Perpetua Raises $255M for Stibnite Project

Perpetua Resources agreed to raise about $255 million in a private placement to finance development of the Stibnite gold and antimony project in central Idaho, with Agnico Eagle investing $180 million and JPMorgan Chase $75 million. Agnico will take roughly a 6.5% stake and received warrants that, if exercised in full (up to about $100 million), could lift its stake to roughly 8.6%; JPMorgan’s $75 million secures roughly a 2.7–3% stake with warrants exercisable for up to $42 million. The financing follows Perpetua’s recent groundbreaking at Stibnite and accompanies a preliminary $2 billion indicative term sheet from the U.S. Export‑Import Bank to support potential debt financing. Perpetua says Stibnite will produce substantial gold and domestic antimony—critical for defense and other industries—and the project has final permits and bipartisan political backing. JPMorgan described its investment as the first under its $1.5 trillion Security and Resiliency Initiative to shore up U.S. critical-minerals supply chains.