Nasdaq- and TSX-listed Perpetua Resources on Monday announced a major financial boost with a $255-million strategic equity investment from Agnico Eagle Mines and JPMorganChase, strengthening the company’s balance sheet as it advances the Stibnite gold project in central Idaho.

The deal follows the recent groundbreaking at Stibnite, which is set to produce the only domestic reserve of antimony, while ranking among the highest-grade gold projects in the US.

Gold major Agnico Eagle will invest $180-million for a 6.5% stake in Perpetua and receive warrants to purchase up to 2.86-million additional shares at premiums ranging from 35% to 65% over the next three years. JPMorganChase will contribute $75-million for a 2.7% equity position and receive similar warrant rights.

“The investments from Agnico Eagle and JPMorganChase are a vote of confidence in the Stibnite gold project and America’s critical mineral strategy,” said Perpetua president and CEO Jon Cherry. “Investments from two leading, world-class institutions strengthen our capital position, reduce financing risk and accelerate the development of one of the nation’s most strategic resource projects.”

The financing was priced at $23.30 a share, matching Perpetua’s Nasdaq closing price on October 24. Proceeds will fund project development, exploration, and working capital, and complement the company’s pending application for up to $2-billion in project financing from the US Export-Import Bank.

Agnico Eagle CEO Ammar Al-Joundi said the investment aligned with the miner’s strategy of disciplined growth in top-tier jurisdictions. “The Stibnite gold project is an excellent opportunity in a premier mining jurisdiction,” he said.

“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 openpit gold deposits in the United States, with significant exploration upside.”

As part of the agreement, Agnico Eagle and Perpetua will establish a joint technical and exploration advisory committee, leveraging Agnico’s project expertise to advance Stibnite. If all warrants are exercised, Agnico’s stake could rise to 8.6%.

JPMorganChase’s $75-million participation marks the first investment under its $1.5-trillion Security and Resiliency Initiative – a decade-long programme aimed at strengthening US supply chains and strategic industries. The bank’s stake could increase by up to $42-million if it exercises all of its warrants.

The private placement is expected to close around October 28, subject to regulatory approvals, including conditional clearance from the TSX. J.P. Morgan Securities acted as Perpetua’s financial adviser on the transaction.