[Form 4] Trilogy Metals Inc. Insider Trading Activity

Rhea-AI Filing Summary

Trilogy Metals (TMQ) reported insider activity: President & CEO and Director Tony Giardini exercised stock options on 10/16/2025 and acquired 1,123,400 common shares at $1.79 (converted from C$2.52 at C$1.4048 = $1.00). Following the transactions, he beneficially owns 8,332,060 shares, held directly.

The exercises (code M) covered two option grants: 223,400 shares from options expiring 12/09/2025 and 900,000 shares from options expiring 12/09/2025, with vesting in thirds on 12/10/2020, 12/10/2021, and 12/10/2022.

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
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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^*

Giardini Tony

(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
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
10/16/2025

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	10/16/2025		M		1,123,400	A	$1.79	8,332,060	D

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)	$1.79(1)	10/16/2025		M			223,400	12/10/2020	12/09/2025	Common Shares	223,400	$0	0	D
Employee Stock Options (Right to Buy)	$1.79(1)	10/16/2025		M			900,000	(2)	12/09/2025	Common Shares	900,000	$0	0	D

Explanation of Responses:

1. Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.4048 = $1.00.

2. The options vested as follows: 1/3 on 12/10/2020; 1/3 on 12/10/2021; 1/3 on 12/10/2022.

	/s/ Elaine Sanders as attorney-in-fact for Tony Giardini	10/17/2025
	** 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).
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FAQ

What insider transaction did TMQ report?

Tony Giardini exercised stock options and acquired 1,123,400 common shares at $1.79 on 10/16/2025.

How many TMQ shares does the CEO hold after the transaction?

He beneficially owns 8,332,060 shares, held directly.

What were the details of the options exercised by TMQ's CEO?

Two exercises (code M): 223,400 shares and 900,000 shares, both with expiration 12/09/2025.

What was the option exercise price reported for TMQ?

The exercise price was $1.79, converted from C$2.52 at C$1.4048 = $1.00.

What was the vesting schedule for the 900,000 TMQ options?

They vested one-third on 12/10/2020, one-third on 12/10/2021, and one-third on 12/10/2022.

Were any derivative securities remaining after the exercises?

The filing shows 0 derivative securities beneficially owned following the reported transactions.