Export Import Bank of the United States Approves $2.9 Billion Loan for Development of Perpetua Resources' Stibnite Gold Project

Rhea-AI Summary

Perpetua Resources (Nasdaq:PPTA) received unanimous approval from the Export Import Bank of the United States for a $2.9 billion senior secured loan under the Make More in America Initiative to develop the Stibnite Gold Project in Idaho.

The financing, combined with existing cash, is expected to fully fund current estimated construction capital, supporting development of the only identified domestic reserve of critical mineral antimony, gold production, environmental cleanup, and an average of over 700 direct jobs per year over the mine life.

Positive

• EXIM approves $2.9 billion senior secured long-term loan for Stibnite Gold Project
• Financing plus cash on hand expected to fully fund Project construction capital costs
• Project hosts the only identified domestic reserve of critical mineral antimony
• Stibnite Gold Project expected to create over 700 direct jobs per year on average
• Loan structured as 13-year facility with repayments anticipated to start in 2030
• Government and congressional backing highlights national security and supply chain importance

Negative

• Loan availability contingent on definitive documentation and customary conditions precedent in H2 2026
• Company to incur up to $2.9 billion in senior secured debt obligations
• Interest rate fixed at long-dated U.S. Treasury yield plus 100 basis points
• Portion of principal covers capitalized interest during construction and EXIM exposure fee

News Market Reaction – PPTA

-5.24% 1.5x vol

31 alerts

-5.24% Session close to close

+26.0% Peak Tracked

-4.5% Trough Tracked

$3.34B Market Cap

1.5x Rel. Volume

In the May 22 session, PPTA declined 5.24%, reflecting a notable negative market reaction. Argus tracked a peak move of +26.0% during that session. Argus tracked a trough of -4.5% from its starting point during tracking. Our momentum scanner triggered 31 alerts that day, indicating elevated trading interest and price volatility. Trading volume was above average at 1.5x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -5.2% in the session following this news. A negative reaction despite the EXIM Board...

Analysis

The stock moved -5.2% in the session following this news. A negative reaction despite the EXIM Board’s approval of a $2.9 billion loan would fit a pattern seen once before, when positive EPCM and equity news on Dec 16, 2025 coincided with a small decline. In such a scenario, the market could have focused on financing terms, long lead time before 2030 repayments, or existing shelf capacity rather than project de-risking. Past trading shows that not every constructive Stibnite milestone translated into immediate gains.

Key Figures

EXIM loan amount: $2.9 billion Upfront facility: $2.4 billion Loan term: 13 years +5 more

8 metrics

EXIM loan amount $2.9 billion Senior secured long-term loan under MMIA for Stibnite Gold Project

Upfront facility $2.4 billion Portion of EXIM loan as upfront facility in 13-year credit structure

Loan term 13 years Tenor of senior secured credit facility

Interest spread 100 basis points Above applicable long-dated U.S. Treasury bond rate

Notice period 25 days Congressional notice period prior to EXIM Board’s loan approval

Direct jobs Over 700 jobs/year Average direct jobs per year over life of the mine

Repayment start 2030 Scheduled commencement of loan repayments

Loan availability timing Second half of 2026 Expected completion of documentation and conditions precedent

Historical Context

5 past events · Latest: May 12 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 12	Industry commentary	Neutral	-1.5%	Commentary on U.S. rare earth supply chains and DFARS 2027 deadline.
May 11	Quarterly earnings	Positive	+5.3%	Q1 2026 results with progress on EXIM loan, permits and project milestones.
Mar 31	EXIM loan advance	Positive	+11.1%	EXIM Board advanced proposed $2.7B loan and reported improved project economics.
Dec 16	EPCM selection	Positive	-0.9%	Hatch chosen as EPCM and invested $4.0M via private placement in Perpetua.
Dec 09	Defense partnership	Positive	+5.1%	Partnership with Idaho National Laboratory on critical mineral pilot plant for antimony.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Project-related EXIM and Stibnite milestones have often coincided with positive price reactions, though there has been at least one instance where constructive project news met a slightly negative next-day move.

