EXIM board advances $2.7 billion loan proposal for Perpetua Resources

The Export-Import Bank of the United States board unanimously agreed to notify Congress of a proposed $2.7 billion senior secured loan for Perpetua Resources Corp. (NASDAQ: PPTA) to develop its Stibnite Gold Project in Idaho, according to a company statement.

The proposal comprises approximately $2.2 billion in direct lending and the remainder for capitalized interest and fees. This decision triggers a 25-day Congressional notice period, after which the U.S. EXIM board will vote on final approval.

Perpetua reported having $714 million in cash at year-end, which combined with the proposed loan would cover the project's estimated $2.576 billion capital cost outlined in an updated Technical Report Summary dated December 31, 2025.

"Today's decision marks the final phase of EXIM approval," said Jon Cherry, President and CEO of Perpetua Resources. The company has worked with U.S. EXIM for over two years on the financing solution.

The updated economic projections show the Stibnite project with a base case after-tax net present value of $3.5 billion at $3,250 per ounce gold, increasing to $6.1 billion at $4,500 per ounce gold. The project is expected to produce 4.2 million ounces of gold and 106.5 million pounds of antimony over a 15-year mine life.

Capital costs increased from previous estimates due to inflationary pressures, but improved economics reflect higher gold price assumptions. The project shows cash costs of $581 per ounce over the mine life, net of by-product credits.

Perpetua completed basic engineering in January 2025 and commenced early construction work in October 2025. The company appointed Hatch Ltd. as the engineering, procurement and construction management contractor for key project components including the processing plant.

The company noted that Congressional notification does not represent a financing commitment from U.S. EXIM, and final approval remains conditional upon satisfying certain requirements and board approval following the notice period.

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