Trilogy Metals Inc. (NYSE American: TMQ) shares surged more than 200% on Tuesday after the White House announced a 10% stake in the Canadian mining company as part of a new partnership to boost domestic supplies of critical minerals. The stock later traded at $7.01, up 7.85% at 19:13 GMT+5:30.
The U.S. government’s $35.6 million investment makes it a 10% shareholder in Trilogy Metals, which is developing the Ambler mining district in Alaska—an area rich in copper and other polymetallic deposits. The initiative forms part of Washington’s broader strategy to secure essential mineral resources vital for clean energy and defense industries.
Trilogy Metals praised President Trump’s decision to grant new permits for Alaska’s Ambler Road project, calling it “a renewed federal commitment to responsible resource development.” The company noted that the Ambler district holds “some of the world’s richest known copper-dominant polymetallic deposits.”
Trump’s order reverses the Biden administration’s earlier rejection of the project, marking a significant policy shift in federal support for mineral exploration in Alaska.
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