JPMorgan Chase has made its first investment under a new $1.5 trillion national security fund, backing Perpetua Resources — the Idaho-based company developing the largest antimony mine in the United States.
Under the agreement signed Sunday and released on Monday, JPMorgan will invest $75 million of its own funds for a nearly 3% stake in Perpetua, marking a rare direct investment by the Wall Street giant in a mining operation. The transaction is expected to close on Tuesday.
The bank will also have the option to exercise $42 million in warrants within three years. According to data from LSEG, JPMorgan currently holds about 20,000 shares of Perpetua.
Antimony is a metal essential for national defense — used in bullets, night vision gear, solar panels, flame retardants, and microelectronics — yet the United States currently has no domestic source of it.
China, which produces and processes the majority of the world’s supply, halted antimony exports in late 2024, disrupting global markets and prompting Western governments to scramble for new supply chains.
Perpetua’s Idaho project, located about 138 miles north of Boise, will produce more than 35% of the U.S. annual antimony needs once fully operational by 2028. It will also generate about 450,000 ounces of gold annually, providing a dual revenue stream that can help stabilize operations against commodity market swings or geopolitical disruptions.
“This is all about putting America first again relative to the supply chain, in this case for critical minerals,” said Jon Cherry, CEO of Perpetua Resources.
The project, which has estimated reserves of 148 million pounds of antimony and 6 million ounces of gold, is backed by billionaire investor John Paulson and has bipartisan support. Both President Donald Trump and former President Joe Biden approved the necessary permits, underlining the project’s national importance.
The Perpetua deal is the first investment from JPMorgan’s Security and Resiliency Initiative, a $1.5 trillion program unveiled earlier this month to support industries vital to U.S. defense and energy independence.
“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,” said Doug Petno, co-CEO of JPMorgan’s commercial and investment banking division.
JPMorgan CEO Jamie Dimon previously said the initiative was born out of a “painfully clear” realization that “the United States has allowed itself to become too reliant on unreliable sources of critical minerals.”
Broader Industry Partnerships
In a parallel move, Agnico Eagle Mines Ltd., a Toronto-based gold producer, announced a $180 million investment in Perpetua for a 6.5% stake, as well as plans to assist in the mine’s development.
Both investments were priced at Perpetua’s closing stock price last Friday.
The U.S. Export-Import Bank is also considering a loan package to support the project, as part of a broader government effort to strengthen domestic production of critical minerals.
However, Perpetua still needs a refining partner for its antimony output. The company is in talks with Glencore, Trafigura, Clarios, and Sunshine Silver and expects to finalize a deal by the end of the year.
However, the project faces legal challenges from the Nez Perce Tribe in Idaho, which has raised environmental concerns, including the mine’s potential impact on salmon populations in nearby rivers.
Perpetua has said it will continue discussions with tribal representatives and environmental regulators to ensure the project meets all standards for water quality and habitat protection.
What It Means for U.S. Industry
The Perpetua investment underscores Washington’s growing focus on economic security through mineral independence, an area where China’s dominance has long been viewed as a strategic vulnerability.
JPMorgan’s entry into resource funding is believed to represent a turning point in how Wall Street views mining — traditionally seen as high-risk — as now essential to national resilience.
The Perpetua project is expected to serve as a blueprint for public-private cooperation in critical mineral development, marking a new era of U.S. industrial policy that blends corporate investment, federal support, and strategic resource planning.
