05:30 AM EDT, 10/07/2025 (MT Newswires) -- Trilogy Metals' ( TMQ ) shares soared more than 164% in premarket activity Tuesday after the metal exploration company said overnight that President Donald Trump has approved key federal permits for the Ambler Access Project in Alaska, removing a regulatory barrier.

The project, also known as Ambler Road, is a proposed 211-mile industrial-use-only road from the Upper Kobuk mineral projects to the Dalton Highway, the company said late Monday. The road would enable the advancement of exploration and development in the Ambler mining district in northwest Alaska.

Trump's decision approved an appeal by the Alaska Industrial Development and Export Authority to reverse the Biden Administration's decision in June 2024 and "directed relevant agencies to promptly reinstate, grant, and finalize all necessary permits and authorizations."

"This landmark decision is a turning point for Trilogy and for the future of domestic critical mineral development in the United States," Chief Executive Tony Giardini said in the statement.

Ambler Road enables Trilogy and its partners to move forward on the development of mining projects such as the Arctic and Bornite deposits, it said.

Trilogy holds a 50% interest in Ambler Metals, which owns the Upper Kobuk mineral projects in northwestern Alaska, according to the company statement.

Price: 5.53, Change: +3.44, Percent Change: +164.59