South32 now owns one-eighth of Trilogy Metals after investing further in the Canadian exploration company as part of a bought deal financing.
Trilogy, which is exploring and developing assets in the Ambler Mining District of Alaska, closed the $US28.7 million ($37.4 million) raising last week.
South32 took 40 per cent, or $11.5 million, of the shares on offer to increase its stake in Trilogy from 6.1 per cent to 12.5 per cent.
Trilogy plans to use the funds to advance its multi-commodity Arctic project towards feasibility and permitting over the next three years.
Rick Van Nieuwenhuyse, Trilogy president and chief executive, said: “Additional funds could be used to explore the Ambler VMS belt to look for additional polymetallic resources which could potentially extend the mine life at Arctic.
“Any of this work would be in addition to completing the $10 million exploration program at Bornite this year that has been fully funded by South32.”