Perpetua Resources to Raise $225 Million From Agnico Eagle, JPMorgan
By Robb M. Stewart
Perpetua Resources moved to secure a $225 million investment from JPMorgan Chase and Canadian gold producer Agnico Eagle Mines to help fund development of a mining project in central Idaho.
Agnico Eagle agreed to invest $180 million and JPMorgan $75 million for shares and warrants to buy shares over the next three years. The equity placement was priced at $23.30 a share, the level Perpetua shares closed at last Friday.
The transaction will see Agnico Eagle secure a 6.5% equity stake in Perpetua and collect warrants that, if exercised in full, would mean up to $100 million for Perpetua and would lift Agnico Eagle's stake in the company to 8.6%.
The equity investment by JPMorgan will be the first under its $1.5 trillion Security and Resiliency Initiative, which seeks to finance and invest in industries critical to national economic security and resiliency. The investment will secure JPMorgan a 2.7% stake in Perpetua, with the potential to increase the investment by up to $42 million if all its warrants are exercised.
The private placement is expected to close on or about Oct. 28.
The funding deal comes after Perpetua last week broke ground on its Stibnite gold project, which the company has promoted as America's answer to China's export ban on Antimony. The project now moves into development after nine years of permitting approvals and prioritization under the Trump administration's Transparency Project initiative.
Stibnite is projected to produce 450,000 troy ounces of gold annually over the first four years of output, as well as antimony, a silvery element used in alloys to give strength and hardness to other metals. Perpetua said antimony trisulfide from Stibnite is the only known domestic reserves of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types.
Perpetua in September received a preliminary project letter and indicative term sheet from the U.S. Export Import Bank to support $2 billion in debt financing. In June, the company closed a $235 million public offering of shares and a $100 million private placement with Paulson & Co.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
October 27, 2025 08:07 ET (12:07 GMT)
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