功实施；贵金属和基础金属的市场价格；有关Ambler Access项目（也称为Ambler矿业区工业通道项目，“AMDIAP”）的声明；或其他非事实性声明。这些声明涉及基于对未来结果的预测、尚未确定的金额估算和管理层的假设的分析和其他信息。涉及矿产资源估算的声明也可能被视为“前瞻性声明”，因为它们涉及如果开发该财产将遇到的矿化程度的估算。

任何涉及预测、期望、信念、计划、预测、目标、假设或未来事件或表现的陈述（通常但不总是通过诸如“预期”、“预计”、“预计”、“相信”、“计划”、“预测”、“估计”、“假设”、“意图”、“策略”、“目标”、“目的”、“潜力”、“可能”或其变体，或陈述某些行动、事件、条件或结果“可能”、“可能”、“将”、“应该”、“可能”或“将”采取、发生或实现，或这些术语的否定形式和类似表达）都不是对历史事实的陈述，可能是前瞻性声明。

前瞻性声明基于管理层在声明作出之日的信念、期望和意见，以及若干重大假设，这些假设可能被证明是严重错误的，包括以下内容：

●

我们实现英国矿场（UKMP）生产的可能性；

●

我们矿产资源和储量估计的准确性；

●

未来勘探钻探和工程的结果、成本和时间；

●

根据适用法律获得批准、同意和许可的时间和方式；

●

我们财务资源的充足性；


	Trilogy Metals Inc. 截至2026年8月31日的季度	17

●

获得第三方合同、监管和政府批准，以进行我们物业的勘探、开发、建设和生产，以及对此类批准的任何诉讼或挑战；

●

我们预计能够开发足够的基础设施，并且此类开发的成本将是合理的；

●

与South32，我们的合资伙伴，以及当地社区和其他利益相关者保持良好的关系；

●

运营中没有重大中断，无论是否与劳动力、供应、电力损坏设备或其他问题有关；

●

金属价格和汇率的预期趋势及具体假设；以及

●

燃料、电力、零件和设备及其他关键供应的价格和可用性保持与当前水平一致。

我们还假设不会发生超出我们正常业务范围的重大事件。尽管我们已尝试识别可能导致实际行动、事件或结果与前瞻性声明中描述的有重大差异的重要因素，但可能还有其他因素导致行动、事件或结果不如预期、估计或意图。我们认为，前瞻性声明中固有的假设在本MD&A发布之日是合理的。然而，前瞻性声明并非对未来表现的保证，因此由于其中固有的不确定性，不应过分依赖此类声明。

