Perpetua Resources Corp. (TSX: PPTA; NASDAQ: PPTA) has submitted a formal application to the Export-Import Bank of the United States (EXIM) for up to US$2 billion in debt financing to advance its Stibnite Gold Project in Idaho. The request builds on a non-binding US$1.8 billion letter of interest from EXIM issued in April 2024 and follows Perpetua’s receipt of its final federal permit.
The updated financing request reflects revised cost estimates and job creation figures based on recent engineering work. If approved, the EXIM loan would cover most of the project’s US$2.2 billion initial capital expenditure.
Stibnite is set to become the only domestic source of mined antimony, a critical mineral used in defense and clean energy. It also hosts one of the largest gold reserves in the lower 48 states, with projected average annual gold production of 460,000 ounces in its first four years. CEO Jon Cherry called it “a national strategic asset.”
The project aligns with U.S. efforts to reduce reliance on foreign critical minerals, especially after China’s 2024 restrictions on antimony exports. Stibnite is expected to supply around 35% of U.S. antimony demand during its early years of operation.
Analysts have responded positively. Cantor Fitzgerald’s Mike Kozak and Roth Capital’s Mike Niehuser both reiterated Buy ratings, citing favorable economics and federal backing. Perpetua estimates a 15-year mine life with an after-tax net present value of up to US$3.65 billion at higher gold prices.
Construction is expected to begin later in 2025, with operations starting in 2028. The project is also backed by US$75 million in U.S. Department of Defense funding under the Defense Production Act.
Amid global uncertainty and U.S. fiscal concerns, rising gold prices have boosted investor interest in safe-haven assets. Analysts see these trends further supporting Perpetua’s outlook as it moves toward final project financing.
