Perpetua Resources Secures $2.9B Loan for Stibnite Project
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 21 2026
0mins
Source: seekingalpha
- Loan Approval: The Export-Import Bank of the United States has approved a $2.9 billion long-term loan for Perpetua Resources to support the development of the Stibnite gold project, resulting in a 22.7% increase in the company's stock price in after-hours trading.
- Funding Structure: The loan will be structured as a 13-year senior secured credit facility, including an upfront facility of $2.4 billion, with the remainder allocated for capitalized interest during construction and EXIM's exposure fee, expected to be available upon completion of documentation in H2 2026.
- Project Significance: The Stibnite project will provide the only U.S. reserve of the critical mineral antimony, and Perpetua Resources states that this loan positions them to bring the project to fruition, promoting American mineral independence and responsible mining practices.
- Strategic Implications: CEO Jon Cherry emphasized that this loan not only lays the groundwork for the Stibnite gold project but also signifies a new era in U.S. mineral independence, highlighting its profound strategic importance.
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Analyst Views on PPTA
Wall Street analysts forecast PPTA stock price to rise
5 Analyst Rating
5 Buy
0 Hold
0 Sell
Strong Buy
Current: 26.650
Low
30.00
Averages
32.72
High
40.00
Current: 26.650
Low
30.00
Averages
32.72
High
40.00
About PPTA
Perpetua Resources Corp. is a development-stage company. The Company operates through mineral exploration in the United States segment. It is primarily engaged in acquiring mining properties with the intention of exploring, evaluating, and placing them into production. The Company’s principal business is the exploration and subject to receipt of required permitting, redevelopment, restoration and operation of the Stibnite Gold Project in Idaho, the United States. Its Stibnite Gold Project is located in central Idaho, the United States, which lies over 100 miles northeast of Boise, Idaho, over 38 miles east of McCall, Idaho, and approximately 10 miles east of Yellow Pine, Idaho. Its mineral Stibnite Gold Project contains gold, silver, and antimony mineral deposits. It focuses to explore, evaluate, and potentially redevelop three of the deposits known as the Hangar Flats Deposit, West End Deposit and Yellow Pine Deposit.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Market Context: Following China's export ban on antimony, U.S. prices surged to record highs in 2024 and 2025, making NevGold's discovery timely as the U.S. accelerates efforts to secure domestic sources of this critical mineral.
- Resource Assessment Progress: NevGold is advancing a modern Mineral Resource Estimate based on a 130,000-meter drilling database, with plans to publish the first-ever estimate for antimony-gold resources, laying the groundwork for future production.
- Policy Support: The U.S. Export-Import Bank's approval of a $2.9 billion loan to Perpetua Resources underscores government commitment to domestic antimony projects, further enhancing NevGold's strategic position in this critical sector.
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- Market Context: Following China's export ban on antimony, Western prices surged to record highs in 2024, and NevGold's discovery comes at a critical time as the U.S. seeks to reduce reliance on Chinese supply, highlighting its strategic importance.
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- Utilization of Historical Resources: The project capitalizes on a 35-year-old crushed ore pile, avoiding new mining's environmental impacts and demonstrating efficient resource reuse potential, aligning with U.S. critical mineral demands.
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See More
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- Antimony Discovery: NevGold has identified surface grades of up to 53.7% antimony at the Pre-Strip Dump in Nevada, with six samples exceeding 10%, indicating a significant mineral resource that could bolster U.S. antimony supply.
- Market Context: Following China's export ban on antimony, U.S. prices surged to record highs in 2024 and 2025, making NevGold's discovery timely as the U.S. accelerates efforts to secure domestic sources of this critical mineral.
- Resource Assessment Progress: NevGold is advancing a modern Mineral Resource Estimate based on a 130,000-meter drilling database, with plans to publish the first-ever estimate for antimony-gold resources, laying the groundwork for future production.
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See More
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- Antimony Discovery: NevGold Corp. has uncovered surface grades of up to 53.7% antimony at the Pre-Strip Dump in Nevada, with six samples exceeding 10%, indicating significant mineral potential that could bolster U.S. antimony supply.
- Market Context: Following China's export ban on antimony, Western prices surged to record highs in 2024, and NevGold's discovery comes at a critical time as the U.S. seeks to reduce reliance on Chinese supply, highlighting its strategic importance.
- Resource Assessment Progress: NevGold is advancing its first modern Mineral Resource Estimate, covering historical gold leach pads and the Pre-Strip Dump, expected to utilize a 130,000-meter drillhole database to provide a more accurate resource estimate and propel the project forward.
