# EDGAR Filing Document

**Accession Number:** 0001543418
**File Stem:** 0000912282-25-001156
**Filing Date:** 2025-10
**Character Count:** 9595
**Document Hash:** 96d47ab52915af0cf4046134ee103119
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000912282-25-001156.hdr.sgml**: 20251027

**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

## Ex-99

**EXHIBIT A**

**<u>Item 5(b)</u>**

As of March 1, 2024:

Sole Voting Power – 8,169,131<br>Shared Voting Power - 0<br>Sole Dispositive Power – 8,169,131<br>Shared Dispositive Power - 0<br>Total Shares – 8,169,131<br>Percentage: 5.0% (based on 159,749,073 outstanding Issuer shares plus 2,890,067 shares underlying options held by the Reporting Person)

As of October 19, 2025:

Sole Voting Power – 11,072,127<br>Shared Voting Power - 0<br>Sole Dispositive Power – 11,072,127<br>Shared Dispositive Power - 0<br>Total Shares – 11,072,127<br>Percentage: 6.4% (based on 170,548,432 outstanding Issuer shares plus 2,740,067 shares underlying options held by the Reporting Person)

**<u>Item 5(c)</u>**

As of March 1, 2024, the Reporting Person held the following stock options, all granted by the Issuer to the Reporting Person as compensation:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Grant Date  | &nbsp;&nbsp; Expiration Date  | &nbsp;&nbsp; Total Common Shares Underlying Grant  | &nbsp;&nbsp; Exercise Price  | &nbsp;&nbsp; Vesting Provisions  |
| &nbsp;&nbsp; 12/27/2019  | &nbsp;&nbsp; 12/26/2024  | &nbsp;&nbsp; 75000  | &nbsp;&nbsp; C$3.02  | &nbsp;&nbsp; Vests 1/3 annually on grant date and grant date anniversary in 2020 and 2021  |
| &nbsp;&nbsp; 12/10/2020  | &nbsp;&nbsp; 12/9/2025  | &nbsp;&nbsp; 1123400  | &nbsp;&nbsp; C$2.52  | &nbsp;&nbsp; Vests 1/3 annually on grant date and grant date anniversary in 2021 and 2022  |
| &nbsp;&nbsp; 12/9/2021  | &nbsp;&nbsp; 12/8/2026  | &nbsp;&nbsp; 450000  | &nbsp;&nbsp; C$2.21  | &nbsp;&nbsp; Vests 1/3 annually on grant date and grant date anniversary in 2022 and 2023  |
| &nbsp;&nbsp; 12/8/2022  | &nbsp;&nbsp; 12/7/2027  | &nbsp;&nbsp; 1200000  | &nbsp;&nbsp; C$0.78  | &nbsp;&nbsp; Vests 1/3 annually on grant date and grant date anniversary in 2023 and 2024  |
| &nbsp;&nbsp; 12/7/2023  | &nbsp;&nbsp; 12/6/2028  | &nbsp;&nbsp; 1100000  | &nbsp;&nbsp; C$0.59  | &nbsp;&nbsp; Vests 1/3 annually on grant date and grant date anniversary in 2024 and 2025  |

---

The Reporting Person's transactions in the Issuer's shares subsent to March 1, 2024, are listed below. All restricted stock units and options were granted by the Issuer to the Reporting Person as compensation:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Date  | &nbsp;&nbsp; Type of Award  | &nbsp;&nbsp; Grant Amount  | &nbsp;&nbsp; Total Common Shares Held by Reporting Person  |
| &nbsp;&nbsp; 6/3/2024  | &nbsp;&nbsp; Restricted Stock Units  | &nbsp;&nbsp; 203125  | &nbsp;&nbsp; 5482189  |
| &nbsp;&nbsp; 9/3/2024  | &nbsp;&nbsp; Restricted Stock Units  | &nbsp;&nbsp; 185714  | &nbsp;&nbsp; 5667903  |
| &nbsp;&nbsp; 12/2/2024  | &nbsp;&nbsp; Restricted Stock Units  | &nbsp;&nbsp; 131313  | &nbsp;&nbsp; 5799216  |
| &nbsp;&nbsp; 12/9/2024  | &nbsp;&nbsp; Restricted Stock Units  | &nbsp;&nbsp; 451400  | &nbsp;&nbsp; 6250616  |
| &nbsp;&nbsp; 12/9/2024  | &nbsp;&nbsp; Restricted Stock Units vesting 1/3 on grant date and 1/3 on 2025 and 2026 grant date anniversaries  | &nbsp;&nbsp; 350,000 <br>(116,666 vesting 12/9/2024)  | &nbsp;&nbsp; 6367282  |
| &nbsp;&nbsp; 3/6/2025  | &nbsp;&nbsp; Restricted Stock Units  | &nbsp;&nbsp; 74712  | &nbsp;&nbsp; 7208660  |
| &nbsp;&nbsp; 10/16/2025  | &nbsp;&nbsp; Restricted Stock Units  | &nbsp;&nbsp; 1123400  | &nbsp;&nbsp; 8332060  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Grant Date  | &nbsp;&nbsp; Expiration Date  | &nbsp;&nbsp; Total Common Shares Underlying Grant  | &nbsp;&nbsp; Exercise Price  | &nbsp;&nbsp; Vesting Provisions  |
| &nbsp;&nbsp; 12/9/2024  | &nbsp;&nbsp; 12/8/2029  | &nbsp;&nbsp; 675000  | &nbsp;&nbsp; C$1.52  | &nbsp;&nbsp; Vests 1/3 annually on grant date and grant date anniversary in 2025 and 2026  |

---

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. The options were granted on 12/10/2020 and had an expiration date of 12/9/2025.

4912-4077-9381\1

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Trilogy Metals Inc.**

*(Name of Issuer)*

**Common Shares, no par value**

*(Title of Class of Securities)*

**89621C105**

*(CUSIP Number)*

**Kimberley Anderson**<br>Dorsey & Whitney LLP<br>701 Fifth Avenue, Suite 6100<br>Seattle WA 98104<br>(206) 903-8803

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**03/01/2024**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **89621C105** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Tony Giardini** | Name of reporting person<br>**Tony Giardini** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**ISRAEL** | Citizenship or place of organization<br>**ISRAEL** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**8169131.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**8169131.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**8169131.00** | Aggregate amount beneficially owned by each reporting person<br>**8169131.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**5.0%** | Percent of class represented by amount in Row (11)<br>**5.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** THIS SCHEDULE 13D IS BEING FILED LATE DUE TO AN INADVERTENT ADMINISTRATIVE ERROR

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, no par value

**(b) Name of Issuer:**
Trilogy Metals Inc.

**(c) Address of Issuer's Principal Executive Offices:**
Suite 901, 510 Burrard Street, Vancouver, A1, V6C 3A8

**Item 4. Purpose of Transaction**

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

**Item 5. Interest in Securities of the Issuer**

**(a)**
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.

**(b)**
See Exhibit 99.1 attached hereto

**(c)**
See Exhibit 99.1 attached hereto

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

None

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Tony Giardini

**Signature:** /s/ Tony Giardini

**Name/Title:** Reporting Person

**Date:** 10/24/2025