前瞻性声明受各种已知和未知的风险、不确定性和其他因素的影响，这些因素可能导致实际事件或结果与前瞻性声明中反映的有所不同，包括但不限于：

●

无法界定已知和可能的储量相关的风险；

●

与我们通过外部融资、战略联盟、出售产权或其他方式资助矿产资源开发的能力相关的风险；

●

公司矿产勘探和开发项目是否最终能实现生产存在不确定性；

●

与我们开始生产并产生重大收入或获得足够资金进行计划中的勘探和开发活动的能力相关的风险；

●

缺乏基础设施相关的风险，包括但不限于AMDIA项目是否能获得必要的许可，以及如果获得许可，阿拉斯加工业发展和出口局是否会建设AMDIA项目；

●

在美国政府投资公司后可能出现的风险，以及拥有美国政府作为主要股东相关的风险；

●

恶劣天气可能延迟或阻碍我们在矿产资源上的勘探活动；

●

我们依赖第三方开发项目的相关风险；

●

公司所有矿产资源均未投入生产或处于开发阶段；

●

商品价格波动；


	Trilogy Metals Inc. 截至2026年8月31日的季度	18

●

与我们矿产资源产权相关的不确定性；

●

我们过去亏损且预计未来将继续亏损；

●

对勘探和开发矿产资源所需的设备、熟练劳动力和服务需求增加，以及相关成本增加的风险；

●

与我们资源估算所依据的假设相关的不确定性，例如金属价格、选矿工艺、可采性、市场性和运营及资本成本；

●

与推定、控制和探明矿产资源相关的不确定性；

●

采矿和开发风险，包括基础设施、事故、设备故障、劳资纠纷或其他开发、建设或生产中的意外困难或中断；

●

成功获得商业可采矿权的不确定性；

●

与钻探结果的解释、地质情况、矿石品位和矿体连续性相关的风险和不确定性；

●

与政府监管和许可相关的风险，包括环境监管，包括由于与公司无关且超出我们控制范围的情况而可能采用或实施更严格的要求或标准的风险；

●

我们矿产资源上开发和运营矿山所需的许可和政府批准可能无法及时或根本无法获得；

●

我们需进行复垦活动，以及与之相关的成本估算的不确定性；

●

与收购和整合运营或项目相关的风险；

●

在获取勘探矿产和招聘及保留合格人员方面行业竞争的风险；

●

我们需要吸引和保留合格的管理人员和技术人员；

●

部分董事和高管存在利益冲突的风险；

●

未来可能诉讼的风险；

●

市场事件和一般经济状况相关的风险；

●

与未来发行股权证券相关的风险，可能降低现有Trilogy普通股的价值，稀释投票权并减少未来的每股收益；

●

与我们主要股东的投票权以及此类股东出售股份可能对我们股价产生的影响相关的风险；

●

公司普通股价格波动的不确定性；

●

公司预计不会支付现金股息；


	Trilogy Metals Inc. 截至2026年8月31日的季度	19

●

如果公司成为被动外国投资公司，美国股东可能面临不利的联邦所得税后果；

●

与全球气候变化相关的风险；

●

与非政府组织的负面宣传相关的风险；

●

美国法律和政策变化对国际贸易的监管，包括目前实施的和任何未来可能的关税；

●

我们能否按照《萨班斯-奥克斯利法案》第404条的要求保持财务报告内部控制的充分性存在不确定性；

●

增加的合规成本，与美国证券交易委员会、加拿大证券管理者、纽约证券交易所美国市场（“NYSE American”）、多伦多证券交易所（“TSX”）和财务会计准则委员会（“FASB”）颁布的规则和法规有关，特别是我们为遵守《多德-弗兰克华尔街改革和消费者保护法案》所做的努力；

●

未来融资的必要性；

●

与现有股东出售股份相关的风险；

●

与可能使用Nov ATM计划相关的风险；

●

可能损失全部投资；

●

与公司使用其证券销售所得资金相关的风险；

●

与负面经营现金流相关的风险；

●

普通股交易市场流动性维持的不确定性；以及

●

某些证券没有公开市场。

此列表并非可能影响公司任何前瞻性声明的所有因素的完整列举。前瞻性声明是关于未来的声明，本质上具有不确定性，公司实际取得的成就或其他未来事件或条件可能与前瞻性声明中反映的内容有重大差异，原因包括但不限于在Trilogy 2026年2月17日向加拿大证券监管机构和美国证券交易委员会提交的10-K年度报告中提到的风险、不确定性和其他因素，以及Trilogy向相关监管机构提交的其他信息。

公司的前瞻性声明基于管理层在声明作出之日的信念、期望和意见，公司不承担在情况或管理层的信念、期望或意见发生变化时更新前瞻性声明的义务，除非法律另有要求。鉴于上述原因，投资者不应过分依赖前瞻性声明。

一般

Trilogy Metals Inc.（“Trilogy”，“Trilogy Metals”，“Company”或“我们”）的MD&A于2026年10月2日发布，对截至2026年8月31日的未经审计的合并中期财务结果与截至2025年8月31日的季度进行了分析。


	Trilogy Metals Inc. 截至2026年8月31日的季度	20

以下信息应与我们根据美国通用会计准则（“U.S. GAAP”）编制的2026年8月31日未经审计的合并中期财务报表及相关附注一并阅读。MD&A还应与我们截至2025年11月30日的经审计的合并财务报表及相关附注一并阅读。U.S. GAAP会计政策的摘要在经审计的合并财务报表的注释2中列出。除非另有说明，所有金额均为美国美元。对“加拿大元”和“CDN$”的引用是指加拿大的货币，对“美国美元”、“$”或“US$”的引用是指美国的货币。

Richard Gosse, P.Geo., 本公司勘探副总裁，是根据《国家法规43-101 - 矿业项目披露标准》和S-K 1300规定的合格人员，并已批准本MD&A中的科学和技术信息。

Trilogy的股票在TSX和NYSE American上市，股票代码为“TMQ”。与Trilogy相关的更多信息，包括我们的10-K年度报告，可在SEDAR+网站www.sedarplus.ca和EDGAR网站www.sec.gov上找到。

