JPMorgan, Agnico Eagle pour $255M into Perpetua Resources

Perpetua Resources (NASDAQ, TSX: PPTA) has secured $255 million in new investments from JPMorgan Chase and Agnico Eagle (TSX: AEM), giving the US-focused gold and antimony miner a major boost as it builds its flagship project in Idaho.JPMorgan will contribute $75 million from its $1.5 trillion investment fund created to strengthen US national security. The deal, expected to close Tuesday, gives the bank nearly a 3% stake in Perpetua. JPMorgan also holds about 20,000 shares, according to data from the London exchange, and can exercise $42 million in warrants over the next three years.The investment follows the start of construction last week at Perpetua’s $1.3 billion Stibnite gold-antimony project in central Idaho. Fast-tracked by the Trump administration, Stibnite is part of efforts to rebuild a domestic supply of critical minerals. China, the world’s top producer and processor of antimony, halted exports in late 2024, prompting Western manufacturers to scramble for alternatives. JPMorgan launched its Security and Resiliency Initiative earlier this month to help reduce reliance on foreign suppliers of critical minerals.“With this investment, we are supporting a company in an industry critical to national security and American resiliency, precisely the focus of our new initiative,” Doug Petno, co-CEO of JPMorgan’s commercial and investment bank division, said.Shares in Perpetua were aup more than 4% in pre-market trading in New York on Monday, giving it a market capitalization of C$3.5 billion ($2.5 billion).Agnico Eagle backingCanadian gold miner Agnico Eagle will invest $180 million for a 6.5% stake in Perpetua and will assist in developing the Stibnite project. Both JPMorgan’s and Agnico’s deals were priced at Perpetua’s closing stock price on Friday. Perpetua Resources starts building $1.3B Stibnite gold-antimony mineThe US Export-Import Bank is also considering a loan for the project, , expected to produce 450,000 ounces of gold a year and meet over 35% of US antimony demand in its first six years.Strategic critical mineralThe Stibnite project is one of the few known US sources of antimony, a metal considered vital for defence, energy storage, flame retardants and semiconductor manufacturing. It is also one of the largest deposits outside China’s control.Other US sources of antimony include the Galana complex, run by Americas Gold and Silver, and the United States Antimony (NYSE-A: UAMY), which recently began exploration and bulk sampling at the former Stibnite Hill mine in Montana.Perpetua’s dual gold and antimony output is designed to ensure stable revenues, insulating the project from potential Chinese market disruptions. The company is still seeking a refining partner and is in talks with Glencore (LON: GLEN), Trafigura, Clarios and Sunshine Silver. A final decision is expected by year-end.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com