Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) has announced an upsized US$325 million bought deal financing and a concurrent US$100 million private placement as part of a comprehensive plan to fund the Stibnite Gold Project in Idaho. The bought deal, underwritten by National Bank of Canada Financial Markets and BMO Capital Markets, was increased from the initially announced US$300 million due to strong investor demand. It now includes 24,622,000 common shares priced at US$13.20 each. An overallotment option granted to the underwriters could raise gross proceeds up to approximately US$374 million if fully exercised. Paulson & Co. Inc. will participate in the private placement under the same terms.
The proceeds will help Perpetua meet equity requirements for a previously announced project financing application to the Export-Import Bank of the United States (EXIM), which could provide up to US$2 billion in debt funding. The company stated, "If the due diligence process is successful, the Company anticipates closing the debt financing in 2026" and believes the combined funding package would cover the US$2.2 billion required for construction, along with additional cost-overrun protection and working capital.
According to the announcement, the financing also supports regulatory compliance. Perpetua is negotiating a US$155 million guarantee to fulfill reclamation bonding requirements under federal and state law. These arrangements, along with potential royalty or streaming agreements of up to 3.9%, are expected to be finalized in summer 2025. If successful, the company expects this will allow construction to begin later this year, pending the issuance of the final state permits.
The Stibnite Gold Project holds one of the largest independent gold reserves in the U.S., with 4.8 million ounces of gold and 148 million pounds of antimony, a critical mineral with national defense applications. The project has already secured US$59.2 million in Defense Production Act funding and may meet up to 35% of projected U.S. demand for antimony during its early years of production.
Antimony's Strategic Importance Grows Amid Supply Chain Shifts
Antimony is gaining recognition as a strategic mineral essential to both industrial applications and national security. According to a January report from the Investing News Network, its uses span sectors such as defense, electronics, construction, and energy storage. The United States, Canada, the United Kingdom, Australia, and the European Union have each designated antimony as a critical mineral, acknowledging its importance in technologies that underpin infrastructure resilience and defense capabilities.
Traditionally used in flame retardants and lead-acid batteries, antimony's applications have broadened with the advancement of clean energy and semiconductor technologies. Antimony trioxide, for example, enhances fire resistance in consumer electronics, automotive components, and textiles. Growing regulatory efforts to address climate-related fire risks have added further momentum to demand.
In energy technology, antimony is a key component in molten salt batteries, which are valued for their thermal stability and efficiency in grid-scale storage. Its role in defense is also significant, with applications ranging from ammunition and explosives to infrared optics and protective gear. Analysts now identify defense demand as a primary factor shaping global antimony markets and supply chain strategies.
Geopolitical pressures have added urgency to these concerns. In late 2024, China, the world's largest producer, implemented an export ban on antimony amid heightened trade tensions with the United States. This move underscored Western supply chain vulnerabilities and spurred renewed focus on domestic production. Katusa Research warned that diminishing reserves and tightening export controls could lead to supply disruptions in North America and Europe.
Looking ahead, market analysts project strong growth in antimony demand. Straits Research estimates the global market will grow from US$2.62 billion in 2025 to US$4.83 billion by 2033, driven by increased use in flame retardants, defense alloys, and battery systems. North America is expected to lead this expansion, supported by permitting reforms, policy initiatives, and military procurement. The U.S. Department of the Interior's inclusion of antimony under the FAST-41 permitting initiative highlights its priority status, offering a streamlined path for projects critical to national energy and security goals.
In terms of gold, it was reported by CNN on June 12, gold rose 27.5 percent year-to-date, while silver gained 24 percent and platinum climbed 36 percent. Ole Hansen of Saxo Bank said the metals served as a "rational hedge against political and financial instability," with investors turning to tangible assets amid tariff uncertainty and a weakening US dollar.
Steve Sosnick of Interactive Brokers noted that momentum trading contributed to the rally, while central bank buying, particularly from China and India, helped sustain high gold prices. Peter A. Grant of Zaner Metals added that gold was "underpinned by persistent geopolitical risks, uncertainty on trade and a soft dollar," with prices consolidating above US$3,300 per ounce.
Project Momentum and Strategic Advantages
Perpetua Resources continues to position the Stibnite Gold Project as a strategic U.S. asset with long-term economic and environmental value. According to the company's June 2025 investor presentation, Perpetua plans to produce an average of 463,000 ounces of gold per year in the first four years and maintain a life-of-mine average of 296,000 ounces annually. The projected all-in sustaining cost (AISC) during the early years is US$435 per ounce, placing the project in the lowest cost quartile globally.
