Raymond James analyst Brian MacArthur upgraded Trilogy Metals (TMQ) to Outperform from Market Perform with a price target of C$4.25, up from C$2.50. Trilogy offers exposure to copper and zinc through its high-grade Arctic project in Alaska, supported by both the state government and the regional Native corporation NANA, the analyst tells investors in a research note. A new agreement among Trilogy, South32, Ambler Metals, and the U.S. Department of War aims to advance development of the Upper Kobuk Mineral projects, facilitate financing and permitting for the Ambler Road, and expedite mine approvals, with the DOW expected to acquire roughly a 10% stake in Trilogy upon transaction completion.
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