Shares of Trilogy Metals more than triple after U.S. government investment

TORONTO — Shares of Trilogy Metals Inc. more than tripled in early trading after the U.S. government announced it would take a 10 per cent stake in the mineral exploration company.

Shares in the Vancouver-based company were up C$7.86 at C$10.79 on the Toronto Stock Exchange.

Trilogy said Monday the U.S. government would invest US$35.6 million for the stake plus options to increase it further in the future.

The transaction remains subject to regulatory and other approvals.

The announcement came as U.S. President Donald Trump signed an executive order that directs a road to be built in Alaska allowing access to the Ambler mining district, an area rich in copper where Trilogy Metals has an interest through a joint venture.

The Ambler Road project was approved during the first Trump administration, but was later blocked by the Biden administration after an analysis determined the project would threaten caribou and other wildlife and harm Indigenous peoples that rely on hunting and fishing.

This report by The Canadian Press was first published Oct. 7, 2025.

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The Canadian Press