Trilogy Metals VP & CFO converts 183,334 RSUs into common shares

Trilogy Metals Inc. (TMQ) reported an insider equity transaction by its Vice President and Chief Financial Officer, Elaine Sanders.

Rhea-AI Filing Summary

Trilogy Metals Inc. (TMQ) reported an insider equity transaction by its Vice President and Chief Financial Officer, Elaine Sanders. On December 7, 2025, 183,334 restricted stock units (RSUs) were converted into common shares at a price of $0 per share, reflecting the vesting and settlement of equity awards rather than an open‑market purchase.

Following this transaction, Sanders directly beneficially owns 3,332,895 common shares of Trilogy Metals. The RSUs originated from a grant on December 7, 2023 that vests in three equal installments on December 7, 2023, December 7, 2024, and December 7, 2025, aligning her compensation with long‑term shareholder value.

Insider Trade Summary

183,334 shares exercised/converted

Exercise 2 txns

Insider Sanders Elaine

Role VP & CFO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	183,334	$0.00	$0.00
Exercise	Common Shares	183,334	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 0 contracts (Direct); Common Shares — 3,332,895 shares (Direct)

Footnotes (2)

1. F1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.
2. F2. Represents grant of RSUs on December 7, 2023, which vest as follows: 1/3 on December 7, 2023; 1/3 on December 7, 2024; and 1/3 on December 7, 2025.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Trilogy Metals (TMQ) disclose in this Form 4?

The company disclosed that its VP & CFO, Elaine Sanders, had 183,334 restricted stock units converted into common shares on December 7, 2025 at a price of $0 per share.

How many Trilogy Metals (TMQ) shares does the reporting person own after this transaction?

After the transaction, Elaine Sanders directly beneficially owns 3,332,895 common shares of Trilogy Metals.

What are the terms of the Trilogy Metals (TMQ) RSU grant mentioned?

The RSU grant was made on December 7, 2023 and vests in three equal installments: 1/3 on December 7, 2023, 1/3 on December 7, 2024, and 1/3 on December 7, 2025.

What does each restricted stock unit (RSU) represent in the Trilogy Metals (TMQ) filing?

Each RSU represents a contingent right to receive one share of Trilogy Metals’ common stock upon vesting.

Was this Trilogy Metals (TMQ) insider transaction an open-market purchase?

No. The transaction reflects the vesting and conversion of RSUs into common shares at $0 per share, rather than a market purchase.

What is Elaine Sanders’ role at Trilogy Metals (TMQ)?

Elaine Sanders is an officer of Trilogy Metals, serving as Vice President & Chief Financial Officer (VP & CFO).

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Accepted by SEC EDGAR 12/08/2025 - 05:00 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^*

Sanders Elaine

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP & CFO

3. Date of Earliest Transaction (Month/Day/Year)
12/07/2025

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	12/07/2025		M		183,334	A	$0	3,332,895	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
Restricted Stock Units	(1)	12/07/2025		M		183,334		(2)	(2)	Common Shares	183,334	$0	0	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

2. Represents grant of RSUs on December 7, 2023, which vest as follows: 1/3 on December 7, 2023; 1/3 on December 7, 2024; and 1/3 on December 7, 2025.

	/s/ Elaine Sanders	12/08/2025
	** 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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