Perpetua Resources Secures US$2.9 Billion Loan for Idaho Antimony Project

Perpetua Resources (TSX:PPTA,NASDAQ:PPTA) secured a US$2.9 billion loan from the US Export-Import Bank (EXIM) to fund construction of the Stibnite gold project in Idaho, the country’s only planned domestic source of antimony.

The 13-year debt facility includes a US$2.4 billion upfront tranche, with the remainder covering capitalized interest and EXIM exposure fees. Interest is fixed at the applicable long-dated US Treasury bond rate plus 100 basis points.

Combined with the company's existing cash, the federal loan fully covers the estimated capital costs to build the mine. While underpinned by gold extraction, the project’s strategic value lies in its antimony reserves.

The US currently relies on foreign imports for the mineral, which is a critical component in munitions, defense systems, and energy technologies.

“It is time to make more in America and today marks not only a key milestone for Perpetua Resources, but a significant step in mineral security for our country,” Perpetua President and CEO Jon Cherry said.

“When the federal government and private industry work together on a shared national priority, big things are made possible. The US$2.9 billion loan positions us to bring the Stibnite Gold Project to life and signals a new day in American mineral independence and responsible mining,” he added.

The government financing completes a capital stack heavily backed by the private sector. Last year, Perpetua raised more than US$850 million in equity, anchored by a US$255 million strategic investment from Agnico Eagle Mines (TSX:AEM,NYSE:AEM) and JPMorgan Chase & Co. (NYSE:JPM).

Driven by current precious metals pricing, the project carries strong baseline economics. At a US$4,500 per ounce gold price, Perpetua estimates the mine has an after-tax net present value of US$6.1 billion and an internal rate of return of 32.3 percent.

The project also includes funding for the environmental cleanup of the abandoned historical mining site.

Early construction at Stibnite began in October 2025. The EXIM board's unanimous approval clears the final financial hurdle ahead of Perpetua's formal final investment decision, expected later this year.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.