Shares of US. -listed minerals explorer Trilogy Metals kicked off Tuesday’s trading session, October 07, with a phenomenal move, nearly tripling investors’ wealth right after the opening bell, following reports of a stake purchase by the US government.

Trilogy Metals shares opened at $7.23 each on NYSE, up from the previous close of $2.09, and extended the opening rally to hit the day’s high of $7.98, marking an increase of 280%, its biggest single day jump since April 2012, according to the latest available data.

US secures stake in Trilogy metals, clears Ambler project

According to media reports, the White House late Monday announced a partnership with Trilogy Metals and approved road-building to connect the remote Alaskan district where it operates as part of a push to unlock domestic supplies of copper and other critical minerals in the Ambler mining district in Alaska.

The partnership includes a $35.6 million investment, making the US government a 10% shareholder in Trilogy Metals, to support mining exploration in Alaska and said it received warrants to purchase an additional 7.5% stake.

Australia-based South32 and Canada’s Trilogy jointly own the Ambler Metals project in northwest Alaska, which includes deposits of copper, zinc, silver, and other metals.

The Trilogy deal was paired with White House approval for the company’s appeal of a decision that had previously halted the Ambler Road Project. This proposed 211-mile road to a remote part of Alaska would enable access to large deposits of copper, cobalt, gallium, and germanium.

A proposed road to the remote area was rejected last year by the Biden administration over concerns about impacts on indigenous communities, wildlife, and the environment. On Monday, President Trump reversed that decision, stating there is no economically feasible alternative route.

Meanwhile, the latest deal echoes an earlier agreement for the US to acquire up to 15% of rare-earth producer MP Materials (MP). The Defense Department recently became the largest shareholder of rare earth miner MP Materials.

Earlier this month, the Energy Department also took a stake in lithium miner Lithium Americas, according to Barron’s.

Series of deals to cut dependence on mineral imports

Trump aims to boost domestic mineral production to reduce reliance on imports, especially from China. US officials have pledged to accelerate permitting while acquiring stakes in several mining firms.

Trilogy is a small-capitalization mining company developing projects in the Ambler district. It doesn’t generate significant sales yet.

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