Trilogy Metals (TMQ) director exercises 50,000 options, holds 101,302 shares

Rhea-AI Filing Summary

Trilogy Metals director Diana J. Walters exercised stock options for common shares. She converted options into 50,000 Common Shares at an effective exercise price of $1.61 per share on April 23, 2026, increasing her direct holdings to 101,302 Common Shares.

The related Director Stock Option for 50,000 shares was fully exercised and now shows zero derivative securities remaining. The exercise price was originally set in Canadian dollars and converted from C$2.21 using an exchange rate of C$1.3688 = US$1.00.

Insider Trade Summary

50,000 shares exercised/converted

Mixed 2 txns

Insider WALTERS DIANA J

Role null

Type	Security	Shares	Price	Value
Exercise	Director Stock Option (Right to Buy)	50,000	$0.00	--
Exercise	Common Shares	50,000	$1.61	$81K

Holdings After Transaction: Director Stock Option (Right to Buy) — 0 shares (Direct, null); Common Shares — 101,302 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Options exercised: 50,000 shares Exercise price: $1.61 per share Post-transaction holdings: 101,302 shares +4 more

7 metrics

Options exercised 50,000 shares Director Stock Option converted to Common Shares on April 23, 2026

Exercise price $1.61 per share Effective U.S. dollar exercise price for 50,000 Common Shares

Post-transaction holdings 101,302 shares Common Shares directly owned by Diana J. Walters after exercise

Original CAD strike C$2.21 per share Canadian exercise price converted to US$ using stated exchange rate

Exchange rate C$1.3688 = US$1.00 Rate used to convert option exercise price from CAD to USD

Option expiration December 8, 2026 Expiration date of the Director Stock Option that was exercised

Option grant exercise date December 9, 2021 Listed exercise date associated with the Director Stock Option

Key Terms

Director Stock Option, Exercise or conversion of derivative security, Common Shares, exchange rate

4 terms

Director Stock Option financial

"Director Stock Option (Right to Buy)"

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

Common Shares financial

"security_title": "Common Shares""

Common shares are the basic units of ownership in a company that give holders a claim on profits and a right to vote on key matters, like electing the board. Think of them as membership cards in a club: they let you share in successes and losses, but in a bankruptcy or liquidation they are paid after creditors and preferred shareholders, so their value can swing more and matters for assessing risk and potential return.

exchange rate financial

"using an exchange rate of C$1.3688 = 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^*

WALTERS DIANA J

(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)
04/23/2026

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	04/23/2026		M		50,000	A	$1.61(1)	101,302	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)	$1.61(1)	04/23/2026		M			50,000	12/09/2021	12/08/2026	Common Shares	50,000	$0	0	D

Explanation of Responses:

1. Converted from Canadian exercise price of C$2.21 using an exchange rate of C$1.3688 = US$1.00.

	/s/ Elaine Sanders as attorney-in-fact for Diana J. Walters	04/24/2026
	** 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 did Trilogy Metals (TMQ) director Diana Walters report on this Form 4?

Diana J. Walters reported exercising options to acquire 50,000 Trilogy Metals Common Shares. The transaction converted Director Stock Options into shares, increasing her direct ownership to 101,302 Common Shares following the exercise, with no remaining options from this specific grant.

At what price were the Trilogy Metals (TMQ) options exercised by Diana Walters?

The options were exercised at an effective price of $1.61 per share. This exercise price was converted from a Canadian exercise price of C$2.21 using an exchange rate of C$1.3688 = US$1.00, as disclosed in the footnote.

How many Trilogy Metals (TMQ) shares does Diana Walters hold after this transaction?

After exercising 50,000 options, Diana J. Walters holds 101,302 Trilogy Metals Common Shares directly. The filing shows this figure as her total direct ownership following the transaction on April 23, 2026, with no remaining shares under the exercised option.

What happened to the Director Stock Option reported by Diana Walters at Trilogy Metals (TMQ)?

The Director Stock Option covering 50,000 underlying Common Shares was fully exercised. After the transaction, the option position shows zero derivative securities remaining, while the 50,000 acquired Common Shares are reflected in her updated direct holdings.

How does the exchange rate affect the Trilogy Metals (TMQ) option exercise disclosed?

The exercise price originated as C$2.21 and was converted using an exchange rate of C$1.3688 = US$1.00. This conversion results in an effective U.S. dollar exercise price of $1.61 per share, which is the figure disclosed for the transaction.