Diana J. Walters - 08 Oct 2025 Form 4 Insider Report for Trilogy Metals Inc. (TMQ)

Role: Director
Signature: /s/ Elaine Sanders as attorney-in-fact for Diana J. Walters
Issuer symbol: TMQ
Transactions as of: 08 Oct 2025
Net transactions value: -$522,000
Form type: 4
Filing time: 10 Oct 2025, 19:00:09 UTC
Previous filing: 03 Sep 2025
Next filing: 02 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
WALTERS DIANA J	Director	C/O TRILOGY METALS INC., SUITE 901, 510 BURRARD STREET, VANCOUVER, BRITISH COLUMBIA, CANADA	/s/ Elaine Sanders as attorney-in-fact for Diana J. Walters	10 Oct 2025	0001007203

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TMQ	Common Shares	Options Exercise	$181,000	+100,000	+195%	$1.81	151,302	08 Oct 2025	Direct	F1
transaction	TMQ	Common Shares	Sale	$703,000	-100,000	-66%	$7.03^*	51,302	08 Oct 2025	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	TMQ	Director Stock Option (Right to Buy)	Options Exercise	$0	-100,000	-100%	$0.000000	0	08 Oct 2025	Common Shares	100,000	$1.81	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.3952 = US$1.00.
F2	Average weighted price of C$9.81 converted to U.S. dollars using an exchange rate of C$1.3952 = US$1.00. The sale price reported above is a weighted average price. These shares were sold in multiple transactions at prices ranging from C$9.56 to C$10.07, 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 purchased at each separate price within the ranges set forth in this footnote.

Content

Converted from Canadian exercise price of C$2.52 using an exchange rate of C$1.3952 = US$1.00.

Average weighted price of C$9.81 converted to U.S. dollars using an exchange rate of C$1.3952 = US$1.00. The sale price reported above is a weighted average price. These shares were sold in multiple transactions at prices ranging from C$9.56 to C$10.07, 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 purchased at each separate price within the ranges set forth in this footnote.