业务描述

我们是一家基础金属勘探公司，专注于通过我们的权益投资公司，在美国阿拉斯加的Ambler采矿区勘探和开发矿产资源。我们通过一家全资子公司NovaCopper US Inc.开展业务，该公司以Trilogy Metals US（“Trilogy Metals US”）的名义运营。2020年2月11日，UKMP被投入一个名为Ambler Metals LLC（“Ambler Metals”）的50/50合资企业，该合资企业由Trilogy和South32 Limited（“South32”）共同成立。投入Ambler Metals的项目包括：i）包含Arctic铜-锌-铅-金-银项目的Arctic矿区；以及ii）在与NANA区域公司，Inc.（一家阿拉斯加地区原住民公司）的长期合作协议下进行勘探的Bornite矿区，该矿区包含Bornite碳酸盐岩铜项目（“Bornite项目”）及相关资产。公司还可能通过一家全资子公司995 Exploration Inc.进行早期勘探。

公司及项目活动

Trilogy财务结果与预算的比较

The Company has a 2026 fiscal budget of $5.0 million for corporate expenditures. For the three-month period ended August 31, 2026, the Company recorded a net income of $0.2 million, compared with a budgeted loss of $9.7 million. The $9.9 million variance was primarily driven by a $11.6 million mark-to-market adjustment related to the derivative liability associated with our obligation to issue shares and warrants to the United States Department of War and the remainder due to stock-based compensation expense associated with the current fiscal year’s annual equity grant. These two non-cash amounts were not included in the budget.

For the nine-month period ended August 31, 2026, the Company recorded a net loss of $13.2 million, compared with a budgeted loss of $18.0 million. The $4.8 million variance was primarily driven by non-cash expenses of $7.8 million mark-to-market adjustment related to the derivative liability associated with our obligation to issue shares and warrants to the United States Department of War, stock-based compensation expense related to the current fiscal year’s annual equity grant that were not in the budget, partially offset by lower than planned expenditures from Ambler Metals.

Closing of Strategic Equity Investment from the United States Department of War

On August 28, 2026, the Company entered into the Investment Agreement (the “Investment Agreement”) with the United States Department of War (the “DOW”), relating to the DOW’s strategic investment in the Company (the “Strategic Investment”). On September 11, 2026, the Company completed the Strategic Investment by the DOW, pursuant to the Binding Letter of Intent entered on October 6, 2025. At closing, the Company issued 8,215,570 units to the DOW at a price of $2.17 per unit for gross proceeds of approximately $17.8 million. Each unit consisted of one


	Trilogy Metals Inc. For the Quarter Ended August 31, 2026	21

Table of contents

common share and three-quarters of one warrant, resulting in the issuance of warrants to acquire up to 6,161,678 additional common shares at an exercise price of $0.01 per share. The warrants have a ten-year term and become exercisable upon the earlier of the completion of Phase 1 of the Ambler Access Project, the achievement of certain specified usage milestones for the Ambler Access Project and a change of control of the Company.

The Company received gross proceeds of approximately $17.8 million upon closing of the Strategic Investment. The proceeds are specifically designated to fund an additional cash capital contribution to Ambler Metals and, therefore, do not represent additional liquidity available to fund the Company’s general corporate activities. South32 will make a corresponding contribution on a pro-rata basis, such that the Company’s 50% ownership interest in Ambler Metals will remain unchanged.

In connection with closing, the Company, through its wholly-owned subsidiary Trilogy Metals US, and the DOW, among other parties, also entered into a Cooperation Agreement (the “Cooperation Agreement”, and together with the Investment Agreement and other ancillary agreements, the “DOW Transaction Documents”) pursuant to which the DOW is entitled to (i) designate one independent third-party nominee for appointment to the Company’s Board of Directors, and (ii) appoint a representative to attend meetings of the Company’s Board of Directors in an observer capacity.

The closing also resulted in the settlement of the derivative liability previously recognized in connection with the Company’s obligation to issue common shares and warrants to the DOW. Upon settlement, the Company recognized a gain of approximately $3.9 million, representing the change in the derivative liability through the closing date. The derivative liability was extinguished upon issuance of the underlying securities, and the applicable amounts were reclassified to share capital and contributed surplus. As a result, subsequent changes in the value of the Company’s common shares will no longer result in fair value adjustments associated with this derivative liability. The gain recognized on settlement is non-cash in nature and therefore does not affect the Company’s cash flows.

