Perpetua Stibnite Gold antimony project secures $255mn in strategic funding

Perpetua Resources

Perpetua Stibnite Gold antimony project has secured $255mn in new strategic equity from Agnico Eagle and JPMorgan. The fresh capital will fund project development, continued exploration, working capital and general corporate needs. As a result, Perpetua Stibnite Gold antimony project strengthens its path toward construction while positioning itself as a key US critical minerals supplier. The raise also highlights growing investor appetite for assets linked to national and economic security.

Perpetua’s financing package combines mining and financial sector firepower. Agnico Eagle will invest $180mn for about 7.7mn shares, taking a 6.6pc stake in Perpetua. Meanwhile, JPMorgan will acquire roughly 3.2mn shares for $75mn, equal to a 2.7pc holding. Both invested at $23.30/share, underscoring a shared valuation view on the Stibnite Gold antimony project.

The deal also includes significant upside optionality for both investors. Agnico Eagle and JPMorgan receive warrants to purchase up to 2.9mn and 1.2mn additional shares, respectively. They can exercise at $31.46/share after one year, and up to $38.45/share three years after closing. As a result, both backers gain leveraged exposure to future value creation at the Perpetua Stibnite Gold antimony project. The placements are expected to close on Tuesday, further de-risking Perpetua’s capital structure.

Perpetua has already broken ground at Stibnite Gold after meeting US Forest Service financial assurance conditions. Conditional approval from the USFS in September allowed the company to start early construction work. The project hosts an estimated 148mn lbs of antimony reserves, alongside gold, making it one of the most strategically important antimony developments in North America. Prior to this equity raise, Perpetua secured several hundred million dollars in 2025, including $425mn in June and another $49mn in July. The company also expects up to $2bn in debt financing from the US Export-Import Bank, which would anchor a full project funding package.

Strategic investors reinforce US critical minerals security

The new capital confirms that critical minerals are now squarely in mainstream investment focus. Agnico Eagle, a major gold producer, gains exposure to a large gold-antimony system with embedded optionality on US security-linked demand. Meanwhile, JPMorgan is deploying capital through its new “Security and Resiliency Initiative,” which targets up to $10bn in equity for sectors vital to US national and economic security. This explains why the Perpetua Stibnite Gold antimony project sits at the intersection of mining, defense and industrial policy.

For the US, Stibnite’s antimony output could become a strategic pillar of supply diversification. Antimony is essential for defense, flame retardants and various advanced materials, yet supply is heavily concentrated abroad. Therefore, a domestically anchored Perpetua Stibnite Gold antimony project directly supports resilience goals. However, execution risks remain, including permitting finalisation, construction timelines, capital cost control and future antimony price volatility. Even so, the depth and quality of recent funding suggest strong confidence in the project’s long-term economics.

The Metalnomist Commentary

Perpetua’s latest raise confirms that capital is increasingly flowing toward critical minerals projects with clear policy tailwinds. The alignment of a top-tier gold miner, a global bank and US export credit support gives Stibnite unusual strategic weight in the antimony chain. If delivered on time and budget, the project could become a benchmark for how Washington-aligned finance rebuilds Western control over niche but vital metals.