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Welcome to Popular Information, a newsletter dedicated to accountability journalism.
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On April 6, 2024, a procession of Range Rovers, Aston Martins, and Bentleys rolled up to the Palm Beach mansion of billionaire John Paulson. The occasion was a glitzy fundraiser for Donald Trump’s presidential campaign, with individual tickets running from $250,000 to $814,600. “Tonight, we raised an historic $50.5 million for the re-election of President Trump,” Paulson said in a statement. “This sold-out event has raised the most in a single political fundraiser in history.” Paulson has been hosting high-dollar fundraisers for Trump since 2016.
On October 6, 2025, Trump returned the favor.
In a Presidential Memorandum, Trump announced that he was approving the construction of a 211-mile road through the Alaskan wilderness that will allow for the mining of copper, cobalt, gold, and other valuable minerals located in the Ambler Mining District. The project, known as Ambler Road, was rejected during the Biden administration after an environmental review “determined the project would threaten caribou and other wildlife and harm Alaska Native tribes that rely on hunting and fishing.” Trump’s order memorandum directs “the federal Bureau of Land Management, National Park Service and U.S. Army Corps of Engineers to reissue necessary permits to construct the road.”
In a White House ceremony, Trump said the mine “is something that should’ve been long operating and making billions of dollars for our country.” A White House fact sheet claims the decision “is in the public interest given our need for access to domestic critical minerals, and there is no economically feasible and prudent alternative route.” But there are no assurances that the minerals obtained from the mine will be sold domestically.
The two companies that will operate the mine are South32 Limited, an Australian company, and Trilogy Metals, based in Canada. Trump also announced that, alongside the approval, the United States will purchase a 10% stake in Trilogy Metals.
Paulson owns 14,326,996 shares of Trilogy Metals, about 8.7% of the company, making him the company’s third-largest shareholder. After Trump announced he was approving Ambler Road, the value of Paulson’s shares in Trilogy Metals increased from just under $30 million to over $100 million.
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The entire value of Trilogy Metals is tied to the Ambler Mining District project because it has no other business ventures. The mine is projected to produce minerals worth up to $7 billion.
After Trump took office, Paulson continued to provide financial support to Trump’s political priorities. In June, for example, Paulson donated $250,000 to MAGA KY, a super PAC targeting Congressman Thomas Massie (R-KY). Trump has made ousting Massie, who is currently trying to force a vote to release the Epstein files, a top priority.
Paulson is not just a donor and fundraiser for Trump. During the 2016 presidential campaign, Paulson served as one of Trump’s economic advisors. Trump has also invested in Paulson’s hedge fund. In 2024, Paulson was mentioned as a potential Treasury Secretary for the incoming Trump administration, but he removed his name from consideration due to his financial entanglements:
Although various media outlets have mentioned me as a candidate for Secretary of the Treasury, my complex financial obligations would prevent me from holding an official position in President Trump’s administration at this time. However, I intend to remain actively involved with the President’s economic team and helping in the implementation of President Trump’s outstanding policy proposals.
Becoming Treasury Secretary likely would have required Paulson to divest his stake in Trilogy Metals.
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