Minerals exploration company Trilogy Metals saw its shares surge over 200% in premarket trading after the White House announced a 10% stake in the company, aiming to unlock critical minerals in Alaska’s Ambler mining district.

The U.S. government’s $35.6 million investment in Trilogy Metals grants a one-tenth ownership stake, with an option to purchase an additional 7.5%, following similar investments in Intel, MP Materials, and United States Steel.

The move to invest in Trilogy Metals comes as part of the Trump administration’s strategy to secure access to vital minerals, despite criticism that government intervention could weaken the free market.

The decision to invest in Trilogy Metals and approve the Ambler Road Project, providing access to the mining district, contradicts the Biden administration’s previous block on the project last year.

The Ambler Road Project is controversial, with opponents arguing it will negatively impact local communities and wildlife, while the government cites the necessity for access to critical minerals and lack of feasible alternatives.

Trilogy Metals views the federal investment as a commitment to responsible resource development in Alaska, highlighting the Ambler Road as essential infrastructure under federal policy. The company’s shares soared up to 205% in premarket trading.

Read more at Yahoo Finance: Trilogy Metals is the latest in White House investment spree