Perpetua Resources is making significant strides in securing financing from the Export-Import Bank of the United States (US Exim) for its ambitious Stibnite Gold Project located in Idaho. The mining developer is aiming to procure approximately US$2 billion and anticipates a financing decision by the second quarter of next year.
This week, the company announced it has received a preliminary project letter (PPL) from US Exim, marking a crucial milestone in the loan application process. The Stibnite Gold Project not only seeks to increase domestic gold supplies but also aspires to be the first domestic source of antimony, a critical mineral vital for various sectors, including defense and advanced technologies.
Perpetua Resources has highlighted its ongoing collaboration with US Exim as they move forward through the due diligence stages required for the loan application. The company expects the Exim board to make a final consideration on the proposal by spring 2026.
A PPL is an early indicator of the export credit agency’s willingness to proceed with a financing offer. It includes an indicative term sheet and a summary of initial due diligence findings, which serve as a roadmap for both parties as they move toward a definitive commitment. Earlier this year, US Exim expressed its interest in the project by issuing a non-binding letter that hinted at the possibility of a 15-year loan for Perpetua’s initiative.
The urgency surrounding the Stibnite Gold Project has heightened due to China’s ban on antimony exports to the US, which took effect late last year. This development has underscored the nation’s reliance on imported antimony. Perpetua Resources estimates that their project could meet up to 35% of the U.S. demand for antimony during its initial six years of production.
Jon Cherry, the president and CEO of Perpetua Resources, expressed optimism about the project’s future, stating that the company is looking to initiate early works construction in the coming months while simultaneously progressing with Exim’s debt financing efforts. This dual approach is expected to pave the way for not only enhancing domestic resource availability but also strengthening the country’s supply chain for critical minerals.
