• U.S. invests $35.6 million in Trilogy Metals
• Trump permits access road to Alaska's Ambler district
• Australia's South32 shares rise after Trilogy news

Oct 7 (Reuters) - Shares of Trilogy Metals (TMQ.TO) , opens new tab tripled their gains in premarket trading on Tuesday after the White House said it would acquire a 10% stake in the Vancouver-based miner.

U.S.-listed shares were at $5.69, valuing the company just shy of a $1 billion market capitalization.

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Washington has been taking equity stakes in industries it considers essential to national security, including critical minerals and semiconductor companies, as part of President Trump's wider policy to reduce reliance on China.

The U.S. government announced a $35.6 million investment in Trilogy on Monday after markets closed and said it had received warrants to purchase an additional 7.5% stake.

President Donald Trump also signed an executive order directing his administration to permit construction of an access road to Alaska's Ambler mining district, an area that could also yield deposits of rare earths.

The order overturns the Biden administration's 2024 decision , opens new tab blocking a 211-mile (340 km) road over concerns that mining could threaten caribou and fish vital to dozens of Native subsistence communities.

Trilogy, a key developer in the Ambler district, operates a joint venture there with Australia's South32 (S32.AX) , opens new tab. Earlier on Tuesday, South32's shares climbed as much as 6.1% to their highest since August 14.

"The federal backing and executive orders reduce political and regulatory uncertainty around the road/access for the Ambler Project," a group of Royal Bank of Canada analysts led by Kaan Peker said in a note.

"While the timing of final permits, legal challenges and first production are uncertain, we believe this decision unlocks a major gating constraint; resulting in a higher probability for Ambler reaching development and hence higher option value for the project."

As part of Trump's policy shift, the U.S. government has already invested in (INTC.O) , opens new tab, MP Materials (MP.N) , opens new tab and Lithium Americas (LAC.TO) , opens new tab, with Reuters reporting that Critical Metals (CRML.O) , opens new tab is also under consideration.

https://www.reuters.com/business/trilogy-metals-shares-soar-us-takes-strategic-stake-2025-10-07/