TMQ director converts 325,000 options and sells 264,294 shares
Rhea-AI Filing Summary
Director William Beckwith Hayden reported multiple transactions in Trilogy Metals Inc. (TMQ) on 10/08/2025 and 10/09/2025. On 10/08/2025 the reporting person recorded acquisitions totaling 325,000 common shares by conversion/exercise across five separate items (100,000; 50,000; 50,000; 50,000; 75,000), with Canadian exercise prices converted to U.S. dollars using a C$1.3952 exchange rate. Also on 10/08/2025 the filing shows a sale of 64,294 shares at a weighted average price of $7.06, and on 10/09/2025 a sale of 200,000 shares at a weighted average price of $6.61. After these transactions the reporting person beneficially owned 382,685 common shares. The form identifies the filer as a Director and includes footnotes disclosing Canadian price conversions and ranges for the weighted average sale prices.
Positive
- Large option conversions/exercises totaling 325,000 shares on 10/08/2025, signaling exercise of vested instruments
- Clear disclosure of Canadian exercise prices and exchange rates (C$1.3952 and C$1.4000) for transparency
Negative
- Substantial insider sales of 264,294 shares on 10/08/2025 and 10/09/2025, which materially reduced holdings
- Weighted-average sale prices reported in Canadian dollars require conversions that may affect dollar-denominated proceeds
Insights
Director executed option conversions and partial share sales, ending with 382,685 shares.
The report documents five conversions/exercises totaling 325,000 common shares on 10/08/2025, converted from Canadian-dollar exercise prices using the stated exchange rate. Those exercises increased the reporting person's direct holdings before two subsequent open-market sales.
The reporting person sold a total of 264,294 shares across 10/08/2025 and 10/09/2025 at weighted average prices of $7.06 and $6.61, respectively. Monitor future filings for scheduled option expirations or additional trades that would change insider ownership over the next 12 months.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Shares | 200,000 | $6.61 | $1.32M |
| Exercise | Common Shares | 100,000 | $0.00 | -- |
| Exercise | Common Shares | 50,000 | $0.00 | -- |
| Exercise | Common Shares | 50,000 | $0.00 | -- |
| Exercise | Common Shares | 50,000 | $0.00 | -- |
| Exercise | Common Shares | 75,000 | $0.00 | -- |
| Exercise | Common Shares | 100,000 | $1.81 | $181K |
| Exercise | Common Shares | 50,000 | $1.58 | $79K |
| Exercise | Common Shares | 50,000 | $0.56 | $28K |
| Exercise | Common Shares | 50,000 | $0.42 | $21K |
| Exercise | Common Shares | 75,000 | $1.09 | $82K |
| Sale | Common Shares | 64,294 | $7.06 | $454K |
Footnotes (1)
- Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.3952 = US$1.00. Converted from Canadian exercise price of C$2.21 using an exchange rate of C$1.3952 = US$1.00. Converted from Canadian exercise price of C$0.78 using an exchange rate of C$1.3952 = US$1.00. Converted from Canadian exercise price of C$0.59 using an exchange rate of C$1.3952 = US$1.00. Converted from Canadian exercise price of C$1.52 using an exchange rate of C$1.3952 = US$1.00. Average weighted price of C$9.85769 converted to U.S. dollars using an exchange rate of C$1.3952 = US$1.00. The sale price reported above is a weighted average price. These shares were sold in multiple transactions at prices ranging from C$9.70 to C$10.04, 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. Average weighted price of C$9.2554 converted to U.S. dollars using an exchange rate of C$1.4000 = US$1.00. The sale price reported above is a weighted average price. These shares were sold in multiple transactions at prices ranging from C$9.102 to C$9.38, 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.
