| Trilogy Metals Inc. |
| Q4-CY2025 | Q3-CY2025 | Q2-CY2025 | Q1-CY2025 | Q4-CY2024 | Q3-CY2024 | Q2-CY2024 | Q1-CY2024 | Q4-CY2023 | Q3-CY2023 | Q2-CY2023 | Q1-CY2023 | Q4-CY2022 | Q3-CY2022 | Q2-CY2022 | Q1-CY2022 | Q4-CY2021 | Q3-CY2021 | Q2-CY2021 | Q1-CY2021 | Q4-CY2020 | Q3-CY2020 | Q2-CY2020 | Q1-CY2020 | Q4-CY2019 | Q3-CY2019 | Q2-CY2019 | Q1-CY2019 | Q4-CY2018 | Q3-CY2018 | Q2-CY2018 | Q1-CY2018 | Q4-CY2017 | Q3-CY2017 | Q2-CY2017 | Q1-CY2017 | Q4-CY2016 | Q3-CY2016 | Q2-CY2016 | Q1-CY2016 | Q4-CY2015 | Q3-CY2015 | Q2-CY2015 | Q1-CY2015 | Q4-CY2014 | Q3-CY2014 | Q2-CY2014 | Q1-CY2014 | Q4-CY2013 |
| Balance Sheet Date | | 2025-Aug-31 | 2025-May-31 | 2025-Feb-28 | 2024-Nov-30 | 2024-Aug-31 | 2024-May-31 | 2024-Feb-29 | 2023-Nov-30 | 2023-Aug-31 | 2023-May-31 | 2023-Feb-28 | 2022-Nov-30 | 2022-Aug-31 | 2022-May-31 | 2022-Feb-28 | 2021-Nov-30 | 2021-Aug-31 | 2021-May-31 | 2021-Feb-28 | 2020-Nov-30 | 2020-Aug-31 | 2020-May-31 | 2020-Feb-29 | 2019-Nov-30 | 2019-Aug-31 | 2019-May-31 | 2019-Feb-28 | 2018-Nov-30 | 2018-Aug-31 | 2018-May-31 | 2018-Feb-28 | 2017-Nov-30 | 2017-Aug-31 | 2017-May-31 | 2017-Feb-28 | 2016-Nov-30 | 2016-Aug-31 | 2016-May-31 | 2016-Feb-29 | 2015-Nov-30 | 2015-Aug-31 | 2015-May-31 | 2015-Feb-28 | 2014-Nov-30 | 2014-Aug-31 | 2014-May-31 | 2014-Feb-28 | 2013-Nov-30 |
| Fiscal Period | | Q3-FY2025 | Q2-FY2025 | Q1-FY2025 | Q4-FY2024 | Q3-FY2024 | Q2-FY2024 | Q1-FY2024 | Q4-FY2023 | Q3-FY2023 | Q2-FY2023 | Q1-FY2023 | Q4-FY2022 | Q3-FY2022 | Q2-FY2022 | Q1-FY2022 | Q4-FY2021 | Q3-FY2021 | Q2-FY2021 | Q1-FY2021 | Q4-FY2020 | Q3-FY2020 | Q2-FY2020 | Q1-FY2020 | Q4-FY2019 | Q3-FY2019 | Q2-FY2019 | Q1-FY2019 | Q4-FY2018 | Q3-FY2018 | Q2-FY2018 | Q1-FY2018 | Q4-FY2017 | Q3-FY2017 | Q2-FY2017 | Q1-FY2017 | Q4-FY2016 | Q3-FY2016 | Q2-FY2016 | Q1-FY2016 | Q4-FY2015 | Q3-FY2015 | Q2-FY2015 | Q1-FY2015 | Q4-FY2014 | Q3-FY2014 | Q2-FY2014 | Q1-FY2014 | Q4-FY2013 |
| Total Assets | | 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$ | 150,825,000$ | 160,299,000$ | 163,895,000$ | 167,305,000$ | 172,255,000$ | 180,093,000$ | 182,534,000$ | 185,265,000$ | 188,172,000$ | 189,544,000$ | 192,559,000$ | 51,617,000$ | 59,252,000$ | 58,441,000$ | 61,872,000$ | 54,659,000$ | 62,121,000$ | 69,626,000$ | 45,101,000$ | 40,279,000$ | 47,048,000$ | 52,376,000$ | 43,884,000$ | 46,747,000$ | 44,202,000$ | 47,925,000$ | 49,485,000$ | 51,181,000$ | 53,503,000$ | 34,203,000$ | 35,326,000$ | 36,826,000$ | 38,856,000$ | 34,228,000$ | 36,440,000$ | 38,899,000$ |
| Total Current Assets | | 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$ | 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$ | 13,515,000$ | 15,935,000$ | 20,157,000$ | 27,731,000$ | 27,490,000$ | 30,883,000$ | 23,633,000$ | 31,171,000$ | 38,631,000$ | 14,071,000$ | 9,100,000$ | 15,981,000$ | 21,347,000$ | 12,920,000$ | 15,649,000$ | 13,381,000$ | 13,730,000$ | 15,241,000$ | 16,885,000$ | 19,143,000$ | 3,436,000$ | 4,468,000$ | 5,825,000$ | 7,730,000$ | 2,959,000$ | 4,963,000$ | 7,165,000$ |
