Trilogy Metals (TMQ) CEO settles 366,668 RSUs into common shares

Rhea-AI Filing Summary

Trilogy Metals Inc. reported an insider equity transaction by its President and CEO, Tony Giardini. On December 7, 2025, he acquired 366,668 common shares of Trilogy Metals through the settlement of previously granted restricted stock units (RSUs), coded as an “M” transaction. After this transaction, he directly beneficially owned 8,698,728 common shares.

The RSUs originated from a grant made on December 7, 2023 that vested in three equal installments: one-third on December 7, 2023, one-third on December 7, 2024, and one-third on December 7, 2025. Following the conversion of 366,668 RSUs into common shares at an exercise price of $0, the reported RSU balance in the derivative securities table is 0, reflecting full settlement of this particular grant.

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^*

Giardini Tony

(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
X	Officer (give title below)		Other (specify below)
	President & CEO

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		366,668	A	(1)	8,698,728	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			366,668	(2)	(2)	Common Shares	366,668	$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 vests as follows: 1/3 on December 7, 2023; 1/3 on December 7, 2024; and 1/3 on December 7, 2025.

	/s/ Elaine Sanders as attorney-in-fact for Tony Giardini	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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FAQ

What insider transaction did Trilogy Metals (TMQ) report for Tony Giardini?

Trilogy Metals reported that President & CEO Tony Giardini acquired 366,668 common shares on December 7, 2025 through the settlement of restricted stock units (RSUs), reported as an “M” transaction code.

How many Trilogy Metals (TMQ) shares does Tony Giardini own after this transaction?

After the reported transaction, Tony Giardini beneficially owned 8,698,728 common shares of Trilogy Metals, held in direct ownership form.

What was the source of the 366,668 Trilogy Metals (TMQ) shares acquired by the CEO?

The 366,668 shares came from the settlement of previously granted restricted stock units (RSUs), each RSU representing a contingent right to receive one common share of Trilogy Metals.

When were the RSUs that converted into Trilogy Metals (TMQ) shares originally granted and how did they vest?

The RSUs were granted on December 7, 2023 and vested in three equal tranches: 1/3 on December 7, 2023, 1/3 on December 7, 2024, and 1/3 on December 7, 2025.

What was the exercise price of the restricted stock units for Trilogy Metals (TMQ)?

The restricted stock units converted into common shares at an exercise price of $0, as shown in the derivative securities table.

Does Tony Giardini still hold any RSUs of Trilogy Metals (TMQ) from this specific grant after the transaction?

No. Following the conversion of 366,668 RSUs into common shares, the number of derivative securities from this grant beneficially owned is reported as 0.