<SEC-DOCUMENT>0000912282-25-001156.txt : 20251027
<SEC-HEADER>0000912282-25-001156.hdr.sgml : 20251027
<ACCEPTANCE-DATETIME>20251027173353
ACCESSION NUMBER:		0000912282-25-001156
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251027
DATE AS OF CHANGE:		20251027

SUBJECT COMPANY:	

	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

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86837
		FILM NUMBER:		251420771

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Giardini Tony
		CENTRAL INDEX KEY:			0001562639
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		C/O TRILOGY METALS
		STREET 2:		510 BURRARD STREET, SUITE 901
		CITY:			VANCOUVER
		PROVINCE COUNTRY:   	A1
		ZIP:			V6C 3A8
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><!-- Generated by CompSci Transform (tm) - http://www.compsciresources.com --><!-- Created: Mon Oct 27 21:33:52 UTC 2025 --><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:common="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001562639</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Shares, no par value</securitiesClassTitle>
      <dateOfEvent>03/01/2024</dateOfEvent>
      <issuerInfo>
        <issuerCIK>0001543418</issuerCIK>
        <issuerCUSIP>89621C105</issuerCUSIP>
        <issuerName>Trilogy Metals Inc.</issuerName>
        <address>
          <common:street1>Suite 901, 510 Burrard Street</common:street1>
          <common:city>Vancouver</common:city>
          <common:stateOrCountry>A1</common:stateOrCountry>
          <common:zipCode>V6C 3A8</common:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Kimberley Anderson</personName>
          <personPhoneNum>(206) 903-8803</personPhoneNum>
          <personAddress>
            <common:street1>Dorsey &amp; Whitney LLP</common:street1>
            <common:street2>701 Fifth Avenue, Suite 6100</common:street2>
            <common:city>Seattle</common:city>
            <common:stateOrCountry>WA</common:stateOrCountry>
            <common:zipCode>98104</common:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001562639</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Tony Giardini</reportingPersonName>
        <fundType>PF</fundType>
        <fundType>OO</fundType>
        <citizenshipOrOrganization>Z4</citizenshipOrOrganization>
        <soleVotingPower>8169131</soleVotingPower>
        <sharedVotingPower>0</sharedVotingPower>
        <soleDispositivePower>8169131</soleDispositivePower>
        <sharedDispositivePower>0</sharedDispositivePower>
        <aggregateAmountOwned>8169131</aggregateAmountOwned>
        <percentOfClass>5.0</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>THIS SCHEDULE 13D IS BEING FILED LATE DUE TO AN INADVERTENT ADMINISTRATIVE ERROR</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Shares, no par value</securityTitle>
        <issuerName>Trilogy Metals Inc.</issuerName>
        <issuerPrincipalAddress>
          <common:street1>Suite 901, 510 Burrard Street</common:street1>
          <common:city>Vancouver</common:city>
          <common:stateOrCountry>A1</common:stateOrCountry>
          <common:zipCode>V6C 3A8</common:zipCode>
        </issuerPrincipalAddress>
      </item1>
      <item2>
        <filingPersonName>Tony Giardini ("Reporting Person")</filingPersonName>
        <principalBusinessAddress>Trilogy Metals Inc.
Suite 901, 510 Burrard Street
Vancouver, British Columbia V6C 3A8
Canada</principalBusinessAddress>
        <principalJob>The Reporting Person is the President and Chief Executive Officer and a director of Trilogy Metals Inc. (the "Issuer").</principalJob>
        <hasBeenConvicted>The Reporting Person has not, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</hasBeenConvicted>
        <convictionDescription>The Reporting Person has not, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction, and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.</convictionDescription>
        <citizenship>Canadian</citizenship>
      </item2>
      <item3>
        <fundsSource>PF and OO</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>The Reporting Person received from the Issuer compensatory awards from of restricted stock units and options in the ordinary course of business - see Schedule A</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>As of March 1, 2024: 8,169,131 Shares consisting of 5,279,064 Common Shares plus 2,890,067 Common Shares underlying employee stock options held by the Reporting Person
As of October 19, 2025:  11,532,060 Shares, consisting of 8,332,060 Common Shares plus 3,200,000 Common Shares underlying employee stock options held by the Reporting Person and exercisable within the next 60 days.</percentageOfClassSecurities>
        <numberOfShares>See Exhibit 99.1 attached hereto</numberOfShares>
        <transactionDesc>See Exhibit 99.1 attached hereto</transactionDesc>
        <listOfShareholders>Not Applicable</listOfShareholders>
        <date5PercentOwnership>Not Applicable</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>None</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Exhibit 99.1 List of Transactions</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Tony Giardini</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Tony Giardini</signature>
          <title>Reporting Person</title>
          <date>10/24/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>trilogymetalsinc-exhibitatot.htm
<DESCRIPTION>LIST OF TRANSACTIONS
<TEXT>
<!-- Created by CompSci Resources, LLC on Fri Oct 24 22:14:41 UTC 2025 --><html>
 <head>
  <title></title>
 </head>
 <body style="font-family: Calibri; font-size: 11pt; width: 468.0pt;">
  <div style="margin-bottom: 10pt; text-align: center;">
   <font style="font-weight: bold;">EXHIBIT A</font>
  </div>
  <div style="margin-bottom: 10pt;">
   <font style="font-weight: bold; text-decoration: underline;">Item 5(b)</font>
  </div>
  <div style="margin-bottom: 10pt;">
   <font>As of March 1, 2024:</font>
  </div>
  <div style="margin-bottom: 10pt;">
