Perpetua Resources and the Strategic Implications of U.S. EXIM Financing for the Stibnite Gold Project

The Stibnite Gold Project, a high-grade gold-antimony mine in central Idaho, has emerged as a pivotal player in the U.S. critical minerals strategy. Perpetua Resources’ recent securing of a preliminary, non-binding indicative financing term sheet from the U.S. Export-Import Bank (EXIM) for up to $2 billion in debt financing underscores the project’s strategic significance. This catalytic capital infusion, coupled with a $425 million equity raise and advanced royalty negotiations, positions the project to address national security needs while unlocking long-term shareholder value [1].

Strategic Importance of Antimony and National Security

Antimony, a critical mineral with no domestic substitutes, is essential for defense applications, including flame retardants, batteries, and semiconductor components. The Stibnite Gold Project is the only U.S. source of antimony, a fact that aligns with the Biden administration’s push to reduce reliance on foreign supply chains. According to a report by the U.S. Geological Survey, over 90% of global antimony production is sourced from China, creating a vulnerability for U.S. manufacturers [2]. By restoring an abandoned mine site and producing antimony domestically, Perpetua’s project directly addresses this gap. The U.S. Department of Energy’s recent designation of antimony as a “critical mineral” further validates the project’s national importance [3].

EXIM’s Role in Catalyzing Critical Minerals Development

The U.S. EXIM Bank’s involvement in the Stibnite project reflects a broader policy shift toward leveraging federal financing to secure strategic resources. The preliminary $2 billion term sheet, while non-binding, signals EXIM’s recognition of the project’s alignment with national priorities. As stated by Perpetua in its investor communications, the EXIM application includes updated capital expenditure estimates of $2.2 billion and a revised job-years projection, emphasizing the project’s economic and employment benefits [4]. This financing would not only de-risk the project but also set a precedent for how federal institutions support critical minerals infrastructure.

Financial Structure and Risk Mitigation

Perpetua’s comprehensive financing package demonstrates disciplined capital management. The $425 million equity raise, completed in June 2025, provides flexibility to meet EXIM’s equity requirements and fund exploration and working capital needs [5]. Additionally, the company is in advanced negotiations for a royalty or streaming arrangement, potentially involving a gold net smelter return royalty or a gold stream, which would further diversify its funding sources. A $155 million financial assurance guarantee is also being pursued to cover reclamation obligations, reducing long-term liabilities [6]. These measures collectively mitigate project risk, making the EXIM loan more attractive to both the bank and investors.

Shareholder Value and Market Position

The Stibnite Gold Project’s potential to generate shareholder value is multifaceted. First, the project’s dual production of gold and antimony creates a dual-revenue stream, insulating Perpetua from single-commodity volatility. Second, the project’s strategic alignment with U.S. policy could attract institutional investors focused on ESG (environmental, social, and governance) criteria, particularly given the mine’s focus on restoring a historically contaminated site. Third, the EXIM financing, if finalized, would significantly reduce the company’s cost of capital compared to private debt markets. As noted by analysts at Bloomberg, the project’s 8-year permitting journey and $2.2 billion capex underscore its long-term orientation, which could drive steady cash flow generation post-construction [7].

Risks and Considerations

While the project’s strategic and financial foundations are robust, risks remain. EXIM’s final approval is contingent on due diligence, which could uncover technical or environmental issues. Additionally, the gold price, which has fluctuated between $1,900 and $2,300 per ounce in 2025, could impact the project’s profitability [8]. However, the inclusion of antimony—a commodity with stable demand from defense and industrial sectors—provides a buffer against gold price volatility.

Conclusion

The Stibnite Gold Project represents a rare convergence of strategic necessity and financial pragmatism. By securing EXIM’s preliminary support and diversifying its capital structure, Perpetua Resources has positioned itself to deliver both national security benefits and shareholder returns. For investors, the project’s alignment with U.S. critical minerals policy and its robust risk-mitigation strategies make it a compelling case study in how federal financing can catalyze resource development. As the EXIM Board prepares to consider the application in spring 2026, the market will be watching closely for a decision that could reshape the U.S. critical minerals landscape.

Source:
[1] Perpetua Resources Receives Preliminary Project Letter and Indicative Term Sheet from the Export-Import Bank of the United States on Potential $2 Billion Debt Financing [https://www.prnewswire.com/news-releases/perpetua-resources-receives-preliminary-project-letter-and-indicative-term-sheet-from-the-export-import-bank-of-the-united-states-on-potential-2-billion-debt-financing-302549563.html]
[2] U.S. Geological Survey, “Antimony” [https://minerals.usgs.gov/minerals_publications/commodity/antimony.html]
[3] U.S. Department of Energy, “Critical Minerals Strategy” [https://www.energy.gov/sites/default/files/2023-06/documents/Critical-Minerals-Strategy-2023.pdf]
[4] Perpetua Resources Submits Formal Application to Export-Import Bank of the United States to Finance the Stibnite Gold Project [https://www.prnewswire.com/news-releases/perpetua-resources-submits-formal-application-to-export-import-bank-of-the-united-states-to-finance-the-stibnite-gold-project-302464187.html]
[5] Perpetua Resources Closes US$425 Million Financing as part of Comprehensive Financing Package for Stibnite Gold Project [https://www.prnewswire.com/news-releases/perpetua-resources-closes-us425-million-financing-as-part-of-comprehensive-financing-package-for-stibnite-gold-project-302482941.html]
[6] Perpetua Resources Gets Preliminary Financing Term Sheet from US EXIM Bank [https://www.streetinsider.com/Corporate+News/Perpetua+Resources+gets+preliminary+financing+term+sheet+from+US+EXIM+Bank/25309372.html]
[7] Bloomberg Commodity Price Index, Gold (2025) [https://www.bloomberg.com/commodities/gold]
[8] Financial Times Markets Data, Gold Price Volatility [https://markets.ft.com/data/commodities]