<SEC-DOCUMENT>0000912282-25-001354.txt : 20251202
<SEC-HEADER>0000912282-25-001354.hdr.sgml : 20251202
<ACCEPTANCE-DATETIME>20251202164930
ACCESSION NUMBER:		0000912282-25-001354
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20251201
FILED AS OF DATE:		20251202
DATE AS OF CHANGE:		20251202

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Hensley William L. Iggiagruk
		CENTRAL INDEX KEY:			0001726131
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35447
		FILM NUMBER:		251543829

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		C/O TRILOGY METALS INC.
		STREET 2:		510 BURRARD STREET, SUITE 901
		CITY:			VANCOUVER
		PROVINCE COUNTRY:   	A1
		ZIP:			V6C 3A8

	FORMER NAME:	
		FORMER CONFORMED NAME:	Hensley William I. Iggiagruk
		DATE OF NAME CHANGE:	20171221

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Trilogy Metals Inc.
		CENTRAL INDEX KEY:			0001543418
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1130

	BUSINESS ADDRESS:	
		STREET 1:		510 BURRARD STREET, SUITE 901
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3B8
		BUSINESS PHONE:		(604) 638-8088

	MAIL ADDRESS:	
		STREET 1:		510 BURRARD STREET, SUITE 901
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3B8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NovaCopper Inc.
		DATE OF NAME CHANGE:	20120228
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-12-01</periodOfReport>

    <issuer>
        <issuerCik>0001543418</issuerCik>
        <issuerName>Trilogy Metals Inc.</issuerName>
        <issuerTradingSymbol>TMQ</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001726131</rptOwnerCik>
            <rptOwnerName>Hensley William L. Iggiagruk</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O TRILOGY METALS INC.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 901, 510 BURRARD STREET</rptOwnerStreet2>
            <rptOwnerCity>VANCOUVER</rptOwnerCity>
            <rptOwnerState>A1</rptOwnerState>
            <rptOwnerZipCode>V6C 3A8</rptOwnerZipCode>
            <rptOwnerStateDescription>BRITISH COLUMBIA, CANADA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Deferred Share Units (&quot;DSUs&quot;)</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-12-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3122.632</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3122.632</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>517469.243</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Non-discretionary issuances of DSUs pursuant to elections made by plan participants prior to the commencement of the current fiscal year.</footnote>
        <footnote id="F2">The DSUs vest immediately; however, the underlying common shares will not be issued to the grantee, and the grantee shall not have any voting or dispositive rights with respect to the underlying common shares, until termination of the grantee's employment or services as a director of the Issuer. The grants will expire no later than 90 days after the grantee's termination date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Elaine Sanders as attorney-in-fact for William I. Iggiagruk Hensley</signatureName>
        <signatureDate>2025-12-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
