05:15 PM EDT, 10/06/2025 (MT Newswires) -- Trilogy Metals ( TMQ ) was at last look up 124% in after-hours New York trading Monday as it announced that it, South32 Limited and Ambler Metals LLC have entered into a binding letter of intent with the U.S. Government for an investment to advance exploration and development of the company's Upper Kobuk Mineral Projects (UKMP) in Alaska.

A statement noted the UKMP are held by Ambler Metals, the company's 50-50 joint venture with South32.

The U.S. government will invest approximately US$35.6 million for the development of critical mineral resources at the UKMP in transactions with Trilogy Metals ( TMQ ) and South32. The U.S. government will hold approximately 10% of Trilogy Metals ( TMQ ).

The company's shares were last seen up US$2.60 to US$4.69 after hours. They closed