Perpetua Resources Corp. (NASDAQ:PPTA) announced on Monday agreements for a $255 million strategic equity investment from Agnico Eagle Mines Limited (NYSE:AEM) and JPMorgan Chase & Co. (NYSE:JPM).
Stibnite Gold Project Milestones and Significance
The funding comes just after Perpetua Resources broke ground on its Stibnite Gold Project in central Idaho.
The Stibnite Project is expected to supply the nation’s only mined reserve of critical mineral antimony and become one of America’s highest-grade gold producers.
Also Read: America’s First Antimony Mine In Decades Breaks Ground
The project also aims to restore an abandoned mine site. The company said the equity financing provides a more favorable alternative for shareholders than gold streaming or royalty deals.
Jon Cherry, president and CEO of Perpetua Resources, said, “The investments from Agnico Eagle and JPMorganChase are a vote of confidence in the Stibnite Gold Project and America’s critical mineral strategy.”
Agnico Eagle’s $180 Million Equity Stake
Agnico Eagle, the world’s second-largest gold producer, will invest $180 million in Perpetua Resources, acquiring 7.7 million common shares for a 6.5% equity stake. The company will also receive warrants to buy up to 2.86 million shares at 35%, 50%, and 65% premiums over one, two, and three-year periods, potentially adding $100 million if fully exercised.
Following full warrant exercise and including shares issued to both investors, Agnico Eagle would hold about 8.6% of Perpetua’s outstanding shares. Under an Investor Rights Agreement, Agnico Eagle can maintain or increase its ownership up to 9.99% by participating in future equity offerings, provided it retains at least a 1.5% stake.
“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 CEO of Agnico Eagle.
JPMorgan Chase’s $75 Million Investment
JPMorgan Chase will invest $75 million in Perpetua Resources, acquiring 3.2 million shares for a 2.7% stake and warrants for 1.19 million shares at 35%, 50%, and 65% premiums over one, two, and three-year periods.
The investment marks the first under JPMorgan’s $1.5 trillion Security and Resiliency Initiative, and the firm will have pro rata rights to maintain its ownership as long as it holds at least 1.5% of the company.
As of June 30, 2025, Perpetua Resources reported its cash and cash equivalents totaled $425.37 million.
The placement is expected to close on or about October 28, 2025, subject to customary conditions and Toronto Stock Exchange approval.
Price Action: PPTA shares were trading higher by 3.96% to $24.22 at last check Monday.
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