Trilogy Metals (TMQ) director James Gowans receives 50,000 stock options at $4.61

Rhea-AI Filing Summary

Trilogy Metals Inc. (TMQ) reported an insider equity award for director James Gowans. On 12/11/2025, he received a director stock option covering 50,000 common shares at an exercise price of $4.61 per share. The option is exercisable starting 12/11/2025 and expires on 12/10/2030.

The exercise price was converted from a Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00, so the award is valued and reported in U.S. dollars for disclosure purposes.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Gowans James

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Director Stock Option (Right to Buy)	50,000	$0.00	--

Holdings After Transaction: Director Stock Option (Right to Buy) — 50,000 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

Gowans James

(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 James Gowans	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 insider transaction did Trilogy Metals Inc. (TMQ) report?

Trilogy Metals Inc. reported that director James Gowans received a director stock option covering 50,000 common shares on 12/11/2025.

What is the exercise price of the new Trilogy Metals (TMQ) stock options?

The director stock option has an exercise price of $4.61 per share, converted from a Canadian exercise price of C$6.35.

How was the Trilogy Metals (TMQ) stock option exercise price converted from Canadian dollars?

The exercise price of $4.61 per share was calculated from a Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00.

When do the newly granted Trilogy Metals (TMQ) options become exercisable and when do they expire?

The director stock option became exercisable on 12/11/2025 and carries an expiration date of 12/10/2030.

Who is the reporting person in this Trilogy Metals (TMQ) Form 4 filing?

The reporting person is James Gowans, who is identified in the filing as a director of Trilogy Metals Inc.

What type of security was granted to the Trilogy Metals (TMQ) director?

The filing discloses a director stock option (right to buy) linked to 50,000 common shares of Trilogy Metals Inc.