Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) announced that the Export-Import Bank of the United States unanimously approved a US$2.9 billion senior secured long-term loan under the Make More in America initiative to support development of the company's Stibnite Gold Project in Idaho.
According to the company, the approval followed technical, financial, environmental, and social due diligence, along with a 25-day notice period to Congress. The company stated that the Stibnite Gold Project is the only identified domestic reserve of antimony and that the financing supports EXIM priorities related to industrial manufacturing supply chains, domestic jobs, and critical mineral independence.
"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," said Jon Cherry, president and chief executive officer of Perpetua Resources. "The US$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."
The company stated that the financing package, together with Perpetua's cash on hand, is expected to fully finance the direct construction of the project based on current capital cost estimates contained in the company's technical report summary dated Dec. 31, 2025. The loan is expected to be structured as a 13-year senior secured credit facility consisting of an upfront facility of US$2.4 billion, with the remaining amount allocated toward capitalized interest during construction and EXIM's exposure fee. Scheduled repayments are anticipated to begin in 2030.
Perpetua stated that the increase in the principal amount compared with the initial EXIM board review was primarily related to the addition of an option to move certain planned equipment financing from a third-party financing company into the EXIM loan.
Interest on the loan is expected to be set at the applicable long-dated U.S. Treasury bond rate plus 100 basis points and fixed at the time of the first drawdown. The company stated that the loan will become available upon completion of definitive documentation and satisfaction of customary conditions precedent, which it expects to occur in the second half of 2026.
According to the company, the Stibnite Gold Project is designed to redevelop and restore the abandoned Stibnite mining district while producing gold and antimony. Perpetua stated that the project would provide environmental cleanup of the historical site, establish a domestic source of antimony for commercial and defense manufacturing, and create an average of more than 700 direct jobs annually over the life of the mine.
"Idaho's abundant critical and rare earth minerals are essential to reducing U.S. dependence on foreign suppliers," said U.S. Senator for Idaho James Risch. "This investment will help expand our domestic critical mineral supply, create high-quality jobs in rural America, and strengthen our national security."
"This investment strengthens America's economic and national security by advancing a reliable domestic supply of critical minerals essential to our manufacturing and defence industries," said U.S. Senator for Idaho Mike Crapo.
"There is no better place to deploy U.S. EXIM's US$2.9 billion investment than right here in the heart of Idaho," said Idaho Governor Brad Little. "The Stibnite gold project is exactly the kind of project America needs."
Perpetua stated that the project has been identified as a transparency project under the FAST-41 program and has received support and partnership from the Department of War. The company also noted that the project has undergone scientific and public review processes.
Gold and Antimony Markets Draw Attention Amid Supply Concerns
Gold prices moved higher in late May as easing oil prices and a weaker U.S. dollar influenced inflation expectations and interest rate sentiment. According to a May 24 Reuters report by Noel John, spot gold rose 1.2% to US$4,561.51 an ounce while U.S. gold futures for June delivery gained 0.9% to US$4,563.60. Reuters wrote that hopes surrounding a potential peace agreement involving Iran contributed to lower oil prices and a softer dollar, which supported gold prices.
"Financial assets are strongly influenced by oil prices at present, and gold prices are not an exception," UBS analyst Giovanni Staunovo said in the Reuters report. Staunovo added that "Lower oil prices lift gold, in anticipation that it impacts the monetary policy of the Federal Reserve."
The Reuters report also stated that gold had declined approximately 14% since the Iran conflict began in late February, as higher energy prices contributed to inflation concerns and expectations for elevated U.S. interest rates. The report noted that traders were pricing in a 40% chance of a 25-basis-point U.S. Federal Reserve rate increase in December.
The following day, Reuters reported that spot gold rose 1.1% to US$4,559.07 per ounce while U.S. gold futures gained 0.8% to US$4,559.80. According to the report, market optimism tied to possible U.S.-Iran negotiations weakened the dollar and pressured oil prices lower, which eased inflation expectations.
"Trump has been raising market hopes for some sort of deal with Iran, which could lead to the reopening of the Strait of Hormuz," Tim Waterer, chief market analyst at KCM Trade, said in the Reuters report. Waterer stated that the prospect had "weighed on oil prices and, by extension, given gold a welcome lift from an inflation perspective."
The Reuters report also noted that the U.S. dollar traded near one-week lows, making bullion priced in dollars more affordable for holders of other currencies. Oil prices reached two-week lows during the session, according to the report.
