Billionaire hedge-fund manager John Paulson has liquidated his complete position in Trilogy Metals Inc., according to a quarterly Securities and Exchange Commission filing. The filing shows Paulson & Co. sold 14.3 million Trilogy shares in the fourth quarter of 2025.
Prior to the disposal, Paulson held an 8.7% stake in the Vancouver-based mining company, making him the fourth-largest investor in Trilogy. The sale ends an ownership period that lasted more than a decade.
The timing of Paulson's exit aligns with a separate development involving the U.S. government. The White House has announced plans to acquire a 10% stake in Trilogy, part of broader efforts to support domestic mineral projects. That government investment plan was first disclosed in October but, according to the filing and related disclosures, the transaction is not yet complete.
Trilogy Metals is engaged in developing a major copper and zinc mine in Alaska in partnership with Australia-based South32 Ltd. The companies continue to pursue that project while the proposed government stake remains pending.
Paulson has long been associated with sustained interest in precious metals and related investments. The filing and reporting note that he also holds positions in Perpetua Resources Corp. and Novagold Resources Inc., both of which are active in Alaska. Perpetua was designated a priority project under the Trump administration, and Novagold operates in a jurisdiction where the government has been promoting expanded resource extraction.
Context and implications
The SEC filing provides the concrete details of the share disposal and the size of Paulson's former stake. It also highlights how his investment activity intersects with federal initiatives to bolster domestic mining projects. While the White House's 10% acquisition was announced months earlier, the paperwork indicates that the transaction had not been finalized at the time of the filing.
The Trilogy project in Alaska and its joint work with South32 remain central to the company's trajectory. The company's status as a development-stage miner focused on copper and zinc in Alaska is unchanged in the filing; the government announcement and Paulson's sale are two notable developments affecting the company's shareholder base and public profile.
What the filings show
- Paulson & Co. sold 14.3 million Trilogy Metals shares in Q4 2025.
- Before the sale, Paulson owned 8.7% of Trilogy and ranked as the fourth-largest investor.
- The White House has announced an intention to acquire a 10% stake in Trilogy, a deal not yet completed.
The filings provide a clear accounting of the sale and the scale of Paulson's prior holding, while public statements outline the government's intended investment in the company.