Perpetua Resources Corp (NASDAQ:PPTA) (TSX:PPTA) experienced a notable uptick in premarket trading Friday, with shares rising 7.6% after the Export-Import Bank of the United States (EXIM) unanimously approved a $2.9 billion senior secured loan to back the Stibnite Gold Project in Idaho.
The financing was approved under EXIM's Make More in America Initiative and, according to the company, when paired with Perpetua's cash on hand it is expected to fully fund the estimated capital costs required to construct the project. Perpetua said the Stibnite Gold Project would develop the only domestic reserve of the critical mineral antimony in the United States.
Loan structure and terms
The facility will be structured as a 13-year senior secured credit agreement. It comprises an upfront commitment of $2.4 billion, with the remaining portion allocated to cover capitalized interest during the construction period and EXIM's exposure fee. Interest on the loan will be set at the applicable long-dated U.S. Treasury bond rate plus 100 basis points, and that rate will be fixed at the time of the first drawdown. Scheduled principal repayments are expected to begin in 2030.
The loan will become available after the parties complete definitive documentation and satisfy customary conditions precedent. Perpetua and EXIM expect those steps to be concluded in the second half of 2026.
Project scope and local impact
The Stibnite Gold Project is designed to redevelop and restore the abandoned Stibnite Mining District in Idaho, with the planned production of gold and antimony. Perpetua estimates the operation would support an average of more than 700 direct jobs per year over the life of the mine.
Regulatory review and due diligence
EXIM's approval followed extensive technical, financial, environmental and social due diligence and a 25-day notice period to Congress. The financing package approved by EXIM is based on the company's current capital cost estimates as set out in Perpetua's Technical Report Summary dated December 31, 2025.
Market reaction and next steps
Market participants responded to the announcement in premarket trading, bidding up Perpetua's shares. The company will proceed to finalize documentation and meet the customary conditions that EXIM requires before funds become available. The timetable provided by the company anticipates closing those items in the second half of 2026, with construction financing in place following those steps.
Conclusion
With EXIM's unanimous approval of the $2.9 billion facility, Perpetua's Stibnite project moved a step closer to securing construction financing that the company says, together with its own resources, should fully fund the build-out. Key milestones remaining include completion of definitive loan documents and satisfaction of the customary closing conditions that EXIM has outlined.