<SEC-DOCUMENT>0001279569-17-002259.txt : 20171220
<SEC-HEADER>0001279569-17-002259.hdr.sgml : 20171220
<ACCEPTANCE-DATETIME>20171117165503
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001279569-17-002259
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20171117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Trilogy Metals Inc.
		CENTRAL INDEX KEY:			0001543418
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1150, 609 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V7Y 1G5
		BUSINESS PHONE:		(604) 638-8088

	MAIL ADDRESS:	
		STREET 1:		SUITE 1150, 609 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V7Y 1G5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NovaCopper Inc.
		DATE OF NAME CHANGE:	20120228
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 17, 2017<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John Reynolds</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Assistant Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Beverages, Apparel, and Mining</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 50%; padding: 0; font-size: 10pt; text-indent: 0">&nbsp;</TD></TR>
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<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.5in; padding: 0; text-indent: 0"><B>Re:</B></TD><TD STYLE="padding: 0; text-indent: 0"><B>Responses to the Securities and Exchange Commission</B><BR>
<B>Staff Comments dated November 16, 2017, regarding</B><BR>
<B>Trilogy Metals Inc.</B><BR>
<B>Amended Registration Statement on Form S-3</B><BR>
<B>Filed November 13, 2017</B><BR>
<B>File No. 333-220484</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Reynolds:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This letter responds to the staff&rsquo;s comment set forth
in the November 16, 2017 letter regarding the above-referenced Amended Registration Statement on Form S-3. For your convenience,
the staff&rsquo;s comment is included below and we have numbered our response accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our response is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><U>Description of Share Purchase Contracts,
page&nbsp;44</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Staff Comment No. 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We note your response to comment 2. It is not clear
how you concluded that the purchase contracts should be properly excluded from the definition of security-based swap under Section
2(a)(17) of the Securities Act 1933 and Section 3(a)(68) of the Securities Exchange Act of 1934, as the definition of purchase
contracts as described in the offering appears sufficiently broad as to include security-based swaps. In this regard, we note the
statement that the &ldquo;Share Purchase Contracts also may require us to make periodic payments to the holders of the Share Purchase
Contracts or vice versa, and such payments may be unsecured or refunded on some basis.&rdquo; Based on this statement, it appears
the purchase contracts could include transactions that are not excluded under Section 1a(47)(B) of the Commodity Exchange Act and
fall within the definition of a security-based swap. Please provide an expanded legal analysis that addresses clearly how the purchase
contracts as described do not include security-based swaps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 1pt solid">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">609 Granville Street, Suite 1150, PO Box
10334 Pacific Centre, Vancouver, BC V7Y 1G5 Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone 604-638-8088 &#9679; Facsimile
604-638-0644 &#9679; www.trilogymetals.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NYSE American: TMQ </B>&#9679; <B>TSX:
TMQ</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John Reynolds</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 17, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trilogy Metals Inc.&rsquo;s Response:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We note the Staff&rsquo;s comment and we have revised
the disclosure under the heading &ldquo;Description of Share Purchase Contracts&rdquo; to remove the following sentence: &ldquo;Share
Purchase Contracts also may require us to make periodic payments to the holders of the Share Purchase Contracts or vice versa,
and such payments may be unsecured or refunded on some basis.&rdquo; See page 44 of Amendment No. 2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you for your review of the filing. If you should have
any questions regarding the response letter, please do not hesitate to contact the undersigned at (604) 638-8088, or Kimberley
Anderson of Dorsey &amp; Whitney LLP at (206) 903-8803.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 50%">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 50%">Trilogy Metals Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 50%"><I>/s/ Elaine M. Sanders</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 50%">Elaine M. Sanders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 50%">Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cc:&#9;Kimberley Anderson, Dorsey &amp; Whitney LLP&#9;</P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
