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Agnico-Eagle Mines Ltd.

Perpetua Resources Secures $255 Million Equity Investment for Stibnite Gold Project

Strategic Insights

— 2 min read

Perpetua Resources has entered into agreements to raise $255 million in equity investments from Agnico Eagle and JPMorganChase, marking a significant milestone for the Stibnite Gold Project, a critical mineral reserve located in central Idaho. The project is expected to produce the only domestic reserve of antimony, become one of the highest-grade gold producers in the United States, and provide environmental restoration to an abandoned mine site.

The Private Placement with Agnico Eagle will see the company invest $180 million in common shares, while JPMorganChase will invest $75 million. Both companies will also receive warrants to purchase additional common shares at predetermined prices. This investment is expected to strengthen Perpetua Resources' capital position, reduce financing risk, and accelerate the development of the project.

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% equity stake in Perpetua Resources. Agnico Eagle's President and CEO, Ammar Al-Joundi, stated, "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."

JPMorganChase's Security and Resiliency Initiative has also made a significant investment in Perpetua Resources, with a $75 million equity investment to purchase 3,218,884 common shares. This investment is part of JPMorganChase's $1.5 trillion Security and Resiliency Initiative, a 10-year effort to facilitate, finance, and invest in industries critical to national economic security and resiliency.

The Private Placement is expected to close on or about October 28, 2025, subject to a number of customary closing conditions. Perpetua Resources plans to use the proceeds of the Private Placement, together with cash on hand and anticipated funding from the previously announced application for up to US$2 billion in project financing submitted to the Export-Import Bank of the United States, for development of the Project, exploration activities, working capital costs, and general corporate purposes.

Key Takeaways:

  • Perpetua Resources has secured $255 million in equity investments from Agnico Eagle and JPMorganChase for the Stibnite Gold Project.
  • Agnico Eagle has invested $180 million in common shares and will receive warrants to purchase up to 2,861,229 common shares.
  • JPMorganChase has invested $75 million in common shares and will receive warrants to purchase up to 1,192,179 common shares.
  • The Private Placement is expected to close on or about October 28, 2025, subject to customary closing conditions.
  • Perpetua Resources plans to use the proceeds of the Private Placement for development of the Project, exploration activities, working capital costs, and general corporate purposes.
  • The Stibnite Gold Project is expected to produce the only domestic reserve of antimony and become one of the highest-grade gold producers in the United States.
  • The project will also provide environmental restoration to an abandoned mine site.

Statistics:

  • $255 million: Total equity investment from Agnico Eagle and JPMorganChase.
  • $180 million: Agnico Eagle's investment in common shares.
  • $75 million: JPMorganChase's investment in common shares.
  • 7,725,321: Number of common shares Agnico Eagle has agreed to purchase.
  • 3,218,884: Number of common shares JPMorganChase has agreed to purchase.
  • 6.5%: Agnico Eagle's equity stake in Perpetua Resources.
  • 2.7%: JPMorganChase's equity stake in Perpetua Resources.
  • $1.5 trillion: JPMorganChase's Security and Resiliency Initiative.
  • 10 years: Duration of JPMorganChase's Security and Resiliency Initiative.
  • $2 billion: Amount of project financing Perpetua Resources has applied for from the Export-Import Bank of the United States.

Sources:

  • Perpetua Resources Corp., "Perpetua Resources Corp. Announces $255 Million Equity Investment for the Stibnite Gold Project" (Oct. 27, 2025).

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