WALTERS DIANA J 4

What Happened Diana J. Walters, a director of Trilogy Metals Inc. (TMQ), was granted 814.12 deferred stock units (DSUs) on March 2, 2026. The filing reports the award as a derivative grant with a reported acquisition price of $0.00, so no cash was paid in connection with this grant.

Key Details

• Transaction date: 2026-03-02; transaction type: Award/Grant (code A).
• Amount: 814.12 DSUs; reported price/value: $0.00 (derivative award).
• Shares owned after transaction: not specified in the Form 4 filing.
• Filing timeliness: Reported on 2026-03-02 (same day), so appears timely.
• Footnotes from the filing:
  • F1: These DSUs were non‑discretionary issuances pursuant to prior elections by plan participants.
  • F2: The DSUs vest immediately for purposes of the award, but the underlying common shares will not be issued—and the grantee will not have voting or dispositive rights—until the grantee’s termination as an employee or director. Grants expire no later than 90 days after termination.

Context DSUs are a form of deferred compensation and a derivative security tied to common shares; they do not represent immediate share ownership or voting power. Because the DSUs convert to actual shares only upon termination (per the filing), this award is generally administrative/compensation-related rather than an open‑market purchase or sale that signals near‑term trading intent.