The Strategic Investment represents a significant source of funding for the Company’s investment in Ambler Metals while maintaining the Company’s 50% ownership interest in the joint venture. Future exercise of the warrants could result in future dilution of share capital, although such exercise is subject to the specified conditions described above.

Project Activities

On April 21, 2026, the Company announced that Ambler Metals had commenced the permitting process for the Arctic Project, part of the UKMP, and on May 15, 2026, the Company announced that the Arctic Project was added to the U.S. FAST-41 permitting program. This program is intended to improve coordination and transparency in the federal permitting process as the project moves into environmental review.

In a press release dated June 9, 2026, the Company announced the start of the 2026 summer field program at the UKMP, with crews mobilizing to site and drilling activities expected to commence in mid-June. The program includes drilling and technical work to support mine planning, permitting, and future development decisions at the Arctic Project, as well as site readiness activities at Bornite and regional exploration target assessments.

In line with the June 9, 2026 press release, exploration was undertaken during summer 2026. Expenses were incurred over the summer to advance planned exploration, permitting, engineering, environmental, and site activities while seasonal field conditions allowed the work to proceed. Overall spending remained in line with expectations and reflected the planned timing and allocation of resources required to support the exploration program.


	Trilogy Metals Inc. For the Quarter Ended August 31, 2026	22

Table of contents

Summary of results



	in thousands of dollars, except per share amount
	Three months ended August 31,	Nine months ended August 31,
		2026	2025	Change	2026	2025	Change
		$	$	$	$	$	$
Exploration expenses		27	40	(13)	61	40	21
General and administrative		294	214	80	1,291	910	381
Investor relations		14	38	(24)	121	72	49
Professional fees		643	246	397	1,429	1,305	124
Salaries		429	251	178	1,547	774	773
Salaries and directors expense – stock-based compensation		675	374	301	4,445	2,971	1,474
Share of loss on equity investment		9,557	891	8,666	13,234	2,236	10,998
Gain on derivatives carried at fair market value		(11,564)	—	(11,564)	(7,773)	—	(7,773)
Interest and other income		(334)	(309)	(25)	(1,163)	(752)	(411)
Comprehensive gain/(loss) for the period		244	(1,747)	1,991	(13,164)	(7,547)	(5,617)
Basic and diluted loss per common share		0.00	(0.01)	0.01	(0.08)	(0.05)	(0.03)

For the three-month period ended August 31, 2026, we reported a net income of $0.2 million compared to a net loss of $1.7 million for the three-month period ended August 31, 2025. The net income was primarily driven by a mark-to-market gain arising from the change in fair value of the derivative liability related to our obligation to issue shares and warrants to the U.S. Department of War, this was offset by an increase in our share of loss from Ambler Metals. The increase in our share of loss from Ambler Metals was primarily driven by budgeted exploration activities undertaken during the period.

For the nine-month period ended August 31, 2026, we reported a net loss of $13.2 million, compared to a net loss of $7.5 million for the same period in 2025. The increase in net loss was primarily driven by two non-cash items: i) stock-based compensation expense related to our annual grant with higher Black-Scholes values in the current year compared to the prior year; and ii) increased activity related to budgeted exploration activities at Ambler Metals which resulted in a larger amount for our share of loss on equity investment and an increase in personnel costs due to the addition of senior staff. This was offset by a mark-to-market gain arising from the change in fair value of the derivative liability related to our obligation to issue shares and warrants to the U.S. Department of War.

Liquidity and capital resources

During the nine-month period ended August 31, 2026, we used $4.9 million in operating activities, used $17.0 million in investing activities, and raised $1.4 million in financing activities. Operating expenditures were driven primarily by corporate salaries, professional fees and annual regulatory filing fees with the U.S. and Canadian securities commissions. In addition, the Company contributed $17.0 million for our share of funding to Ambler Metals. These cash outflows were offset by $1.4 million in proceeds from financing activities, primarily from the Company’s at-the-market equity program through which the Company may offer and issue up to $200 million of common shares of the Company from time to time pursuant to an equity distribution agreement dated November 7, 2025, and from the exercise of stock options.

As at August 31, 2026, we had cash and cash equivalents of $31.2 million and adjusted working capital of $30.3 million, which are current assets less current liabilities excluding the derivative liability which will be settled by way of the issuance of shares and warrants. There is sufficient cash on hand for the next twelve months from the end of our most recent fiscal quarter, including funding the Company’s remaining fiscal 2026 corporate budget of $1.1 million. Our share of Ambler Metals’ fiscal 2026 budget is $17.5 million, of which $17.0 million had been funded as at August 31, 2026.


