Shares in Trilogy Metals Inc. have exploded following an announcement by the U.S. government saying it will take a 10% stake in the Canadian minerals explorer.
The plan is part of the government’s $35.6 million investment to secure critical energy and mining projects in Alaska.
Speaking from the White House, President Trump announced that the plan is reversing a Biden-era decision to reject Ambler Road, a project aimed at gaining access to vast critical mineral deposits to facilitate important energy and mining initiatives.
“This was something that should have been long operating and making billions of dollars for our country and supplying a lot of energy and minerals and everything else,” Trump stated.
The Ambler Access Project, also known as Ambler Road, is a proposed 211-mile industrial-only road connecting the Ambler Mining District to the Dalton Highway. It aims to facilitate exploration and development of the Company’s mineral projects in Northwest Alaska, rich in copper, cobalt, gallium, germanium, and other minerals. The project is managed by The Alaska Industrial Development and Export Authority (AIDEA), a public corporation of the State of Alaska.
Tony Giardini, President and CEO of Trilogy Metals told investors, “This proposed partnership with the U.S. Government represents a significant milestone for Trilogy Metals and for the development of a secure, domestic supply of critical minerals for America in Alaska. The Department of War’s interest underscores the strategic importance of the Upper Kobuk Mineral Projects in supporting U.S. energy, technology, and national security priorities. We look forward to working with our partners at South32, federal and state agencies, and Alaska Native communities to advance this world-class district responsibly and collaboratively.”
Shares of Trilogy surged by over 200% after the deal was announced.
By CEO NA Editorial Staff
