(Reuters) -Shares of Trilogy Metals more than tripled their gains in morning trading on Tuesday, hitting a record high, after the White House said it would acquire a 10% stake in the Vancouver-based miner.

The U.S. government has been taking equity stakes in industries it considers essential to national security, including critical minerals and semiconductor companies, as part of President Trump's broader policy to reduce reliance on China.

As part of the policy, the U.S. government has already invested in Intel, MP Materials and Lithium Americas, with Reuters reporting that Critical Metals is also under consideration.

The U.S. government announced a $35.6 million investment in Trilogy on Monday after markets closed and said it received warrants to purchase an additional 7.5% stake.

President Trump also signed an executive order directing his administration to permit construction of an access road to Alaska's Ambler mining district, an area that could also yield deposits of rare earths.

"The federal backing and executive orders reduce political and regulatory uncertainty around the road/access for the Ambler Project," Royal Bank of Canada analysts led by Kaan Peker said in a note.

While timing for permits, challenges and first production is still unclear, this decision clears a major hurdle, raising the likelihood of Ambler's development and its option value, they added.

U.S.-listed shares of the company were up 212% at $6.52, while Canadian-listed shares rose 230% to C$9.68 ($6.94).

The Ambler mining district order reverses the Biden administration's 2024 decision blocking the 211-mile (340 km) road over concerns that mining could threaten caribou and fish vital to dozens of Native subsistence communities.

Trilogy, a key developer in the Ambler district, operates a joint venture there with Australia's South32. Earlier on Tuesday, South32's shares climbed as much as 6.1% to their highest since August 14.

($1 = 1.3949 Canadian dollars)

(Reporting by Johann M Cherian and Tanay Dhumal in Bengaluru; Editing by Tasim Zahid)