Perpetua Resources has secured $255m (C£356.87m) through equity investments from Agnico Eagle Mines and JPMorganChase, collectively referred to as the private placement.
The private placement follows the start of construction at Perpetua Resources’ Stibnite gold project in central Idaho.
This project is set to produce the only domestic reserve of the critical mineral antimony in the US and become one of the nation's top-grade gold producers, all while restoring an abandoned mine site.
The company considers the private placement to be a more favourable financing option for shareholders compared to seeking a gold royalty or stream.
Agnico Eagle has committed to a $180m investment in common shares and will obtain warrants allowing it to purchase up to 2,861,229 such shares.
These warrants are priced with premiums of 35%, 50% and 65% over periods of one, two and three years, respectively.
Agnico Eagle president and CEO Ammar Al-Joundi said: “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 and provides measured exposure to one of the highest-grade open-pit gold deposits in the United States, with significant exploration upside.”
JPMorganChase will invest $75m in common shares and obtain warrants allowing it to purchase up to 1,192,179 common shares.
These shares will be available at premiums of 35%, 50% and 65% over one, two and three-year periods, respectively.
The private placement was priced at $23.30 per common share, based on the closing price on Nasdaq as of 24 October 2025.
Perpetua Resources president and CEO Jon Cherry said: “The investments from Agnico Eagle and JPMorganChase are a vote of confidence in the Stibnite Gold Project and America’s critical mineral strategy.
“Investments from two leading, world-class institutions strengthens our capital position, reduces financing risk and accelerates the development of one of the nation’s most strategic resource projects.”
The company intends to allocate the proceeds from the private placement, along with existing cash reserves and expected funding from a $2bn project financing application submitted to the Export-Import Bank of the United States in May 2025, towards project development, exploration, working capital and general corporate needs.
Perpetua enlisted J.P. Morgan Securities as its mergers and acquisitions financial advisor for the equity sale to Agnico Eagle.