	Trilogy Metals Inc. For the Quarter Ended August 31, 2026	23

Table of contents

Future cash requirements may vary materially from current expectations. Beyond the next twelve months, the Company may need to raise additional funds in the future to support its operations and administration expenses. Future sources of liquidity are likely in the form of an equity financing but may include debt financing, convertible debt, exercise of options, or other means, including, but not limited to, utilizing the Nov ATM Program.

Off-balance sheet arrangements

We have no material off-balance sheet arrangements.

Outstanding share data

As at October 2, 2026, we had 181,361,209 common shares issued and outstanding. As at October 2, 2026, we had 9,835,250 stock options outstanding with a weighted-average exercise price of CDN$2.01, 3,582,604 deferred share units and 451,670 restricted share units outstanding. Upon the exercise of all convertible securities, the Company would be required to issue an aggregate of 13,869,524 common shares.

New accounting pronouncements

Issued and Not Effective

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. The standard is effective beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2026, and subsequent interim periods, with early adoption permitted. The Company is evaluating the impact of ASU 2023-09 on its disclosure in the annual consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11 “Interim Reporting (Topic 270): Narrow Scope Improvements” (“ASU 2025-11”), to improve the guidance for interim reporting and clarify when that guidance is applicable. The ASU 2025-11 provides a comprehensive list of required disclosures and also requires entities to disclose events since the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. For the Company, the guidance becomes effective in the first interim reporting period of the fiscal period of the fiscal year ended November 30, 2029. Early adoption is permitted. Management is currently evaluating ASU 2025-11 to determine its impact on the Company’s disclosures.

Critical accounting estimates

The most critical accounting estimates upon which our financial status depends are those requiring estimates of the recoverability of our equity method investment in Ambler Metals LLC, fair value measurement of the derivative liability related to our obligation to issue shares and warrants to the U.S. Department of War (settled post quarter end) and valuation of stock‐based compensation.


	Trilogy Metals Inc. For the Quarter Ended August 31, 2026	24

Table of contents

Impairment of Investment in Ambler Metals LLC

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. The Company determines whether a potential triggering event or other-than-temporary impairment has occurred by reviewing the recoverability of the underlying assets of Ambler Metals and considering whether there have been changes to the development plans or project strategy. If the Company concludes that sufficient evidence of a potential other-than-temporary impairment exists, an assessment of fair value is performed. If the underlying assets are not recoverable, the Company records an impairment charge equal to the difference between the investment carrying amount and its fair value.

Fair Value Measurement of Derivative Liability

The Company measures the proposed strategic investment by the Department of War under the binding letter of intent as a derivative liability at fair value on a recurring basis. The valuation of this liability requires the use of significant unobservable inputs and therefore represents a level 3 fair value measurement. The valuation relies on management judgement and assumptions on the completion of the Ambler Access Project which is subject to regulatory, political and permitting processes that are not within the Company’s control. As a result, estimating the probability of project completion requires significant judgement and incorporates inherently uncertain assumptions.

Stock-based compensation

Compensation expense for options granted to employees, directors and certain service providers is determined based on estimated fair values of the options at the time of grant using the Black-Scholes option pricing model, which takes into account, as of the grant date, the fair market value of the shares, expected volatility, expected life, expected forfeiture rate, expected dividend yield and the risk-free interest rate over the expected life of the option. The use of the Black-Scholes option pricing model requires input estimation of the expected life of the option, volatility, and forfeiture rate which can have a significant impact on the valuation model, and resulting expense recorded.

Additional information

Additional information regarding the Company, including our Annual Report on Form 10-K, is available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov and on our website at www.trilogymetals.com. Information contained on our website is not incorporated by reference.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not applicable.


	Trilogy Metals Inc. For the Quarter Ended August 31, 2026	25

Table of contents

Item 4. Controls and Procedures

Disclosure controls and procedures

Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted by the Company under U.S. and Canadian securities legislation is recorded, processed, summarized and reported within the time periods specified in those rules, including providing reasonable assurance that material information is gathered and reported to senior management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to permit timely decisions regarding public disclosure. Management, including the CEO and CFO, has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules of Canadian Securities Administration, as of August 31, 2026. Based on this evaluation, the CEO and CFO have concluded that the Company’s disclosure controls and procedures were effective.

