Trilogy Metals Inc. SEC Filings

Diana J. Walters, a director of Trilogy Metals Inc. (TMQ), reported paired option exercise and sale transactions on 10/08/2025. She exercised 100,000 director stock options with an exercise price of $1.81 (converted from C$2.52) and immediately sold 100,000 common shares at a weighted average sale price of $7.03 (converted from C$9.81), completing multiple sale trades priced between C$9.56 and C$10.07. After these transactions she beneficially owned 51,302 common shares directly.

Trilogy Metals (TMQ) reported insider activity by its VP & CFO, Elaine Sanders. On 10/08/2025, she exercised 450,000 employee stock options at $1.81 per share and sold shares in two transactions: 50,599 shares at a weighted average price of $6.91 and 399,000 shares at a weighted average price of $6.8361. Following these trades, she owned 3,149,561 common shares directly.

The option grant was dated December 10, 2020 and vested in thirds through 2022, with an expiration date of 12/09/2025. Canadian prices were converted using C$1.3952 = US$1.00, as noted in the footnotes.

Trilogy Metals Inc. (TMQ) reporting person Janice Stairs, a company director, disclosed transactions on 10/09/2025. She exercised a stock option for 100,000 shares at a converted exercise price of $1.80 and acquired those shares. On the same day she sold 50,613 common shares at a weighted average sale price of $6.5607 (converted from Canadian dollars using C$1.40 = US$1.00). After these transactions she beneficially owned 508,608 common shares. The exercised option had an original grant/exercise price of C$2.52 (converted) and an expiration date of 12/09/2025. The Form 4 was signed by an attorney-in-fact on 10/10/2025.

Trilogy Metals Inc. (TMQ) reporting person Gregory A. Lang disclosed multiple transactions in the company's common shares and an option exercise in October 2025. On 10/08/2025 he donated 30,000 shares to charity at a reported price of $6.31, leaving 344,181 shares beneficially owned indirectly via a family trust. On 10/09/2025 he exercised an employee stock option for 50,000 shares at an exercise price of $1.80 (converted from C$2.52), acquired those 50,000 shares, and sold a total of 169,181 shares across several transactions at weighted prices of $6.53, $6.57, and $6.77. Following the reported activity the filing lists various post-transaction beneficial holdings, including 352,000 and 252,000 shares tied to the family trust on different lines. The filing includes conversion and weighted-average price notes tied to a C$ to US$ exchange rate of C$1.40 = US$1.00.

Director William Beckwith Hayden reported multiple transactions in Trilogy Metals Inc. (TMQ) on 10/08/2025 and 10/09/2025. On 10/08/2025 the reporting person recorded acquisitions totaling 325,000 common shares by conversion/exercise across five separate items (100,000; 50,000; 50,000; 50,000; 75,000), with Canadian exercise prices converted to U.S. dollars using a C$1.3952 exchange rate. Also on 10/08/2025 the filing shows a sale of 64,294 shares at a weighted average price of $7.06, and on 10/09/2025 a sale of 200,000 shares at a weighted average price of $6.61. After these transactions the reporting person beneficially owned 382,685 common shares. The form identifies the filer as a Director and includes footnotes disclosing Canadian price conversions and ranges for the weighted average sale prices.

Trilogy Metals Inc. (TMQ) disclosed that a Presidential Decision directs several federal agencies to reissue or reinstate key permits and rights-of-way enabling construction and operation of the Ambler Road. The Bureau of Land Management will reissue Right-of-Way Grant No. F-97112 with a 50-year term starting on reissue; the National Park Service will reissue ROW permit GAAR-21-001 with a 50-year term; and the U.S. Army Corps of Engineers will reinstate the suspended Clean Water Act Section 404 and Rivers and Harbors Act Section 10 permits (POA-2013-00396) each with 15-year terms. The U.S. Coast Guard's jurisdictional pre-approvals are reaffirmed. The President also directed agencies to replace references to the terminated programmatic agreement with provisions to avoid or minimize adverse effects to historic properties and to follow the project's Inadvertent Discovery Plans and the 2021 CRMP treatment methods when avoidance is not feasible.

Trilogy Metals Inc. and several parties agreed to negotiate a framework to permit, finance and build the Ambler Road, with explicit roles for Ambler Metals, South32, Trilogy and the U.S. Government. The Department of the Interior (DOW) will work in good faith to help facilitate financing for construction in coordination with the State of Alaska. The parties also committed to seek inclusion of the UKMP permit applications in FAST-41, a federal permitting accelerator. Separately, Trilogy agreed that until January 1, 2029 it will not incur third-party borrowed money in excess of $1,000,000,000 without prior written DOW approval (approval not to be unreasonably withheld). These items are presented as good-faith commitments and a contractual debt limit.

Trilogy Metals Inc. filed a current report to let investors know it has released financial results for its third quarter ended August 31, 2025. The company issued a press release on September 30, 2025, and that release is furnished as Exhibit 99.1 to the report. Trilogy clarifies that this information is being furnished, not filed, under the securities laws, which means it is not automatically subject to certain liability provisions or incorporated into other securities documents unless specifically referenced.

Trilogy Metals Inc. (TMQ) discloses several routine equity and operational items. The company reports 164,291,410 common shares issued (2024: 161,085,313) and states that upon exercise of all convertible securities it would issue an additional 17,054,734 common shares. Stock option exercises generated reclassifications to share capital, with an aggregate intrinsic value of exercised options for the nine months ending August 31, 2025 of $0.3 million (2024: $0).

The filing notes a four-year office lease expiring June 2028 with monthly payments of approximately CDN$9,500 and cash paid for base rent of about $36,000. The company has an at-the-market (ATM) equity program with anticipated issuance described but has not utilized the ATM as of August 31, 2025. The document also references equity-settled units, RSUs/DSUs arrangements (including 5,144 NovaGold DSUs convertible into a total of 859 Trilogy shares), and forward-looking statement language about Ambler Metals and the UKMP.