# EDGAR Filing Document

**Accession Number:** 0001565641
**File Stem:** 0001193125-25-335357
**Filing Date:** 2025-12
**Character Count:** 18457
**Document Hash:** ac6c801660844f24b2f05fc127a130ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-335357.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001193125-25-335357

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**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/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-86837
- **FILM NUMBER:** 251609324

**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:** Electrum Group LLC
- **CENTRAL INDEX KEY:** 0001565641

**ORGANIZATION NAME:**
- **EIN:** 352425195
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**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

### Attached PDF Documents

**Attachment 1:** `ck0000000000-ex99_a.pdf`

_No text found in this document._

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 8)**

**Trilogy Metals Inc.**

*(Name of Issuer)*

**Common Shares**

*(Title of Class of Securities)*

**89621C105**

*(CUSIP Number)*

**The Electrum Group LLC**<br>600 Fifth Ave., 24th Fl.<br>New York NY 10020<br>(646) 365-1600

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

**12/26/2025**

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

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Electrum Strategic Opportunities Fund L.P.** | Name of reporting person<br>**Electrum Strategic Opportunities Fund L.P.** | |
| 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>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 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>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**31604741.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**31604741.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**31604741.00** | Aggregate amount beneficially owned by each reporting person<br>**31604741.00** | |
| 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>**18.5%** | Percent of class represented by amount in Row (11)<br>**18.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**The Electrum Group LLC** | Name of reporting person<br>**The Electrum Group LLC** | |
| 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>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 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>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**31604741.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**31604741.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**31604741.00** | Aggregate amount beneficially owned by each reporting person<br>**31604741.00** | |
| 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>**18.5%** | Percent of class represented by amount in Row (11)<br>**18.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**ESOF GP Ltd.** | Name of reporting person<br>**ESOF GP Ltd.** | |
| 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>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 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>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**31604741.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**31604741.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**31604741.00** | Aggregate amount beneficially owned by each reporting person<br>**31604741.00** | |
| 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>**18.5%** | Percent of class represented by amount in Row (11)<br>**18.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**GRAT Holdings LLC** | Name of reporting person<br>**GRAT Holdings LLC** | |
| 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>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 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>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| 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>**0.00** |
| 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>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 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>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Thomas Scott Kaplan** | Name of reporting person<br>**Thomas Scott Kaplan** | |
| 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>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 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>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**31604741.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**31604741.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**31604741.00** | Aggregate amount beneficially owned by each reporting person<br>**31604741.00** | |
| 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>**18.5%** | Percent of class represented by amount in Row (11)<br>**18.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares

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

**(c) Address of Issuer's Principal Executive Offices:**
510 Burrard Street, Suite 901, Vancouver, A1, V6C 3B8

This Amendment No. 8 (this "Amendment") amends the Schedule 13D filed by Electrum Strategic Resources LLC ("Electrum Strategic") on May 10, 2012, as amended by Amendment Nos. 1, 2, 3, 4, 5, 6 and 7 to the Schedule 13D filed on December 31, 2012, July 9, 2014, April 23, 2015, June 26, 2015, December 31, 2015, April 24, 2018 and April 26, 2023 (as amended, the "Schedule 13D") with respect to the common shares ("Common Shares") of Trilogy Metals Inc. (the "Issuer"), formerly known as NovaCopper Inc. The purpose of this Amendment is to report (i) changes in the number of Common Shares beneficially owned by GRAT Holdings LLC, a Delaware limited liability company ("GRAT Holdings"), and Thomas S. Kaplan, a natural person and citizen of the United States ("Kaplan"), as a result of transfers of Common Shares on December 26, 2025 by GRAT Holdings, Kaplan and Kaplan's spouse; and (ii) changes in the percentage of the Common Shares beneficially owned by the Reporting Persons (as defined below) as a result of changes in the number of outstanding Common Shares. All capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 is hereby amended and supplemented as follows:

On December 26, 2025, the previously disclosed 833,333 Common Shares held by GRAT Holdings and 10,000 Common Shares held by Tigris Financial Group Ltd. were transferred to accounts for the benefit of Kaplan or his spouse, and those shares together with the previously disclosed 113,739 Common Shares held directly by Kaplan were donated to a charitable foundation for no consideration.

