Trilogy Metals-South32 Venture Sets 2026 Budget to Push Ahead With Alaska Minerals Development

Dow Jones Newswires

By Robb M. Stewart

Trilogy Metals' jointly-held mining project in northwestern Alaska is targeting mine permit submissions next year, potentially leveraging federal expedited programs after the Defense Department recently bought a stake in the Canadian company.

Ambler Metals, which Trilogy equally owns with Australia-based South32, also aims to re-establish an independent management team in 2026 that will be dedicated to overseeing the next stages of advancement at the mining development, Trilogy said.

Ambler has approved a program and $35 million budget as the venture prepares to initiate the mine permitting process for its Arctic project. Trilogy said the venture could look to take advantage of expedited programs including FAST-41, a U.S. federal framework designed to boost coordination, transparency and predictability for permitting critical infrastructure projects.

Ambler plans to advance engineering, environmental and technical programs required to support a future final investment decision for mine construction and operations in parallel with the permitting process, Trilogy said.

Trilogy said exploration activities in 2026 will focus mainly on the Arctic project, part of the broader Upper Kobuk minerals projects in Alaska that include deposits of copper, zinc, silver and other metals.

The joint venture plans to open its Bornite camp during the 2026 summer field season to conduct geotechnical and exploration drilling, along with general camp maintenance to support future programs.

Ambler also continues to evaluate possible early-stage funding to support access to mining projects. Known as Ambler Road, the proposed 211-mile, industrial-use-only road would connect the Ambler mining district to the Dalton Highway to allow exploration and development of the Upper Kobuk minerals projects.

President Trump recently reversed a decision by the Biden administration rejecting a proposed road to the remote area.

In October, South32 agreed to sell roughly $17.8 million of stock in Trilogy to the Defense department as part of a deal for the U.S. to secure a 10% stake in the mineral-exploration company.

Write to Robb M. Stewart at robb.stewart@wsj.com

Risk Warnings and Disclaimers

You understand and acknowledge that there is a high degree of risk involved in trading. Following any strategies or investment methods may lead to potential losses. The content on the site is provided by our contributors and analysts for information purposes only. You are solely responsible for determining whether any trading assets, securities, strategy, or any other product is suitable for investing based on your own investment objectives and financial situation.

Add to Favorites

Canada Net Change Percentage Gainers & Losers

Dow Jones Newswires

 
                              GAINERS 
 
COMPANY                   SYMBOL      LAST   CHANGE   PERCENT        VOLUME 
-------                   ------      ----   ------   -------        ------ 
Dye & Durham                 DND      3.28     0.57     21.03       938,586 
Caldwell Partners Intl       CWL      0.78     0.11     16.42        35,205 
TerrAscend                  TSND      0.62     0.07     12.73        19,072 
Corus Entertainment Cl B   CJR.B     0.045     0.01     12.50        85,272 
Enthusiast Gaming Hldgs     EGLX      0.06     0.01      9.09        52,480 
Baylin Technologies          BYL       0.3     0.03      9.09        57,430 
Trilogy Metals               TMQ      6.11     0.39      6.82       263,427 
Eastern Platinum             ELR     0.235     0.02      6.82        32,500 
TFI International           TFII    121.15     7.31      6.42       105,261 
Akita Drilling Cl A        AKT.A      1.86     0.11      6.29        22,312 
 
                              LOSERS 
 
COMPANY                   SYMBOL      LAST   CHANGE   PERCENT        VOLUME 
-------                   ------      ----   ------   -------        ------ 
Global Educ Communities      GEC      0.26    -0.08    -23.53         2,470 
Vertiqal Studios            VRTS      0.02    -0.01    -20.00       200,150 
Star Diamond                DIAM      0.03    -0.01    -14.29     1,518,020 
Greenlane Renewables         GRN      0.18    -0.03    -14.29       433,790 
Northcliff Resources         NCF     0.315    -0.03     -8.70       673,169 
Medipharm Labs              LABS     0.065    -0.01     -7.14       111,264 
Lithium Argentina            LAR      6.82    -0.51     -6.96       242,628 
Avicanna                    AVCN     0.235    -0.02     -6.00       122,701 
Tidewater Midstream          TWM      4.70    -0.30     -6.00        14,305 
Ivanhoe Electric              IE     15.99    -1.02     -6.00         7,780 
 
 
Only includes stocks with at least 1,000 shares traded today. 
 
