Trilogy Metals Inc. — Director's Dealing 2019

May 24, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Trilogy Metals Inc. (TMQ)
CIK: 0001543418
Period of Report: 2019-05-22

Reporting Person: Gowans James (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-22	Director Stock Options (right to buy)	$2.54	A	37500	Acquired	2024-05-22	Common Shares (37500)	Direct
2019-05-22	Deferred Share Units	$0	A	75000	Acquired		Common Shares (75000)	Direct

Footnotes

F1: Converted from Canadian $3.41 using an exchange rate of 1.3410.

F2: The deferred share units vest immediately; however, the underlying common shares will not be issued to the grantee, and the grantee shall not have any voting or dispositive rights with respect to the underlying common shares, until termination of the grantee's employment or services as a director of the Issuer. The grants will expire no later than 90 days after the grantee's termination date.