Perpetua Resources Aims for $2 Billion Financing for Stibnite Gold Project
Perpetua Resources Corp. has taken a significant step by submitting a formal application to the Export-Import Bank of the United States (EXIM) for debt financing of up to $2 billion to support the construction of its Stibnite Gold Project. This major move follows the issuance of the final federal permit, which underscores the project’s readiness to proceed. The initially proposed financing amount of $1.8 billion was increased based on the enhanced job-years predicted as part of recent financial updates and the completion of preliminary engineering work earlier in 2025.
The Stibnite Gold Project is not just an ambitious mining endeavor; it's positioned to become a vital national asset for domestic antimony production. According to Jon Cherry, President and CEO of Perpetua Resources, securing EXIM financing could significantly propel the project towards production. It aims to re-establish a consistent supply of antimony—a mineral crucial for various national defense applications—in the United States.
In recent years, China's bans on antimony exports have posed significant challenges, cutting off international access to this essential mineral. By reopening domestic antimony production through the Stibnite Gold Project, the U.S. can enhance its strategic mineral supply chain, ensuring both national security and economic resilience. Notably, the Stibnite Project’s operation will also yield gold, thereby providing additional economic benefits.
The application to EXIM follows extensive engagement with the bank's underwriting team and concerns about mineral sourcing highlighted by a recent Executive Order aimed at enhancing governmental financing for U.S. mineral projects. Perpetua Resources has navigated a complex interagency permitting process over the past eight years, culminating in the receipt of the Clean Water Act Section 404 permit from the U.S. Army Corps of Engineers.
With essential federal approval now secured, Perpetua is focused on obtaining remaining state permits and securing necessary financing to begin construction on this promising project. The Stibnite Project is recognized not just for its rich deposits but also for its commitment to environmental restoration of the historic Stibnite Mining District.
As outlined in recent statements, Perpetua Resources is committed to responsible mining practices that align with their overarching environmental, social, and governance (ESG) commitments. The company has been awarded $59.2 million under the Defense Production Act to further advance the project’s readiness, confirming a strong governmental backing of their initiatives.
While the journey toward financing remains contingent on the successful conclusion of EXIM’s due diligence, Perpetua’s leadership remains optimistic about the project's capacity to meet U.S. defense needs, create jobs, and encourage environmental restoration. In anticipation of the project's potential impact, both the business community and local stakeholders are keenly observing Perpetua's progress in navigating these crucial phases of development. Through its innovative approach and strategic planning, Perpetua Resources aspires to set a precedent in the U.S. mining sector, focusing on mineral independence and sustainable practices for years to come.
The Stibnite Gold Project is not just an ambitious mining endeavor; it's positioned to become a vital national asset for domestic antimony production. According to Jon Cherry, President and CEO of Perpetua Resources, securing EXIM financing could significantly propel the project towards production. It aims to re-establish a consistent supply of antimony—a mineral crucial for various national defense applications—in the United States.
In recent years, China's bans on antimony exports have posed significant challenges, cutting off international access to this essential mineral. By reopening domestic antimony production through the Stibnite Gold Project, the U.S. can enhance its strategic mineral supply chain, ensuring both national security and economic resilience. Notably, the Stibnite Project’s operation will also yield gold, thereby providing additional economic benefits.
The application to EXIM follows extensive engagement with the bank's underwriting team and concerns about mineral sourcing highlighted by a recent Executive Order aimed at enhancing governmental financing for U.S. mineral projects. Perpetua Resources has navigated a complex interagency permitting process over the past eight years, culminating in the receipt of the Clean Water Act Section 404 permit from the U.S. Army Corps of Engineers.
With essential federal approval now secured, Perpetua is focused on obtaining remaining state permits and securing necessary financing to begin construction on this promising project. The Stibnite Project is recognized not just for its rich deposits but also for its commitment to environmental restoration of the historic Stibnite Mining District.
As outlined in recent statements, Perpetua Resources is committed to responsible mining practices that align with their overarching environmental, social, and governance (ESG) commitments. The company has been awarded $59.2 million under the Defense Production Act to further advance the project’s readiness, confirming a strong governmental backing of their initiatives.
While the journey toward financing remains contingent on the successful conclusion of EXIM’s due diligence, Perpetua’s leadership remains optimistic about the project's capacity to meet U.S. defense needs, create jobs, and encourage environmental restoration. In anticipation of the project's potential impact, both the business community and local stakeholders are keenly observing Perpetua's progress in navigating these crucial phases of development. Through its innovative approach and strategic planning, Perpetua Resources aspires to set a precedent in the U.S. mining sector, focusing on mineral independence and sustainable practices for years to come.
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