WALTERS DIANA J 4

What Happened

• Diana J. Walters, a director of Trilogy Metals Inc. (TMQ), exercised options on April 23, 2026 to acquire 50,000 common shares at an exercise price of US$1.61 per share, a cash outlay of US$80,500. The filing also shows the corresponding 50,000 derivative instruments were converted/disposed (no cash proceeds), consistent with the options being converted into stock (transaction code M).

Key Details

• Transaction date: 2026-04-23. Form 4 filed: 2026-04-24 (timely filing).
• Acquired: 50,000 common shares @ $1.61 each = $80,500.
• Disposed (derivative converted): 50,000 units @ $0.00 (no cash proceeds) — represents the options being converted/cancelled on exercise.
• Shares owned after transaction: Not specified in the provided filing.
• Footnote: Exercise price was converted from C$2.21 using exchange rate C$1.3688 = US$1.00 (hence US$1.61 per share).
• Transaction code M denotes option exercise/conversion. No 10b5-1 plan, tax-withholding, or immediate sale reported in this filing.

Context

• This was an exercise of options (conversion of derivatives into common shares), not an open-market purchase or a sale of stock. The filing shows no immediate sale of the acquired shares (i.e., not a cashless exercise reported here). Exercises can be routine (vesting) or a sign of insider confidence; the filing is factual and does not state the insider’s motivation.