Trilogy Metals Inc.
For the period ended Nov 30, 2025. Filed Feb 17, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 17, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| | Page | |
|---|---|---|
| | | |
| CURRENCY | 3 | |
| | ||
| FORWARD-LOOKING STATEMENTS | 3 | |
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| PART I | 6 | |
| | ||
| Item 1. | BUSINESS | 6 |
| Item 1A. | RISK FACTORS | 13 |
| Item 1B. | UNRESOLVED STAFF COMMENTS | 27 |
| Item 1C. | CYBERSECURITY | 28 |
| Item 2. | PROPERTIES | 28 |
| Item 3. | LEGAL PROCEEDINGS | 89 |
| Item 4. | MINE SAFETY DISCLOSURES | 89 |
| PART II | 90 | |
| | ||
| Item 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | 90 |
| Item 6. | [RESERVED] | 100 |
| Item 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 101 |
| Item 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 111 |
| Item 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | 112 |
| Item 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE | 132 |
| Item 9A. | CONTROLS AND PROCEDURES | 132 |
| Item 9B. | OTHER INFORMATION | 132 |
| Item 9C. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS | 133 |
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| PART III | 133 | |
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| Item 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE | 133 |
| Item 11. | EXECUTIVE COMPENSATION | 133 |
| Item 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 133 |
| Item 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE | 134 |
| Item 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | 134 |
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| PART IV | 134 | |
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| Item 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES | 134 |
Unless the context otherwise requires, the words “we,” “us,” “our,” the “Company,” the “Registration” and “Trilogy” refer to Trilogy Metals Inc., formerly NovaCopper Inc. (“Trilogy” or “Trilogy Metals”), a British Columbia corporation, either alone or together with its subsidiaries as the context requires, as of November 30, 2025.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.