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

Corporate Governance Analyst

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.

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^*

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)
10/08/2025

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
Common Shares	10/08/2025		M		100,000	A	$1.81(1)	422,159	D
Common Shares	10/08/2025		M		50,000	A	$1.58(2)	472,159	D
Common Shares	10/08/2025		M		50,000	A	$0.56(3)	522,159	D
Common Shares	10/08/2025		M		50,000	A	$0.42(4)	572,159	D
Common Shares	10/08/2025		M		75,000	A	$1.09(5)	647,159	D
Common Shares	10/08/2025		S		64,294	D	$7.06(6)	582,865	D
Common Shares	10/09/2025		S		200,000	D	$6.61(7)	382,685	D

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
Common Shares	$1.81(1)	10/08/2025		M			100,000	12/10/2020	12/09/2025	Common Shares	100,000	$0	0	D
Common Shares	$1.58(2)	10/08/2025		M			50,000	12/09/2021	12/08/2026	Common Shares	50,000	$0	0	D
Common Shares	$0.56(3)	10/08/2025		M			50,000	12/08/2022	12/07/2027	Common Shares	50,000	$0	0	D
Common Shares	$0.42(4)	10/08/2025		M			50,000	12/07/2023	12/06/2028	Common Shares	50,000	$0	0	D
Common Shares	$1.09(5)	10/08/2025		M			75,000	12/09/2024	12/09/2029	Common Shares	75,000	$0	0	D

Explanation of Responses:

1. Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.3952 = US$1.00.

2. Converted from Canadian exercise price of C$2.21 using an exchange rate of C$1.3952 = US$1.00.

3. Converted from Canadian exercise price of C$0.78 using an exchange rate of C$1.3952 = US$1.00.

4. Converted from Canadian exercise price of C$0.59 using an exchange rate of C$1.3952 = US$1.00.

5. Converted from Canadian exercise price of C$1.52 using an exchange rate of C$1.3952 = US$1.00.

6. 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.

7. 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.

	/s/ Elaine Sanders as attorney-in-fact for William Beckwith Hayden	10/10/2025
	** 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 transactions did the Trilogy Metals (TMQ) director report on 10/08/2025 and 10/09/2025?

The director reported conversions/exercises totaling 325,000 shares on 10/08/2025, a sale of 64,294 shares on 10/08/2025 at a weighted average price of $7.06, and a sale of 200,000 shares on 10/09/2025 at a weighted average price of $6.61.

How many Trilogy Metals (TMQ) shares does the reporting director beneficially own after these transactions?

The reporting person beneficially owned 382,685 common shares following the reported transactions.

Were the exercise prices converted from Canadian dollars in the TMQ Form 4?

Yes. The filing discloses conversions from Canadian-dollar exercise prices using an exchange rate of C$1.3952 = US$1.00 (and C$1.4000 in one footnote).

What were the Canadian price ranges for the sold shares reported?

Footnotes state the sold shares on 10/08/2025 were at C$9.70–C$10.04 (weighted avg C$9.85769) and on 10/09/2025 at C$9.102–C$9.38 (weighted avg C$9.2554).

What is the reporting person's relationship to Trilogy Metals in this filing?

The form identifies the reporting person as a Director of Trilogy Metals Inc.

Does the Form 4 show any indirect ownership or group filings for these transactions?

No. The transactions are reported as Direct ownership and the form is filed by one reporting person.