Trilogy Metals shares soar as US takes strategic stake

Trilogy Metals

07/10/2025 10:47

Oct 7 (Reuters) -
U.S.-listed shares of Trilogy Metals TMQ.N skyrocketed in early premarket trading on Tuesday, nearly tripling in value to $5.83, after the White House said it would acquire a 10% stake in the Vancouver-based miner as part of the Trump administration's push to secure domestic supplies of critical minerals.

Washington has been taking equity stakes in industries it considers critical to national security, including critical minerals and semiconductor companies, as part of Trump's policy move to reduce reliance on China.

The U.S. government announced a $35.6 million investment in Trilogy Metals TMQ.TO on Monday after markets closed and said it had received warrants to purchase an additional 7.5% stake.

At current premarket prices, the Canadian miner was within reach of a $1 billion market value.

President Donald Trump also signed an executive order directing his administration to permit construction of an access road to Alaska's Ambler mining district, aiming to unlock domestic copper and other mineral resources.

Trilogy, a key developer in the Ambler district, operates a joint venture there with Australia's South32 S32.AX. Earlier in the day, South32 shares climbed as much as 6.1% to their highest since August 14.

The U.S. government has already taken a stake in Intel INTC.O, MP Materials MP.N and Lithium Americas LAC.TO. Earlier this week, Reuters reported the U.S. government was considering taking a stake in Critical Metals CRML.O.

 (Reporting by Johann M Cherian in Bengaluru; Editing by Tasim Zahid)