Major Gold Project Draws US$255 Million Backing From Agnico Eagle and JPMorgan

1. Perpetua Resources Corp is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Perpetua Resources Corp.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
4.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

1.  Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) announced a US$255 million private placement agreement with Agnico Eagle Mines Limited and JPMorganChase to support the development of the Stibnite Gold Project in central Idaho. The investment includes US$180 million from Agnico Eagle and US$75 million from JPMorganChase, each receiving common shares and warrants to purchase additional equity at premiums over the next three years.

The private placement was priced at US$23.30 per share, reflecting the October 24, 2025, Nasdaq closing price. As part of the deal, Agnico Eagle will acquire 7.7 million shares, representing a 6.5% stake in Perpetua on a non-diluted basis. JPMorganChase will receive approximately 3.2 million shares, corresponding to a 2.7% equity position. Each investor will also receive warrants priced at 35%, 50%, and 65% premiums, exercisable over one-, two-, and three-year periods following the closing.

Agnico Eagle and Perpetua also intend to establish a joint technical and exploration advisory committee to advance project development. "The Stibnite Gold Project is an excellent opportunity in a premier mining jurisdiction," said Ammar Al-Joundi, President and CEO of Agnico Eagle, in the news release. "Our investment in Perpetua aligns with Agnico Eagle's commitment to disciplined and strategic investments through emerging and high-quality opportunities."

JPMorganChase's investment marks the inaugural equity stake under its US$1.5 trillion Security and Resiliency Initiative. According to the company, this 10-year effort targets industries viewed as essential to U.S. economic and national security.

The Stibnite Gold Project is one of the few domestic sources of antimony, a mineral classified as critical by the U.S. government and integral to national defense and clean energy systems. Perpetua has received over US$80 million in Department of Defense funding since 2022 for antimony research and development.

"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 company noted that this financing was viewed as a more favorable alternative to royalty or streaming agreements.

The private placement closed on October 28, 2025.

Central Banks Anchor Gold's Historic October Surge

Gold's dramatic rise in October reflected a convergence of global instability, changing monetary policy, and growing interest in hard assets. In an October 10 article, Anthony Keane noted that gold had surged 123% over the past two years, outperforming most major asset classes. The rally was driven by falling interest rates, geopolitical uncertainty, and increasing demand for finite resources.

Kyle Rodda of Capital.com pointed to supply and demand imbalances, observing that "the supply of money grows at a much faster pace than we can pull gold out of the ground." Meanwhile, Tony Catt of Catapult Wealth emphasized that central banks remain active buyers, calling gold "an asset class where there is a lot of central bank buying."

UBS characterized overall sentiment as broadly optimistic, noting it was "hard to find anyone who isn't a gold bull." However, Dimensional Fund Advisors cautioned that gold's long-term record is mixed, with positive calendar-year returns in just over half of the years since 1980 — highlighting the sector's volatility.

BMO maintained its "Outperform" rating and raised its target price, citing continued momentum tied to financing and development progress.

By October 21, Business Today reported a modest retreat, with gold futures dipping 0.24% to US$4,349.24 per ounce and silver down 1.72% to US$50.50. The pullback followed signs of easing geopolitical tensions ahead of a scheduled meeting between U.S. President Donald Trump and Chinese President Xi Jinping. Analyst Michael Maloney framed the decline as a short-term pause, attributing longer-term structural support to rising global debt and currency debasement. He described gold and silver as "monetary anchors in a world adrift."

Seasonal trends also played a role. Gold demand tied to Diwali in India added support in the fourth quarter, reinforcing its dual role as both a cultural and financial store of value.

On October 27, VON GREYERZ published a video titled The 3 Foundations of Secure Gold Ownership | Gold Sessions with Jonny Haycock. In the discussion, partner Matt Piepenburg underscored the importance of holding physical gold outside the traditional banking system. He warned that storing gold within banks — particularly in the EU — could expose investors to bail-in risks under regulations like the Bank Recovery and Resolution Directive. Piepenburg emphasized private vaulting in politically stable countries such as Switzerland and Singapore, tying the trend to growing concerns about financial repression, capital controls, and the erosion of monetary privacy in an increasingly digital system.

