Billionaire hedge fund manager John Paulson has scored extraordinary gains with Trilogy Metals, Inc. (AMEX:TMQ) after the Trump administration took a 10% stake in the company through a $35.6 million investment. 

Here's a look at his massive gains and what else is in Paulson & Co.'s portfolio. 

• TMQ stock is soaring. See the details here. 

TMQ Gains

Paulson acquired his Trilogy Metals position at an estimated average cost of $1.95 per share, according to Whale Wisdom. 

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Trilogy Metals stock was trading at $6.97 on Tuesday, surging more than 257% in value from its cost basis and leaving Paulson with a total haul of about $72,061,841. 

The massive gain highlights Paulson’s skill for spotting undervalued assets within the mining and commodities sector. 

Paulson's Gold Stocks 

Paulson’s confidence in natural resources and precious metals isn’t exclusive to Trilogy Metals-- his hedge fund also holds several gold miner stocks. And gold hit a record high of $4,000 per ounce on Tuesday. 

The billionaire investor’s hedge fund, Paulson & Co., also holds a 37% stake in International Tower Hill Mines Ltd. (AMEX:THM) and a significant stake in Perpetua Resources Corp. (NASDAQ:PPTA). 

Seabridge Gold, Inc. (NYSE:SA), Equinox Gold Corp. (AMEX:EQX), and Iamgold Corp. (NYSE:IAG) round out the remainder of the firm's gold miner holdings. 

Paulson has been building his miners portfolio for many years and is well-positioned to benefit from the soaring price of gold. 

Gold has surged approximately 50% in 2025, putting it on track for its strongest annual performance in over 25 years. 

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