Trilogy Metals (TMQ) VP & CFO granted 260K options and 45K RSUs

Rhea-AI Filing Summary

Trilogy Metals Inc. reported insider equity transactions by its VP & CFO on a Form 4 for December 11, 2025. The executive acquired 15,000 common shares through the settlement of restricted stock units and now directly owns 3,347,895 common shares.

The filing also shows a grant of an employee stock option for 260,000 common shares with an exercise price of $4.61 per share and an expiration date of December 10, 2030. These options vest in three equal installments on December 11, 2025, 2026, and 2027. In addition, the executive received 45,000 restricted stock units (RSUs), which vest on the same schedule, and holds 30,000 RSUs after 15,000 RSUs were converted into common shares.

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^*

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)
12/11/2025

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	12/11/2025		M		15,000	A	(1)	3,347,895	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
Employee Stock Option (Right to Buy)	$4.61(2)	12/11/2025		A		260,000		(3)	12/10/2030	Common Shares	260,000	$0	260,000	D
Restricted Stock Units	(1)	12/11/2025		A		45,000		(4)	(4)	Common Shares	45,000	$0	45,000	D
Restricted Stock Units	(1)	12/11/2025		M			15,000	(4)	(4)	Common Shares	15,000	$0	30,000	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. Converted from Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00.

3. The options vest as follows: 1/3 on December 11, 2025; 1/3 on December 11, 2026; and 1/3 on December 11, 2027.

4. The RSUs vest as follows: 1/3 on December 11, 2025; 1/3 on December 11, 2026; and 1/3 on December 11, 2027

	/s/ Elaine Sanders	12/12/2025
	** 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 (TMQ) report on December 11, 2025?

The VP & CFO of Trilogy Metals (TMQ) reported acquiring 15,000 common shares through the settlement of restricted stock units on December 11, 2025, increasing direct ownership to 3,347,895 common shares.

What stock options were granted to the Trilogy Metals (TMQ) executive?

The executive received an employee stock option for 260,000 common shares with an exercise price of $4.61 per share, expiring on December 10, 2030. The options vest in three equal tranches on December 11, 2025, 2026, and 2027.

How many restricted stock units were granted in this Trilogy Metals (TMQ) Form 4?

The Form 4 reports a grant of 45,000 restricted stock units (RSUs). These RSUs vest in three equal installments on December 11, 2025, 2026, and 2027.

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

Each restricted stock unit (RSU) represents a contingent right to receive one share of Trilogy Metals common stock, as stated in the explanation of responses.

How many RSUs does the Trilogy Metals (TMQ) executive hold after the reported transactions?

After 15,000 RSUs were converted into common shares, the executive beneficially owns 30,000 restricted stock units, in addition to directly holding 3,347,895 common shares.

How was the Trilogy Metals (TMQ) stock option exercise price determined in the Form 4?

The exercise price of $4.61 per share was converted from a Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00, as disclosed in the explanation of responses.