Internal control over financial reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act and National Instrument 52-109 - Certification of Disclosure in Issuer’s Annual and Interim Filings. Any system of internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

Changes in internal control over financial reporting

There have been no changes in our internal controls over financial reporting during the fiscal quarter ended August 31, 2026 which have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting. We continue to evaluate our internal control over financial reporting on an ongoing basis to identify improvements.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we are a party to routine litigation and proceedings that are considered part of the ordinary course of our business. We are not aware of any material current, pending, or threatened litigation. There are no material proceedings pursuant to which any of our directors, officers or affiliates or any owner of record or beneficial owner of more than 5% of our securities or any associate of any such director, officer or security holder is a party adverse to us or has a material interest adverse to us.

While we are not a party to the legal proceedings relating to the Ambler Access Project, for more information regarding legal proceedings related to the Ambler Access Project please see the section titled “Management’s Discussion and Analysis - Ambler Mining District Industrial Access Project (“AMDIAP” or “Ambler Access Project”)” in our Annual Report on Form 10-K.

Item 1A. Risk Factors

Trilogy and its future business, operations and financial condition are subject to various risks and uncertainties due to the nature of our business and the present stage of exploration of our mineral properties. Certain of these risks and uncertainties are under the heading “Risk Factors” under Trilogy’s Annual Report on Form 10-K which is available on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov and on our website at www.trilogymetals.com.


	Trilogy Metals Inc. For the Quarter Ended August 31, 2026	26

Table of contents

With the exception of the addition of the below, there have been no material changes to the risk factors set forth in Trilogy’s Annual Report on Form 10-K.

The DOW Transaction Documents contain covenants that may restrict our ability and the ability of our subsidiaries to take actions management believes are important to our long-term strategy, and therefore could have a material adverse effect on our business, prospects, financial condition, or results of operations.

The DOW Transaction Documents contain covenants requiring us to take certain actions or restricting our ability to take certain actions. The covenants in the DOW Transaction Documents restrict us with respect to, among other things, (i) incurring borrowed debt in excess of $1,000,000,000 in the aggregate until the earlier of January 1, 2029 or a change of control, without DOW prior written approval, and (ii) for so long as the DOW meets certain beneficial ownership percentages of the Company and the current owners of Ambler Metals continue to beneficially own at least 25% of the voting and/or economic ownership interests of Ambler Metals, we are bound by certain “Restricted Entity Event” covenants, including providing the DOW with notice of certain acquisitions by “Restricted Entities,” including when a Restricted Entity beneficially owns five percent or more of the outstanding voting securities of the Company or South32, or gains the right to appoint a director to those boards or obtain material commercial rights with Ambler Metals. Further, the parties will not agree, and will revise Ambler Metals’ organizational documents to prohibit, specified investments without DOW consent in Ambler Metals, or the owners of Ambler Metals by Restricted Persons, or the direct or indirect sale or transfer of material assets or products of Ambler Metals to any Restricted Entity.

Compliance with the covenants contained in the DOW Transaction Documents could restrict our ability to take actions that management believes are important to our long-term strategy. If strategic transactions we wish to undertake are prohibited by the DOW Transaction Documents, our ability to execute our long-term strategy could be materially adversely affected.

The United States Department of War’s ownership interest may create additional governance, regulatory and geopolitical considerations for the Company.

The DOW ownership interest and Board observer right may result in increased governmental engagement with, or perceived influence over, the Company. Shareholders, business partners, regulators, foreign governments or other stakeholders may perceive the DOW as having influence over certain aspects of the Company’s business or strategic direction. Such perceptions could affect the Company’s relationships with investors, strategic partners, governments and other stakeholders.

The Company may be subject to restrictions or additional compliance requirements regarding its dealings or relationships with certain entities, including entities that are designated or otherwise considered restricted under applicable U.S. government laws, regulations or policies. These requirements could limit the Company’s ability to enter into relationships with prospective investors, suppliers, contractors, customers, financing sources or strategic partners and may require the Company to undertake additional diligence and compliance procedures. The scope and application of such restrictions may also change over time as U.S. government laws, regulations, policies and national security priorities evolve.

