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Table of Contents ☑ ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 FORM 10 - K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended November 30 , 2020 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from to Commission File Number : 1-35447 TRILOGY metals inc TRILOGY METALS INC . ( Exact Name of Registrant as Specified in Its Charter ) 98-1006991 ( I.R.S. Employer Identification No. ) British Columbia ( State or Other Jurisdiction of Incorporation or Organization ) Suite 1150 , 609 Granville Street Vancouver , British Columbia Canada ( Address of Principal Executive Offices ) Title of Each Class Common Shares , no par value ( 604 ) 638-8088 ( Registrant's Telephone Number , Including Area Code ) Trading Symbol TMQ Securities registered pursuant to Section 12 ( g ) of the Act : None V7Y 1G5 ( Zip Code ) Name of Each Exchange on Which Registered NYSE AMERICAN Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Yes □ No ☑ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15 ( d ) of the Act . Yes □ No ☑ Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . Yes > No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S - T during the preceding 12 months ( or for such shorter period that the registrant was required to submit such files ) . Yes No □ Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , a smaller reporting company , or emerging growth company . See the definitions of " large accelerated filer , " " accelerated filer , " " smaller reporting company , " and " emerging growth company " in Rule 12b - 2 of the Exchange Act . Large accelerated filer Accelerated filer > Non - accelerated filer ☐ Smaller reporting company Emerging growth company ☐ If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . ☐ Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Exchange Act ) . Yes □ No As at May 31 , 2020 , the aggregate market value of the registrant's Common Shares held by non - affiliates was approximately $ 173 million . As of February 12 , 2021 , the registrant had 144,185,729 Common Shares , no par value , outstanding . DOCUMENTS INCORPORATED BY REFERENCE Certain portions of the registrant's definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than March 30 , 2021 , in connection with the registrant's 2021 annual meeting of shareholders , are incorporated herein by reference into Part III of this Annual Report on Form 10 - K .