Perpetua Closer to Securing US Backing for Multibillion-Dollar Stibnite Project
Perpetua Resources (TSX:PPTA,NASDAQ:PPTA) moved closer on Tuesday (March 31) to securing US government backing for its Stibnite gold-antimony project, located in Idaho.
The Export-Import Bank of the US (EXIM) has advanced a proposed US$2.7 billion loan to Congress for review. The package includes a direct loan of about US$2.2 billion that covers capitalized interest and fees.
Perpetua said a final vote is expected shortly after the review period concludes.
If approved, the financing, combined with US$714 million in cash on hand at year end, would fully cover the project’s estimated US$2.576 billion capital cost as well as ongoing exploration and corporate costs.
“Today’s decision marks the final phase of EXIM approval,” CEO Jon Cherry said in a press release.
“We’ve worked diligently with US 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.”
The company said this step keeps it on track for a final investment decision later this year. Potential loan drawdowns are also included in H2 2026, subject to approval and completion of definitive documentation.
According to figures published alongside the confirmation, the updated economics of the project also point to stronger returns, driven primarily by higher gold price assumptions.
At a long-term gold price of US$3,250 per ounce, the project carries an after-tax net present value (NPV) of US$3.5 billion at a 5 percent discount rate and an internal rate of return (IRR) of 23.5 percent.
At US$4,500 gold, the after-tax NPV rises to US$6.1 billion, with an IRR of 32.3 percent.
A revised technical report incorporates engineering completed during 2025, with the project estimated to be approximately 45 percent engineered as of year end.
Perpetua has already advanced key elements of project execution.
Early works construction began in October 2025, following receipt of all major permits and the posting of construction-stage financial assurance with federal and state agencies.
The Stibnite project is being positioned as a strategic domestic source of both gold and antimony, the latter classified as a critical mineral in the US due to its role in defense systems and energy technologies. The asset is expected to be the only domestic mined source of antimony, aligning with EXIM’s Make More in America program objectives.
Financing efforts for the project have also been supported by private capital.
Last year, Perpetua raised more than US$850 million in equity, including a US$255 million strategic investment from Agnico Eagle Mines (TSX:AEM,NYSE:AEM) and JPMorgan Chase (NYSE:JPM).
The Canadian miner also committed US$180 million for common shares alongside warrants and will collaborate with Perpetua through a technical and exploration advisory committee
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
