Perpetua Resources announces $255M investment from Agnico Eagle, JPMorgan

Perpetua Resources (PPTA) has entered into agreements to raise $255M in equity investments from Agnico Eagle Mines (AEM) and JPMorganChase (JPM). The private placement comes days after Perpetua Resources broke ground on the Stibnite Gold Project. Located in central Idaho, the Project is expected to produce the only domestic reserve of the critical mineral antimony, become one of the highest-grade gold producers in the U.S., and provide environmental restoration to an abandoned mine site. Agnico Eagle has agreed to invest $180M in common shares and receive warrants to purchase up to 2,861,229 common shares priced at 35%, 50% and 65% premiums over one, two, and three year periods, respectively. JPMorganChase has agreed to invest $75M in common shares and receive warrants to purchase up to 1,192,179 common shares priced at 35%, 50%, and 65% premiums over one, two, and three year periods, respectively. The Private Placement was priced at $23.30 per common share. The company 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 $2B in project financing submitted to the Export-Import Bank of the United States in May 2025, for development of the Project, exploration activities, working capital costs, and general corporate purposes.