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Export Import Bank of the United States Approves $2.9 Billion Loan for Development of Perpetua Resources' Stibnite Gold Project

PPTA
  • The U.S. Export-Import Bank (EXIM) unanimously approved a $2.9 billion senior secured long-term loan for Perpetua Resources Corp. under the Make More in America Initiative.
  • The loan is designated to fully fund the estimated capital costs for the construction of the Stibnite Gold Project in Idaho using the company's cash on hand.
  • The Stibnite Gold Project will develop the only identified domestic reserve of the critical mineral antimony.
  • Construction of the project is expected to create an average of over 700 direct jobs annually in rural Idaho over the life of the mine.
  • The loan structure consists of a 13-year credit facility with a $2.4 billion upfront amount plus funds for capitalized interest and exposure fees.
  • Interest on the loan will be fixed at the applicable long-dated U.S. Treasury bond rate plus 100 basis points upon the first drawdown.
  • Scheduled loan repayments are anticipated to commence in 2030 after the completion of definitive documentation expected in the second half of 2026.
  • The project involves the responsible redevelopment of the abandoned Stibnite Mining District to produce gold and antimony while funding environmental cleanup.
  • The project has been identified as a Transparency Project under the FAST-41 Program and received substantial support from the Department of War.
  • Advisors for the transaction include Endeavour Financial as financial advisor and Hunton Andrews Kurth LLP as legal counsel.
  • The EXIM financing package aims to reduce U.S. dependence on foreign adversaries for antimony used in defense, energy, and manufacturing sectors.
  • Perpetua Resources submitted its initial Letter of Interest to EXIM in 2024, followed by a formal application in May 2025.
  • The company's stock trades on the Nasdaq (PPTA) and the Toronto Stock Exchange (PPTA).