Trilogy Metals (TMQ) CEO Tony Giardini discloses 360,000 options and 180,000 RSUs

Rhea-AI Filing Summary

Trilogy Metals Inc. insider Tony Giardini, who serves as President, CEO and Director, reported multiple equity transactions dated December 11, 2025. He acquired 60,000 common shares through the settlement of restricted stock units, bringing his directly held beneficial ownership to 8,758,728 common shares following the transactions.

He was also granted an employee stock option for 360,000 common shares at an exercise price of $4.61 per share, expiring on December 10, 2030. These options vest in three equal installments on December 11, 2025, December 11, 2026, and December 11, 2027. In addition, he received 180,000 restricted stock units, which vest in three equal tranches on December 7, 2023, December 7, 2024, and December 7, 2025.

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

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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^*

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)
12/11/2025

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		60,000	A	(1)	8,758,728	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
Employee Stock Option (Right to Buy)	$4.61(2)	12/11/2025		A		360,000		(3)	12/10/2030	Common Shares	360,000	$0	360,000	D
Restricted Stock Units	(1)	12/11/2025		A		180,000		(4)	(4)	Common Shares	180,000	$0	180,000	D
Restricted Stock Units	(1)	12/11/2025		M			60,000	(4)	(4)	Common Shares	60,000	$0	120,000	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 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	12/12/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

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

On December 11, 2025, President, CEO and Director Tony Giardini reported acquiring 60,000 common shares via restricted stock units and receiving new grants of stock options and restricted stock units.

How many Trilogy Metals (TMQ) shares does Tony Giardini own after these transactions?

Following the reported transactions, Tony Giardini beneficially owns 8,758,728 common shares of Trilogy Metals Inc. directly.

What stock options were granted to Tony Giardini at Trilogy Metals (TMQ)?

Tony Giardini was granted an employee stock option covering 360,000 common shares at an exercise price of $4.61 per share, expiring on December 10, 2030, vesting in three equal annual installments starting December 11, 2025.

What restricted stock units (RSUs) did Tony Giardini receive from Trilogy Metals (TMQ)?

He received 180,000 restricted stock units, each RSU representing one common share of Trilogy Metals Inc., vesting in three equal tranches on December 7, 2023, December 7, 2024, and December 7, 2025.

How were the 60,000 Trilogy Metals (TMQ) shares acquired by Tony Giardini?

The 60,000 common shares reported in Table I were acquired as a result of restricted stock units converting into shares, as referenced in the RSU entries in Table II.

What does each Trilogy Metals (TMQ) RSU reported for Tony Giardini represent?

Each restricted stock unit (RSU) reported represents a contingent right to receive one share of Trilogy Metals Inc. common stock upon vesting.