Electrum Strategic Opportunities Fund L.P. - Apr 25, 2023 Form 4 Insider Report for Trilogy Metals Inc. (TMQ)

Role: 10%+ Owner
Signature: ELECTRUM STRATEGIC OPPORTUNITIES FUND L.P. By: /s/ Michael H. Williams, Authorized Person
Stock symbol: TMQ
Transactions as of: Apr 25, 2023
Transactions value $: $1,200,000
Form type: 4
Date filed: 4/26/2023, 04:45 PM

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TMQ	Common Shares	Purchase	$1.2M	+2.18M	+7.42%	$0.55	31.6M	Apr 25, 2023	By Electrum Strategic Opportunities Fund L.P.	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On April 25, 2023, Electrum Strategic Opportunities Fund L.P. ("ESOF") acquired 2,181,818 of the Issuer's Common Shares for an aggregate purchase price of $1,199,999.90 or $0.55 per Common Share.
F2	ESOF is an investment fund, of which The Electrum Group LLC is the investment adviser. ESOF GP Ltd. is the general partner of the sole general partner of ESOF.
F3	In accordance with 4(b)(iv) of the Form 4 instructions, the entire amount of the Issuer's securities held by ESOF is reported herein. For purposes of Section 16 of the Securities Exchange Act of 1934, each reporting person disclaims beneficial ownership of any such securities, except to the extent of his/its pecuniary interest therein, if an, and this report shall not be deemed an admission that such reporting person is the beneficial owner of such securities for the purposes of Section 16 or otherwise.