JPMorgan makes first investment from $1.5 trillion security fund in U.S. antimony miner perpetua resources

JPMorgan Chase has made the inaugural investment from its new $1.5 trillion Security and Resiliency Initiative, committing $75 million for a 3% stake in Perpetua Resources, which is developing the largest U.S. antimony mine in Idaho. The move comes as Washington seeks to reduce reliance on China for critical minerals vital to national defense and manufacturing.

Perpetua Resources, an Idaho-based company mining antimony and gold, has become the first recipient of funding from JPMorgan Chase’s national security-focused investment initiative. The bank’s $75 million investment, announced Monday, gives it nearly a 3% stake in the firm and underscores Perpetua’s strategic role in reviving domestic production of antimony – a metal essential for bullets, solar panels, and flame retardants. China, the world’s top supplier, halted exports in late 2024, triggering a supply scramble across the West.

The project, located about 220 kilometers north of Boise, is expected to supply over 35% of America’s antimony demand once operational in 2028, while also producing about 450,000 ounces of gold per year. Supported by billionaire investor John Paulson and backed by both the Biden and Trump administrations, the mine is viewed as key to strengthening U.S. mineral independence. “This is about putting America first again in the supply chain,” said Perpetua CEO Jon Cherry.

JPMorgan’s initiative, unveiled earlier this month, was created to address what CEO Jamie Dimon called the “painfully clear” overreliance on unstable sources of critical minerals. In parallel, Canadian gold producer Agnico Eagle will invest $180 million for a 6.5% stake in Perpetua and assist in developing the site. The U.S. Export-Import Bank is also considering financing the project, though it faces environmental opposition from Idaho’s Nez Perce Tribe, which has raised concerns about potential harm to local salmon populations.