Perpetua Resources Corp. (NASDAQ: PPTA) secured a proposed $2.7 billion senior secured loan from the U.S. Export‑Import Bank for its Stibnite Gold Project. The loan would provide approximately $2.2 billion in direct financing, with the remaining $500 million earmarked for capitalized interest and fees, and is designed to cover the project’s estimated $2.576 billion capital cost.
The announcement follows the company’s disclosure of a $714 million cash balance at year‑end and its ongoing pursuit of a $2 billion debt package under the EXIM Bank’s Make‑More‑in‑America program. The EXIM Board’s decision triggers a 25‑day notice period before final approval, and funding is expected in the second half of 2026 if the loan is approved.
Early‑works construction for the Stibnite project began in October 2025, and the company has released an updated Technical Report Summary as of December 31 2025. The revised model, based on a gold price of $4,500 per ounce, projects a net present value of $6.1 billion and an internal rate of return of 32.3 percent, underscoring the project’s strong economics.
Perpetua’s CEO Jon Cherry said, “Today's decision marks the final phase of EXIM approval. We've worked diligently with U.S. EXIM for over two years on a financing solution aimed at strengthening America's supply chains, creating jobs right here at home, and fortifying national security. This puts Perpetua on track for a Final Investment Decision later this year.” He added, “We are also pleased to publish updated project economics reflecting current commodity prices as well as capital and operating cost estimates as of the end of 2025.”
The Stibnite project is strategically important as a domestic source of antimony, a critical mineral used in defense, renewable energy, and high‑technology applications. However, the project’s federal approvals are currently challenged in multiple federal lawsuits, and Perpetua has entered temporary stipulations limiting certain activities pending litigation outcomes.
Prior financing for the project includes a $325 million public offering and a $100 million private placement completed in June 2025, as well as $59.2 million in Defense Production Act Title III funding. The combination of these funds, the proposed EXIM loan, and the company’s cash reserves positions Perpetua to advance the project from early‑works construction toward full production, potentially accelerating revenue generation in the coming years.
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