| Cash and Cash Equivalents | | 23,372,000$ | 24,616,000$ | 25,213,000$ | 25,834,000$ | 25,738,000$ | 14,022,000$ | 2,012,000$ | 2,590,000$ | | | | | 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$ | 12,907,000$ | 14,654,000$ | 16,064,000$ | 18,143,000$ | 2,732,000$ | 3,988,000$ | 5,074,000$ | 6,999,000$ | 2,083,000$ | 4,364,000$ | 6,484,000$ |
| Receivables | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Assets Held for Sale in Short Term | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0$ | 3,559,000$ | | | 94,000$ | | | | | | | | |
| Total Noncurrent Assets | | 105,387,000$ | 106,288,000$ | 107,061,000$ | 107,652,000$ | 108,278,000$ | 121,255,000$ | 134,408,000$ | 135,138,000$ | 137,061,000$ | 140,018,000$ | 141,666,000$ | 143,085,000$ | 147,194,000$ | 156,164,000$ | 158,789,000$ | 160,693,000$ | 164,927,000$ | 170,923,000$ | 172,662,000$ | 173,827,000$ | 174,892,000$ | 176,029,000$ | 176,624,000$ | 31,460,000$ | 31,521,000$ | 30,951,000$ | 30,989,000$ | 31,026,000$ | 30,950,000$ | 30,995,000$ | 31,030,000$ | 31,179,000$ | 31,067,000$ | 31,029,000$ | 30,964,000$ | 31,098,000$ | 30,821,000$ | 34,195,000$ | 34,244,000$ | 34,296,000$ | 34,360,000$ | 30,767,000$ | 30,858,000$ | 31,001,000$ | 31,126,000$ | 31,269,000$ | 31,477,000$ | 31,734,000$ |
| Goodwill | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Intangible Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Physical 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$ | 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$ | 195,000$ | 215,000$ | 235,000$ | 345,000$ | 394,000$ | 173,000$ | 510,000$ | 181,000$ | 272,000$ | 415,000$ | 540,000$ | 683,000$ | 891,000$ | 1,148,000$ |
| Other Noncurrent Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Assets Held for Sale in Long Term | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0$ | 0$ | | | 3,537,000$ | | | | | | | | |
| Total Liabilities | | 455,000$ | 967,000$ | 800,000$ | 903,000$ | 553,000$ | 463,000$ | 464,000$ | 465,000$ | 564,000$ | 728,000$ | 846,000$ | 567,000$ | 777,000$ | 884,000$ | 945,000$ | 1,266,000$ | 847,000$ | 1,433,000$ | 1,091,000$ | 1,454,000$ | 1,886,000$ | 1,138,000$ | 1,921,000$ | 33,354,000$ | 35,512,000$ | 32,481,000$ | 32,067,000$ | 22,457,000$ | 24,764,000$ | 22,567,000$ | 21,460,000$ | 14,614,000$ | 14,759,000$ | 11,200,000$ | 421,000$ | 593,000$ | 854,000$ | 469,000$ | 497,000$ | 751,000$ | 1,374,000$ | 1,265,000$ | 727,000$ | 979,000$ | 1,750,000$ | 1,510,000$ | 1,765,000$ | 1,742,000$ |
| Total Current Liabilities | | 373,000$ | 874,000$ | 702,000$ | 793,000$ | 428,000$ | 463,000$ | 464,000$ | 465,000$ | 564,000$ | 728,000$ | 846,000$ | 534,000$ | 692,000$ | 745,000$ | 757,000$ | 1,031,000$ | 561,000$ | 1,086,000$ | 717,000$ | 1,046,000$ | 1,439,000$ | 678,000$ | 1,411,000$ | 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$ | | 593,000$ | | | | | | | | | | | | 1,742,000$ |