Changes in U.S. government policies, administrations, national security priorities or critical minerals strategies could also affect the DOW’s relationship with the Company or its investment objectives. The DOW’s involvement may result in additional regulatory, compliance, reputational or geopolitical considerations for the Company. Compliance with applicable restrictions, or changes to those restrictions, could increase costs, restrict potential business or financing opportunities, or adversely affect relationships with existing or prospective counterparties. Any such developments could affect the Company’s business relationships, strategic opportunities, access to capital or the market price of its common shares.


	Trilogy Metals Inc. For the Quarter Ended August 31, 2026	27

Table of contents

Increases in energy prices and inflationary pressures could materially increase our capital and operating costs and adversely affect the economic viability of our projects.

Global energy markets have experienced significant volatility, including increases in oil and fuel prices associated with geopolitical developments involving Iran and disruptions to shipping through the Strait of Hormuz. Prolonged disruptions in global energy supply or transportation routes may lead to sustained increases in oil and other energy prices.

Energy costs are a significant component of the cost of developing and operating mining projects. Sustained increases in the price of oil, fuel, power and other energy inputs may increase the cost of construction, transportation, equipment operation and the production and delivery of consumables used in mining operations. Higher energy prices may also contribute to broader inflationary pressures affecting the costs of labor, materials, equipment, reagents, contractors and other services required for the development and operation of our projects.

Estimated capital costs, operating costs, production levels and economic returns for our projects are based on assumptions regarding, among other things, input costs, energy prices, supply chains and inflation. If energy prices remain elevated or inflation persists, actual costs may be significantly higher than our current estimates. Higher costs or increased uncertainty regarding future costs could adversely affect project development decisions, reduce projected economic returns, require additional financing or result in delays in development or construction. Any of these factors could materially and adversely affect our business, financial condition, results of operations and the economic viability of our projects.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

These disclosures are not applicable to us.

Item 5. Other Information

None.

During the quarterly period ended August 31, 2026, no director or officer adopted or terminated any Rule 10b5-1 trading arrangement, and/or any non-Rule 10b5-1 trading arrangement (as such terms are defined pursuant to Item 408(a) of Regulation S-K).


	Trilogy Metals Inc. For the Quarter Ended August 31, 2026	28

Table of contents

Item 6. Exhibits


Exhibit No.		Description
3.1		Certificate of Incorporation, dated April 27, 2011 (incorporated by reference Exhibit 99.2 to the Registration Statement on Form 40-F as filed on March 1, 2012, File No. 001-35447)

3.2		Articles of Trilogy Metals Inc., effective April 27, 2011, as altered March 20, 2011 (incorporated by reference to Exhibit 99.3 to Amendment No. 1 to the Registration Statement on Form 40-F as filed on April 19, 2012, File No. 001-35447)

3.3		Notice of Articles and Certificate of Change of Name, dated September 1, 2016 (incorporated by reference to Exhibit 3.1 to the Form 8-K dated September 8, 2016)

10.1		Investment Agreement, dated August 28, 2026 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K dated September 14, 2026)

10.2		Cooperation Agreement, dated August 28, 2026 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K dated September 14, 2026)

10.3		Participation Rights Agreement, dated September 11, 2026 (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K dated September 14, 2026)

10.4		Registration Rights Agreement, dated September 11, 2026 (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K dated September 14, 2026)

10.5		Warrant, dated September 11, 2026 (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K dated September 14, 2026)

31.1		Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a)

31.2		Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a)

32.1		Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350

32.2		Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350

101		Interactive Data Files

101.INS		Inline XBRL Instance Document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document


	Trilogy Metals Inc. For the Quarter Ended August 31, 2026	29

Table of contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Date: October 2, 2026	TRILOGY METALS INC.


	By:	/s/ Tony Giardini
		Tony Giardini
		President and Chief Executive Officer


	By:	/s/ Elaine Sanders
		Elaine M. Sanders
		Vice President and Chief Financial Officer


	Trilogy Metals Inc. For the Quarter Ended August 31, 2026	30

","original","zhKind","translation","complete",false,"TMQ","公司与财报","宏观与美联储","行业与主题","政策与监管","观点与解读","其他","aihot","/items/hjp05zab1osrbvkbm6h3e3r8m","https://www.sec.gov/Archives/edgar/data/1543418/000110465926113028/0001104659-26-113028-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1791331200&sig=ee83409e3a5e31b1","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1791331200&sig=e4d3d1d90db05f20 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1791331200&sig=949f05a902b03082 96w","changelogVersion","2026-10-01T08:00"]

截至九个月结束

截至九个月结束

2026年8月31日

2025年8月31日