Perpetua Resources Corp (NASDAQ:PPTA) shares climbed 4.3% in premarket trading Monday after the company announced it had secured $255 million in new equity investments from Agnico Eagle Mines Limited and JPMorgan Chase & Co.
The investment comes shortly after Perpetua began construction on its Stibnite Gold Project in central Idaho. Under the agreement, Agnico Eagle—the world’s second-largest gold producer—will invest $180 million for a 6.5% stake in the company, while JPMorgan Chase will contribute $75 million for a 2.7% stake. Both parties will also receive warrants allowing them to buy additional shares at premium prices over the next three years.
The private placement was priced at $23.30 per share, matching Perpetua’s closing price on Nasdaq last Friday. The company said it plans to use the proceeds—along with existing cash and anticipated funding from a previously announced application for up to $2 billion in project financing from Export–Import Bank of the United States—to advance the Stibnite Gold Project.
“The investments from Agnico Eagle and JPMorganChase are a vote of confidence in the Stibnite Gold Project and America’s critical mineral strategy,” said Jon Cherry, President and CEO of Perpetua Resources.
The Stibnite Gold Project is set to become the only domestic source of antimony, a critical mineral, while positioning itself among the highest-grade gold producers in the U.S. The initiative also includes environmental restoration of a long-abandoned mine site.
As part of the investment, Agnico Eagle and Perpetua will form a joint technical and exploration advisory committee. JPMorgan Chase’s participation marks the first investment under its $1.5 trillion Security and Resiliency Initiative—a decade-long effort to back industries vital to national economic security.
The private placement is expected to close on or around October 28, 2025, subject to customary closing conditions.