[Form 4] Trilogy Metals Inc Insider Trading Activity

Rhea-AI Filing Summary

Trilogy Metals director William Beckwith received 6,920.175 deferred share units (DSUs) on 09/02/2025. The DSUs are non‑discretionary issuances under prior elections and vest immediately, but the underlying 6,920.175 common shares will not be issued and carry no voting or dispositive rights until Beckwith’s service terminates; grants expire no later than 90 days after termination. The transaction is recorded at a $0 price. After this issuance, Beckwith’s reported beneficial ownership of common shares stands at 480,392.366. The Form 4 was signed by an attorney‑in‑fact on 09/03/2025.

Positive

• Immediate vesting of DSUs provides the director with economic alignment to shareholders without changing current voting structure
• Non‑discretionary issuance reflects preexisting participant elections, indicating predictable, plan‑driven compensation

Negative

• No voting or dispositive rights until termination means the grant does not change board voting dynamics now
• Recorded at $0 price; the award represents deferred economic value rather than immediate cash or liquid equity

Insights

Corporate Governance Expert

TL;DR: Routine director compensation via DSUs that vests immediately but defers share issuance until departure.

The filing documents a standard, non‑discretionary director award delivered as deferred share units under preexisting elections. Immediate vesting aligns the director economically with shareholders while the deferral preserves governance continuity because the DSUs do not convey voting or dispositive rights until termination. The expiration within 90 days of termination is typical of director plan design.

Securities Analyst

TL;DR: Non‑cash equity grant increases reported beneficial ownership but has no immediate market impact.

The grant of 6,920.175 DSUs increases the director’s reported beneficial stake to 480,392.366 shares on record, but the $0 transaction price and deferred issuance mean there is no cash consideration or immediate dilution. This is a routine equity compensation disclosure rather than a material corporate action.

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
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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^*

Hayden William Beckwith

(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		6,920.175		(2)	(2)	Common Shares	6,920.175	$0	480,392.366	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 William Beckwith Hayden	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.
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FAQ

What did Trilogy Metals (TMQ) report on the Form 4 filed for William Beckwith?

The Form 4 reports a grant of 6,920.175 deferred share units (DSUs) to director William Beckwith on 09/02/2025, increasing his reported beneficial ownership to 480,392.366 common shares.

Do the DSUs issued to William Beckwith carry voting rights immediately?

No. The DSUs vest immediately but the underlying common shares are not issued and carry no voting or dispositive rights until termination of service.

What price was recorded for the DSU grant on the Form 4?

The transaction is recorded at a $0 price, indicating a deferred, non‑cash issuance under the plan.

When do the DSUs expire according to the filing?

The grants will expire no later than 90 days after the grantee’s termination date, per the filing explanation.

Who signed the Form 4 and when was it filed?

The Form 4 bears the signature of Elaine Sanders as attorney‑in‑fact for William Beckwith and is dated 09/03/2025.