# EDGAR Filing Document

**Accession Number:** 0001543418
**File Stem:** 0001193125-25-335351
**Filing Date:** 2025-12
**Character Count:** 14429
**Document Hash:** f76d9c89a8178644d58367da578b4b05
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-335351.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001193125-25-335351

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251226

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** KAPLAN THOMAS SCOTT
- **CENTRAL INDEX KEY:** 0001124803

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35447
- **FILM NUMBER:** 251609345

**MAIL ADDRESS:**
- **STREET 1:** 600 FIFTH AVE
- **STREET 2:** 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Electrum Group LLC
- **CENTRAL INDEX KEY:** 0001565641

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35447
- **FILM NUMBER:** 251609343

**BUSINESS ADDRESS:**
- **STREET 1:** 600 FIFTH AVENUE, 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
- **BUSINESS PHONE:** 646-365-1600

**MAIL ADDRESS:**
- **STREET 1:** 600 FIFTH AVENUE, 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** ESOF GP Ltd.
- **CENTRAL INDEX KEY:** 0001663180

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35447
- **FILM NUMBER:** 251609342

**BUSINESS ADDRESS:**
- **STREET 1:** C/O THE ELECTRUM GROUP LLC
- **STREET 2:** 600 FIFTH AVENUE, 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
- **BUSINESS PHONE:** (646) 365-1600

**MAIL ADDRESS:**
- **STREET 1:** C/O THE ELECTRUM GROUP LLC
- **STREET 2:** 600 FIFTH AVENUE, 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** GRAT Holdings LLC
- **CENTRAL INDEX KEY:** 0001565707

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35447
- **FILM NUMBER:** 251609341

**BUSINESS ADDRESS:**
- **STREET 1:** 600 FIFTH AVENUE, 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
- **BUSINESS PHONE:** 646-365-1600

**MAIL ADDRESS:**
- **STREET 1:** 600 FIFTH AVENUE, 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Electrum Strategic Opportunities Fund L.P.
- **CENTRAL INDEX KEY:** 0001637981

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35447
- **FILM NUMBER:** 251609344

**BUSINESS ADDRESS:**
- **STREET 1:** C/O THE ELECTRUM GROUP LLC
- **STREET 2:** 600 FIFTH AVENUE, 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
- **BUSINESS PHONE:** (646) 365-1600

**MAIL ADDRESS:**
- **STREET 1:** C/O THE ELECTRUM GROUP LLC
- **STREET 2:** 600 FIFTH AVENUE, 24TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10020
**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

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>KAPLAN THOMAS SCOTT<br><sub>(Last) (First) (Middle)</sub><br>600 FIFTH AVENUE, 24TH FLOOR<br><sub>(Street)</sub><br>NEW YORK, NY 10020<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-26 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Trilogy Metals Inc. [ TMQ ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Electrum Strategic Opportunities Fund L.P.<br><sub>(Last) (First) (Middle)</sub><br>600 FIFTH AVENUE, 24TH FLOOR<br><sub>(Street)</sub><br>NEW YORK, NY 10020<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-26 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Trilogy Metals Inc. [ TMQ ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Electrum Group LLC<br><sub>(Last) (First) (Middle)</sub><br>600 FIFTH AVENUE, 24TH FLOOR<br><sub>(Street)</sub><br>NEW YORK, NY 10020<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-26 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Trilogy Metals Inc. [ TMQ ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>ESOF GP Ltd.<br><sub>(Last) (First) (Middle)</sub><br>600 FIFTH AVENUE, 24TH FLOOR<br><sub>(Street)</sub><br>NEW YORK, NY 10020<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-26 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Trilogy Metals Inc. [ TMQ ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>GRAT Holdings LLC<br><sub>(Last) (First) (Middle)</sub><br>600 FIFTH AVENUE, 24TH FLOOR<br><sub>(Street)</sub><br>NEW YORK, NY 10020<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-26 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Trilogy Metals Inc. [ TMQ ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Shares | 2025-12-26 |  | G<sup>(1)</sup> |  | 540406<sup>(2)</sup> | D | $0.00 | 0.00 | D |  |
| Common Shares | 2025-12-26 |  | G<sup>(1)</sup> |  | 416666<sup>(3)</sup> | D | $0.00 | 0.00 | I<sup>(4)</sup> | By spouse |
| Common Shares |  |  |  |  |  |  |  | 31604741 | I<sup>(5)(6)</sup> | By Electrum Strategic Opportunities Fund L.P. |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) Reflects shares that were donated to a charitable foundation for no consideration.

(2) Includes 10,000 shares previously held through Tigris Financial Group Ltd., of which Mr. Kaplan is the sole shareholder, and 416,667 shares previously held by GRAT Holdings LLC, which is owned by trusts for the benefit of family members of Mr. Kapan. The shares were transferred to an account for the benefit of Mr. Kaplan in transactions exempt from reporting pursuant to Rule 16a-13 under the Securities Exchange Act of 1934, as amended.

(3) Includes 416,666 shares previously held by GRAT Holdings LLC, which is owned by trusts for the benefit of family members of Mr. Kaplan. The shares were transferred to an account for the benefit of Mr. Kaplan's spouse in transactions exempt from reporting pursuant to Rule 16a-13 under the Securities Exchange Act of 1934, as amended.

(4) Represents shares owned directly by Mr. Kaplan's spouse. For purposes of Section 16 of the Securities Exchange Act of 1934, each reporting person disclaims beneficial ownership of any such securities, except to the extent of his/its pecuniary interest therein, and this report shall not be deemed an admission that such reporting person is the beneficial owner of such securities for the purposes of Section 16 or otherwise.

(5) Electrum Strategic Opportunities Fund L.P. ("ESOF") is an investment fund, of which The Electrum Group LLC is the investment adviser. ESOF GP Ltd. is the general partner of the sole general partner of ESOF.

(6) In accordance with 4(b)(iv) of the Form 4 instructions, the entire amount of the Issuer's securities held by ESOF is reported herein. For purposes of Section 16 of the Securities Exchange Act of 1934, each reporting person disclaims beneficial ownership of any such securities, except to the extent of his/its pecuniary interest therein, and this report shall not be deemed an admission that such reporting person is the beneficial owner of such securities for the purposes of Section 16 or otherwise.

**Signature:** /s/ Thomas Scott Kaplan, Thomas Scott Kaplan  
**Date:** 2025-12-29

**Signature:** ELECTRUM STRATEGIC OPPORTUNITIES FUND L.P., /s/ Michael H. Williams, By: Michael H. Williams, Authorized Person  
**Date:** 2025-12-29

**Signature:** THE ELECTRUM GROUP LLC, /s/ Michael H. Williams, By: Michael H. Williams, Authorized Person  
**Date:** 2025-12-29

**Signature:** ESOF GP LTD., /s/ Michael H. Williams, By: Michael H. Williams, Authorized Person  
**Date:** 2025-12-29

**Signature:** GRAT HOLDINGS LLC, /s/ Thomas Scott Kaplan, By: Thomas Scott Kaplan, Co-Chief Executive Officer  
**Date:** 2025-12-29

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**