Trilogy Metals (TMQ) director exercises 50K options, sells 70K shares

Rhea-AI Filing Summary

Trilogy Metals Inc. director reports option exercise, share sales, and gift of shares. On 12/05/2025, a director exercised an employee stock option for 50,000 common shares at a U.S. dollar exercise price of $1.82, converted from C$2.52 using an exchange rate of C$1.3860 = US$1.00.

The director then sold 20,000 common shares at $4.73 and a further 50,000 common shares at a weighted average price of $4.77, based on Canadian dollar prices between C$6.55 and C$6.701 converted at the same exchange rate. In addition, the director made a gift of 45,000 common shares at a price of $0.

Following these transactions, the director held 35,000 common shares directly and 252,000 common shares indirectly through a family trust, and held no remaining employee stock options from this 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

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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)
12/05/2025

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	12/05/2025		M		50,000	A	$1.82(1)	150,000	D
Common Shares	12/05/2025		S		20,000	D	$4.73	130,000	D
Common Shares	12/05/2025		S		50,000	D	$4.77(2)	80,000	D
Common Shares	12/05/2025		G		45,000	D	$0	35,000	D
Common Shares								252,000	I	Family Trust

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)	$1.82(1)	12/05/2025		M			50,000	12/10/2020	12/09/2025	Common Shares	50,000	$0	0	D

Explanation of Responses:

1. Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.3860 = US$1.00.

2. The sale price reported above is a weighted average price. These shares were sold in multiple transactions at prices ranging from C$6.55 to C$6.701 inclusive. The reporting person undertakes to provide to Trilogy Metals Inc., any security holder of Trilogy Metals Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. The average weighted price of C$6.61 has been converted to U.S. dollars using an exchange rate of C$1.3860 = US$1.00.

	/s/ Elaine Sanders as attorney-in-fact for Gregory A. Lang	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).
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FAQ

What insider transaction did Trilogy Metals (TMQ) report on this Form 4?

The filing reports that a director of Trilogy Metals Inc. exercised 50,000 employee stock options and then sold and gifted common shares on 12/05/2025.

How many Trilogy Metals (TMQ) options were exercised and at what price?

The director exercised 50,000 employee stock options for Trilogy Metals common shares at an exercise price of $1.82 per share, converted from a Canadian exercise price of C$2.52 using an exchange rate of C$1.3860 = US$1.00.

How many Trilogy Metals (TMQ) shares did the insider sell and at what prices?

The director sold 20,000 common shares at $4.73 and 50,000 common shares at a weighted average price of $4.77, based on sales between C$6.55 and C$6.701 converted using an exchange rate of C$1.3860 = US$1.00.

Did the Trilogy Metals (TMQ) insider make any gifts of stock?

Yes. The director reported a gift of 45,000 Trilogy Metals common shares, recorded with a price of $0, which reduced the director's directly held shares.

What are the director's Trilogy Metals (TMQ) shareholdings after these transactions?

After the reported transactions, the director beneficially owned 35,000 Trilogy Metals common shares directly and 252,000 common shares indirectly through a family trust.

Does the Trilogy Metals (TMQ) director still hold the reported stock options after the transactions?

No. The filing shows that after exercising 50,000 employee stock options, the number of these derivative securities beneficially owned was 0.

How were Canadian dollar amounts converted in this Trilogy Metals (TMQ) Form 4?

The exercise price of C$2.52 and the Canadian sale prices were converted to U.S. dollars using an exchange rate of C$1.3860 = US$1.00, as disclosed in the footnotes.