[Form 4] Trilogy Metals Inc. Insider Trading Activity

Rhea-AI Filing Summary

Director William I. Iggiagruk Hensley reported same-day option exercise and share sales in Trilogy Metals Inc. (TMQ) on 10/08/2025. He exercised a director stock option to acquire 100,000 common shares at an exercise price of $1.81 per share (U.S. dollar equivalent). Immediately thereafter he sold 100,000 common shares at an average weighted price of $6.39 per share (U.S. dollar equivalent), with sale prices reported in Canadian dollars in the footnote. Following these transactions the reporting person beneficially owns 43,638 common shares directly.

Insights

Insider Transactions Analyst

TL;DR: Director exercised options then sold the same number of shares, leaving a modest direct stake of 43,638 shares.

The transaction pair shows a typical option exercise followed by an immediate market sale: 100,000 option shares were exercised at $1.81 and the same number of shares were sold at an average of $6.39. This realizes the intrinsic value between exercise price and sale proceeds while maintaining a retained direct holding of 43,638 shares.

The main dependency is the timing and execution of the multiple sale trades that produced the weighted average price range in Canadian dollars; this creates realized proceeds but does not change disclosure of remaining direct ownership. Monitor public filings for any subsequent sales or exercises within the next quarter as routine insider liquidity events often continue in that period.

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^*

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)
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)	143,638	D
Common Shares	10/08/2025		S		100,000	D	$6.39(2)	43,638	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
Director Stock Option (Right to Buy)	$1.81(1)	10/08/2025		M			100,000	12/10/2020	12/09/2025	Common Shares	100,000	$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. Average weighted price of C$8.921578 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$8.887 to C$9.0213, 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 I. Iggiagruk Hensley	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 did Trilogy Metals (TMQ) director William I. Iggiagruk Hensley do on 10/08/2025?

He exercised 100,000 option shares at an exercise price of $1.81 and sold 100,000 common shares at an average weighted price of $6.39.

How many Trilogy Metals (TMQ) shares does the reporting person own after the transactions?

The reporting person beneficially owns 43,638 common shares directly following the reported transactions.

Were the sale prices reported in U.S. dollars or Canadian dollars?

Sale prices were reported as a weighted average converted to U.S. dollars; the original trades occurred in Canadian dollars with prices ranging from C$8.887 to C$9.0213.

What was the exercise price and expiration context for the options?

The director stock option had an effective exercise price of $1.81 (converted from C$2.52) and an expiration date of 12/09/2025.

Who signed the Form 4 filing for William I. Iggiagruk Hensley?

The form was signed by Elaine Sanders as attorney‑in‑fact for William I. Iggiagruk Hensley on 10/10/2025.