The U.S. just took a stake in another resources company - and the stock is tripling

By Steve Goldstein

US President Donald Trump listens as Interior Secretary Doug Burgum (R) points at a map of Alaska and Energy Secretary Chris Wright (L) looks on after Trump signed an executive order in the Oval Office at the White House in Washington, DC, on October 6, 2025.

Trilogy Metals shares tripled in premarket trade on Tuesday as the U.S. government took a 10% stake in a company exploring in Alaska for copper and other metals.

The White House late on Monday said it was taking a 10% stake in Vancouver, Canada-based Trilogy, worth some $35.6 million, with warrants to buy another 7.5% of the company.

Trilogy's U.S.-listed shares (TMQ) (CA:TMQ) jumped to $7.37 in opening trade, from $2.09 on Monday.

The deal is reminiscent of the earlier agreement for the U.S. to buy as much as 15% of rare-earths producer MP Materials (MP).

Related: Companies are lining up for U.S. government investment, says banker on MP Materials deal

The Trilogy deal was paired with White House approval for the company's appeal of a decision that previously stopped what's called the Ambler Road Project from going forward. It's a proposed 211-mile road to a remote part of Alaska to enable access to large deposits of copper, cobalt, gallium and germanium.

South32 (AU:S32), its 50-50 partner on the project, said it was selling $17.8 million of Trilogy shares to the U.S. government as well as issuing a call option for the U.S. government to buy another 6.2 million shares.

-Steve Goldstein

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10-07-25 0936ET