Trilogy Metals (TMQ) director Gregory Lang now holds over 614K DSUs

Rhea-AI Filing Summary

Trilogy Metals Inc.12/01/2025, he received 3,122.632 Deferred Share Units (DSUs) under a non-discretionary plan, at an exercise price of $0 per unit. After this grant, he beneficially owns 614,032.397 DSUs in total.

The DSUs vest immediately, but the underlying common shares are not issued, and he has no voting or dispositive rights over those shares, until his service as a director ends. The DSU grants will expire no later than 90 days after his termination date. This filing reflects routine director compensation in equity form rather than a market purchase or sale of Trilogy Metals shares.

12/02/2025 - 04:58 PM

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

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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^*

Lang Gregory A.

(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)
12/01/2025

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	12/01/2025		A		3,122.632		(2)	(2)	Common Shares	3,122.632	$0	614,032.397	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 Gregory A. Lang	12/02/2025
	** 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).
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FAQ

What insider transaction did Trilogy Metals Inc. (TMQ) report for Gregory A. Lang?

The company reported that director Gregory A. Lang received 3,122.632 Deferred Share Units (DSUs) on 12/01/2025 as part of his director compensation.

How many Trilogy Metals (TMQ) Deferred Share Units does Gregory A. Lang own after this transaction?

Following the reported grant, Gregory A. Lang beneficially owns 614,032.397 DSUs related to Trilogy Metals common shares.

What are the key terms of the Trilogy Metals (TMQ) DSUs granted to Gregory A. Lang?

The DSUs were granted at an exercise price of $0, vest immediately, and are settled in Trilogy Metals common shares only after Lang’s service as a director ends.

When will the underlying Trilogy Metals (TMQ) common shares from Gregory A. Lang’s DSUs be issued?

The underlying common shares will be issued only upon termination of Gregory A. Lang’s employment or services as a director, and the DSU grants expire no later than 90 days after his termination date.

Does Gregory A. Lang have voting rights on the Trilogy Metals (TMQ) shares underlying his DSUs?

No. The filing states that he has no voting or dispositive rights with respect to the underlying common shares until they are issued after his service as a director ends.

Is this Trilogy Metals (TMQ) Form 4 transaction a market purchase or sale of shares?

No. The transaction reflects a non-discretionary issuance of DSUs under a pre-existing election by the plan participant, rather than a market trade of Trilogy Metals common shares.