| Accounts Payable | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Short Term Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Short Term Capital Lease Obligations | | 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$ | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 103,000$ |
| Total Noncurrent Liabilities | | 82,000$ | 93,000$ | 98,000$ | 110,000$ | 125,000$ | 0$ | 0$ | 0$ | 0$ | 0$ | 0$ | 33,000$ | 85,000$ | 139,000$ | 188,000$ | 235,000$ | 286,000$ | 347,000$ | 374,000$ | 408,000$ | 447,000$ | 460,000$ | 510,000$ | 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$ | 421,000$ | 0$ | 854,000$ | 469,000$ | 497,000$ | 751,000$ | 1,374,000$ | 1,265,000$ | 727,000$ | 979,000$ | 1,750,000$ | 1,510,000$ | 1,765,000$ | 0$ |
| Long Term Debt | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Long Term Capital Lease Obligations | | 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$ | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Noncurrent Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Equity | | 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$ | 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$ | 188,406,000$ | 190,638,000$ | 18,263,000$ | 23,740,000$ | 25,960,000$ | 29,805,000$ | 32,202,000$ | 37,357,000$ | 47,059,000$ | 23,641,000$ | 25,665,000$ | 32,289,000$ | 41,176,000$ | 43,463,000$ | 46,154,000$ | 43,348,000$ | 47,456,000$ | 48,988,000$ | 50,430,000$ | 52,129,000$ | 32,938,000$ | 34,599,000$ | 35,847,000$ | 37,106,000$ | 32,718,000$ | 34,675,000$ | 37,157,000$ |
| Equity to Minority | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Equity to Common Shareholders | | 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$ | 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$ | 188,406,000$ | 190,638,000$ | 18,263,000$ | 23,740,000$ | 25,960,000$ | 29,805,000$ | 32,202,000$ | 37,357,000$ | 47,059,000$ | 23,641,000$ | 25,665,000$ | 32,289,000$ | 41,176,000$ | 43,463,000$ | 46,154,000$ | 43,348,000$ | 47,456,000$ | 48,988,000$ | 50,430,000$ | 52,129,000$ | 32,938,000$ | 34,599,000$ | 35,847,000$ | 37,106,000$ | 32,718,000$ | 34,675,000$ | 37,157,000$ |
| Additional Paid-In Capital | | 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$ | 17,089,000$ | 16,624,000$ | 16,666,000$ | 16,651,000$ | 17,248,000$ |
| Retained Earnings | | (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$) | (74,737,000$) | (81,800,000$) | (66,862,000$) | (61,640,000$) | (51,702,000$) | (66,900,000$) | (42,605,000$) | (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$) | (111,764,000$) | (114,499,000$) | (110,245,000$) | (108,597,000$) | (106,902,000$) | | | | | | | | |
| Treasury Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Capital Lease Obligations | | | | | | | | | | | | | | | | | | | | | 93,006$ | 93,006$ | 93,006$ | 93,006$ | | | | | | | | | | | | | | | | | | | | | | | | | |