Trilogy Metals shares skyrocket on White House Investment
Shares of U.S.-listed minerals explorer Trilogy Metals soared as much as 205% in premarket trading on Tuesday, following the White House’s announcement that it would acquire a 10% stake in the Canadian company, News.Az reports, citing CNBC.
The stock was seen trading 183% higher in premarket deals at 9:54 a.m. London time (4:54 a.m. ET).
The White House on Monday announced a partnership with Trilogy Metals as part of a push to unlock domestic supplies of copper and other critical minerals in the Ambler mining district in Alaska.
The partnership included a $35.6 million investment, which makes the U.S. government a 10% shareholder in Trilogy Metals.
Trilogy Metals welcomed Trump’s decision to grant permits to enable the development of critical minerals in Alaska, saying the Ambler mining district is “home to some of the world’s richest known copper-dominant polymetallic deposits.”
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.”
It added that the move would help to secure domestic supply chains for minerals including copper, cobalt, zinc and lead, highlighting the importance of these resources in energy infrastructure, defense technologies and manufacturing.
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