Washington — The federal government will acquire a 10% stake in a Canadian-based company that has mining claims in remote northwestern Alaska, Interior Secretary Doug Burgum and the White House announced Monday.
The $35.6 million investment in Trilogy Metals, Inc., will support mining exploration in Alaska’s Ambler Mining District, the White House says. The federal government’s agreement with the company includes warrants to purchase an additional 7.5% of the company.
Burgum announced that the Pentagon is investing in Trilogy Metals, Inc., which he says will help secure critical mineral supplies. Trilogy Metals, a company that had five full-time employees as of November 2024, describes itself as a metals exploration and development company that holds a 50% interest in Alaska-based Ambler Metals LLC. Ambler has a 100% interest in the Upper Kobuk Mineral Projects in northwestern Alaska.
On Monday, President Trump signed an executive order to boost the use of Alaska’s resources and build a 200-mile road in the country’s largest geographical state.
Burgum told reporters at the signing that “the Department War, the United States government, is making an investment” in Trilogy Metals. He added, “They’re one of the companies that has mining claims in this area that is remote wilderness right now. And again, making that investment so we can make sure that we’re securing these critical mineral supplies.” He said the U.S. ownership stake would benefit Americans.
Trilogy did not immediately respond to a request for comment.
In the three-month period ending Aug. 31, Trilogy reported a net loss of $1.7 million compared to a net loss of $1.6 million for the same three-month period ending Aug. 31, 2024, the company said on its website.
Last week, Energy Secretary Chris Wright announced the U.S. would take an equity stake in another Canadian company, Lithium Americas, which he said would secure “our nation’s access to the largest confirmed lithium deposit in North America.” The Trump administration also took a 10% stake in chip manufacturer Intel earlier this year.