Data are delayed at least 15 minutes. 
 
Source: Dow Jones Market Data

Risk Warnings and Disclaimers

Add to Favorites

Canada Net Change Percentage Gainers & Losers

Dow Jones Newswires

Trilogy Metals

-10.14%

 
                              GAINERS 
 
COMPANY                   SYMBOL      LAST   CHANGE   PERCENT        VOLUME 
-------                   ------      ----   ------   -------        ------ 
RTG Mining                   RTG     0.035     0.01     16.67       375,145 
MTY Food Group               MTY     38.27     4.54     13.46       574,550 
Trilogy Metals               TMQ      5.58     0.65     13.18       512,096 
Corus Entertainment Cl B   CJR.B     0.045     0.01     12.50        96,308 
Fennec Pharmaceuticals       FRX     12.45     1.30     11.66         1,605 
Verde AgriTech               NPK      0.95     0.09     10.47       196,418 
Conifex Timber               CFF      0.23     0.02      9.52        33,500 
Birchtech                   BCHT      1.16     0.09      8.41        59,606 
Optiva                       OPT     0.195     0.02      8.33        29,566 
Charlotte's Web Holdings    CWEB     0.135     0.01      8.00       102,963 
 
                              LOSERS 
 
COMPANY                   SYMBOL      LAST   CHANGE   PERCENT        VOLUME 
-------                   ------      ----   ------   -------        ------ 
Appili Therapeutics         APLI      0.02    -0.01    -20.00         4,750 
Northcliff Resources         NCF      0.33    -0.07    -17.50     1,563,151 
Canacol Energy               CNE      1.53    -0.28    -15.47       396,788 
Enthusiast Gaming Hldgs     EGLX     0.055    -0.01    -15.38        75,764 
Golden Minerals             AUMN     0.345    -0.06    -13.75        38,087 
Eastern Platinum             ELR      0.21    -0.03    -12.50       600,330 
BriaCell Therapeutics        BCT     11.40    -1.53    -11.83         3,929 
Avicanna                    AVCN     0.225    -0.03    -11.76       226,857 
Beyond Oil                  BOIL      3.40    -0.44    -11.46       236,467 
Questerre Energy             QEC      0.31    -0.04    -11.43        23,242 
 
 
Only includes stocks with at least 1,000 shares traded today. 
 
Data are delayed at least 15 minutes. 
 
Source: Dow Jones Market Data

Risk Warnings and Disclaimers

Add to Favorites

These Five Stocks Could Get a Government Boost — Barrons.com

Dow Jones Newswires

By Teresa Rivas

The U.S. government is taking stakes in a number of companies and the market is enamored of the idea. Buying into stocks that might be next on Washington's list could be a good way to see gains.

The Trump Administration has already taken equity stakes via warrants in four publicly traded companies: MP Materials, Intel, Lithium Americas, and Trilogy. Similar deals have been inked with an Alcoa Gallium project in Australia, where the government will receive gallium output in proportion to its capital contribution, and a Cameco/ Brookfield partnership to develop nuclear energy. It also announced a partnership with American Resources's Corporation subsidiary ReElement Technologies, and a private company, Vulcan Elements.

It's a big departure from modern administrations, which have limited government equity stakes mostly to essential services or periods of crisis, notes Evercore ISI's Julian Emanuel. However, the market is looking favorably on the change, assuming that companies on the receiving end will see other government-related benefits, like smoother regulatory and permitting approvals, favorable contracts, and protection from foreign competition.

"The chosen companies may ultimately come to represent America's new 'National Champions'-- a selected set of firms in strategic sectors that are deeply intertwined with the state and receive favorable government support to safeguard and advance national economic and security interests," he writes. "Among the recent deals, perhaps the clearest example of this is Intel, where the government's intervention appears intended to ensure there will continue to be an indigenous leading-edge semiconductor manufacturer amidst fierce foreign competition."