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

**(a)**
Item 5(a) is hereby amended and restated as follows:

As of the date hereof, the Reporting Persons (and each of them) beneficially own the number of Common Shares set forth below. Percentage ownership is based upon 171,059,888 issued and outstanding Common Shares as of November 6, 2025, as reported in the Issuer's prospectus supplement filed pursuant to Rule 424(b)(5) with the Securities and Exchange Commission on November 7, 2025.

        (1)	All Reporting Persons

 	 	 Number of shares: 31,604,741
 	 	 Percentage of shares: 18.5%

 	(2)	ESOF

 	 	Number of shares: 31,604,741
 	 	Percentage of shares: 18.5%

 	(3)	ESOF GP

 	 	Number of shares: 31,604,741
 	 	Percentage of shares: 18.5%

 	(4)	TEG Services

 	 	Number of shares: 31,604,741
 	 	Percentage of shares: 18.5%

 	(5)	GRAT Holdings

 	 	Number of shares: 0
 	 	Percentage of shares: 0%

 	(6)	Kaplan

 	 	Number of shares: 31,604,741
 	 	Percentage of shares: 18.5%

**(b)**
Item 5(b) is hereby amended and restated as follows:

         (1)	ESOF

 	 	Sole power to vote or direct the vote: 0
 	 	Shared power to vote or direct the vote: 31,604,701*
 	 	Sole power to dispose or to direct the disposition: 0
 	 	Shared power to dispose or direct the disposition: 31,604,741*

 	(2)	ESOF GP

 	 	Sole power to vote or direct the vote: 0
 	 	Shared power to vote or direct the vote: 31,604,741*
 	 	Sole power to dispose or to direct the disposition: 0
 	 	Shared power to dispose or direct the disposition: 31,604,741*

 	(3)	TEG Services

 	 	Sole power to vote or direct the vote: 0
 	 	Shared power to vote or direct the vote: 31,604,741*
 	 	Sole power to dispose or to direct the disposition: 0
 	 	Shared power to dispose or direct the disposition: 31,604,741*

 	(4)	GRAT Holdings

 	 	Sole power to vote or direct the vote: 0
 	 	Shared power to vote or direct the vote: 0
 	 	Sole power to dispose or to direct the disposition: 0
 	 	Shared power to dispose or direct the disposition: 0

 	(5)	Thomas S. Kaplan

 	 	Sole power to vote or direct the vote: 0
 	 	Shared power to vote or direct the vote: 31,604,741*
 	 	Sole power to dispose or to direct the disposition: 0
 	 	Shared power to dispose or direct the disposition: 31,604,741*

* Consists of Common Shares held by ESOF.
ESOF GP is the general partner of the sole general partner of, and TEG Services is the investment adviser to, ESOF. TEG Services possesses voting and investment discretion with respect to assets of ESOF, including indirect investment discretion with respect to the Common Shares held by ESOF.

**(c)**
Except as disclosed in Item 4 to this Amendment, no Reporting Person nor any person named in Schedule A has effected any transaction in the Common Shares during the past 60 days.

### 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:** Electrum Strategic Opportunities Fund L.P.

**Signature:** /s/ Michael H. Williams

**Name/Title:** Michael H. Williams, Director

**Date:** 12/29/2025

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:** The Electrum Group LLC

**Signature:** /s/ Michael H. Williams

**Name/Title:** Michael H. Williams, Senior Managing Director

**Date:** 12/29/2025

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:** ESOF GP Ltd.

**Signature:** /s/ Michael H. Williams

**Name/Title:** Michael H. Williams, Director

**Date:** 12/29/2025

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:** GRAT Holdings LLC

**Signature:** /s/ Thomas S. Kaplan

**Name/Title:** Thomas S. Kaplan, Co-Chief Executive Officer

**Date:** 12/29/2025

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:** Thomas Scott Kaplan

**Signature:** /s/ Thomas S. Kaplan

**Name/Title:** Thomas S. Kaplan

**Date:** 12/29/2025