Billionaire Paulson sells stake in Alaska-focused Trilogy Metals

Bloomberg News | February 17, 2026 | 4:58 pm Markets USA Copper Zinc

Billionaire John Paulson. Credit: Bloomberg Television via Youtube

Billionaire hedge-fund manager John Paulson has sold his stake in Trilogy Metals Inc. after more than a decade as an investor in the Alaska-focused mining company, which recently secured US government backing.

Paulson, with an 8.7% stake, had been the fourth-largest investor in Trilogy before he sold 14.3 million shares in the fourth quarter of 2025 through his investment firm Paulson & Co., according to filings.

Trilogy Metals loss widens on US funding charge

The divestment comes as the White House moves to take a 10% stake in Trilogy, which is based in Vancouver but seeking to build a giant copper and zinc mine in Alaska, in partnership with Australia-based South32 Ltd. The investment plan was announced in October though the deal has yet to be completed.

Paulson, a longtime gold bug, has been a benefactor of Washington’s push to develop mining projects in the US. The investor holds stakes in Perpetua Resources Corp., which was designated a priority project by the administration of President Donald Trump, along with Novagold Resources Inc. in Alaska, where the government is pushing to expand resource extraction.

Paulson & Co. did not respond to a request for comment.

(By Jacob Lorinc)