JPMorgan Chase & Co. has made its first investment from its $1.5 trillion National Security Fund, acquiring a 3% stake in Perpetua Resources for $75 million. Perpetua is developing the largest U.S. antimony and gold mine in Idaho — a project positioned as vital to restoring America’s self-sufficiency in critical minerals following China’s 2024 antimony export ban. Antimony is essential for defense, energy, and industrial applications, including ammunition, solar panels, and flame retardants.
Under the agreement, JPMorgan may exercise $42 million in warrants over three years. In addition, Agnico Eagle, a Canadian gold miner, will invest $180 million for a 6.5% stake, providing technical and financial support. The project, valued at over $255 million in combined private investment, is also being reviewed by the U.S. Export-Import Bank for potential loan support.
Once operational by 2028, the Idaho mine will supply 35% of U.S. antimony demand and produce 450,000 ounces of gold annually, strengthening domestic supply resilience and reducing reliance on Chinese mineral imports.
