Doug Burgum, US secretary of the interior, points at a map in the Oval Office of the White House in Washington, DC, US, on Monday, Oct. 6, 2025.
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Shares of U.S.-listed minerals explorer Trilogy Metals surged more than 250% in premarket trade on Tuesday, shortly after the White House said it would take a 10% stake in the Canadian company.
The stock was seen trading up 248% in premarket deals at 1:09 p.m. London time (8:09 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.”
Trilogy Metals (TMQ) shares surged in premarket trade on Tuesday.
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.
Opponents to the long-debated Ambler Road project, a 211-mile industrial road through the Alaskan wilderness, have said it will harm landscapes that support local communities and wildlife.
China is the undisputed leader of the critical minerals supply chain, producing nearly 70% of the world’s supply of rare earths from mines and processing almost 90%, which means it is importing these materials from other countries and refining them.
Western officials have repeatedly flagged Beijing’s supply chain dominance as a strategic challenge, particularly given that critical mineral demand is expected to grow exponentially, as the clean energy transition picks up pace.
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