Trilogy Metals had quite a day at the stock market thanks to the White House. The shares of the U.S.-listed minerals explorer Trilogy Metals reportedly surged more than 200% in premarket trade on Tuesday, shortly after the White House said it would take a 10% stake in the Canadian company.
The partnership included a $35.6 million investment, which makes the U.S. government a 10% shareholder in Trilogy Metals.
For Trilogy Metals, the White House’s move represents not only a major financial injection but also a powerful validation of its strategic importance in the critical minerals supply chain. With a 10% equity stake, the federal government has effectively positioned Trilogy as a cornerstone in its push for domestic resource security.
The approval of the long-contested Ambler Road project further reduces logistical barriers and accelerates Trilogy’s path toward development, making it more attractive to investors and potential partners.
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The company said in a statement that Trump’s order, which reverses the Biden administration’s rejection of the Ambler Road project, “reflects a renewed federal commitment to responsible resource development in Alaska and highlights the Ambler Road as critical infrastructure under federal policy.”
For the Trump administration, this action signals a bold shift in federal industrial strategy. Reversing the Biden-era opposition to Ambler Road, Trump is emphasizing domestic extraction and resource independence, particularly in strategic minerals like copper and cobalt. By taking direct equity stakes in companies, the administration is blurring the line between public policy and market participation, an aggressive, hands-on approach reminiscent of Cold War-era industrial planning.
More broadly, this move sets a precedent: the federal government is no longer just a regulator or grant provider, it’s now an investor. This raises important questions about market neutrality, national interest, and future political risk. While it may boost critical supply chains in the short term, it could also politicize investment decisions. Still, for Trilogy and its backers, this is a transformative moment, elevating a once-niche explorer into a nationally strategic enterprise.
The stock was seen trading up 214% in premarket deals at 12:05 p.m. London time (7:05 a.m. ET).
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Trilogy Metals Inc. is a Canadian mineral exploration and development company focused on the Ambler Mining District in northwest Alaska. Its primary assets include the high-grade Arctic and Bornite copper-rich projects, held through a 50/50 joint venture with South32 called Ambler Metals LLC. The company targets key metals like copper, zinc, cobalt, gold, and silver, crucial for the global energy transition.
Trilogy benefits from strong partnerships, including agreements with Alaska Native corporations and recent support from the U.S. federal government, which signaled strategic interest by backing infrastructure like the proposed Ambler Road. While Trilogy holds substantial resource potential, it faces challenges typical of early-stage miners, such as no current revenue, large capital requirements, permitting complexity, and dependence on commodity prices.
Nonetheless, its strategic assets, partnerships, and U.S. interest position it as a noteworthy player in North American critical minerals development. Trilogy trades under the symbol TMQ on the NYSE American and TSX.