Trilogy Metals (TMQ) director reports new 3,122 DSU grant, total holdings 517,469

Rhea-AI Filing Summary

Trilogy Metals Inc. director reports new deferred share units grant

A director of Trilogy Metals Inc. (TMQ) reported a new equity award effective 12/01/2025. The filing shows an acquisition of 3,122.632 Deferred Share Units (DSUs) at a price of $0, described as a non-discretionary issuance made under elections submitted before the current fiscal year. Following this grant, the director beneficially owns 517,469.243 derivative securities in the form of DSUs on a direct basis.

The DSUs vest immediately, but the underlying common shares will only be issued after the director’s service with Trilogy Metals ends. Until that termination event, the director does not have voting or dispositive rights over the underlying common shares, and the grants will expire no later than 90 days after the 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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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^*

Hensley William L. Iggiagruk

(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		3,122.632		(2)	(2)	Common Shares	3,122.632	$0	517,469.243	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 I. Iggiagruk Hensley	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).
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FAQ

What insider transaction did Trilogy Metals Inc. (TMQ) disclose in this Form 4?

The filing reports that a director of Trilogy Metals Inc. (TMQ) acquired 3,122.632 Deferred Share Units (DSUs) on 12/01/2025 at a price of $0.

How many Trilogy Metals (TMQ) deferred share units does the director own after this transaction?

After the reported transaction, the director beneficially owns 517,469.243 derivative securities, all in the form of Deferred Share Units (DSUs), held directly.

When do the Trilogy Metals (TMQ) DSUs vest and when are common shares issued?

The DSUs vest immediately, but the underlying common shares will only be issued after the director’s employment or service as a director with Trilogy Metals ends.

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

No. The filing states the director has no voting or dispositive rights over the underlying common shares until the director’s service with Trilogy Metals has terminated.

When do the Trilogy Metals (TMQ) DSU grants expire?

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

How were the Trilogy Metals (TMQ) DSUs in this filing determined?

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