Recent Company History

Over the past six months, Perpetua has steadily advanced the Stibnite Gold Project, with key milestones including EXIM’s advancement of a proposed $2.7 billion loan on Mar 31, 2026 and Hatch’s selection as EPCM with a $4.0 million equity investment on Dec 16, 2025. Earlier partnership work with Idaho National Laboratory and multiple U.S. defense and critical mineral initiatives reinforced the strategic role of antimony. Today’s final EXIM Board approval of a larger $2.9 billion loan builds directly on this financing and strategic trajectory.

Key Terms

senior secured loan, credit facility, basis points

3 terms

senior secured loan financial

"approved a $2.9 billion senior secured long-term loan ("Loan") under the Make More in America"

A senior secured loan is a type of company loan that has first priority to be repaid and is backed by specific company assets as collateral, so lenders can seize or sell those assets if the borrower defaults. For investors, that priority and collateral make these loans safer than unsecured debt, usually meaning lower interest rates and stronger recovery prospects in a default — similar to how a mortgage has first claim on a house while a credit card does not.

credit facility financial

"structured as a 13-year senior secured credit facility of $2.9 billion, consisting of an upfront"

A credit facility is a flexible loan arrangement that allows a borrower to access funds up to a set limit whenever needed, similar to a company having an overdraft option on a bank account. It matters to investors because it indicates how easily a business can secure cash when required, affecting its ability to manage expenses, invest, or respond to financial challenges.

basis points financial

"Interest on the Loan is to be set at the applicable long-dated U.S. Treasury bond rate plus 100 basis points"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Landmark loan under EXIM's Make More in America Initiative supports domestic critical mineral supply chain and hundreds of jobs in rural Idaho

Stibnite Gold Project is poised to develop the only domestic reserve of critical mineral antimony

$2.9 billion loan, combined with Perpetua's cash on hand, is expected to fully fund estimated capital costs for the construction of the Stibnite Gold Project

BOISE, Idaho, May 21, 2026 /PRNewswire/ - Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or "Perpetua" or the "Company") announced today that the Board of the Export-Import Bank of the United States ("EXIM") has unanimously approved a $2.9 billion senior secured long-term loan ("Loan") under the Make More in America Initiative ("MMIA") to support the development of Perpetua's Stibnite Gold Project ("Stibnite" or "Project"). EXIM's approval comes after extensive technical, financial, environmental and social due diligence and a 25-day notice period to Congress.

"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 CEO of Perpetua Resources. "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."

The Stibnite Gold Project is an ideal candidate for U.S. EXIM financing as it sits at the nexus of EXIM's highest priority mandates – strengthening America's industrial manufacturing supply chains, domestic job support, and critical mineral independence to advance both national security and domestic industrial and commercial manufacturing needs.

EXIM's decision marks a landmark transaction under the MMIA Initiative and advances American production and manufacturing to be more competitive on the world stage. As the only identified domestic reserve of antimony, EXIM's investment in the Project advances American critical mineral independence for antimony. 

"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 defense industries," said U.S. Senator for Idaho Mike Crapo. "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."

The EXIM financing package, combined with Perpetua's cash on hand, is expected to fully fund the direct construction of the Stibnite Gold Project based on the current capital cost estimates as reported in the Company's Technical Report Summary as of December 31, 2025. Underpinned by robust economics from gold, the Stibnite Gold Project is designed to responsibly redevelop and restore the abandoned Stibnite Mining District in Idaho to produce gold and the nation's only reported reserve of the critical mineral antimony. In doing so, the Project would provide investments in environmental cleanup of the historical site, secure a source of antimony for American commercial and defense manufacturing, and create an average of over 700 direct jobs a year over the life of the mine and significant tax revenue for local communities and the state of Idaho.

"There is no better place to deploy US EXIM's $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. 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."

To date, the Stibnite Gold Project has gone through rigorous scientific and public review, was identified as a Transparency Project under the FAST-41 Program and has received substantial support and partnership from the Department of War. Today's EXIM financing announcement illustrates a whole-of-government approach to advance this project towards production.

The Loan will be available upon completion of definitive documentation and satisfaction of customary conditions precedent, which is expected to occur in the second half of 2026. The Loan is to be structured as a 13-year senior secured credit facility of $2.9 billion, consisting of an upfront facility of $2.4 billion with the remainder to cover capitalized interest during construction and EXIM's exposure fee. The increase in the principal amount of the Loan compared to the initial EXIM Board review primarily relates to adding an option to move certain planned equipment financing from a third-party financing company into the EXIM Loan.

