Trilogy Metals (TMQ) awards 3,701 DSUs to director James Gowans

Rhea-AI Filing Summary

Trilogy Metals Inc. reported a new equity award to director James Gowans in the form of deferred share units (DSUs). On 12/01/2025, Gowans received 3,701.237 DSUs at an exercise price of $0, increasing his total derivative securities beneficially owned to 563,842.599 DSUs.

The DSUs vest immediately, but the underlying common shares will only be issued after Gowans’ service as a director ends. He will not have voting or dispositive rights over the underlying common shares until that termination date, and the grants will expire no later than 90 days after his termination.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Gowans James

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Share Units ("DSUs")	3,701.237	$0.00	--

Holdings After Transaction: Deferred Share Units ("DSUs") — 563,842.599 shares (Direct)

Footnotes (1)

1. Non-discretionary issuances of DSUs pursuant to elections made by plan participants prior to the commencement of the current fiscal year. The DSUs vest immediately; however, the underlying common shares will not be issued to the grantee, and the grantee shall not have any voting or dispositive rights with respect to the underlying common shares, until termination of the grantee's employment or services as a director of the Issuer. The grants will expire no later than 90 days after the grantee's termination date.

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)
12/01/2025

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
Deferred Share Units ("DSUs")(1)	$0	12/01/2025		A		3,701.237		(2)	(2)	Common Shares	3,701.237	$0	563,842.599	D

Explanation of Responses:

1. Non-discretionary issuances of DSUs pursuant to elections made by plan participants prior to the commencement of the current fiscal year.

2. The DSUs vest immediately; however, the underlying common shares will not be issued to the grantee, and the grantee shall not have any voting or dispositive rights with respect to the underlying common shares, until termination of the grantee's employment or services as a director of the Issuer. The grants will expire no later than 90 days after the grantee's termination date.

	/s/ Elaine Sanders as attorney-in-fact for James Gowans	12/02/2025
	** 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 (TMQ) report for James Gowans?

Trilogy Metals reported that director James Gowans received 3,701.237 deferred share units (DSUs) on 12/01/2025 at an exercise price of $0.

How many deferred share units does James Gowans now hold at Trilogy Metals (TMQ)?

After the reported grant, James Gowans beneficially owns 563,842.599 DSUs related to Trilogy Metals common shares.

When do the DSUs granted to James Gowans by Trilogy Metals vest and settle?

The DSUs vest immediately, but the underlying common shares will only be issued after Gowans’ termination of service as a director.

Does James Gowans have voting rights on the Trilogy Metals shares underlying his DSUs?

No. The disclosure states Gowans has no voting or dispositive rights over the underlying common shares until his service as a director ends.

When do James Gowans’ Trilogy Metals DSU grants expire?

The DSU grants will expire no later than 90 days after the date of Gowans’ termination of employment or services as a director.

What is the nature of the DSU issuance reported by Trilogy Metals (TMQ)?

The filing describes the DSU issuance as non-discretionary, made under elections submitted by plan participants before the start of the current fiscal year.