New York, January 26, 2026, 04:56 EST — Premarket
- TMQ jumped roughly 12.6% in U.S. premarket, building on gains from last week.
- A new U.S. report on critical minerals has brought the sector back into traders’ focus.
- Investors await fresh company remarks at the mining conference kicking off Jan. 27.
Trilogy Metals Inc shares jumped 12.6% to $6.99 in Monday premarket trading, following a 7.3% gain to $6.21 on Friday. 1
This latest shift matters by keeping focus on a niche but volatile segment: developers linked to Washington’s drive to secure supplies of “critical minerals” like copper, lithium, and rare earths vital for defense and electronics.
Trilogy’s story still hinges on one key issue: how fast federal backing turns into permits, funding, and crews working in Alaska.
Over the weekend, Reuters revealed that the Trump administration will acquire a 10% stake in USA Rare Earth through a $1.6 billion debt and equity arrangement. An investor call is set for Monday to explain the details of the deal. 2
Vancouver-based Trilogy is advancing copper and cobalt projects in Alaska’s Ambler Mining District via a 50/50 joint venture with South32. The success of these projects depends heavily on securing access and permits, with the company repeatedly emphasizing the critical need for an industrial road into the area.
In December, Trilogy revealed that Ambler Metals signed off on a roughly $35 million budget for 2026 and aimed to submit mine permits this year. The plan could involve FAST-41, a U.S. initiative designed to accelerate coordination on major infrastructure permits. Trilogy also reported holding over $50 million in cash and anticipated more funding following the close of a previously announced U.S. government investment. 3
A Jan. 20 filing featured a company statement revealing that Trilogy has bolstered its advisory and leadership teams in anticipation of ramped-up “mine permitting and project activity” at the joint venture. “We progress towards closing the US government’s investment in Trilogy,” CEO Tony Giardini said in the release. 4
Trilogy has stood out on that policy front since October, when Trump signed an executive order greenlighting the Ambler access road. The White House also announced plans for the U.S. to take a strategic stake in the company. “A strong vote of confidence in the Ambler Mining District,” said Ambler Metals managing director Kaleb Froehlich at the time. 5
That downside risk is still very much in play. The path forward is riddled with political and legal hurdles, and any setbacks or new obstacles could stretch timelines and hike expenses, putting the stock at risk following recent sharp gains.
Traders are set to tune in for new remarks from management at TD Cowen’s Annual Global Mining Conference kicking off Jan. 27. The company confirmed CFO Elaine Sanders is slated to speak. 6
