U.S.-listed shares of Trilogy Metals more than double premarket after U.S. administration takes stake in company, last up 191%

U.S.-listed shares of Trilogy Metals more than double premarket after U.S. administration takes stake in company, last up 191%

U.S.-listed shares of Trilogy Metals Inc. (TSX: TMQ) more than doubled premarket following an announcement by the U.S. administration. The shares were up by 191% as of the close of the market on September 12, 2025.

The U.S. administration announced a $35.6 million investment in Trilogy Metals, making the U.S. government a 10% shareholder in the company. The investment includes warrants to purchase an additional 7.5% stake in the Vancouver-based company. This move is part of the Trump administration's efforts to secure critical minerals and energy projects in Alaska.

The U.S. government's stake in Trilogy Metals is part of a broader strategy to counter China's dominance in the critical minerals industry. The administration has previously invested in other companies, such as Lithium Americas Corp. and MP Materials Corp., to support domestic mineral development.

The announcement comes as the U.S. government reverses a Biden-era decision to reject the Ambler Road project. The 211-mile (340-kilometer) highway would connect a remote mining district with deposits of copper, cobalt, gallium, germanium, and other minerals. The road would be a toll road constructed from gravel and would be sensitive to environmental concerns.

The U.S. shares of Trilogy Metals soared more than 150% in after-market trading following the announcement of the deal. The company didn't immediately respond to requests for comment. The planned investment is the latest example of the Trump administration taking stakes in North American critical minerals companies.

The Ambler Road project has been a contentious issue, with environmental groups arguing that the road would harm pristine landscapes and wildlife. However, the U.S. government and Alaska officials have emphasized the importance of the project for domestic mineral development and energy security.