Perpetua Resources is approaching a potential final investment and construction decision for the Stibnite Gold Project in the second half of 2026 with a substantially strengthened financing position, including unanimous U.S. Export-Import Bank approval of a $2.9 billion senior secured long-term loan and $574.2 million of unrestricted cash at the end of June. The company has also spent $28.9 million on put options establishing a $3,000-per-ounce floor for up to 158,016 ounces of gold produced in 2031 while retaining exposure to gold prices above that level.
The EXIM board approved the $2.9 billion loan on May 21 under the Make More in America Initiative to support development of Perpetua’s 100%-owned Stibnite project in Idaho. The approval represents a major financing milestone, although funding has not yet been completed. Perpetua is still working through definitive documentation and must satisfy conditions precedent before funds can be drawn.
Perpetua ended the second quarter with $574.2 million of unrestricted cash and cash equivalents plus $60.9 million of restricted cash equivalents. That liquidity provides the company with capital to continue detailed engineering, long-lead procurement, early works and critical-path construction while it works toward the formal project decision.
The gold puts add another layer to that financing strategy. During July and August, Perpetua paid $28.9 million for the right, but not the obligation, to sell up to 158,016 ounces of gold during 2031 for $3,000 per ounce. Because the instruments are put options rather than fixed-price forward sales, Perpetua retains full participation if gold trades above $3,000 while receiving downside protection below the strike price.
That structure provides greater visibility around a portion of future project economics without completely sacrificing exposure to higher gold prices. The protected ounces would have a minimum exercise value of approximately $474 million at the $3,000 strike if the puts were exercised across the full 158,016 ounces, although actual economics will depend on gold prices and production in 2031.
Project spending has already accelerated ahead of a final decision. Perpetua reported a Q2 net loss of $97.5 million compared with $6 million a year earlier, while the first-half net loss increased to $146.2 million from $14.2 million. The company attributed the increase primarily to higher exploration and pre-development spending ahead of the investment and construction decision.
Critical-path work began during the quarter. On May 30, Perpetua started additional construction activities associated with the Burntlog Route and began work involving worker housing and administrative facilities at the mine site. The company has also continued deliveries of worker housing units, engineering and exploration activities.
Stibnite is designed as both a gold project and a potential domestic source of antimony. Perpetua describes the deposit as one of the highest-grade open-pit gold deposits in the United States and says it contains the country’s only identified domestic reserve of antimony, a critical mineral used in defense, energy and manufacturing applications.
The company has also made progress on permitting and legal matters. Idaho issued a final modified Clean Water Act Section 401 certification in April, while a federal district court denied a request for a preliminary injunction against project activities in May and the Ninth Circuit subsequently denied an emergency stay request. An Idaho state district court also upheld the project’s air permit in July, although litigation related to the federal approval remains pending.
KEY QUOTES:
“Significant milestones were achieved at Perpetua in Q2 2026. The unanimous approval by the U.S. EXIM board of our $2.9 billion senior secured loan has laid the foundation for Stibnite’s future construction, and combined with our $574.2 million cash position at quarter-end, positions us well as we advance toward a final investment and construction decision in the second half of the year. We continue to work through definitive documentation and anticipate closing this facility later this year.”
Jon Cherry, President and CEO of Perpetua Resources