   <font>Sole Voting Power &#x2013; 8,169,131<br>Shared Voting Power - 0<br>Sole Dispositive Power &#x2013; 8,169,131<br>Shared Dispositive Power - 0<br>Total Shares &#x2013; 8,169,131<br>Percentage:&#xa0;&#xa0;5.0% (based on 159,749,073 outstanding Issuer shares plus 2,890,067 shares underlying options held by the Reporting Person)</font>
  </div>
  <div style="margin-bottom: 10pt;">
   <font>As of October 19, 2025:</font>
  </div>
  <div style="margin-bottom: 10pt;">
   <font>Sole Voting Power &#x2013; 11,072,127<br>Shared Voting Power - 0<br>Sole Dispositive Power &#x2013; 11,072,127<br>Shared Dispositive Power - 0<br>Total Shares &#x2013; 11,072,127<br>Percentage:&#xa0;&#xa0;&#xa0;&#xa0;6.4% (based on 170,548,432 outstanding Issuer shares plus 2,740,067 shares underlying options held by the Reporting Person)</font>
  </div>
  <div style="margin-bottom: 10pt;">
   <font style="font-weight: bold; text-decoration: underline;">Item 5(c)</font>
  </div>
  <div style="margin-bottom: 10pt;">
   <font>As of March 1, 2024, the Reporting Person held the following stock options, all granted by the Issuer to the Reporting Person as compensation:</font>
  </div>
  <div style="margin-bottom: 10pt;">&#xa0;
  </div>
  <table style="border-spacing: 0px; border-collapse: collapse;">
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 72.9pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Grant Date</font>
     </div>
    </td>
    <td style="padding: 0; width: 85.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Expiration Date</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Total Common Shares Underlying Grant</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Exercise Price</font>
     </div>
    </td>
    <td style="padding: 0; width: 148.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Vesting Provisions</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 72.9pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/27/2019</font>
     </div>
    </td>
    <td style="padding: 0; width: 85.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/26/2024</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="text-align: right;">
      <font>75,000</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>C$3.02</font>
     </div>
    </td>
    <td style="padding: 0; width: 148.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Vests 1/3 annually on grant date and grant date anniversary in 2020 and 2021</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 72.9pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/10/2020</font>
     </div>
    </td>
    <td style="padding: 0; width: 85.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/9/2025</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="text-align: right;">
      <font>1,123,400</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>C$2.52</font>
     </div>
    </td>
    <td style="padding: 0; width: 148.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Vests 1/3 annually on grant date and grant date anniversary in 2021 and 2022</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 72.9pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/9/2021</font>
     </div>
    </td>
    <td style="padding: 0; width: 85.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/8/2026</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="text-align: right;">
      <font>450,000</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>C$2.21</font>
     </div>
    </td>
    <td style="padding: 0; width: 148.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Vests 1/3 annually on grant date and grant date anniversary in 2022 and 2023</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 72.9pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/8/2022</font>
     </div>
    </td>
    <td style="padding: 0; width: 85.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/7/2027</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="text-align: right;">
      <font>1,200,000</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>C$0.78</font>
     </div>
    </td>
    <td style="padding: 0; width: 148.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Vests 1/3 annually on grant date and grant date anniversary in 2023 and 2024</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 72.9pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/7/2023</font>
     </div>
    </td>
    <td style="padding: 0; width: 85.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/6/2028</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="text-align: right;">
      <font>1,100,000</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>C$0.59</font>
     </div>
    </td>
    <td style="padding: 0; width: 148.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Vests 1/3 annually on grant date and grant date anniversary in 2024 and 2025</font>
     </div>
    </td>
   </tr>
  </table>
  <div style="margin-bottom: 10pt;">&#xa0;
  </div>
  <div style="margin-bottom: 10pt;">
   <font>The Reporting Person&#x2019;s transactions in the Issuer&#x2019;s shares subsent to March 1, 2024, are listed below.&#xa0;&#xa0;All restricted stock units and options were granted by the Issuer to the Reporting Person as compensation:</font>
  </div>
  <table style="border-spacing: 0px; border-collapse: collapse;">
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 123.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Date</font>
     </div>
    </td>
    <td style="padding: 0; width: 124.6pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Type of Award</font>
     </div>
    </td>
    <td style="padding: 0; width: 121.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Grant Amount</font>
     </div>
    </td>
    <td style="padding: 0; width: 109.3pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Total Common Shares Held by Reporting Person</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 123.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>6/3/2024</font>
