Perpetua Resources has formally applied to the Export-Import Bank of the United States (EXIM) for potential debt financing of up to $2bn for the construction of the Stibnite Gold Project.
This application is a critical step in securing funding for a project that could enhance US antimony production and provide environmental restoration to the historical Stibnite Mining District.
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EXIM is expected to perform its standard due diligence and review the project’s eligibility under its initiatives, following the submission of Perpetua’s application.
This comes after Perpetua’s continuous engagement with EXIM’s underwriting team and the receipt of the final federal permit for the project.
Perpetua Resources received a non-binding Letter of Interest (LoI) from EXIM in April last year regarding potential debt financing of up to $1.8bn under EXIM’s Make More in America initiative and the China and Transformational Exports Program.
The move aligns with a recent Executive Order to boost government financing for mineral production and could help the US compete with China in antimony production.
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By GlobalDataThe application amount has been increased to $2bn, reflecting the updated job-years estimate from financial updates and basic engineering work completed in the first quarter of 2025.
Perpetua Resources president and CEO Jon Cherry said: “The Stibnite Gold Project is poised to be a national strategic asset for domestic antimony production and is also a world class gold asset.
“EXIM financing could play a pivotal role in advancing the Project to production so we can reestablish a secure supply of antimony for the United States for decades to come.”
In 2024, China restricted the global export of antimony, a critical mineral for national defence, which heightened the need for domestic production. The Stibnite Gold Project aims to re-establish antimony production in the US.
With the Army Corps permit and previous authorisations from the U.S. Forest Service and Idaho state agencies in hand, Perpetua Resources is now focused on obtaining the remaining state permits and securing the necessary financing to begin construction.
