Perpetua wins EXIM approval for $2.9 billion loan

Perpetua Resources Corp. announced that the board of the U.S. Export-Import Bank has unanimously approved a $2.9 billion senior secured long-term loan to support development of the Stibnite Gold Project.

Rhea-AI Filing Summary

Perpetua Resources Corp. announced that the board of the U.S. Export-Import Bank has unanimously approved a $2.9 billion senior secured long-term loan to support development of the Stibnite Gold Project. The financing is under EXIM’s Make More in America Initiative and follows extensive technical, financial, environmental and social due diligence and a 25-day Congressional notice period.

The loan is expected to be documented in the second half of 2026 and structured as a 13-year senior secured credit facility, including a $2.4 billion upfront facility and additional amounts for capitalized interest during construction and EXIM’s exposure fee. Interest will be fixed at the long-dated U.S. Treasury bond rate plus 100% basis points at first drawdown, with scheduled repayments anticipated to begin in 2030. Funding remains subject to definitive documentation and satisfaction of conditions precedent, and the company cautions there is no assurance the loan will close or be sufficient to construct the project.

Positive

• EXIM board approval of $2.9 billion loan for the Stibnite Gold Project meaningfully advances a potential long-term project financing solution under the Make More in America Initiative.

Negative

• None.

Insights

Mining project finance analyst

EXIM’s $2.9 billion approval is a major, but still conditional, financing milestone.

EXIM’s unanimous board approval of a $2.9 billion senior secured loan materially advances financing for Perpetua Resources and its Stibnite Gold Project. The 13-year structure with a $2.4 billion upfront facility plus construction-period interest and exposure fee coverage indicates EXIM’s deep engagement.

Pricing at the applicable long-dated U.S. Treasury rate plus 100% basis points offers relatively transparent borrowing costs, with repayments anticipated to start in 2030. However, the loan remains subject to definitive documentation and customary conditions precedent, and the company explicitly notes there is no assurance the facility will close or fully fund project construction.

From an investor perspective, this decision significantly clarifies a potential funding path for a large, capital-intensive project, but the ultimate impact depends on successful completion of loan documents, ongoing covenant compliance and how total project costs compare with available financing once terms are finalized.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Key Figures

EXIM loan size: $2.9 billion Upfront facility: $2.4 billion Loan term: 13 years +3 more

6 metrics

EXIM loan size $2.9 billion Senior secured long-term loan for Stibnite Gold Project

Upfront facility $2.4 billion Portion of EXIM credit facility excluding interest and exposure fee

Loan term 13 years Duration of senior secured credit facility

Interest margin 100 basis points Spread over applicable long-dated U.S. Treasury bond rate

Repayment start 2030 Scheduled commencement of loan repayments

Documentation timing Second half of 2026 Expected completion of definitive loan documentation and conditions precedent

Key Terms

senior secured long-term loan, Make More in America Initiative, conditions precedent, capitalized interest, +2 more

6 terms

senior secured long-term loan financial

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

A senior secured long-term loan is a debt agreement where the lender has top priority for repayment and a legal claim on specific collateral, with repayment spread over multiple years. For investors, it means this loan is paid before other creditors if a borrower faces distress (like a mortgage has priority on a house), usually carries lower interest than unsecured debt, and influences a company’s leverage, credit risk and recovery prospects.

Make More in America Initiative regulatory

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

conditions precedent financial

"available upon completion of definitive documentation and satisfaction of customary conditions precedent"

Conditions precedent are the specific tasks, approvals, or facts that must be satisfied before a contract or transaction becomes effective or a payment is made. Think of them as a checklist you must complete before turning the key on a new machine; if items are missing the deal can be delayed, renegotiated, or canceled. Investors watch these conditions because they determine timing, completion risk, and whether expected benefits will actually occur.

capitalized interest financial

"remainder to cover capitalized interest during construction and EXIM’s exposure fee"

Capitalized interest is the interest that is added to the total amount of a loan or project cost instead of being paid immediately. This means the interest becomes part of the principal, growing over time, much like compounding interest in a savings account. For investors, it matters because it affects the total amount owed and the future value of the investment or project.

exposure fee financial

"remainder to cover capitalized interest during construction and EXIM’s exposure fee"

forward-looking statements regulatory

"are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”)"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What loan did Perpetua Resources (PPTA) receive approval for from EXIM?

Perpetua Resources received EXIM board approval for a senior secured long-term loan of up to $2.9 billion. The facility is intended to support development of the company’s Stibnite Gold Project under EXIM’s Make More in America Initiative, subject to final documentation and conditions precedent.

How is the $2.9 billion EXIM loan to Perpetua Resources structured?

The approved EXIM loan is a 13-year senior secured credit facility totaling $2.9 billion. It includes a $2.4 billion upfront facility, with the remaining amount covering capitalized interest during construction and EXIM’s exposure fee, providing long-dated funding support for the Stibnite Gold Project.

What are the interest terms on Perpetua Resources’ proposed EXIM loan?

Interest on the proposed EXIM loan will be set at the applicable long-dated U.S. Treasury bond rate plus 100 basis points. The rate will be fixed at the time of the first drawdown, giving Perpetua predictable borrowing costs over the 13-year senior secured credit facility term.

When are repayments on Perpetua Resources’ EXIM loan expected to begin?

Scheduled repayments on the proposed EXIM loan are anticipated to commence in 2030. This timing aligns with a construction and ramp-up period for the Stibnite Gold Project, with the 13-year term providing an extended horizon for repaying principal and interest after operations begin.

Is the EXIM financing for Perpetua Resources’ Stibnite Project guaranteed to close?

The EXIM financing is not guaranteed to close. Funding remains subject to completion of definitive loan documentation and satisfaction of conditions precedent, and the company cautions there can be no assurance it will successfully close the facility or that any funding will be sufficient to construct the project.

When is Perpetua Resources expecting to finalize the EXIM loan documentation?

Perpetua Resources expects completion of definitive documentation and conditions precedent for the EXIM loan in the second half of 2026. Only after these steps are satisfied would the senior secured credit facility become available for drawdown to support the Stibnite Gold Project.

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

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Accepted by SEC EDGAR 05/21/2026 - 04:09 PM Learn about SEC filing dates

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of report (date of earliest event reported): May 21, 2026

Perpetua Resources Corp.

(Exact name of registrant as specified in its charter)

British Columbia	001-39918	98-1040943
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

405 S. 8th Street, Ste. 201 Boise, Idaho		83702
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (208) 901-3060  

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, without par value	PPTA	Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 8.01 Other Events.

On May 21, 2026, Perpetua Resources Corp. (the “Company”) announced 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 the Company’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.

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.

Cautionary Statement

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.

Statements contained in this Current Report on Form 8-K (“Current Report”) 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. 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; and ongoing funding and anticipated liquidity.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PERPETUA RESOURCES CORP.
Dated: May 21, 2026	By:	/s/ Mark Murchison
		Mark Murchison
		Chief Financial Officer

Filing Exhibits & Attachments

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Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.0 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 33.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 21.9 KB