Trilogy Metals SEC Filings

Trilogy Metals Inc. reported an insider equity transaction by its President and CEO, Tony Giardini. On December 7, 2025, he acquired 366,668 common shares of Trilogy Metals through the settlement of previously granted restricted stock units (RSUs), coded as an “M” transaction. After this transaction, he directly beneficially owned 8,698,728 common shares.

The RSUs originated from a grant made on December 7, 2023 that vested in three equal installments: one-third on December 7, 2023, one-third on December 7, 2024, and one-third on December 7, 2025. Following the conversion of 366,668 RSUs into common shares at an exercise price of $0, the reported RSU balance in the derivative securities table is 0, reflecting full settlement of this particular grant.

Trilogy Metals Inc. director reports option exercise, share sales, and gift of shares. On 12/05/2025, a director exercised an employee stock option for 50,000 common shares at a U.S. dollar exercise price of $1.82, converted from C$2.52 using an exchange rate of C$1.3860 = US$1.00.

The director then sold 20,000 common shares at $4.73 and a further 50,000 common shares at a weighted average price of $4.77, based on Canadian dollar prices between C$6.55 and C$6.701 converted at the same exchange rate. In addition, the director made a gift of 45,000 common shares at a price of $0.

Following these transactions, the director held 35,000 common shares directly and 252,000 common shares indirectly through a family trust, and held no remaining employee stock options from this grant.

Trilogy Metals Inc. director reports new deferred share units grant

A director of Trilogy Metals Inc. (TMQ) filed a Form 4 reporting a grant of 3,428.772 Deferred Share Units (DSUs) on 12/01/2025 at a price of $0 per unit. After this transaction, the director beneficially owns 555,079.536 derivative securities in the form of DSUs, held directly.

The DSUs were issued on a non-discretionary basis under elections made by plan participants before the start of the current fiscal year. The DSUs vest immediately, but the underlying common shares will not be issued, and the holder will not have voting or dispositive rights in those shares, until the director’s service with the company ends. The grants will expire no later than 90 days after the director’s termination date.

Trilogy Metals Inc. reported a routine insider equity transaction for a director on a Form 4. On 12/01/2025, the director received 3,551.228 Deferred Share Units (DSUs) at an exercise price of $0, coded as an acquisition. Following this grant, the director beneficially owns 644,091.192 derivative securities in the form of DSUs, held directly.

The DSUs were issued on a non-discretionary basis under elections made before the start of the current fiscal year. The DSUs vest immediately, but the underlying common shares will only be issued after the director’s service with Trilogy Metals ends, and no voting or sale rights apply to those shares until that time. The grants will expire no later than 90 days after the director’s termination date.

Trilogy Metals Inc.12/01/2025, he received 3,122.632 Deferred Share Units (DSUs) under a non-discretionary plan, at an exercise price of $0 per unit. After this grant, he beneficially owns 614,032.397 DSUs in total.

The DSUs vest immediately, but the underlying common shares are not issued, and he has no voting or dispositive rights over those shares, until his service as a director ends. The DSU grants will expire no later than 90 days after his termination date. This filing reflects routine director compensation in equity form rather than a market purchase or sale of Trilogy Metals shares.

Trilogy Metals Inc. director reports new deferred share units grant

A director of Trilogy Metals Inc. (TMQ) reported a new equity award effective 12/01/2025. The filing shows an acquisition of 3,122.632 Deferred Share Units (DSUs) at a price of $0, described as a non-discretionary issuance made under elections submitted before the current fiscal year. Following this grant, the director beneficially owns 517,469.243 derivative securities in the form of DSUs on a direct basis.

The DSUs vest immediately, but the underlying common shares will only be issued after the director’s service with Trilogy Metals ends. Until that termination event, the director does not have voting or dispositive rights over the underlying common shares, and the grants will expire no later than 90 days after the termination date.

Trilogy Metals Inc. reported a director equity award using deferred share units (DSUs). On 12/01/2025, director William Beckwith Hayden received 2,816.491 DSUs at an exercise price of $0 per unit. Each DSU represents the right to receive one common share, so the award is tied to 2,816.491 common shares.

After this grant, Hayden beneficially owned 483,208.857 derivative securities in total. The DSUs vest immediately, but the related common shares will only be issued after Hayden’s service as a director ends. Until then, he will not have voting or dispositive rights over the underlying shares, and the grants will expire no later than 90 days after his termination date.

Trilogy Metals Inc. reported a new equity award to director James Gowans in the form of deferred share units (DSUs). On 12/01/2025, Gowans received 3,701.237 DSUs at an exercise price of $0, increasing his total derivative securities beneficially owned to 563,842.599 DSUs.

The DSUs vest immediately, but the underlying common shares will only be issued after Gowans’ service as a director ends. He will not have voting or dispositive rights over the underlying common shares until that termination date, and the grants will expire no later than 90 days after his termination.

Trilogy Metals Inc. launched an at-the-market equity program to sell up to US$200,000,000 of common shares from time to time under a prospectus supplement to its shelf registration. Sales will be made through designated agents as “at-the-market offerings” on NYSE American or other U.S. trading markets at prevailing prices, and no sales will be made in Canada or over the TSX.

Trilogy will pay up to 3.0% in sales commissions and estimates approximately $200,000 of offering commencement expenses. Net proceeds, if any, will be used to continue exploring and developing the Upper Kobuk Mineral Projects, for prospective mergers and acquisitions, general corporate and administrative expenses, and working capital. The TSX has conditionally approved, and NYSE American has authorized, the listing of the offered shares. 171,059,888 common shares were outstanding as of November 6, 2025. A prior ATM program totaling approximately $25,000,000 has been fully sold and terminated.