While no two agreements are alike, Emanuel notes there are some common factors. While most deals have focused on critical minerals, that's started to broaden, with semiconductors, nuclear facilities, quantum computing and pharmaceuticals as other areas of interest for the current administration. Defense production is another key factor, and companies that already have relationships with the government through grants or loans may also be more likely to be chosen. With these factors in mind, Evercore screened for potential partners, scoring companies on five factors, in descending order: strategic alignment, geoeconomic and supply chain relevance, policy triggers, market position and scale, and balance sheet strength and operational readiness. Analysts then narrowed the list down to their five most promising candidates.

First is Wolfspeed, a semiconductor company specializing in silicon carbide (SiC) technology. The company controls its entire supply chain from start to finish--one of the few of its peers--meaning it would reduce U.S. dependence on foreign suppliers, and it already had $1.5 billion in CHIPS Act funding.

Next is Amkor Technology, a high-performance chip maker that would bolster the administration's reshoring efforts and alleviate concerns about the supply chain bottleneck in advanced semiconductor packaging, an area currently dominated by companies. It too received support from the CHIPs Act.

Centrus Energy is third. China and Russia dominate the current uranium enrichment supply chain, which creates bottlenecks and geopolitical risks. Centrus can bolster the U.S.'s nuclear energy positioning, as its Piketon, Ohio, facility is the only site with a Nuclear Regulatory Commission producing high-assay low-enriched uranium (HALEU).

Albemarle, a global lithium producer, is fourth on the list, given this mineral's importance to U.S. national security and the economy. It not only has domestic operations but it also has projects in countries like Australia and Chile it is helping to secure diversified lithium sourcing.

Finally Ioneer benefits from executive orders mandating increased domestic production of boron. In particular, the company's Rhyolite Ridge Lithium-Boron Project in Nevada can alleviate U.S. vulnerabilities in those minerals' supply chains, by establishing a major domestic source with innovative low-cost, low-impact extraction methods.

Write to Teresa Rivas at teresa.rivas@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

Risk Warnings and Disclaimers

Add to Favorites

Want to mimic what stocks the US buys? There may be an ETF soon

Moneycontrol

Wall Street is riding this era of American state capitalism — tracking it, packaging it and offering it back to investors through a new ETF.

Roundhill Financial Inc. has submitted paperwork to launch an exchange-traded fund that would replicate the US government’s capital allocation strategy. The move comes as federal officials take an increasingly direct role in markets under Donald Trump’s industrial strategy: acquiring equity stakes in strategic sectors, tying conditions to public funding and asserting influence over corporate decisions.

If approved by the US Securities and Exchange Commission, which is currently affected by the shutdown, the Roundhill USA Government Portfolio ETF (proposed ticker: USAG) would track flows into industries that would reflect the US government’s investment strategy. Treasury Secretary Scott Bessent has said the White House is targeting, among other things, industries vital to national security to reduce America’s dependence on China.

What began as a tactical response to supply chain disruptions and competition with China is starting to look like the new norm. By following federal capital, the ETF turns a political worldview into an investable thesis.

This ETF “demonstrates an attempt to monetize this administration’s far more activist approach toward certain industries and companies,” said Steve Sosnick, chief strategist at Interactive Brokers. “It’s a fascinating sign of the times that a fund of this type might be launched.”

Lithium Americas Drifting Back Toward Earth | Stock soared after deal with US before paring gains

Among the government’s reported stakes: 10% in Trilogy Metals Inc., a $400 million position in MP Materials Corp., roughly 5% in Lithium Americas Corp., a “golden share” in United States Steel Corp. and 10% of Intel Corp.

The fund could be mistaken for another entry in the crowded world of thematic ETFs — where investing meets storytelling, and narrative often outruns performance. But its premise reflects something deeper: a shift in how markets now price political will.

“It’s an interesting idea, but it sounds like just another flavor-of-the-month ETF,” said Jack Ciesielski, an investor and accounting analyst at R.G. Associates, of the filing. “More duck food for the ducks.”

To be sure, government investments are typically disclosed after the fact — once speculation of a deal has already moved markets. That means any ETF attempting to mirror those positions may enter after the biggest gains have been made, limiting its potential for outperformance.

