[Form 4] Trilogy Metals Inc. Insider Trading Activity

Rhea-AI Filing Summary

Trilogy Metals Inc. (TMQ) reporting person Janice Stairs, a company director, disclosed transactions on 10/09/2025. She exercised a stock option for 100,000 shares at a converted exercise price of $1.80 and acquired those shares. On the same day she sold 50,613 common shares at a weighted average sale price of $6.5607 (converted from Canadian dollars using C$1.40 = US$1.00). After these transactions she beneficially owned 508,608 common shares. The exercised option had an original grant/exercise price of C$2.52 (converted) and an expiration date of 12/09/2025. The Form 4 was signed by an attorney-in-fact on 10/10/2025.

Positive

• Acquired 100,000 shares by exercising options at a low converted price of $1.80
• Realized liquidity by selling 50,613 shares at a weighted average of $6.5607, capturing value above the exercise price

Negative

• Net ownership decreased to 508,608 shares after the sale, reducing insider stake
• Exercise occurred close to option expiration (12/09/2025), suggesting time pressure on the decision

Insights

Corporate Insider Transactions Analyst

Director exercised a near-expiry option for 100,000 shares and sold roughly half of the resulting stake.

The reporting person exercised a Director stock option on 10/09/2025 at a converted exercise price of $1.80 for 100,000 shares, increasing direct holdings temporarily before a partial sale of 50,613 shares at a weighted average of $6.5607. The option shows an expiration of 12/09/2025, indicating the exercise occurred close to expiry.

Key dependencies include the disclosed exchange-rate conversion (C$1.40 = US$1.00) and the weighted-average sale price range in Canadian dollars (C$9.1243–C$9.2204). Watch for any additional Form 4 filings before the option expiration on 12/09/2025 that could change beneficial ownership.

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^*

Stairs Janice

(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)
10/09/2025

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	10/09/2025		M		100,000	A	$1.8(1)	558,771	D
Common Shares	10/09/2025		S		50,613	D	$6.5607(2)(3)	508,608	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
Director Stock Option (Right to Buy)	$1.8	10/09/2025		M			100,000	12/10/2020	12/09/2025	Common Shares	100,000	$0	0	D

Explanation of Responses:

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

2. The sale price reported above is a weighted average price. These shares were sold in multiple transactions at prices ranging from C$9.1243 to C$9.2204, 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.

3. The Canadian average weighted price was converted into U.S. dollars using an exchange rate of C$1.40 = US$1.00.

	/s/ Elaine Sanders as attorney-in-fact for Janice Stairs	10/10/2025
	** 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 did Trilogy Metals (TMQ) director Janice Stairs do on 10/09/2025?

She exercised a Director stock option to acquire 100,000 shares at a converted exercise price of $1.80 and sold 50,613 shares at a weighted average price of $6.5607.

How many Trilogy Metals shares does Janice Stairs own after the transactions?

Following the transactions she beneficially owned 508,608 common shares.

What was the exercise price and option expiration for the exercised options?

The option exercise price converted to $1.80 (from C$2.52 using C$1.40 = US$1.00) and the option expires on 12/09/2025.

At what prices were the sold shares executed?

The sale was reported at a weighted average of $6.5607, based on Canadian sale prices ranging from C$9.1243 to C$9.2204 converted using C$1.40 = US$1.00.

When was the Form 4 filed and who signed it?

The Form 4 disclosures list the transaction date as 10/09/2025 and were signed by an attorney-in-fact on 10/10/2025.