TMQ insider: 100,000-option exercise at $1.79, sale at $7.50

Rhea-AI Filing Summary

Trilogy Metals (TMQ): Director insider transaction

On 10/16/2025, a director exercised 100,000 stock options at $1.79 per share (code M) and sold 100,000 common shares at $7.50 per share (code S). Following these transactions, the director directly owned 234,046 common shares. The option exercised was originally priced in Canadian dollars (C$2.52) and the sale price (C$10.53821) was converted using C$1.4048 = US$1.00. The exercised option related to a grant exercisable since 12/10/2020 and expiring 12/09/2025, with 0 derivative securities remaining after the exercise.

Insights

Securities law analyst

Routine Form 4: option exercise and same-day sale.

A TMQ director reported an option exercise (code M) of 100,000 shares at $1.79 on 10/16/2025, followed by a sale (code S) of 100,000 shares at $7.50. These codes indicate an exercise of a derivative security and an open-market or similar sale.

The derivative position tied to an option grant exercisable since 12/10/2020 and expiring 12/09/2025 now shows 0 remaining after exercise. Direct common share holdings stand at 234,046. Prices reflect Canadian-dollar terms converted at C$1.4048 = US$1.00.

As a standard insider transaction disclosure, implications depend on individual portfolio decisions and do not, by themselves, signal operational changes.

Insider Trade Summary

Exercise and Sale: 100,000 shares ($571K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Gowans James

Role Director

Sold 100,000 shs ($750K)

Approx. gross sale proceeds $750K

Approx. exercise cost $179K

Approx. pre-tax spread $571K

Type	Security	Shares	Price	Value
Exercise	Director Stock Option (Right to Buy)	100,000	$0.00	$0.00
Exercise	Common Shares	100,000	$1.79	$179K
Sale	Common Shares	100,000	$7.50	$750K

Holdings After Transaction: Director Stock Option (Right to Buy) — 0 shares (Direct); Common Shares — 234,046 shares (Direct)

Footnotes (2)

1. F1. Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.4048 = US$1.00.
2. F2. Converted from Canadian sale price of C$10.53821 using an exchange rate of C$1.4048 = US$1.00.

FAQ

What did TMQ's director report on the latest Form 4?

A 100,000 share option exercise at $1.79 and a sale of 100,000 common shares at $7.50 on 10/16/2025.

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

Direct beneficial ownership is 234,046 common shares after the reported transactions.

What were the Form 4 transaction codes for TMQ?

The filing lists code M (option exercise) for 100,000 shares and code S (sale) for 100,000 shares on 10/16/2025.

What were the prices reported on the TMQ Form 4?

Exercise price was $1.79 per share; sale price was $7.50 per share, converted from Canadian-dollar amounts using C$1.4048 = US$1.00.

What happened to the derivative securities after the TMQ option exercise?

The director’s reported derivative securities tied to the option were reduced to 0 following the 100,000 share exercise.

What were the option’s key dates disclosed for TMQ?

The option was exercisable since 12/10/2020 and had an expiration date of 12/09/2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 10/17/2025 - 07:23 PM Learn about SEC filing dates

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 3E8

(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)
10/16/2025

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	10/16/2025		M		100,000	A	$1.79(1)	334,046	D
Common Shares	10/16/2025		S		100,000	D	$7.5(2)	234,046	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)	$1.79(1)	10/16/2025		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$1.4048 = US$1.00.

2. Converted from Canadian sale price of C$10.53821 using an exchange rate of C$1.4048 = US$1.00.

	/s/ Elaine Sanders as attorney-in-fact for James Gowans	10/17/2025
	** 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.