Form 4: Trilogy Metals Director Gifts Over 950K Shares

Trilogy Metals Director Thomas Scott Kaplan and related entities reported gifting over 950,000 common shares to a charitable foundation.

Summary

• Thomas Scott Kaplan, a Director and 10% owner of Trilogy Metals Inc. (TMQ), reported a charitable gift of common shares.
• On December 26, 2025, Kaplan directly disposed of 540,406 common shares.
• Kaplan also indirectly, through his spouse, disposed of 416,666 common shares on the same date.
• These 957,072 shares were donated to a charitable foundation for no consideration.
• Following these transactions, Kaplan's direct beneficial ownership is 0 shares, and indirect ownership by spouse is 0 shares.
• Kaplan retains indirect beneficial ownership of 31,604,741 common shares through Electrum Strategic Opportunities Fund L.P.

Sentiment

Score: 5

Explanation: A routine insider transaction reporting a charitable gift of shares, which is generally neutral for the company's operational performance or financial health.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This insider transaction report reflects a personal financial decision by a director and significant shareholder, rather than a direct reflection of broader industry trends or competitive positioning for Trilogy Metals Inc.

Related Party Transactions

• Prior to the reported gift, 416,667 shares disposed of directly by Mr. Kaplan were previously held by GRAT Holdings LLC, which is owned by trusts for the benefit of Mr. Kaplan's family members. These shares were transferred to Mr. Kaplan's account in transactions exempt from reporting under Rule 16a-13.
• Similarly, 416,666 shares disposed of indirectly by Mr. Kaplan's spouse were previously held by GRAT Holdings LLC and transferred to the spouse's account in exempt transactions under Rule 16a-13.

Stakeholder Impact

• Shareholders: A slight reduction in the direct and spouse-attributed indirect beneficial ownership of a key insider, though the overall Electrum-related stake remains substantial.
• Charitable Foundation: The recipient of 957,072 common shares for no consideration.

Key Dates

Keywords

Trilogy Metals, TMQ, Form 4, Insider Transaction, Share Gift, Beneficial Ownership, Thomas Scott Kaplan, Electrum Strategic Opportunities Fund