Trilogy Metals Inc (TMQ 57.77%) jumped 61.59% to close at $10.60 as its post-announcement rally continued. Trading volume reached 147.7 million shares, more than 22 times its three-month average of 6.54 million. Shares hit a new 52-week high of $11.29 intraday.
The S&P 500 (^GSPC -0.16%) slipped 0.16% to 6,644.31, while the Nasdaq Composite (^IXIC -0.76%) fell 0.76% as markets remained pressured by renewed U.S.–China trade tensions.
Among mining peers, Perpetua Resources Corp (PPTA -0.73%) declined 0.73% to $27.19, and NovaGold Resources Inc (NG -1.30%) slipped 1.30% to $9.88.
The surge follows the October 6 announcement that the U.S. Department of Defense will invest $35.6 million for an estimated 10% ownership stake in Trilogy. The move supports the company's work in Alaska's Ambler mining district, which holds some of the world's richest known copper-dominant polymetallic deposits. The investment has lifted Trilogy's shares 401.9% since the news and highlights growing government interest in securing domestic sources of copper, cobalt, zinc, and lead--materials essential for energy infrastructure, defense technology, and advanced manufacturing. Investors will be watching for progress on permitting, project development, and further government partnerships in the months ahead.
Market data sourced from Google Finance and Yahoo! Finance on Tuesday, Oct. 14, 2025.
