Trilogy Metals Inc. — Director's Dealing 2016

Dec 23, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Trilogy Metals Inc. (TMQ)
CIK: 0001543418
Period of Report: 2016-12-23

Reporting Person: Sanders Elaine (VP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-23	Common Stock	M	69732	—	Acquired	406460	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-12-23	Restricted Stock Units	$	M	34866	Disposed		Common Stock (34866)	Direct
2016-12-23	Restricted Stock Units	$	M	31800	Disposed		Common Stock (31800)	Direct
2016-12-23	Restricted Stock Units	$	M	34866	Disposed		Common Stock (34866)	Direct
2016-12-23	Restricted Stock Units	$	M	31801	Disposed		Common Stock (31801)	Direct

Footnotes

F1: Each restricted stock unit represents a contingent right to receive one share of TMQ common stock. The conversion price of the underlying common shares as of the December 15, 2016 vest date was Cdn $0.63.

F2: The restricted stock units vest in three equal installments on December 15, 2016, December 15, 2017 and December 15, 2018.

F3: Each restricted stock unit represents a contingent right to receive one share of TMQ common stock. The conversion price of the underlying common shares as of the December 23, 2016 vest date was Cdn $0.64.

F4: The restricted stock units vest in three equal installments on December 23, 2015, December 23, 2016 and December 23, 2017.

F5: Pursuant to the terms of NovaCopper Inc. 2012 Restricted Share Unit Plan, a portion of the vested restricted stock units was paid in cash in lieu of delivery of the underlying common shares.