Director Diana J. Walters filed a Form 4 with the SEC on September 1, 2026, disclosing the acquisition of Deferred Share Units in Trilogy Metals Inc., listed on NYSE:TMQ.

Key Highlights

  • Reporting person: Diana J. Walters, identified as a Director of Trilogy Metals Inc.
  • Transaction date: September 1, 2026, with transaction code "A" (acquired).
  • DSUs acquired: 950.901 Deferred Share Units at a price of $0, each representing the right to receive one common share.
  • Total DSUs held following transaction: 557,636.237, held directly.
  • Vesting: DSUs vest immediately, but the underlying common shares are not issued until termination of the grantee's employment or service as a director.
  • Grant type: Non-discretionary issuance pursuant to elections made by plan participants prior to the commencement of the current fiscal year.

Walters Receives Non-Discretionary DSU Grant Under Trilogy Metals Deferred Share Plan

According to the Form 4 filed on September 1, 2026, Diana J. Walters, a Director of Trilogy Metals Inc. (NYSE:TMQ), acquired 950.901 Deferred Share Units at a price of $0 under a non-discretionary issuance. The filing states that the DSUs were issued "pursuant to elections made by plan participants prior to the commencement of the current fiscal year," indicating the grant followed a pre-established plan structure rather than a discretionary award.

The filing discloses that the DSUs vest immediately upon issuance. However, according to the filing's explanation of responses, "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 filing further states that "the grants will expire no later than 90 days after the grantee's termination date."

Following this transaction, Walters beneficially owns 557,636.237 DSUs in total, held directly, with each DSU representing a right to 950.901 underlying common shares as recorded in Table II of the filing. The Form 4 was signed by Elaine Sanders as attorney-in-fact for Diana J. Walters on September 1, 2026.

What Was Disclosed

The filing reports a non-discretionary acquisition of 950.901 DSUs at $0 by Trilogy Metals Director Diana J. Walters on September 1, 2026, bringing her total directly held DSUs to 557,636.237. Underlying common shares are not issuable until her directorship ends.