Interest in antimony and gold projects also remained tied to U.S. critical minerals policy and domestic supply concerns. A May 25 commentary published through Globe Newswire stated that "There are no operating primary antimony mines in the United States. None." The commentary also noted that China had implemented antimony export restrictions to the United States before partially suspending those measures in November 2025, with the suspension scheduled to expire on Nov. 27.
The commentary stated that the U.S. Department of War had been "writing checks under the Defense Production Act to anyone who can credibly show they can produce military-grade antimony from American rock." It also described renewed attention on historical brownfield mining sites containing antimony and gold mineralization in Nevada.
Third-Party Observations Track EXIM Developments and Antimony Exposure
In a May 12 equity research update, Ihle reiterated the earlier "Buy" rating and a "US$41.00" price target. Ihle wrote that "EXIM's board has placed Perpetua's proposed roughly US$2.7B senior secured loan on the agenda for its May 21, 2026, meeting." He added that "a favorable outcome should unlock a roughly US$2.2B direct loan that fully covers the capital laid out in the updated technical report when combined with Perpetua's cash and cash equivalents."
Ihle stated that the company's board had "approved a budget of roughly US$328.0M for 1H26, consisting of US$224.0M for detailed engineering, design work, and procuring equipment and US$76.0M for field operations." He also wrote that "management expects to spend US$20.0M for permit compliance and various other costs."
According to the May 12 report, Ihle wrote that "the loan should eventually happen regardless ... based on the necessity for a domestic antimony supply chain from Stibnite." He also stated that "we view this milestone as the largest catalyst over the intermediate term."
The H.C. Wainwright report stated that "Our valuation for PPTA remains based on a DCF analysis of Perpetua's operations as we maintain a 10.0% discount rate on Stibnite." Ihle wrote that "Our overall DCF analysis yields a combined valuation of US$4.66B, or US$35.52 per share." The report further stated that "We ultimately calculate a value of US$5.37B, or US$40.88 per share, which provides our rounded PT of US$41."
Separately, Brian Hicks wrote in an April 27 contributed opinion piece for Wealth Daily that "Perpetua is mining antimony in Idaho. Idaho has quickly become one of the hottest mineral mining districts on the planet." Hicks also described Perpetua Resources as "one of the most explosive rallies ever seen in the stock market."
In a May 22 research flash from National Bank Financial Markets, analyst Rabi Nizami maintained an "Outperform" rating and a "CA$55.00" target price on Perpetua Resources Corp. Nizami wrote that "the Board of the Export-Import Bank of the United States (EXIM) has unanimously approved a US$2.9 billion senior secured long-term loan (US$2.4 billion upfront facility + capacity for capitalized interest) to finance the construction of the Stibnite Gold project in Idaho."
Nizami stated that "Approval of the EXIM Loan is a positive derisking milestone" and wrote that the approved facility, "together with US$670 mln cash on hand, sets up for fully funded capex and a final construction decision later this year." The report also stated that the company had "assembled a capable in-house mine-building team and partnership with Hatch to advance construction through the four-year build."
According to the National Bank Financial Markets report, "The Stibnite project is now fully funded against the YE2025 project capex estimate of US$2.58 bln, given the available capital of ~US$3.1 bln." Nizami also wrote that the financing structure included "a 13-year senior secured credit facility of US$2.9 billion, consisting of an upfront facility of US$2.4 billion with the remainder ~US$500 million to cover capitalized interest during construction and EXIM's exposure fee."
The report stated that the proposed loan principal of "US$2.4 bln (US$2.9 bln capacity, including capitalized interest and fees)" exceeded the prior board proposal of "US$2.2 bln with US$2.7 bln capacity." Nizami added that "The next step for the project is a full construction decision, which is expected to follow the completion of final EXIM loan documents in H2/26 and resolution of remaining ancillary permits."
National Bank Financial Markets maintained an "Outperform" rating and stated that the target price was based on "a 1.0x NAVPS multiple."
On May 22, Cantor Fitzgerald analyst Mike Kozak reiterated a "Buy" rating and a "US$37/CA$49" target price on Perpetua Resources Corp. Kozak wrote that "the Export-Import Bank of the United States (EXIM) approved a US$2.9 BB senior secured long-term loan (credit facility) that will fully fund the development of PPTA's 100%-owned past-producing Stibnite open-pit gold-antimony mine (Idaho)."
Kozak stated that the financing package was "approved under the Make More in America Initiative (MMIA)" and described the approval as "the single most important de-risking event in PPTA's history." He wrote that the process followed "years of Federal and State permitting, extensive due diligence work (environmental, social, technical, financial, etc.) and a 25-day notice period with U.S. Congress."
