[Form 4] Trilogy Metals Inc Insider Trading Activity

Rhea-AI Filing Summary

Trilogy Metals Inc. (TMQ) director Diana J. Walters received 8,424.561 Deferred Share Units (DSUs) on 09/02/2025. The DSUs were non-discretionary issuances under previously made participant elections and vest immediately. The report shows 8,424.561 DSUs underlying the grant and a total of 551,650.764 common shares beneficially owned following the transaction. The DSUs carry no voting or dispositive rights until the director's service terminates, and the underlying shares will be issued only upon termination; grants expire no later than 90 days after termination. The Form 4 was signed by an attorney-in-fact on behalf of Diana J. Walters.

Insights

Corporate Governance Expert

TL;DR: Routine director compensation via DSUs; aligns long-term interests but no current voting power.

The filing documents a standard, non-discretionary DSU grant to a director under pre-existing elections. Immediate vesting of DSUs is administrative; however, the lack of voting or dispositive rights until termination means the grant does not change governance voting composition today. The 90-day post-termination expiry is a typical administrative limit. This is a governance-focused compensation event rather than a capital-raising or control-shifting transaction.

Securities Analyst

TL;DR: Small-scale insider compensation; unlikely to be material to TMQ's capitalization or investor valuation.

The reported DSU amount of 8,424.561 and aggregate beneficial ownership of 551,650.764 common shares are modest in absolute terms for a publicly traded issuer. The issuance was non-discretionary and stems from prior participant elections, indicating routine payroll/compensation mechanics. No cash price was paid and no immediate issuance of shares occurred, so there is no dilutive impact reported at the time of the filing.

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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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 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		8,424.561		(2)	(2)	Common Shares	8,424.561	$0	551,650.764	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 Diana J. Walters	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 Diana J. Walters report on Form 4 for TMQ?

Diana J. Walters reported receiving 8,424.561 Deferred Share Units (DSUs) on 09/02/2025.

Do the DSUs reported by Diana J. Walters carry voting rights immediately?

No. The DSUs do not convey voting or dispositive rights until termination of the director's service.

How many common shares does Diana J. Walters beneficially own after the reported transaction?

551,650.764 common shares are shown as beneficially owned following the reported transaction.

When do the DSUs vest and when will underlying shares be issued?

The DSUs vest immediately but the underlying common shares will only be issued upon termination; grants expire no later than 90 days after termination.

Was the DSU grant discretionary or part of prior elections?

The DSU issuance was non-discretionary and resulted from elections made by plan participants prior to the fiscal year.