Trilogy Metals (TMQ) director Diana Walters awarded 50,000 options at $4.61

Rhea-AI Filing Summary

Trilogy Metals Inc. director Diana J. Walters reported receiving a director stock option on December 11, 2025. The option covers 50,000 common shares of Trilogy Metals at an exercise price of $4.61 per share, described as converted from a Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00. The option is exercisable starting on December 11, 2025 and expires on December 10, 2030. Following this grant, Walters beneficially owns 50,000 derivative securities directly.

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 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)
12/11/2025

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
Director Stock Option (Right to Buy)	$4.61(1)	12/11/2025		A		50,000		12/11/2025	12/10/2030	Common Shares	50,000	$0	50,000	D

Explanation of Responses:

1. Converted from Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00.

	/s/ Elaine Sanders as attorney-in-fact for Diana J. Walters	12/12/2025
	** 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 transaction did Trilogy Metals (TMQ) disclose in this Form 4?

The filing reports that director Diana J. Walters received a director stock option covering 50,000 Trilogy Metals common shares on December 11, 2025.

What are the key terms of Diana J. Walters' Trilogy Metals (TMQ) stock option?

The option gives the right to buy 50,000 common shares of Trilogy Metals at an exercise price of $4.61 per share, exercisable from December 11, 2025 until December 10, 2030.

How was the exercise price for the Trilogy Metals (TMQ) director option determined?

The exercise price of $4.61 per share was converted from a Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00, as stated in the explanation of responses.

How many Trilogy Metals (TMQ) shares underlie the reported stock option?

The director stock option is linked to 50,000 common shares of Trilogy Metals, which can be purchased upon exercise of the option.

What is the ownership form of the Trilogy Metals (TMQ) derivative securities reported?

The filing indicates that the 50,000 derivative securities (director stock options) are held with direct (D) ownership by Diana J. Walters.

Who filed this Trilogy Metals (TMQ) Form 4 and in what capacity?

The Form 4 was filed for Diana J. Walters, who is identified as a director of Trilogy Metals Inc., with the form submitted for one reporting person.