     </div>
    </td>
    <td style="padding: 0; width: 124.6pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Restricted Stock Units</font>
     </div>
    </td>
    <td style="padding: 0; width: 121.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>203,125</font>
     </div>
    </td>
    <td style="padding: 0; width: 109.3pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>5,482,189</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 123.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>9/3/2024</font>
     </div>
    </td>
    <td style="padding: 0; width: 124.6pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Restricted Stock Units</font>
     </div>
    </td>
    <td style="padding: 0; width: 121.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>185,714</font>
     </div>
    </td>
    <td style="padding: 0; width: 109.3pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>5,667,903</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 123.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/2/2024</font>
     </div>
    </td>
    <td style="padding: 0; width: 124.6pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Restricted Stock Units</font>
     </div>
    </td>
    <td style="padding: 0; width: 121.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>131,313</font>
     </div>
    </td>
    <td style="padding: 0; width: 109.3pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>5,799,216</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 123.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/9/2024</font>
     </div>
    </td>
    <td style="padding: 0; width: 124.6pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Restricted Stock Units</font>
     </div>
    </td>
    <td style="padding: 0; width: 121.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>451,400</font>
     </div>
    </td>
    <td style="padding: 0; width: 109.3pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>6,250,616</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 123.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/9/2024</font>
     </div>
    </td>
    <td style="padding: 0; width: 124.6pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Restricted Stock Units vesting 1/3 on grant date and 1/3 on 2025 and 2026 grant date anniversaries</font>
     </div>
    </td>
    <td style="padding: 0; width: 121.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>350,000 </font>
     </div>
     <div>&#xa0;
     </div>
     <div>
      <font>(116,666 vesting 12/9/2024)</font>
     </div>
    </td>
    <td style="padding: 0; width: 109.3pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>6,367,282</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 123.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>3/6/2025</font>
     </div>
    </td>
    <td style="padding: 0; width: 124.6pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Restricted Stock Units</font>
     </div>
    </td>
    <td style="padding: 0; width: 121.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>74,712</font>
     </div>
    </td>
    <td style="padding: 0; width: 109.3pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>7,208,660</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 123.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>10/16/2025</font>
     </div>
    </td>
    <td style="padding: 0; width: 124.6pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Restricted Stock Units</font>
     </div>
    </td>
    <td style="padding: 0; width: 121.45pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>1,123,400</font>
     </div>
    </td>
    <td style="padding: 0; width: 109.3pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>8,332,060</font>
     </div>
    </td>
   </tr>
  </table>
  <div style="margin-bottom: 10pt;">&#xa0;
  </div>
  <table style="border-spacing: 0px; border-collapse: collapse;">
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 72.9pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Grant Date</font>
     </div>
    </td>
    <td style="padding: 0; width: 85.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Expiration Date</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Total Common Shares Underlying Grant</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Exercise Price</font>
     </div>
    </td>
    <td style="padding: 0; width: 157.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Vesting Provisions</font>
     </div>
    </td>
   </tr>
   <tr style="vertical-align: top;">
    <td style="padding: 0; width: 72.9pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/9/2024</font>
     </div>
    </td>
    <td style="padding: 0; width: 85.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>12/8/2029</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div style="text-align: right;">
      <font>675,000</font>
     </div>
    </td>
    <td style="padding: 0; width: 81pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>C$1.52</font>
     </div>
    </td>
    <td style="padding: 0; width: 157.5pt; border-top: 1pt solid black; border-bottom: 1pt solid black; border-left: 1pt solid black; border-right: 1pt solid black; padding-left: 5.4pt; padding-right: 5.4pt;">
     <div>
      <font>Vests 1/3 annually on grant date and grant date anniversary in 2025 and 2026</font>
     </div>
    </td>
   </tr>
  </table>
  <div style="margin-bottom: 10pt;">&#xa0;
  </div>
  <div style="margin-bottom: 10pt;">
   <font>On October 16, 2025, the Reporting Person exercised 1,123,400 options having an exercise price of C$2.52, converted to US$1.79 using an exchange rate of 1.4048.&#xa0;&#xa0;The options were granted on 12/10/2020 and had an expiration date of 12/9/2025.</font>
  </div>
  <div class="footer" style="page-break-after: always;">
    <div>&#xa0;
    </div>
    <div style="font-family: Times New Roman; font-size: 8pt;">
     <font>4912-4077-9381\1</font>
    </div>
  </div>
 </body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
