Perpetua Resources: $2.9 Billion EXIM Loan Approval Paired With $574.2 Million Cash And $3,000 Gold Floor Ahead Of H2 2026 Stibnite Decision
Perpetua Resources said the U.S. Export-Import Bank unanimously approved a $2.9 billion senior secured loan for its 100% owned Stibnite gold project in Idaho, under the Make More in America initiative. The company reported $574.2 million unrestricted cash at end-June and spent $28.9 million on $3,000 gold put options for up to 158,016 ounces. Funding and conditions precedent remain.
How this was made
The 30-second read
Why it matters
Unanimous U.S. EXIM board approval of a $2.9 billion senior secured loan, plus $574.2 million unrestricted cash, materially strengthens the project’s financing runway. The company also bought $28.9 million of gold put options to establish a $3,000-per-ounce floor for up to 158,016 ounces produced in 2031, adding economics visibility while retaining upside above the strike. However, the loan is not yet funded and requires definitive documentation and conditions precedent.
Market read
This is a financing de-risking update for a domestic gold and critical-mineral project, with conditional loan drawdown and a hedging overlay that can influence perceived project economics.
What to watch
The gold put structure provides downside protection but does not eliminate production, cost, and permitting execution risks that still govern the H2 2026 decision.
Background
Perpetua Resources is advancing the 100%-owned Stibnite Gold Project in Idaho toward a potential final investment and construction decision in H2 2026.
Market effects
Supports the narrative that US permitting and EXIM-backed project finance can de-risk domestic critical-mineral and gold development.
Idaho permitting and litigation progress reduces headline risk for the Stibnite project timeline.
EXIM approval may be read across to other US critical-mineral projects seeking government-backed long-term debt.
Counterpoint
The EXIM approval is a milestone, but funding is not yet completed and conditions precedent could delay drawdown, limiting near-term equity impact.
Key entities
- companyPerpetua Resources
Advancing Stibnite Gold Project financing and optionality ahead of a potential H2 2026 investment decision.
- regulator/financing institutionU.S. Export-Import Bank (EXIM)
Unanimously approved a $2.9 billion senior secured long-term loan for the project.
- projectStibnite Gold Project
100%-owned Idaho gold and potential domestic antimony source; subject to permitting and litigation.
- hedging instrument$3,000 gold put options
Paid $28.9 million for the right to sell up to 158,016 ounces in 2031 at $3,000/oz, creating a downside floor.
