Trilogy Metals Stock Skyrockets 231%

(RTTNews) - Trilogy Metals Inc. (TMQ) surged 231.82 percent, jumping $4.85 to $6.93 on Tuesday, possibly due to yesterday's announcement that it, along with partners South32 Limited and Ambler Metals LLC, has entered into a binding letter of intent with the U.S. Department of War.

The stock is currently trading at $7.00, compared with a previous close of $2.09 on the New York Stock Exchange. Shares opened at $7.23 and have traded between $5.96 and $7.98 so far today, with trading volume soaring to 158.4 million shares massively above the average of 967,000.

Over the past 52 weeks, Trilogy Metals shares have ranged between $0.47 and $7.98.

The agreement, led by the Office of the Undersecretary of Defense for Acquisitions and Sustainment and the Office of Strategic Capital, involves an investment to advance exploration and development of Trilogy's Upper Kobuk Mineral Projects in Alaska.