National Bank of Canada on Wednesday maintained its sector-perform rating on the shares of Trilogy Metals (TMQ.TO) and its $1.50 price target after U.S. President Donald Trump signed an executive order promoting resource development in Alaska where the company is promoting its Ambler Access Project.
The order places a temporary moratorium on the June 27 record of decision that stalled the project under the Biden administration and reinstates the prior July 23, 2020, supportive record of decision from the previous Trump administration.
National Bank sees the announcement as a positive step for Trilogy, as it signifies Trump's intention to advance critical minerals projects in Alaska, specifically supporting development of the Ambler Access Road and the UKMP projects.
The bank now awaits clarity on the legal framework for the executive order to be implemented and the next steps for the Ambler project.
The project boasts strong economics and a significant share-price rebound may be in the cards once resolution of permits is in sight, National Bank noted.
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