EXIM nears decision on $2.7B for Perpetua antimony site

Perpetua Resources (Nasdaq, TSX: PPTA) says the proposed multi-billion-dollar loan earmarked by the U.S. export credit agency for its main  gold-antimony project in Idaho has now entered its final approval stage, as updated metal prices have lifted the project’s value. Shares rose.

The Export-Import Bank of the United States (US EXIM) has given notice to Congress of a proposed $2.7 billion loan to support the Stibnite project in central Idaho, Perpetua reported Tuesday. The proposed funding – consisting of a direct loan of $2.2 billion as well as capitalized interest and fees – would cover the initial capital cost of the project, which is estimated at about $2.58 billion, according to Perpetua’s latest technical summary, also released on Tuesday.

“Today’s decision marks the final phase of EXIM approval,” Perpetua CEO Jon Cherry said in a release, adding that the company has worked with the bank for over two years on a financing solution. “This puts Perpetua on track for a final investment decision later this year,” he added.

EXIM’s notice to Congress represents the last formal step before the EXIM board will vote on final approval, which the company anticipates shortly after the 25-day notice period, Perpetua said. Once approved, the company would have sufficient capital, together with the $714 million of cash on hand at year-end.

Large antimony resource

The Stibnite project hosts one of the few known U.S. sources of antimony, a metal considered vital for defence, energy storage, flame retardants and semiconductor manufacturing. It is also one of the largest deposits outside China’s control.

Shares of Perpetua Resources surged more than 10% to C$39.11 apiece on Tuesday in Toronto, sending its market capitalization to about $4.9 billion. The stock has traded in a 12-month range of C$12.59 to C$51.10.

As part of its efforts to rebuild a domestic supply of critical minerals, the Trump administration last year selected Stibnite as one of few projects for the FAST-41 program to expedite its permitting process. The US EXIM also gave its backing of the project with an initial funding commitment of $2 billion. Other key investors in the project include JPMorgan and Agnico Eagle Mines (NYSE, TSX: AEM).

Perpetua started early construction of the project in October after securing all federal and state permits.

Updated economics

The company’s new technical summary has significantly improved the project’s value and incorporated engineering designs for the project developed during the basic engineering phase completed in 2025.  

The net present value (at a 5% discount) has more than doubled to $3.5 billion over last year’s estimate and the internal rate of return (IRR) increased more than 8% to 23.5% in new base case metal prices of $3,250 per oz. gold, $40 per oz. silver and $10 per lb. antimony. 

Assuming prices of $4,500 per oz. gold, the post-tax NPV rises to $6.1 billion and the after-tax IRR to 32.3%. 

Stibnite has a projected 15-year mine life, during which it is expected to deliver over 4.2 million oz. of gold production and 106.5 million lb. of antimony.