Beyond economics, the company emphasizes environmental restoration. The site will undergo significant rehabilitation, including tailings removal, river rechanneling to restore fish migration, and water quality improvements. These efforts are integrated into the mine plan and are supported by federal and state engagement spanning over eight years.
The project also boasts rare access to domestic antimony reserves — an element on the U.S. critical minerals list — making it one of the few potential U.S. sources for military-grade antimony trisulfide. China and Russia currently dominate global production, and recent export controls have elevated concerns over supply chain resilience.
Multiple near-term milestones remain, including the finalization of remaining state permits, closure of the royalty financing arrangement, and completion of the EXIM due diligence. The company has targeted 2025 for major construction decisions, with production expected to begin by 2028.
Perpetua Resources continues to stress its readiness and alignment with national priorities. With US$400 million now committed, and with EXIM and other strategic funding in the pipeline, the Stibnite Gold Project is positioned to advance as one of the most significant gold-antimony projects in North America.
Analysts Underscore Momentum in Perpetua's Financing Strategy
Recent analyst commentary has reaffirmed confidence in Perpetua Resources Corp. and its financing strategy for the Stibnite Gold Project. In an April 23 research note, Mike Niehuser, managing director and senior research analyst at ROTH Capital Partners, maintained a Buy rating and a target price of US$19 per share. With Perpetua trading at approximately US$13.30 at the time, the report implied a potential return of 43%.
Niehuser highlighted the project's inclusion on the U.S. Permitting Council's list of strategic mineral projects under the March 2025 Executive Order on domestic critical mineral production. He noted that, although the company received a Final Record of Decision in January 2025, the project's listing underscored continued federal support as Perpetua moves through the Export-Import Bank of the United States (EXIM) financing process. "This is the critical path to a construction decision and integral to our investment thesis," Niehuser wrote.
According to the note, Perpetua was preparing its formal EXIM application at the time, following an earlier non-binding letter of interest for up to US$1.8 billion. The updated capital cost estimate of US$2.215 billion from the company's Q1 2025 financial update aligned with an increase in the anticipated financing request. Niehuser also cited the company's track record of securing approximately US$75 million in cumulative awards from the U.S. Department of Defense, suggesting longstanding federal interest in advancing the project. He emphasized that the permitting process for Stibnite benefited from its designation as a priority project, writing, "Transparency is important for the public to efficiently observe that the law is followed, without commercial or activist influence."
Niehuser concluded that Perpetua's combination of federal recognition, ongoing Clean Water Act permitting, and progress on EXIM financing placed the company in a strong position for its next phase. "Inclusion on the Permitting Council's initial list indicates federal support to grant the Clean Water Act 404 permit and for approval of EXIM financing, leading to a construction decision," he stated.
In a May 23 report, Cantor Fitzgerald analyst Mike Kozak also reiterated a positive view of Perpetua, maintaining a Buy rating and a US$22 price target. With the company's shares trading at US$13.20 at the time, this reflected a potential return of 67%. "This has a clear bias to the upside," Kozak commented.
Kozak reported that Perpetua had submitted its final application to EXIM for US$2 billion in debt financing to fund construction at the Stibnite site. He noted the revised request was consistent with the company's latest financial update, which increased capital expenditure estimates to US$2.2 billion. The new financing request would "mostly cover" that amount, according to the report.
At the time of publication, only two minor state-level permits remained outstanding. Kozak noted that upon completion, the project would be considered "shovel ready." He added that EXIM could issue a preliminary project letter within 45 to 60 days, with financial close projected for late 2025 or early 2026. Kozak also observed that the project aligns with U.S. priorities to secure domestic supplies of critical minerals.
Based on 71.5 million shares outstanding, Kozak calculated Perpetua's market capitalization at US$944 million.
Streetwise Ownership Overview*
Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ)
Ownership and Share Structure
According to Refinitiv, management and insiders own approximately 0.50% of Perpetua.
Institutions own about 63.52%. Top institutional shareholders include Paulson & Co. with 35.08%, Sun Valley Gold LLC with 4.2%, Sprott Asset Management LP with 4.16%, Kopernik Global Investors LLC with 3.05% and Sprott Asset Management USA Inc. with 3.41%. The rest is in retail.
Perpetua has 70.61 million (70.61M) outstanding shares and 69.97M free float traded shares. Its market cap is CA$937.13M. Its 52-week range is CA$6.80–CA$19.72 per share.
Important Disclosures:
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- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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