According to the Cantor Fitzgerald report, the financing package "was upsized from US$2.7 BB previously" and consisted of "an upfront US$2.4 BB facility with the US$0.5 BB remainder to cover capitalized interest during the construction phase." Kozak added that "The Stibnite mine is permitted, currently in early-stage construction, and with the US$2.9 BB EXIM loan now approved, fully funded as well."
Cantor Fitzgerald maintained its "Buy" rating and "US$37/CA$49/share price target."
BMO Capital Markets wrote in a May 22 report that the Export-Import Bank of the United States had "unanimously approved a US$2.9Bn senior secured long-term loan under the Make More in America Initiative to support the development of Perpetua's Stibnite Gold Project." The report maintained an "Outperform" rating and a "CA$47.00" target price on Perpetua Resources.
Analyst Brian Quast stated that "early works have begun, and we anticipate an FID in H2/26, in line with disclosures within the Q1/26 financials." The report also noted that "the loan will be available upon completion of definitive documentation and satisfaction of customary conditions precedent, which is expected to occur in H2/26."
According to the BMO Capital Markets report, the financing package would be structured as "a 13-year senior secured credit facility of US$2.9Bn, consisting of an upfront facility of US$2.4Bn (previously US$2.2Bn) with the remainder to cover capitalized interest during construction and EXIM's exposure fee." Quast also wrote that "Scheduled repayments are anticipated to commence in 2030, which is in line with our previous assumptions."
The report stated that "the EXIM financing package, combined with Perpetua's cash on hand, is expected to fully fund the direct construction of the Stibnite Gold Project." Quast added that "construction is fully financed with this EXIM loan, even with our conservative Capex estimates."
BMO Capital Markets stated that its "CA$47.00 target price is based on a 100% weighting assigned to a 1.7x P/NPV multiple." The report also noted that "With permitting and financing in sight on a gold-antimony asset, we believe there is significant runway towards a higher valuation as PPTA optimizes, constructs, and operates the Stibnite Project in Idaho."
Streetwise Ownership Overview*
Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ)
| Strike Price | Number | Expiry Date |
|---|---|---|
| $31.46 | 953,743 | 10/28/26 |
| $31.46 | 397,393 | 10/28/26 |
| $31.46 | 133,333 | 12/01/26 |
| $34.95 | 953,743 | 10/28/27 |
| $34.95 | 397,393 | 10/28/27 |
| $34.95 | 133,333 | 10/28/27 |
| $38.45 | 953,743 | 10/28/28 |
| $38.45 | 397,393 | 10/28/28 |
| $38.45 | 133,333 | 10/28/28 |
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 02/18/21 | MAX | 1 | PPTA | 1 |
| 01/29/21 | MAX | 10 | MAX | 1 |
| 12/16/02 | E | 1 | MAX | 1 |
The report further stated that "Key catalysts for PPTA will largely relate to the development of the Stibnite project. Drilling results could also drive the stock price higher."
Project Development and Financing Milestones
Perpetua's May 2026 investor presentation outlined several project milestones and operational developments related to the Stibnite Gold Project. The presentation stated that the company completed basic engineering work and a power contract in February 2025, followed by designation as a White House Priority Project in April 2025.
The company stated that it received a preliminary project letter and an indicative term sheet from EXIM in September 2025 and also announced a request-for-proposals related to antimony offtake opportunities that same month. According to the presentation, Perpetua completed US$317 million in strategic equity investments and private placements involving Agnico Eagle and JPMorganChase, along with an additional US$527 million net equity financing between June and December 2025. The company also announced a partnership with Idaho National Laboratory on an antimony pilot plant in December 2025 and filed an updated technical report summary in March 2026.
The investor presentation stated that the company received a final Record of Decision in January 2025 and a final federal permit in May 2025. Perpetua also stated that it posted construction-phase financial assurance and began early works construction in October 2025. In December 2025, the company selected Hatch as the EPCM contractor for the project.
According to the presentation, Perpetua expects ongoing exploration activities related to gold and critical minerals during 2026, along with antimony offtake activities, a final investment decision, and closing of EXIM debt financing during 2026. The company's presentation also listed commercial operations targeted for 2029.
Ownership and Share Structure1
The company has 124.86 million shares issued and outstanding. On an undiluted basis, Paulson & Co. owns 25.91%, Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) owns 6.41%, and JPMorganChase holds 2.23%.
About 45.73% is owned by institutions. The rest is held by retail.
Its market cap is CA$5.2 billion. Its 52-week range is CA$13.85–CA$51.10 per share.
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Important Disclosures:
- Perpetua Resources Corp is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Perpetua Resources Corp. and Agnico Eagle Mines Ltd.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
