Trilogy Metals director granted 791 DSUs

Trilogy Metals director Diana J. Walters received a grant of 791.68 Deferred Share Units (DSUs) tied to common shares.

Rhea-AI Filing Summary

Trilogy Metals director Diana J. Walters received a grant of 791.68 Deferred Share Units (DSUs) tied to common shares. The DSUs were acquired at a stated price of $0.00 per unit under a non-discretionary election made before the fiscal year began. Her direct DSU holdings increased to 556,685.336 units. The DSUs vest immediately, but the underlying common shares will only be issued, and associated voting and dispositive rights will only arise, after she ceases serving as a director, with the grants expiring no later than 90 days after that termination date.

Insider Trade Summary

Grant/Award: 791.68 shares

Grant/Award 1 txn

Insider WALTERS DIANA J

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Share Units ("DSUs")	791.68	$0.00	$0.00

Holdings After Transaction: Deferred Share Units ("DSUs") — 556,685.336 contracts (Direct)

Footnotes (2)

1. F1. Non-discretionary issuances of DSUs pursuant to elections made by plan participants prior to the commencement of the current fiscal year.
2. F2. 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.

Key Figures

DSUs granted: 791.68 units DSUs after transaction: 556,685.336 units Grant price per DSU: $0.00 per unit +2 more

5 metrics

DSUs granted 791.68 units Deferred Share Units awarded to director on grant date

DSUs after transaction 556,685.336 units Total Deferred Share Units held directly by Diana J. Walters

Grant price per DSU $0.00 per unit Stated transaction price for newly granted DSUs

Underlying common shares 791.68 shares Common shares underlying the new DSU grant

Grant expiration timing 90 days Grants expire no later than 90 days after termination date

Key Terms

Deferred Share Units ("DSUs"), Non-discretionary issuances, voting or dispositive rights, underlying common shares

4 terms

Deferred Share Units ("DSUs") financial

"Deferred Share Units ("DSUs")"

Non-discretionary issuances financial

"Non-discretionary issuances of DSUs pursuant to elections made"

voting or dispositive rights financial

"the grantee shall not have any voting or dispositive rights with respect"

underlying common shares financial

"the underlying common shares will not be issued to the grantee"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Trilogy Metals (TMQ) report for Diana J. Walters?

Trilogy Metals reported that director Diana J. Walters received a grant of 791.68 Deferred Share Units (DSUs). These units were awarded at a stated price of $0.00 per unit as part of her director compensation, increasing her total DSU holdings to 556,685.336 units.

Are the Trilogy Metals (TMQ) DSUs granted to Diana J. Walters immediately vested?

Yes, the DSUs granted to Diana J. Walters vest immediately upon grant. However, the underlying common shares will only be issued to her after her service as a director ends, delaying actual share ownership and associated voting and dispositive rights until that termination event.

When will Diana J. Walters receive Trilogy Metals (TMQ) common shares for her DSUs?

Diana J. Walters will receive the underlying Trilogy Metals common shares only after her employment or service as a director terminates. The grants will expire no later than 90 days after that termination date, setting an outside window for share issuance and settlement.

How were the Trilogy Metals (TMQ) DSUs for Diana J. Walters determined?

The DSUs were issued on a non-discretionary basis according to elections Diana J. Walters made before the start of the current fiscal year. This means the grant followed pre-established choices under the company’s plan rather than a new discretionary compensation decision.

Does Diana J. Walters have voting rights on Trilogy Metals (TMQ) shares underlying her DSUs?

No, Diana J. Walters does not have voting or dispositive rights over the underlying common shares while they are in DSU form. Those rights only arise once the common shares are actually issued after her service as a director ends and before the 90-day expiration window.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/01/2026 - 06:08 PM Learn about SEC filing dates

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^*

WALTERS DIANA J

(Last) (First) (Middle)

C/O TRILOGY METALS INC.

SUITE 901, 510 BURRARD STREET

(Street)

VANCOUVER V6C 3A8

(City) (State) (Zip)

BRITISH COLUMBIA, CANADA

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026

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

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

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

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	06/01/2026		A		791.68		(2)	(2)	Common Shares	791.68	$0	556,685.336	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 Diana J. Walters	06/01/2026
	** 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.
* Form 4: SEC 1474 (03-26)