Financings
Export Import Bank of the United States Approves $2.9 Billion Loan for Development of Perpetua Resources' Stibnite Gold Project
EXIM Bank’s $2.9B Loan Approval Unlocks America’s Only Antimony Reserve, Paving the Way for Perpetua’s Stibnite Gold Project
Executive Summary
- The Export-Import Bank of the United States (EXIM) has unanimously approved a $2.9 billion senior secured long-term loan for the development of the Stibnite Gold Project.
- The loan is structured as a 13-year senior secured credit facility, with an upfront facility of $2.4 billion and the remainder for capitalized interest during construction and the EXIM exposure fee.
- Interest rate will be set at the long-dated U.S. Treasury bond rate plus 100 basis points, to be fixed at first drawdown; scheduled repayments are anticipated to begin in 2030.
- Availability is expected in the second half of 2026, subject to definitive documentation and customary conditions precedent.
- The financing, together with existing cash on hand, is expected to fully fund the estimated $2.576 billion capital costs for construction.
Material Impact
- The final EXIM Board approval represents the culmination of a multi-year financing effort. It materially derisks the project, eliminating the single largest uncertainty: whether the company would secure the debt needed to build a $2.5+ billion mine.
- The loan amount of $2.9 billion exceeds the previous indicative term sheet of approximately $2.7 billion (announced March 31, 2026) and the earlier $2.0 billion letter of interest, signaling strong government support.
- While the vote was expected (a date had been set in Q1 2026 financials), the size increase and unanimous approval constitute a positive surprise against a backdrop of a recent share price decline from highs above $50 to the mid-$30s and pending environmental legal opposition.
- With $669.5 million in cash as of March 31, 2026, plus the $2.9 billion loan, the company is now fully funded through production. This substantially reduces equity dilution risk and the overhang of a large, uncertain funding gap.
- The project’s status as the only domestic U.S. reserve of antimony, a critical defense material, is reinforced by the participation of EXIM’s Make More in America Initiative, giving it strategic priority.
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Company Overview
- Perpetua Resources is advancing the Stibnite Gold Project, a high-grade open-pit gold, antimony, and silver deposit in central Idaho.
- The project contains approximately 4.8 million ounces of gold reserves and is the only identified U.S. reserve of antimony, a critical mineral essential for national defense.
- According to the updated Technical Report Summary (Dec 31, 2025), after-tax NPV5% is $6.1 billion (at $4,500/oz gold), with a 32.3% IRR.
- Initial annual gold production is targeted at around 450,000 ounces for the first four years; life-of-mine gold recovery exceeds 4 million ounces.
- Expected to supply up to 35% of U.S. antimony demand during the first six years of operation.
- Construction phase to create over 950 direct jobs; operations to sustain over 550 jobs; environmental remediation of legacy mine contamination is integral to the plan.
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Jun 23, 2026 · 07:00