The Trump administration is in talks to take equity stakes in multiple critical minerals companies

The federal government will acquire a 10% ownership stake in Trilogy Metals, a Canadian company with mining claims in Alaska’s remote northwest, Interior Secretary Doug Burgum and the White House announced Monday.

The $35.6 million investment will support exploration in the Ambler Mining District. Under the agreement, the government will also hold warrants to purchase an additional 7.5% stake.

Burgum said the Pentagon is backing the deal to strengthen U.S. access to critical minerals. Trilogy Metals, which had five full-time employees as of November 2024, is an exploration and development company that owns a 50% interest in Ambler Metals LLC. Ambler, in turn, controls the Upper Kobuk Mineral Projects in Alaska.

On the same day, President Trump signed an executive order directing expanded use of Alaska’s resources and authorizing construction of a 200-mile road across the state.

At the signing, Burgum told reporters: “The Department of War, the United States government, is making an investment in Trilogy Metals. They are one of the companies with mining claims in a part of Alaska that is still remote wilderness. This investment ensures we’re securing critical mineral supplies for the country.” He said the federal stake would ultimately benefit Americans.

Trilogy did not immediately respond to requests for comment.

The company reported a net loss of $1.7 million in the quarter ending August 31, compared with a $1.6 million loss in the same period a year earlier, according to its website.

The announcement follows another government investment last week, when Energy Secretary Chris Wright revealed that the U.S. would take an equity stake in Lithium Americas to secure access to North America’s largest confirmed lithium deposit. Earlier this year, the Trump administration also acquired a 10% stake in Intel.