Perpetua Resources (NASDAQ, TSX: PPTA) has secured $255 million in fresh funding from JPMorgan Chase and Agnico Eagle Mines, providing a major boost for the development of its $1.3 billion Stibnite gold-antimony project in central Idaho. The investment comes as the United States intensifies efforts to rebuild domestic supplies of critical minerals following global supply disruptions, particularly in antimony.

Under the terms of the financing, JPMorgan will contribute $75 million through its recently launched $1.5 trillion Security and Resiliency Initiative, a fund designed to strengthen U.S. national security by reducing reliance on foreign sources of essential materials. The deal, expected to close Tuesday, gives JPMorgan nearly a 3% equity stake in Perpetua Resources. The bank also holds roughly 20,000 shares and retains the option to exercise $42 million in warrants over the next three years, according to London exchange data.

Doug Petno, co-CEO of JPMorgan’s commercial and investment bank division, said the funding aligns with the firm’s goal of supporting industries essential to U.S. strategic resilience. “With this investment, we are supporting a company in an industry critical to national security and American resiliency, precisely the focus of our new initiative,” Petno stated.

The Stibnite project, fast-tracked under the Trump administration, broke ground last week. It is considered one of the most significant U.S. sources of antimony—a metal used in defense applications, energy storage, flame retardants, and semiconductor manufacturing. China, which dominates both the mining and refining of antimony, halted exports of the metal in late 2024, sparking an urgent search among Western manufacturers for alternative sources.

Canadian mining company Agnico Eagle (TSX: AEM) is also joining the effort, committing $180 million for a 6.5% stake in Perpetua. In addition to the equity purchase, Agnico Eagle will assist in developing the Stibnite project, bringing its technical and operational expertise to the Idaho mine. Both JPMorgan’s and Agnico Eagle’s investments were priced at Perpetua’s closing share price on Friday.

Once operational, the Stibnite mine is projected to produce roughly 450,000 ounces of gold annually while meeting over 35% of U.S. demand for antimony during its first six years of production. The U.S. Export-Import Bank is currently reviewing a potential loan to support construction and early operations. Perpetua’s dual production of gold and antimony is intended to stabilize revenues while supporting broader supply-chain independence efforts. The company’s management has stated that this structure reduces exposure to single-market risks, particularly those linked to China’s dominance in the antimony market.

The Stibnite deposit is one of the largest known antimony resources outside Chinese control. Other U.S. antimony sources include the Galana complex operated by Americas Gold and Silver, as well as United States Antimony (NYSE-A: UAMY), which recently initiated exploration and bulk sampling at the former Stibnite Hill mine in Montana. Perpetua is still seeking a refining partner and is reportedly in discussions with major global commodity firms including Glencore (LON: GLEN), Trafigura, and Clari. The combined backing of a major U.S. financial institution and one of Canada’s largest gold miners marks a significant milestone for Perpetua Resources, positioning the Stibnite project at the center of America’s strategy to secure critical mineral independence amid tightening global supply conditions.