Interest on the Loan is to be set at the applicable long-dated U.S. Treasury bond rate plus 100 basis points and will be fixed at the time of the first drawdown. Scheduled repayments are anticipated to commence in 2030.

The MMIA Initiative is a Congressionally authorized financing program through EXIM designed to help companies make more in America – especially in sectors critical to national security. The goal of the program is to help American producers obtain financing, compete on a global scale and, in the process, generate economic opportunities for hardworking Americans.

EXIM is an independent Executive Branch agency and the official export credit agency of the United States. EXIM's mission is to support American jobs by facilitating the export of U.S. goods and services. In 2024, Perpetua Resources submitted a Letter of Interest application to EXIM. After EXIM expressed interest in potential debt financing, Perpetua worked on its application for more than a year, officially submitting it in May 2025. In September 2025, the Company received a preliminary project letter and indicative term sheet from EXIM for financing. Since that time, EXIM has conducted extensive due diligence and legal review, including its own environmental and social evaluation of the Project. The final approval from EXIM's Board of Directors comes two years after the initial interest application was submitted and a year after Perpetua submitted its formal application.

Advisors

The Company's transaction advisors for the Loan include Endeavour Financial acting as financial advisor, and Hunton Andrews Kurth LLP serving as legal counsel.

Website: www.perpetuaresources.com

About Perpetua Resources and the Stibnite Gold Project

Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration, and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho. The Stibnite Gold Project is one of the highest grade, open pit gold deposits in the United States and holds the only identified domestic reserve of the critical mineral antimony, which is essential to the defense, energy, and manufacturing sectors. The Project is designed to apply a modern, responsible mining approach to restore an abandoned mine site and provide uplift to water quality, improve fish habitat access, and invest in river restoration while supporting local economic development in rural Idaho.

Forward-Looking Information
Investors should be aware that funding under the EXIM loan is subject to completion of definitive documentation and satisfaction of conditions precedent. There can be no assurance that we will be able to successfully negotiate definitive loan documents to close the loan or that, if closed, any funding provided by U.S. EXIM will be sufficient for us to construct the Project. Further, release of funding under the loan would be subject to the satisfaction of certain conditions and covenants by the Company.
Investors should be aware that the Project's designation as a Transparency Project does not imply endorsement of or support for the Project by the federal government, or create a presumption that the Project will receive federal funding. The designation of a project as a Transparency Project may be reconsidered based on updated information.
Information and statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. We use words such as "may," "would," "could," "should," "will," "likely," "expect," "anticipate," "believe," "intend," "plan," "potential," "forecast," "outlook," "project," "estimate" and similar expressions suggesting future outcomes or events to identify forward-looking statements or forward-looking information. Forward-Looking Information includes, but is not limited to, disclosure regarding the, anticipated timing, documentation, closing and funding of the Company's proposed U.S. EXIM financing and the final terms of the proposed U.S. EXIM financing; timing of anticipated milestones related to the Project and financing; ongoing funding and anticipated liquidity; our ability to comply with, obtain and defend permits related to the Project; the expected outcomes of the Project, including our mineral reserves and mineral resources; the expected commercial demand for antimony and the Company's ability to supply it; our ability to successfully implement and fund the Project; the occurrence of the expected benefits from the Project, including contributions to national security; and timing of anticipated milestones related to the Project and financing.
In preparing the Forward-Looking Information herein, the Company has applied several material assumptions, including, but not limited to, certain assumptions that the U.S. EXIM financing application will close and fund within the expected timeframe; that the Company will be able to negotiate and execute definitive documentation for the proposed U.S. EXIM financing on acceptable terms, satisfy the conditions to signing, closing and funding of the U.S. EXIM loan and receive funds when needed; that the final terms of the proposed U.S. EXIM financing will be substantially consistent with those currently indicated; that the Company's proposed financing will be sufficient to finance permitting, pre-construction and construction of the Project or that the Company will be able to secure alternate financing if necessary; that the Company will be able to maintain compliance with covenants contained in its financing agreements or that may be contained in future financing agreements; that the Company will be able to satisfy additional bonding or financial assurance requirements in the future; that no pending or future litigation will result in the loss of any material permits or material delay to the Project schedule or a material increase to Project costs; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that the Company's other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting, construction and operations costs will not materially increase; that the Company will satisfy or will continue to satisfy the requirements of applicable permits and the requirements of various governmental approvals; and that the Company or applicable governmental agencies will be able to successfully defend against any challenges to governmental approvals for the planned exploration, construction, development, operation and environmental protection activities on the Project.
Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, delays in the closing of the U.S. EXIM loan or material changes to the anticipated size or terms of the loan; delays in, or inability to satisfy the conditions to signing, closing or funding of the U.S. EXIM loan; risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in development, construction, operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all; as well as those factors discussed in the Company's public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Because it is not possible to predict or identify all such factors, this list cannot be considered a complete set of all potential risks or uncertainties. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, the Company expressly disclaims any obligation to update the Forward-Looking Information herein.

