WALTERS DIANA J 4

What Happened Diana J. Walters, a director of Trilogy Metals Inc. (TMQ), received an award of 791.68 deferred share units (DSUs) on June 1, 2026. The filing reports the acquisition as 791.68 shares at $0.00 (a derivative award), so no immediate cash value or change in cash holdings is reported. This was an award/compensation transaction rather than an open-market purchase or sale.

Key Details

• Transaction date and type: 2026-06-01 — Grant/Award (derivative DSUs) of 791.68 units at $0.00 per unit.
• Reported value: $0 (award recorded as derivative; underlying common shares not issued immediately).
• Shares owned after transaction: not specified in the Form 4 filing.
• Footnotes:
  • F1: These DSUs were issued non-discretionarily per elections made by plan participants before the fiscal year started.
  • F2: The DSUs vest immediately but the underlying common shares will not be issued, and the grantee has no voting or dispositive rights, until the grantee’s employment or directorship ends; grants expire no later than 90 days after termination.
• Filing timeliness: Filed on 2026-06-01 (no indication of a late filing in the record).

Context Deferred share units are a common form of director compensation and represent a contingent claim on shares rather than immediate ownership or voting power. Because the DSUs convert to actual shares (and confer voting/dispositive rights) only upon termination per the footnote, this award is administrative/compensatory in nature and does not signal an immediate purchase or sale of company stock.