Perpetua Resources has entered into agreements for a financing package to advance its Stibnite Gold Project in Idaho, US.
The company has signed a $300m bought deal with National Bank of Canada Financial Markets and BMO Capital Markets, alongside a $100m private placement with Paulson & Co..
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National Bank of Canada Financial Markets and BMO Capital Markets will serve as joint lead bookrunning managers for the offering, which will see the sale of 22,728,000 common shares at $13.2 each.
The proceeds are earmarked for the Stibnite Gold Project’s development, along with a $2bn project financing application submitted to the Export-Import Bank of the United States (EXIM) in May 2025.
The funds from the offering and the private placement are intended to satisfy equity requirements for EXIM’s debt financing. Surplus funds will support exploration, working capital and general corporate purposes.
EXIM is currently conducting due diligence on the application, with the debt financing closure anticipated in 2026, if successful.
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By GlobalDataIf all financing components are completed, the net proceeds will be sufficient to cover the Stibnite Gold Project’s $2.2bn construction costs, along with additional funds for various operational and capital expenses, according to Perpetua Resources.
Advanced discussions are under way for guarantees and indemnification of the company’s obligations related to reclamation bonds or other financial assurance instruments.
Perpetua Resources is also seeking a $155m guarantee, with potential proceeds from a gold net smelter return royalty or a gold stream ranging between $200m and $250m.
The financial assurance arrangement, crucial for regulatory compliance and construction commencement, is expected to be formalised in summer 2025.
State permits required for construction are also expected to be issued around the same time.
Additionally, Perpetua Resources has granted the underwriters an option to purchase up to an extra 3,409,200 common shares, which could raise the total offering proceeds to approximately $345m if fully exercised within 30 days post-offering.
The offering is scheduled to close on or about 16 June 2025, with the private placement expected to close concurrently.
Both are subject to customary conditions, with the offering not contingent on the completion of the private placement.
