X0306 4 2017-12-07 0 0001543418 Trilogy Metals Inc. TMQ 0001007203 WALTERS DIANA J SUITE 1150, 609 GRANVILLE STREET VANCOUVER A1 V7Y 1G5 BRITISH COLUMBIA, CANADA 1 0 0 0 Director Stock Option (right to buy) 0.7864 2017-12-07 4 A 0 75000 0 A 2017-12-07 2022-12-06 Common Stock 75000 75000 D These shares can be exercised at a price of CAD$1.01 per share. For reporting purposes, the exercise price has been converted to US dollars based on the exchange rate reported by the Bank of Canada for the date of grant, which was US$1 = CAD$1.2843. /s/ Jennifer Harmer, as attorney-in-fact for Diana J. Walters 2017-12-08