[Form 4] Trilogy Metals Inc. Insider Trading Activity

Rhea-AI Filing Summary

Trilogy Metals Inc. reported a new stock option grant to a director. On 12/11/2025, the director received a Director Stock Option covering 65,000 common shares at an exercise price of $4.61 per share. The options become exercisable on 12/11/2025 and expire on 12/10/2030, giving the holder the right to buy Trilogy Metals common shares at this fixed price during that period.

The exercise price of $4.61 was derived from a Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00. After this grant, the reporting person beneficially owns 65,000 derivative securities, all held directly. This filing reflects routine equity-based compensation for board service rather than a sale or purchase of existing 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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

Stairs Janice

(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)
12/11/2025

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

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)	$4.61(1)	12/11/2025		A		65,000		12/11/2025	12/10/2030	Common Shares	65,000	$0	65,000	D

Explanation of Responses:

1. Converted from Canadian exercise price of C$6.35 using an exchange rate of C$1.3774 = US$1.00.

	/s/ Elaine Sanders as attorney-in-fact for Janice Stairs	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).
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 insider transaction did Trilogy Metals (TMQ) report in this Form 4?

The report shows a Director Stock Option grant for 65,000 options on Trilogy Metals common shares to a director on 12/11/2025.

What is the exercise price of the new Trilogy Metals (TMQ) director stock options?

The options have an exercise price of $4.61 per share, converted from a Canadian price of C$6.35 using an exchange rate of C$1.3774 = US$1.00.

When do the Trilogy Metals (TMQ) director stock options vest and expire?

The director stock options become exercisable on 12/11/2025 and expire on 12/10/2030.

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

Following this grant, the reporting person beneficially owns 65,000 derivative securities, all held in a direct ownership form.

What type of security underlies the Trilogy Metals (TMQ) director stock option grant?

The derivative security is a Director Stock Option (Right to Buy) that is exercisable into 65,000 Trilogy Metals common shares.

Who signed the Trilogy Metals (TMQ) Form 4 reporting this option grant?

The Form 4 was signed by Elaine Sanders as attorney-in-fact for Janice Stairs on 12/12/2025.