- Policy Support: The U.S. Export-Import Bank approved a $2.9 billion loan to Perpetua Resources, underscoring government commitment to domestic antimony supply, with NevGold's discovery potentially becoming a key component in U.S. antimony mining development.
See More
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- Enhanced Financing Support: Lake Victoria Gold closed the second tranche of its non-brokered convertible debenture financing on May 20, raising a total of C$3.834 million, with plans to upsize to C$5 million, reflecting strong investor confidence in the Imwelo project and supporting its goal of first gold production by 2027.
- Significant Drilling Progress: The sterilization drilling program, initiated on May 12, has completed approximately 39% of the planned 1,050 meters, with 8 out of 21 boreholes drilled, providing crucial support for the final infrastructure layout and ensuring the project stays on track.
- High Gold Recovery Rate: Metallurgical tests for the Imwelo project indicate a gold recovery rate of up to 97% using gravity and intensive cyanidation processing, which will significantly enhance the project's economic viability and attractiveness in a competitive market.
- Strategic Location Advantage: The Imwelo project is situated in one of Tanzania's prolific gold camps, equipped with full construction permits and a JORC-compliant pre-feasibility study, positioning it as one of the few near-term producing gold projects with a market capitalization significantly lower than peers, offering substantial re-rating potential.
See More
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- Strategic Investment: On May 21, 2026, the Export-Import Bank of the United States approved a $2.9 billion long-term loan to support Perpetua Resources' Stibnite Gold-Antimony Project in Idaho, demonstrating a strong federal commitment to rebuilding domestic critical mineral supply chains, which is expected to enhance U.S. independence in antimony.
- Importance of Antimony: With only one active antimony smelter in the U.S. and China historically dominating global supply, the rising geopolitical risks have highlighted antimony's strategic significance, prompting increased investor interest in domestic antimony project developments.
- NevGold Project Progress: NevGold Corp. is advancing its Limousine Butte project in Nevada, targeting the completion of its maiden antimony-gold Mineral Resource Estimate in Q2 2026, and has initiated a 20,000-meter drill program aimed at resource expansion and new discoveries.
- Market Attention: As the U.S. government emphasizes the antimony supply chain, companies like NevGold are attracting growing investor interest, which is expected to drive the development and production of antimony and other critical minerals to meet future market demands.
See More
U.S. Rebuilding Antimony Supply Chain Attracts Investment
- Strategic Investment Approval: On May 21, 2026, the Export-Import Bank of the United States unanimously approved a $2.9 billion long-term loan to support Perpetua Resources Corp.'s Stibnite Gold-Antimony Project in Idaho, which not only funds the project but also underscores the U.S. government's commitment to rebuilding critical mineral supply chains.
- Rising Importance of Antimony: Antimony's strategic significance is increasingly highlighted, particularly given that there is only one active antimony smelter in the U.S., with government investment aimed at reducing dependence on China, thereby enhancing national security and economic resilience.
- NevGold Project Progress: NevGold Corp. is advancing its Limousine Butte project in Nevada, with a maiden antimony-gold Mineral Resource Estimate expected in Q2 2026, and on May 21, it commenced a 20,000-meter drill program aimed at resource expansion and new discoveries, further solidifying its position in U.S. antimony production.
- Increased Market Attention: As the U.S. government emphasizes the antimony supply chain, investor interest in NevGold and other domestic mineral developers is rising, particularly for projects with near-term production potential, which are expected to attract more capital to meet growing market demands.
See More
NevGold's Nevada Project Supports U.S. Critical Minerals Strategy
- Rich Mineral Resources: The Limousine Butte project in Nevada has reported consistent oxide antimony and gold mineralization in every drillhole, with antimony grades reaching 0.32%, highlighting its significance in the U.S. defense industry and the potential to establish a domestic antimony supply chain.
- Utilization of Historical Resources: The project capitalizes on a 35-year-old crushed ore pile, avoiding new mining's environmental impacts and demonstrating efficient resource reuse potential, aligning with U.S. critical mineral demands.
- Strong Financing Support: NevGold successfully increased its financing from C$25 million to C$42 million in April 2026, reflecting robust market demand and investor confidence, providing ample funding for project advancement.
- Clear Production Goals: NevGold aims to achieve antimony production by 2027, ahead of its industry peers, indicating a competitive edge in the critical minerals market and likely attracting increased investor interest.
See More
