Director at Trilogy Metals (NYSE: TMQ) sells 50K shares post-exercise

Rhea-AI Filing Summary

Trilogy Metals Inc. director William L. Iggiagruk Hensley reported an option exercise paired with a share sale. He exercised 50,000 Common Shares through Director Stock Options at an exercise price of $0.57 per share, converted from C$0.78 using an exchange rate of C$1.3686 = US$1.00. The same day, he executed an open-market sale of 50,000 Common Shares at $4.44 per share, converted from a Canadian sale price of C$6.08 using the same exchange rate. Following these transactions, he directly holds 18,531 Common Shares of Trilogy Metals.

Insider Trade Summary

Net Seller: 50,000 shares ($222,000)

Net Sell 3 txns

Insider Hensley William L. Iggiagruk

Role null

Sold 50,000 shs ($222K)

Type	Security	Shares	Price	Value
Exercise	Director Stock Options ("Right to Buy")	50,000	$0.00	--
Exercise	Common Shares	50,000	$0.57	$28K
Sale	Common Shares	50,000	$4.44	$222K

Holdings After Transaction: Director Stock Options ("Right to Buy") — 0 shares (Direct, null); Common Shares — 68,531 shares (Direct, null)

Footnotes (1)

1. Converted from Canadian exercise price of C$0.78 using an exchange rate of C$1.3686 = US$1.00. Converted from Canadian sale price of $6.08 using an exchange rate of C$1.3686 = US$1.00.

Key Figures

Shares sold: 50,000 Common Shares Sale price: $4.44 per share Options exercised: 50,000 Director Stock Options +3 more

6 metrics

Shares sold 50,000 Common Shares Open-market sale on May 8, 2026

Sale price $4.44 per share Converted from C$6.08 using C$1.3686 = US$1.00

Options exercised 50,000 Director Stock Options Exercised into Common Shares on May 8, 2026

Exercise price $0.57 per share Converted from C$0.78 using C$1.3686 = US$1.00

Shares held after 18,531 Common Shares Direct ownership following transactions

Net shares sold 50,000 shares Net buy/sell direction reported as net-sell

Key Terms

open-market sale, Director Stock Options ("Right to Buy"), Exercise or conversion of derivative security, derivative security, +1 more

5 terms

open-market sale financial

"transaction_action: open-market sale of Common Shares"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Director Stock Options ("Right to Buy") financial

"security_title: Director Stock Options ("Right to Buy")"

Exercise or conversion of derivative security financial

"transaction_code_description: Exercise or conversion of derivative security"

derivative security financial

"transaction_type labeled as derivative for the options position"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

exchange rate financial

"Converted from Canadian prices using an exchange rate of C$1.3686 = US$1.00"

Exchange rate is the price of one currency expressed in another—for example, how many euros you receive for one US dollar. It matters to investors because changes in that price alter the reported profits, costs and value of assets for companies and portfolios that operate or hold money across borders; think of it like switching measurement units, where the same item can look bigger or smaller depending on the unit used.

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^*

Hensley William L. Iggiagruk

(Last) (First) (Middle)

C/O TRILOGY METALS INC.

SUITE 901, 510 BURRARD STREET

(Street)

VANCOUVER V6C 3A8

(City) (State) (Zip)

BRITISH COLUMBIA, CANADA

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/08/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	05/08/2026		M		50,000	A	$0.57(1)	68,531	D
Common Shares	05/08/2026		S		50,000	D	$4.44(2)	18,531	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 Options ("Right to Buy")	$0.57(1)	05/08/2026		M			50,000	12/08/2022	12/07/2027	Common Shares	50,000	$0	0	D

Explanation of Responses:

1. Converted from Canadian exercise price of C$0.78 using an exchange rate of C$1.3686 = US$1.00.

2. Converted from Canadian sale price of $6.08 using an exchange rate of C$1.3686 = US$1.00.

	/s/ Elaine Sanders as attorney-in-fact for William I. Iggiagruk Hensley	05/12/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Trilogy Metals (TMQ) report in this Form 4?

Trilogy Metals reported that director William L. Iggiagruk Hensley exercised 50,000 Director Stock Options and sold 50,000 Common Shares on the same day. The filing details the exercise price, sale price, and updated direct share ownership after these transactions.

How many Trilogy Metals (TMQ) shares did the director sell and at what price?

The director sold 50,000 Common Shares of Trilogy Metals at an effective price of $4.44 per share. This U.S. dollar value was converted from a Canadian sale price of C$6.08 using an exchange rate of C$1.3686 = US$1.00.

What stock options did the Trilogy Metals (TMQ) director exercise?

He exercised Director Stock Options labeled as a "Right to Buy" for 50,000 underlying Common Shares at an exercise price of $0.57 per share. The exercise price reflects conversion from a Canadian exercise price of C$0.78 using the disclosed exchange rate.

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

After the option exercise and matching sale of 50,000 shares, the director directly owns 18,531 Common Shares of Trilogy Metals. This post-transaction holding figure is explicitly reported as the total shares following the non-derivative transactions.

Were any Trilogy Metals (TMQ) derivative securities remaining after the option exercise?

No derivative securities remain from the exercised option block; the Director Stock Options position shows 0.0000 shares following the transaction. The derivative summary provided with the filing is empty, indicating no additional derivative positions visible in this Form 4.