Perpetua Resources (TSX:PPTA,NASDAQ:PPTA) moved closer to securing US government support for its Stibnite gold and antimony project in Idaho after the Export-Import Bank submitted a proposed US$2.7 billion loan to Congress for review.
The proposed package includes direct loans of approximately US$2.2 billion that cover capitalized interest and fees. Perpetua said the final vote is expected to take place soon after the review period ends.
If approved, the financing, combined with US$714 million of cash on hand at year-end, will fully cover the project’s estimated US$2.576 billion capital cost, as outlined in an updated technical report, as well as ongoing exploration and corporate costs.
CEO John Cherry said, “Today’s decision marks the final step in EXIM approval.” In a press release. “We have worked diligently with U.S. Exim for more than two years on financing solutions aimed at strengthening America’s supply chains, creating jobs at home, and strengthening national security.”
The company said the development puts it on track for a final investment decision later this year. Also includes a possible loan repayment in the second half of 2026, subject to the approval and completion of certain documentation.
The updated economics of the project also point to strong returns driven primarily by higher gold price assumptions, according to data published with the confirmation.
At a long-term gold price of US$3,250 per ounce, the project has an after-tax net present value of US$3.5 billion at a 5 percent discount rate and an internal rate of return of 23.5 percent. At US$4,500 gold, the after-tax NPV increases to US$6.1 billion with an IRR of 32.3 per cent.
The revised technical report covers engineering completed through 2025, with approximately 45 percent of the project estimated to be engineered by the end of the year.
Perpetua has already advanced key elements of project execution. Construction of preliminary works began in October 2025, following receipt of all key permits and posting of construction-phase financial assurances with federal and state agencies.
The Stibnite project is being positioned as a strategic domestic source of both gold and antimony, which is classified as a critical mineral in the US due to its role in defense systems and energy technologies.
The project is expected to be the only domestically mined source of antimony, in line with the objectives of EXIM’s “Make More in America” program.
Project financing efforts 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 JPMorganChase.
The Canadian miner also committed US$180 million for common shares with warrants and will collaborate with Perpetua through a technical and exploration advisory committee.
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Securities Disclosure: I, Gian Liguid, do not have any direct investment interest in any of the companies mentioned in this article.
