Morningstar

Trilogy Shares Soar After Defense Department Agrees to Buy Stake

Provided by Dow Jones Oct 7, 2025, 10:41:00 AM

By Nicholas G. Miller

Shares of Trilogy Metals soared in premarket trading after the Defense Department agreed to buy a 10% stake in the company.

The stock almost tripled to $5.69 in off-hours trading after closing Monday up 80% so far this year.

The company said the Defense Department would invest $35.6 million for the development of critical mineral resources at the Upper Kobuk Mineral Projects in Alaska, a mining project jointly owned by Trilogy and South 32.

The Defense Department will buy half of its stake in Trilogy directly and the other half from South 32, which will reduce its stake in Trilogy to 6.3%.

The transaction also includes a call option for the Defense Department to buy more shares in Trilogy from South32 once a controversial 211-mile access road to the minerals-rich Ambler region is built.

Write to Nicholas G. Miller at nicholas.miller@wsj.com.

(END) Dow Jones Newswires

October 07, 2025 06:41 ET (10:41 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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