The antimony market has shown consistent growth due to rising demand from sectors such as flame retardants, lead-acid batteries, semiconductors, and high-strength alloys. According to Maximize Market Research on October 28, global antimony revenue is projected to increase from US$299.28 million in 2023 to approximately US$447.04 million by 2030, reflecting a compound annual growth rate of 5.9%.

Analysts Highlight Strategic Progress and Upside Potential for Perpetua

On October 22, Rabi Nizami of National Bank of Canada maintained an "Outperform" rating and set a target price of CA$50.00. In the research flash, Nizami described the company's early works construction as a "de-risking milestone" and noted that development was proceeding on schedule. Although Perpetua had initially guided toward a non-cash financial assurance structure, the company secured a US$139 million surety bond facility backed by a US$40.5 million cash deposit and a standby Letter of Credit. This approach allowed the company to begin construction ahead of winter, accelerating its overall project timeline.

The National Bank report projected a steady re-rating of Perpetua's price-to-net asset value (P/NAV) during the construction phase and referenced the project's potential to generate more than US$1 billion in annual EBITDA at full production. Upcoming catalysts cited included exploration drilling and continued collaboration with the U.S. Department of Defense on antimony testwork.

Also on October 22, Roth Capital Partners' Mike Niehuser reaffirmed a "Buy" rating and increased the firm's 12-month target price from US$30.00 to US$32.00. Niehuser credited the commencement of construction and recent technical and permitting progress for enhancing confidence in both valuation and financing prospects. Roth highlighted that the US$139 million performance bond posted by the U.S. Forest Service triggered the signing of the Plan of Operations, which cleared the path for full construction activity.

The report further emphasized the potential for additional government support, noting that Perpetua had already received US$80 million in Department of Defense funding. The revised valuation was based on a discounted cash flow model using a US$2,850 per ounce gold price and a 0.85 price-to-NAV multiple, resulting in a per-share estimate of US$32.25.

BMO Capital Markets analyst Brian Quast also weighed in positively on October 22, writing that Perpetua remains "catalyst-rich," particularly with respect to nondilutive financing. BMO maintained its "Outperform" rating and raised its target price, citing continued momentum tied to financing and development progress.

That same day, Cantor Fitzgerald's Mike Kozak added that Perpetua is targeting commercial production at Stibnite in 2029, at which point it is expected to become the fourth-largest gold mine in the United States by output and the largest domestic source of mined antimony. Kozak noted the company's strategic positioning and suggested that upon finalization of the Export-Import Bank of the United States debt package in early 2026, Perpetua could be viewed as a potential acquisition target for large-cap U.S.-focused precious metals producers.

Gaining Traction With Institutional Support and Strategic Momentum

The US$255 million in equity financing strengthens Perpetua Resources' capital position as it prepares for early works construction at the Stibnite Gold Project. The company stated that the proceeds will be used alongside existing cash reserves and anticipated U.S. EXIM Bank funding of up to US$2 billion to support development, exploration, and corporate needs.

Perpetua was recently designated a White House priority project and has received a Conditional Notice to Proceed for early construction activities. According to its October 2025 investor presentation, the company has achieved several key milestones, including final permits, engineering completion, and inclusion in critical mineral and junior gold indices.

The Stibnite Gold Project is notable for hosting the highest-grade open-pit gold deposit among independent U.S. projects and the country's only known reserve of antimony. The project also features low all-in sustaining costs, extensive exploration targets, and integrated environmental restoration initiatives.

With Agnico Eagle's technical partnership and JPMorganChase's backing under its national security initiative, Perpetua Resources is moving forward with what it describes as one of the most strategically important mining projects in the United States. 

Ownership and Share Structure¹

Following the closing of the private placement with Agnico Eagle and JPMorganChase, the company has 118.5 million shares issued and outstanding. On an undiluted basis, Paulson & Co. owns 27.3%, Agnico Eagle owns 6.5%, and JPMorganChase holds 2.7%. Approximately 63.5% is owned by other institutional and retail investors. 

Its market cap is CA$3.56B. Its 52-week range is CA$7.60–CA$24.38 per share.