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Mineral properties and development costs
6 Months Ended
May 31, 2020
Mineral properties and development costs  
Mineral properties and development costs

6)    Mineral properties and development costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in thousands of dollars

 

 

 

November 30, 2019

 

 

Acquisition costs

 

 

Assets

 

May 31, 2020

 

 

 

 

 

 

reimbursable

 

 

derecognized

 

 

 

 

 

 

 

 

from Ambler

 

 

note 4(a)

 

 

 

 

 

 

 

 

Metals LLC

 

 

 

 

 

 

 

    

$

  

  

 

  

  

$

  

$

  

Alaska, USA

 

  

 

 

  

 

 

  

 

  

 

Ambler (a)

 

26,631

 

 

(44)

 

 

(26,587)

 

 —

 

Bornite (b)

 

4,000

 

 

 —

 

 

(4,000)

 

 —

 

 

 

30,631

 

 

(44)

 

 

(30,587)

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in thousands of dollars

 

 

 

November 30, 2018

 

 

Acquisition costs

 

 

November 30, 2019

 

 

    

$

  

  

$

  

  

$

  

Alaska, USA

 

  

 

 

  

 

 

  

 

Ambler (a)

 

26,587

 

 

44

 

 

26,631

 

Bornite (b)

 

4,000

 

 

 —

 

 

4,000

 

 

 

30,587

 

 

44

 

 

30,631

 

 

(a)

Mineral properties expense

 

The following table summarizes mineral properties expense for the noted periods.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In thousands of dollars

 

 

Three months ended

 

Three months ended

 

Six months ended

 

Six months ended

 

 

May 31, 2020

 

May 31, 2019

 

May 31, 2020

 

May 31, 2019

 

 

    

$

  

  

$

 

    

$

  

  

$

  

Alaska, USA

 

  

 

 

  

 

 

  

 

 

  

 

Community

 

 —

 

 

146

 

 

137

 

 

264

 

Drilling

 

 —

 

 

173

 

 

 —

 

 

173

 

Engineering

 

 —

 

 

303

 

 

723

 

 

624

 

Environmental

 

 —

 

 

136

 

 

99

 

 

271

 

Geochemistry and geophysics

 

 —

 

 

593

 

 

12

 

 

758

 

Land and permitting

 

 —

 

 

174

 

 

134

 

 

360

 

Project support

 

 —

 

 

778

 

 

249

 

 

1,004

 

Other income

 

 —

 

 

 —

 

 

 —

 

 

(1)

 

Wages and benefits

 

 —

 

 

603

 

 

191

 

 

988

 

 

 

 —

 

 

2,906

 

 

1,545

 

 

4,441

 

 

No additional mineral properties expenses were incurred during the three-month period ended May 31, 2020, as on February 11, 2020, upon the formation of the joint venture with South 32, all mineral properties previously held by the Company were contributed to Ambler Metals LLC. The Company continues to fund the Arctic Project feasibility study, costs for which were $0.7 million since the formation of the joint venture on February 11, 2020. The table above is for comparison purposes for the respective periods.

 

(b)

Derecognition

 

As part of the formation of the joint venture with South32 on February 11, 2020, Trilogy contributed all its assets associated with the UKMP, including the Arctic and Bornite projects. As a result, $0.62 million of machinery and equipment as well as $30.6 million of mineral properties related to the UKMP were derecognized in Trilogy on February 11, 2020.