Perpetua Resources announced that the Board of the Export-Import Bank of the United States approved a $2.9 billion senior secured long-term loan under the Make More in America Initiative to support development of the Stibnite Gold Project in Idaho. The financing is expected to fully fund the project’s estimated construction capital costs when combined with the company’s existing cash reserves.
The Stibnite Gold Project is positioned to become the only domestic reserve of the critical mineral antimony, which is used in defense systems, semiconductors, and other industrial applications. The project is also expected to create hundreds of jobs in rural Idaho while supporting U.S. efforts to reduce reliance on foreign critical mineral supply chains.
Perpetua Resources Corp. said the EXIM approval followed extensive technical, financial, environmental, and social due diligence, along with a 25-day congressional notice period. The financing package represents one of the largest transactions completed under EXIM’s Make More in America Initiative.
Jon Cherry, President and CEO of Perpetua Resources, said the financing milestone reflects growing cooperation between government and private industry to strengthen domestic mineral production and national security. Cherry noted that the loan positions the company to move the Stibnite Gold Project toward construction and production while helping reduce U.S. dependence on foreign sources of antimony.
The project aligns with several priorities under EXIM’s financing initiatives, including domestic manufacturing support, supply chain resilience, critical mineral independence, and job creation. According to the company, the Stibnite Gold Project is designed to redevelop and restore the historic Stibnite Mining District while producing both gold and antimony.
James Risch said Idaho’s critical mineral resources are important for reducing U.S. dependence on foreign suppliers and added that the investment could expand domestic mineral supply while creating high-quality jobs in rural communities.
Mike Crapo said the financing strengthens economic and national security by supporting domestic supplies of minerals needed for manufacturing and defense industries. Crapo added that the investment could improve supply chain security while supporting industrial competitiveness and employment growth in Idaho.
Brad Little described the Stibnite Gold Project as a strategic investment for Idaho and the United States, citing its potential to create family-wage jobs and reduce dependence on foreign adversaries for antimony supplies.
The company stated that the Stibnite Gold Project has completed extensive scientific and public review and was designated as a Transparency Project under the FAST-41 Program. Perpetua also said the project has received support and partnership from the U.S. Department of War as part of broader government efforts to advance domestic critical mineral production.
Under the proposed financing structure, the 13-year senior secured credit facility will include an upfront facility of $2.4 billion, with the remainder allocated toward capitalized interest during construction and EXIM exposure fees. Interest will be based on long-dated U.S. Treasury rates plus 100 basis points and fixed at the first drawdown. Scheduled repayments are expected to begin in 2030.
Perpetua said the increase in the loan amount from the initial EXIM review reflects the addition of an option to move certain planned equipment financing into the EXIM-backed facility.
The company expects the loan to become available following completion of definitive documentation and customary closing conditions during the second half of 2026.
KEY QUOTES:
“It is time to make more in America and today marks not only a key milestone for Perpetua Resources, but a significant step in mineral security for our country. When the federal government and private industry work together on a shared national priority, big things are made possible. The $2.9 billion loan positions us to bring the Stibnite Gold Project to life and signals a new day in American mineral independence and responsible mining. We are immensely proud of our role in strengthening America’s national security, creating hundreds of jobs in rural Idaho, and reducing our dependence on foreign adversaries for a mineral we cannot do without.”
Jon Cherry, President and CEO, Perpetua Resources
“Idaho’s abundant critical and rare earth minerals are essential to reducing U.S. dependence on foreign suppliers. This investment will help expand our domestic critical mineral supply, create high-quality jobs in rural America, and strengthen our national security.”
James Risch, U.S. Senator from Idaho
“This investment strengthens America’s economic and national security by advancing a reliable domestic supply of critical minerals essential to our manufacturing and defense industries. The Export-Import Bank’s Make More in America initiative is helping secure the infrastructure needed to reduce our dependence on foreign adversaries, support American workers and reinforce our long-term industrial competitiveness. It is encouraging to see this effort moving forward in Idaho, where it has the potential to create hundreds of high-quality jobs, long-term economic competitiveness and supply chain security.”
Mike Crapo, U.S. Senator from Idaho
“There is no better place to deploy US EXIM’s $2.9 billion investment than right here in the heart of Idaho. The Stibnite Gold Project is exactly the kind of project America needs. It will create hundreds of family-wage jobs and break America’s dependence on our adversaries for the antimony our military and manufacturers need. Thank you to EXIM for this vote of confidence in the Gem State, and congratulations to Perpetua Resources on a milestone that strengthens Idaho and the nation.”
Brad Little, Governor of Idaho
