Published: October 28, 2025 | Share This

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Perpetua Resources has entered into agreements to raise $255 million in equity investments from Agnico Eagle Mines and JPMorganChase.

The private placement comes days after Perpetua Resources broke ground on the Stibnite Gold Project. Located in central Idaho, the project is expected to produce the only domestic reserve of the critical mineral antimony, become one of the highest-grade gold producers in the United States, and provide environmental restoration to an abandoned mine site.

Agnico Eagle has agreed to invest $180 million in common shares priced at 35 percent, 50 percent and 65 percent premiums over one, two, and three year periods, respectively. JPMorganChase has agreed to invest $75 million in common shares priced at 35 percent, 50 percent, and 65 percent premiums over one, two, and three year periods, respectively.

“The investments from Agnico Eagle and JPMorganChase are a vote of confidence in the Stibnite Gold Project and America’s critical mineral strategy,” said Jon Cherry, president and CEO of Perpetua Resources.

“Investments from two leading, world-class institutions strengthens our capital position, reduces financing risk, and accelerates the development of one of the nation’s most strategic resource projects,” added Cherry.

AGNICO EAGLE INVESTMENT

Agnico Eagle, the world’s second largest gold producer, has agreed to purchase 7,725,321 common shares for an aggregate purchase price of $180 million, resulting in a 6.5 percent equity stake in the company on a non-diluted basis.

“The Stibnite Gold Project is an excellent opportunity in a premier mining jurisdiction. Our investment in Perpetua aligns with Agnico Eagle’s commitment to disciplined and strategic investments through emerging and high-quality opportunities and provides measured exposure to one of the highest-grade open-pit gold deposits in the United States, with significant exploration upside,” said Ammar Al-Joundi, president and chief executive officer of Agnico Eagle.

Agnico Eagle is an industry leader in responsible mineral development. As part of the investment, Agnico Eagle and Perpetua expect to form a joint technical and exploration advisory committee, which will benefit from Agnico Eagle’s world class project expertise, performance, and values to help advance the project. 

JPMORGANCHASE’S SECURITY AND RESILIENCY INITIATIVE

JPMorganChase’s $1.5 trillion Security and Resiliency Initiative is a 10-year effort to facilitate, finance, and invest in industries critical to national economic security and resiliency. As part of the initiative, JPMorganChase is making direct equity investments to help select companies primarily in the United States enhance their growth, spur innovation, and accelerate strategic manufacturing among other areas. This $75 million equity investment in Perpetua is the inaugural investment of the initiative.

With its $75 million investment to purchase 3,218,884 common shares, JPMorganChase is taking a 2.7 percent equity stake in the company.

Perpetua Resources, through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the project will be powered by the lowest carbon emissions grid in the nation and a portion of the antimony produced from the project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a Technology Investment Agreement of $59.2 million in Defense Production Act Title III funding to advance construction readiness and permitting of the project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types.

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