The federal government’s $35.6 million investment for a 10% stake in a small Vancouver-based mining business produced a windfall for its investors, one of whom Donald Trump is already very familiar with.

Billionaire John Paulson owned an 8.7% stake in Trilogy Metals as of the end of June. The stock tripled in after-hours trading Monday night after the deal was announced and opened 245% higher Tuesday, pushing the value of Paulson’s shares from $30 million to $100 million. Coinciding with the investment, the White House provided authorization for a 211-mile access road to Alaska’s remote Ambler mining district.

Trilogy and an Australian mining firm called South32 jointly own Ambler Metals LLC, which manages the Upper Kobuk Mineral Projects, a 472,000-acre expanse in northwestern Alaska home to a healthy supply of copper,........

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