Perpetua Resources (NASDAQ: PPTA) (TSE: PPTA) has secured USD$255 million in fresh backing from JPMorgan Chase (NYSE: JPM) and Agnico Eagle Mines (TSE: AEM) (NYSE: AEM), giving the US-focused miner a major boost as it advances construction of its Stibnite gold and antimony project in Idaho.
JPMorgan will invest USD$75 million through its new USD$1.5 trillion Security and Resiliency Initiative, launched to strengthen America’s critical mineral supply chain. Expected to close Tuesday, the deal will give the bank nearly a three per cent stake in Perpetua. It also holds about 20,000 shares, according to London exchange data, and can exercise up to USD$42 million in warrants over three years.
“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,” said Doug Petno, co-CEO of JPMorgan’s commercial and investment bank division.
Construction began last week on the USD$1.3 billion Stibnite project, which the Trump administration fast-tracked as part of efforts to rebuild a domestic supply of key minerals. The site could produce about 450,000 ounces of gold per year and meet more than 35 per cent of US antimony demand in its first six years.
Agnico Eagle will invest USD$180 million for a 6.5 per cent stake and will help advance development at Stibnite. Both transactions were priced at Perpetua’s Friday closing share price. Shares rose more than four per cent in pre-market trading Monday, valuing the company at roughly CAD$3.5 billion ($2.5 billion).
Perpetua plans to balance gold and antimony production to maintain steady revenues and reduce exposure to market volatility. The company is still seeking a refining partner. It has opened discussions with Glencore (LON: GLEN), Trafigura, Clarios and Sunshine Silver. A final decision is expected before year-end.
Read more: NevGold Expands Gold-Antimony Potential at Limousine Butte in Nevada
Read more: GoldMining chooses to retain its NevGold shares for next 18 months
Perpetua isn’t alone in supplying antimony
Antimony, primarily used in defence systems, batteries, flame retardants and semiconductors, is considered a strategic mineral. However, China dominates global production and processing. When Beijing halted exports in late 2024, Western manufacturers scrambled to secure alternative supplies.
In addition to Perpetua, other US sources include Americas Gold and Silver’s (TSE: USA) (NYSE: USAS) Galana complex and United States Antimony (NYSE-A: UAMY), which recently resumed exploration at the Stibnite Hill mine in Montana. Also, NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) and it’s gold-antimony properties in Nevada.
Meanwhile, the US Export-Import Bank is reviewing a potential loan to further support development of the project.
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