Cautionary Statement Regarding Technical Information

The technical information in respect of the Stibnite Gold Project in this news release is based upon information contained in the technical report titled "Stibnite Gold Project, S-K 1300 Technical Report Summary, Valley County, Idaho, USA," dated as of December 31, 2025 (the "TRS"), developed for the Stibnite Gold Project in accordance with the mining property disclosure rules specified in Regulation S-K subpart 1300 ("S-K 1300") promulgated by the SEC and  published on March 31, 2026. Such information is as of December 31, 2025 and is subject to the assumptions, exclusions and qualifications set forth in the TRS. For additional information regarding the TRS, investors are encouraged to refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026. Data regarding domestic antimony reserves based on U.S. Geological Survey, Mineral Commodity Summaries, dated as of January 2026.

View original content:https://www.prnewswire.com/news-releases/export-import-bank-of-the-united-states-approves-2-9-billion-loan-for-development-of-perpetua-resources-stibnite-gold-project-302779531.html

SOURCE Perpetua Resources Corp.

FAQ

What did Perpetua Resources (PPTA) announce about EXIM financing on May 21, 2026?

Perpetua Resources announced unanimous approval of a $2.9 billion senior secured loan from the U.S. Export Import Bank to develop the Stibnite Gold Project in Idaho. According to Perpetua Resources, this support follows extensive technical, financial, environmental, and social due diligence and congressional notification.

How will the $2.9 billion EXIM loan affect funding for Perpetua Resources' Stibnite Gold Project (PPTA)?

The EXIM financing package, combined with Perpetua Resources’ cash on hand, is expected to fully fund direct construction capital for the Stibnite Gold Project based on current estimates. According to Perpetua Resources, this positions the project to move toward construction without requiring additional construction capital financing.

What are the key terms of the EXIM loan approved for Perpetua Resources (PPTA)?

The loan is a 13-year senior secured credit facility totaling $2.9 billion, including a $2.4 billion upfront facility. According to Perpetua Resources, interest will equal the applicable long-dated U.S. Treasury bond rate plus 100 basis points, fixed at first drawdown, with repayments anticipated to start in 2030.

Why is the Stibnite Gold Project important for U.S. critical mineral supply and Perpetua Resources (PPTA)?

Stibnite hosts the only identified domestic reserve of the critical mineral antimony, alongside gold production. According to Perpetua Resources, the project aims to support national security, defense and commercial manufacturing, reduce reliance on foreign adversaries, and redevelop and restore an abandoned mining district in Idaho.

What economic impact is expected from Perpetua Resources' Stibnite Gold Project (PPTA) in Idaho?

The project is expected to create an average of over 700 direct jobs per year over the mine life and generate significant tax revenues. According to Perpetua Resources, it also plans to invest in environmental cleanup of the historical Stibnite Mining District while supporting local and state economies.

When will Perpetua Resources (PPTA) be able to draw on the EXIM loan for Stibnite?

The loan will be available after completion of definitive documentation and satisfaction of customary conditions precedent, targeted for the second half of 2026. According to Perpetua Resources, these steps follow more than a year of application work and extensive due diligence by EXIM.