05:40 PM EDT, 10/06/2025 (MT Newswires) -- Trilogy Metals ( TMQ ) reported Monday that the US government will acquire a 10% stake in the company as the Trump administration moves to support mining exploration in Alaska's Ambler Mining District.

Shares soared more than 131% in recent after-hours trading.

The metals explorer said the Department of War will invest around $35.6 million to advance the development of critical mineral resources at its Upper Kobuk Mineral Projects, or UKMP, in northwestern Alaska.

UKMP is held through Ambler Metals, Trilogy's 50/50 joint venture with South32, the company added.

Accordingly, the US government will invest around $17.8 million in Trilogy Metals ( TMQ ) in return for 8.2 million units at $2.17 per unit. The remaining $17.8 million will be paid to South32 in exchange for 8.2 million Trilogy shares it currently holds and a 10-year call option for additional shares.