Trilogy Metals (TMQ) director granted 2,816 DSUs, now holds 483K derivatives

Rhea-AI Filing Summary

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.

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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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^*

Hayden William Beckwith

(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)
12/01/2025

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

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
Deferred Share Units ("DSUs")(1)	$0	12/01/2025		A		2,816.491		(2)	(2)	Common Shares	2,816.491	$0	483,208.857	D

Explanation of Responses:

1. Non-discretionary issuances of DSUs pursuant to elections made by plan participants prior to the commencement of the current fiscal year.

2. The DSUs vest immediately; however, the underlying common shares will not be issued to the grantee, and the grantee shall not have any voting or dispositive rights with respect to the underlying common shares, until termination of the grantee's employment or services as a director of the Issuer. The grants will expire no later than 90 days after the grantee's termination date.

	/s/ Elaine Sanders as attorney-in-fact for William Beckwith Hayden	12/02/2025
	** 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 transaction did Trilogy Metals Inc. (TMQ) disclose in this Form 4?

The company disclosed that director William Beckwith Hayden received 2,816.491 deferred share units (DSUs) on 12/01/2025, each linked to one common share.

How many Trilogy Metals (TMQ) derivative securities does the reporting person own after this transaction?

Following the reported DSU grant, 483,208.857 derivative securities were beneficially owned by the reporting person.

When do the Trilogy Metals (TMQ) DSUs for the director vest and settle?

The DSUs vest immediately, but the underlying common shares will not be issued until the director’s employment or service as a director ends.

Does the Trilogy Metals (TMQ) director have voting rights on the shares underlying the DSUs?

No. The director will not have voting or dispositive rights over the underlying common shares until after his service as a director terminates and the shares are issued.

What is the expiration condition for the Trilogy Metals (TMQ) DSU grants?

The grants will expire no later than 90 days after the director’s termination date.

How were the Trilogy Metals (TMQ) DSUs issued to the director determined?

The DSUs were described as non-discretionary issuances made pursuant to elections submitted by plan participants before the start of the current fiscal year.