Perpetua Resources has successfully raised $425 million through a combination of a public offering and private placement to support the development of its flagship Stibnite Gold Project in Idaho, marking a significant milestone in the advancement of one of the most critical mineral projects in the United States.
The financing comprises an upsized $325 million public offering, with 24,622,000 common shares issued at $13.20 per share, and a $100 million private placement of 7,575,757 shares sold to investment firm Paulson & Co.
The offering was led by National Bank of Canada Financial Markets and BMO Capital Markets, which acted as joint lead bookrunning managers.
Strategic Funding Toward Domestic Gold and Antimony Supply
Perpetua’s latest capital raise plays a key role in advancing the Stibnite Gold Project, which aims to responsibly produce gold and antimony—a critical mineral used in defense and energy storage technologies—entirely within the U.S.
The financing also aligns with the company’s broader efforts to secure up to $2 billion in project debt financing from the Export-Import Bank of the United States (EXIM). Perpetua submitted an application for the loan in May 2025, and due diligence is currently underway. Closure of that financing package is expected in 2026.
According to the company, the newly raised equity capital will help fulfill EXIM’s equity contribution requirements, while also funding exploration, working capital, and general corporate purposes.
Full Project Budget and Additional Financing Plans
The total construction cost for the Stibnite Gold Project is estimated at $2.2 billion, which includes allowances for cost overruns, debt servicing, and additional working capital.
Perpetua is also in advanced negotiations to secure financial assurances required for reclamation bonding. The company is seeking:
A $155 million guarantee and indemnification, and
An additional $200 million–$250 million in proceeds, in exchange for either a gold net smelter return (NSR) royalty or a gold stream.
This arrangement is expected to be finalized by summer 2025, enabling Perpetua to meet financial assurance conditions tied to federal and state environmental permits.
Potential Upside in Offering Size
In addition to the funds already raised, the company’s underwriters have been granted a 30-day option to purchase up to 3,693,300 additional common shares. If exercised in full, this would boost the gross proceeds of the public offering to approximately $374 million.
Project Significance and Outlook
The Stibnite Gold Project is positioned to be a key domestic source of antimony—an element deemed critical to U.S. national security—and one of the largest gold development projects in North America. The project also emphasizes environmental reclamation, as it plans to restore historically impacted mining areas while delivering modern, responsible resource development.
If the EXIM financing is secured, Perpetua’s total funding package would fully cover the costs of project construction and launch, marking a major step toward production.
Perpetua Resources (TSX: PPTA, NASDAQ: PPTA) is expected to continue advancing permitting, engineering, and site preparation through 2025.
Related topics:
- India Surpasses China in Gold Purchases, Buying 51% More in Three Months
- Qilu Bank Enhances Support for Small Businesses with Innovative Financial Tools
- Bitcoin Poised for a Surge Amid Gold’s Delivery Delays, Expert Claims