Critics warn that the government’s heavy-handed tactics risk distorting markets and shifting the balance of power between the state and the private sector. But some proponents argue it’s long overdue for Washington to play a stronger investment role in the economy. Count Peter Tchir of Academy Securities as a supporter.

“Production for Security is going to be a driving force for government, corporate and asset manager policy,” he said, calling the trend “the new ESG” — a theme he believes could soon shape markets just as sustainability once did. “Owning what the government is buying makes sense on multiple levels.”

Tchir is now developing indexes that go beyond just mirroring public holdings to capture a broader investment thesis.“As a massive consumer, the government can direct its spending to these companies,” Tchir said. “Whether just as a signal or with encouragement from the government, companies we invested in should benefit.”

Risk Warnings and Disclaimers

Add to Favorites

Canada Net Change Percentage Gainers & Losers

Dow Jones Newswires

 
                              GAINERS 
 
COMPANY                   SYMBOL      LAST   CHANGE   PERCENT        VOLUME 
-------                   ------      ----   ------   -------        ------ 
Aclara Resources             ARA      4.32     1.07     32.92     1,324,606 
Vertiqal Studios            VRTS     0.025     0.01     25.00        28,000 
Aberdeen International       AAB     0.035     0.01     16.67        32,000 
Xtract One Technologies     XTRA      0.82     0.11     15.49     2,051,023 
Cavvy Energy                CVVY      0.83     0.11     15.28       555,059 
Invesque                     IVQ     0.125     0.01      8.70        25,670 
Baylin Technologies          BYL     0.315     0.03      8.62       182,289 
Dye & Durham                 DND      5.00     0.38      8.23     1,122,070 
Perpetua Resources          PPTA     34.75     2.15      6.60       691,795 
Gunnison Copper              GCU     0.415     0.03      6.41       521,727 
 
                              LOSERS 
 
COMPANY                   SYMBOL      LAST   CHANGE   PERCENT        VOLUME 
-------                   ------      ----   ------   -------        ------ 
Else Nutrition Holdings     BABY     0.015    -0.01    -25.00       483,140 
Trilogy Metals               TMQ      6.95    -1.43    -17.06       601,468 
Star Diamond                DIAM      0.03    -0.01    -14.29        62,271 
NGEx Minerals               NGEX     22.43    -3.43    -13.26       859,016 
NXT Energy Solutions         SFD       0.4    -0.06    -13.04        31,510 
Silver Bull Resources        SVB      0.27    -0.04    -12.90       101,494 
Silver Elephant Mining      ELEF       0.3    -0.04    -11.76       257,507 
Solitario Resources          SLR      0.95    -0.12    -11.21       113,900 
Energy Fuels                 EFR     26.72    -3.17    -10.61     2,769,383 
Northcliff Resources         NCF      0.17    -0.02    -10.53       347,242 
 
 
Only includes stocks with at least 1,000 shares traded today. 
 
Data are delayed at least 15 minutes. 
 
Source: Dow Jones Market Data

Risk Warnings and Disclaimers

Add to Favorites

Trilogy Metals Shares Rise on Permits to Build Ambler Access Road in Alaska

Dow Jones Newswires

Trilogy Metals

-10.14%

By Adriano Marchese

Shares of Trilogy Metals were higher after it said regulatory permits have been reissued to build an industrial road connecting its properties to the main Alaska highway network.

Shares traded 13% higher in Toronto at 8.23 Canadian dollars ($5.88).

The Vancouver, British Columbia-based company said the Alaska Industrial Development and Export Authority has now secured right-of-way permits from federal agencies that re-establish federal authorization for the road, following a presidential directive earlier this month.

The permits are for the Ambler Access Project, a proposed 211-mile industrial road in Northwest Alaska that would connect the Trilogy's Upper Kobuk Mineral Projects to the Dalton Highway.

Earlier this month, the U.S. Defense Department agreed to buy a roughly 10% stake in the company, investing $35.6 million for the development of critical mineral resources at the Upper Kobuk Mineral Projects, jointly owned by Trilogy and South 32.

Write to Adriano Marchese at adriano.marchese@wsj.com

Risk Warnings and Disclaimers

Add to Favorites