TMQ insider: 50,000-option exercise at $1.80; 30,000-share donation

Rhea-AI Filing Summary

Trilogy Metals Inc. (TMQ) reporting person Gregory A. Lang disclosed multiple transactions in the company's common shares and an option exercise in October 2025. On 10/08/2025 he donated 30,000 shares to charity at a reported price of $6.31, leaving 344,181 shares beneficially owned indirectly via a family trust. On 10/09/2025 he exercised an employee stock option for 50,000 shares at an exercise price of $1.80 (converted from C$2.52), acquired those 50,000 shares, and sold a total of 169,181 shares across several transactions at weighted prices of $6.53, $6.57, and $6.77. Following the reported activity the filing lists various post-transaction beneficial holdings, including 352,000 and 252,000 shares tied to the family trust on different lines. The filing includes conversion and weighted-average price notes tied to a C$ to US$ exchange rate of C$1.40 = US$1.00.

Positive

• Donation of 30,000 shares indicates a charitable action rather than a pure liquidity sale
• Option exercise for 50,000 shares was executed at a low exercise price of $1.80, creating immediate intrinsic value given subsequent sale prices

Negative

• Large insider sales totaling 169,181 shares could be viewed as significant insider liquidity within a short timeframe
• Multiple discrete sale transactions increase near-term share supply and may be interpreted by some investors as reduced insider stake concentration

Insights

Corporate Governance Analyst

Insider executed options, sold shares, and made a charitable donation within two days.

The reporting person exercised an employee option for 50,000 shares at an exercise price of $1.80 on 10/09/2025, creating immediate ownership that was then partially sold the same day at weighted prices around $6.53–$6.77.

This sequence—exercise then sale—typically reflects liquidity events for insiders; the filing also records a 30,000-share donation on 10/08/2025. Monitor any scheduled trading plans or 10b5-1 disclosures if future systematic trades are expected.

Equity Transactions Specialist

Multiple sales used weighted-average pricing and foreign-to-US conversions; details affect reported proceeds and share counts.

The sale prices were converted from Canadian dollars using the stated rate (C$1.40 = US$1.00), and one sale line reports a weighted-average price derived from multiple execution prices within a tight C$9.1344–C$9.1547 range. This explains small discrepancies across reported per-line sale prices.

Investors reviewing insider activity should note the exact share counts sold (169,181 shares across lines) and the reported post-transaction beneficial ownership figures when assessing insider liquidity over the near term.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lang Gregory A.

(Last) (First) (Middle)

C/O TRILOGY METALS INC.

SUITE 901, 510 BURRARD STREET

(Street)

VANCOUVER A1 V6C 3A8

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Trilogy Metals Inc. [ TMQ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	10/08/2025		G(1)		30,000	D	$6.31	344,181	I	Family Trust
Common Shares	10/09/2025		M		50,000	A	$1.8(2)	150,000	D
Common Shares	10/09/2025		S		50,000	D	$6.53(3)(4)	100,000	D
Common Shares	10/09/2025		S		19,181	D	$6.57	352,000	I	Family Trust
Common Shares	10/09/2025		S		100,000	D	$6.77	252,000	I	Family Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$1.8(2)	10/09/2025		M			50,000	12/10/2020	12/09/2025	Common Shares	50,000	$0	0	D

Explanation of Responses:

1. Donation to charity

2. Converted from Canadian exercise price of $2.52 using an exchange rate of C$1.40 = US$1.00.

3. The average weighted price was converted from the Canadian average weighted price of $9.14 using an exchange rate of C$1.40 = US$1.00.

4. The sale price reported above is a weighted average price. These shares were sold in multiple transactions at prices ranging from C$9.1344 to C$9.1547, inclusive. The reporting person undertakes to provide to Trilogy Metals Inc., any security holder of Trilogy Metals Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

	/s/ Elaine Sanders as attorney-in-fact for Gregory A. Lang	09/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did TMQ director Gregory A. Lang report in October 2025?

He donated 30,000 shares on 10/08/2025, exercised an option for 50,000 shares at $1.80 on 10/09/2025, and sold a total of 169,181 shares across multiple transactions on 10/09/2025.

How many Trilogy Metals shares does Gregory A. Lang beneficially own after these transactions?

The filing reports post-transaction beneficial ownership figures on different lines including 344,181, 352,000, and 252,000 shares tied to direct and indirect (family trust) holdings as listed in the Form 4.

At what prices were the sold TMQ shares reported?

Sales were reported at weighted-average and per-line prices of $6.53, $6.57, and $6.77, with conversion notes from Canadian-dollar prices using C$1.40 = US$1.00.

Did Gregory Lang use options to acquire shares before selling?

Yes. He exercised an employee stock option for 50,000 shares on 10/09/2025 at an exercise price of $1.80, and those shares are shown as acquired and then sold on the same date.

Was any of the reported activity charitable?

Yes. The Form 4 indicates a donation of 30,000 common shares to charity on 10/08/2025 (transaction code G).