Trilogy Metals insider exercises options, completes share sales

Rhea-AI Filing Summary

Trilogy Metals (TMQ) reported insider activity by its VP & CFO, Elaine Sanders. On 10/08/2025, she exercised 450,000 employee stock options at $1.81 per share and sold shares in two transactions: 50,599 shares at a weighted average price of $6.91 and 399,000 shares at a weighted average price of $6.8361. Following these trades, she owned 3,149,561 common shares directly.

The option grant was dated December 10, 2020 and vested in thirds through 2022, with an expiration date of 12/09/2025. Canadian prices were converted using C$1.3952 = US$1.00, as noted in the footnotes.

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

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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^*

Sanders Elaine

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP & CFO

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		450,000(1)	A	$1.81(1)	3,599,160	D
Common Shares	10/08/2025		S		50,599	D	$6.91(3)(4)	3,548,561	D
Common Shares	10/08/2025		S		399,000	D	$6.8361(5)	3,149,561	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
Employee Stock Option	$1.81(1)	10/08/2025		M			450,000	(2)	12/09/2025	Common Shares	450,000	$0	0	D

Explanation of Responses:

1. Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.3952 = US1.00.

2. The options were granted on December 10, 2020, and vested as follows: 1/3 on 12/10/2020; 1/3 on 12/10/2021; 1/3 on 12/10/2022

3. The sale price reported above is a weighted average price. These shares were sold in multiple transactions at prices ranging from C$9.60 to C$9.65, 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.

4. The Canadian average weighted price was converted into U.S. dollars using an exchange rate of C$1.3952 = US$1.00.

5. The sale price reported above is a weighted average price. These shares were sold in multiple transactions at prices ranging from $6.79 to $6.9007, 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	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.
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FAQ

What insider transaction did TMQ disclose for its VP & CFO?

Elaine Sanders exercised 450,000 options at $1.81 and sold shares in two trades on 10/08/2025.

How many TMQ shares were sold and at what prices?

She sold 50,599 shares at a weighted average $6.91 and 399,000 shares at a weighted average $6.8361.

How many TMQ shares does the officer hold after the transactions?

Post‑transaction direct ownership was 3,149,561 common shares.

What were the details of the exercised options?

Employee stock options granted on December 10, 2020, vested in thirds (2020–2022), with expiration on 12/09/2025 and exercise price $1.81.

What exchange rate was used for Canadian price conversions?

The filing used C$1.3952 = US$1.00 for conversions.

Were the reported sale prices single trades or averages?

They were weighted average prices, with underlying trades in stated price ranges.