Trilogy Metals (TMQ) Form 4: Director DSU Grant Increases Reported Holdings

Rhea-AI Filing Summary

Trilogy Metals Inc. (TMQ) reporting person Gregory A. Lang, a director, acquired 7,672.368 Deferred Share Units (DSUs) on 09/02/2025 under non-discretionary plan elections. The DSUs vest immediately but the underlying 7,672.368 common shares will not be issued and carry no voting or dispositive rights until the directors service terminates; grants expire no later than 90 days after termination. Following the transaction, Mr. Langs reported beneficial ownership equals 610,909.765 common shares. The Form 4 was signed by an attorney-in-fact on 09/03/2025.

Positive

• Director received 7,672.368 DSUs, increasing reported economic ownership to 610,909.765 common shares
• DSUs vest immediately, providing the grantee an immediate secured economic interest under the company plan

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received vested DSUs that preserve economic interest while deferring share issuance and voting until termination.

The filing shows a routine, non-discretionary issuance of DSUs to a director under an existing plan. Because the DSUs vest immediately but do not confer voting or dispositive rights until termination, this is a common governance practice to align long-term interests without altering current control dynamics. The reported total beneficial ownership of 610,909.765 shares quantifies the directors economic stake but not present voting power from these units.

Securities/Insider Trading Analyst

TL;DR: This Form 4 documents a standard equity-compensation issuance; it is informational and not likely market-moving.

The transaction code and explanation indicate non-discretionary DSU issuances elected prior to the fiscal year. The addition of 7,672.368 DSUs increases the reporting persons beneficial position to 610,909.765 shares on record. There is no cash price reported and no immediate share issuance or transfer of voting rights, limiting immediate liquidity or control implications.

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^*

Lang Gregory A.

(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)
09/02/2025

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	09/02/2025		A		7,672.368		(2)	(2)	Common Shares	7,672.368	$0	610,909.765	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 Gregory A. Lang	09/03/2025
	** 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 Gregory A. Lang report on Form 4 for TMQ?

He reported acquiring 7,672.368 Deferred Share Units (DSUs) on 09/02/2025, increasing his reported beneficial ownership to 610,909.765 common shares.

Do the DSUs reported by Gregory A. Lang carry voting rights now?

No. The DSUs vest immediately for economic purposes, but the underlying common shares are not issued and carry no voting or dispositive rights until the directors service terminates.

When will the DSU grants expire if not settled?

The grants will expire no later than 90 days after the grantee's termination date.

Was cash paid for the reported DSUs and is a price shown?

No cash price is reported; the Form 4 shows $0 for the DSU issuance.

Who signed the Form 4 for Gregory A. Lang and when?

The Form 4 was signed by Elaine Sanders as attorney-in-fact for Gregory A. Lang on 09/03/2025.