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Perpetua signed a financing agreement to fund the Stibnite Gold Project in Idaho.
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Release time：2025-06-13
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The funds raised this time will be exclusively used for the development of the stibnite gold mine project, consistent with the USD 2 billion project financing application submitted to the U.S. Export-Import Bank.
Perpetua Resources has reached a financing agreement to advance its antimony gold mining project in Idaho, USA. The company has signed a US\$300 million bought deal agreement with National Bank Financial Markets and BMO Capital Markets, along with a US\$100 million private placement with Paulson & Co. National Bank Financial Markets and BMO Capital Markets will act as joint bookrunners for the offering, selling 22,728,000 common shares at US\$13.2 per share. Proceeds will be specifically used for the development of the antimony gold mining project, with a US\$2 billion project financing application to the Export-Import Bank of the United States (EXIM) also planned for May 2025. The proceeds from this offering and private placement aim to satisfy the equity requirement for EXIM debt financing. Remaining funds will be used for exploration, working capital, and general corporate purposes.
Currently, EXIM is conducting due diligence on the application, and if successful, debt financing is expected to be completed in 2026. Perpetua Resources stated that if all financing portions are completed, the net proceeds will be sufficient to cover the US\$2.2 billion construction cost of the Stibnite gold mine project, along with additional funds for various operating and capital expenditures. Discussions are currently underway regarding guarantees and indemnities related to the company's obligations concerning reclamation bonds or other financial surety instruments. Perpetua Resources is also seeking US\$155 million in guarantees, with potential proceeds from gold net smelter returns royalties or gold streams ranging from US\$200 million to US\$250 million. This financial surety arrangement is crucial for regulatory compliance and commencement, and is expected to be finalized in the summer of 2025. The necessary state permits for construction are also expected to be issued around the same time.
In addition, Perpetua Resources has granted the underwriters an option to purchase up to 3,409,200 additional common shares, which, if exercised in full within 30 days after the offering, could increase the total offering proceeds to approximately US\$345 million. The offering is expected to close around June 16, 2025, with the private placement expected to close concurrently. Both offerings are subject to customary closing conditions, and the offering is not contingent on the completion of the private placement.
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