[Form 4] Trilogy Metals Inc. Insider Trading Activity

Rhea-AI Filing Summary

Diana J. Walters, a director of Trilogy Metals Inc. (TMQ), reported paired option exercise and sale transactions on 10/08/2025. She exercised 100,000 director stock options with an exercise price of $1.81 (converted from C$2.52) and immediately sold 100,000 common shares at a weighted average sale price of $7.03 (converted from C$9.81), completing multiple sale trades priced between C$9.56 and C$10.07. After these transactions she beneficially owned 51,302 common shares directly.

Positive

• Full disclosure of option exercise and sale including exchange-rate conversions and sale price range
• Maintained direct ownership of 51,302 shares after transactions, preserving some insider alignment

Negative

• Substantial reduction in direct holdings from 151,302 to 51,302 common shares following the sale
• Large immediate sale of 100,000 shares could be viewed as significant insider liquidity

Insights

Corporate Governance Analyst

Director exercised options and monetized shares the same day, retaining a reduced direct stake.

The reporting person exercised $1.81-strike options and sold 100,000 underlying shares on 10/08/2025, realizing proceeds at a weighted average sale price of $7.03 per share. This is a standard director liquidity action where an option exercise is followed by an immediate sale.

Key dependencies include the option expiration (12/09/2025) and the range of transaction prices (C$9.56–C$10.07). Monitor remaining direct holdings of 51,302 shares for ongoing insider alignment with shareholders over the next several months.

Securities Compliance Specialist

Form 4 shows compliant reporting of conversion and aggregate sale pricing details.

The filing discloses currency conversions using an exchange rate of C$1.3952 = US$1.00 and provides a weighted average sale price plus the traded price range. The form is signed via attorney-in-fact and reports both the non-derivative and derivative lines consistently.

Material items to note include the explicit exercise conversion, the weighted-average sale price disclosure, and the remaining direct ownership of 51,302 shares; these elements support transparency required under Section 16 filings.

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 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)
10/08/2025

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	10/08/2025		M		100,000	A	$1.81(1)	151,302	D
Common Shares	10/08/2025		S		100,000	D	$7.03(2)	51,302	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)	$1.81(1)	10/08/2025		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$1.3952 = US$1.00.

2. Average weighted price of C$9.81 converted to U.S. dollars using an exchange rate of C$1.3952 = US$1.00. The sale price reported above is a weighted average price. These shares were sold in multiple transactions at prices ranging from C$9.56 to C$10.07, inclusive. The reporting person undertakes to provide to Trilogy Metals Inc., any security holder of Trilogy Metals Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote.

	/s/ Elaine Sanders as attorney-in-fact for Diana J. Walters	10/10/2025
	** 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 Trilogy Metals (TMQ) director Diana Walters report on Form 4?

The report shows the exercise of 100,000 director stock options at an effective $1.81 exercise price and the sale of 100,000 common shares at a weighted average price of $7.03 on 10/08/2025.

How many TMQ shares does Diana Walters own after the transactions?

Following the reported transactions, she beneficially owned 51,302 common shares directly.

What price range were the sold Trilogy Metals shares traded at?

The sale occurred in multiple transactions with prices ranging from C$9.56 to C$10.07; the weighted average sale price converted was $7.03.

Were currency conversions disclosed in the Form 4 for TMQ?

Yes. The filing used an exchange rate of C$1.3952 = US$1.00 to convert the Canadian exercise price and sale prices into U.S. dollars.

Do the disclosed options still have an expiration date?

Yes. The director stock option referenced shows an expiration date of 12/09/2025.