Shares of Trilogy Metals tripled their gains in premarket trading on Tuesday after the White House said it would acquire a 10% stake in the Vancouver-based miner.
US-listed shares (TMQ) were at $5.69, valuing the company just shy of a $1 billion market capitalization.
Washington has been taking equity stakes in industries it considers essential to national security, including critical minerals and semiconductor companies, as part of President Donald Trump’s wider policy to reduce reliance on China.
The US 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%