Mentioned:
JPMorganChase is betting on something new: American made antimony.
What’s happening:
- Perpetua Resources (NASDAQ: PPTA) has raised $225M USD in a new equity financing round led by Agnico Eagle (NYSE: AEM) and JPMorgan Chase
By the numbers:
- JPMorganChase will own approximately 2.7% of Perpetua Resources following the new funding round and Agnico Eagle will own approximately 6.5%
Why it matters:
- This is the first time ever that JPMorgan Chase has invested into a publicly traded company focused on producing antimony within the United States of America
Going deeper:
- Perpetua Resources has publicly stated that they will collaborate with Agnico Eagle on exploration and drilling plans for their flagship Stibnite Gold Project located in Idaho which is widely considered to be one of the single most important antimony deposits in the United States
- The United States Army also previously made waves when they gave $6.9M USD in funding to Perpetua Resources to go towards testing materials from the Stibnite Gold Project to validate if their antimony trisulfide could be used to produce military grade ammunition
The intrigue:
- This is also JPMorganChase's inaugural investment from their new Security and Resiliency Initiative, which has committed more than a trillion dollars in financing to companies being built in America for national security, defense and innovative technologies
