The Export-Import Bank of the United States has approved a $2.9 billion loan to Perpetua Resources Corp. (NASDAQ: PPTA) for development of its Stibnite Gold Project in Idaho, according to a company statement.

The loan approval comes under EXIM's Make More in America Initiative and follows extensive technical, financial, environmental and social due diligence plus a 25-day congressional notice period. The financing package, combined with Perpetua's existing cash, is expected to fully fund the project's estimated construction costs.

The Stibnite Gold Project would develop what the company describes as the only domestic reserve of antimony, a critical mineral used in defense and manufacturing applications. The project is designed to restore an abandoned mining site in rural Idaho while producing gold and antimony.

The loan will be structured as a 13-year senior secured credit facility consisting of an upfront facility of $2.4 billion with the remainder covering capitalized interest during construction and EXIM's exposure fee. Interest will be set at the applicable long-dated U.S. Treasury bond rate plus 100 basis points, fixed at first drawdown. Scheduled repayments are anticipated to begin in 2030.

Perpetua estimates the project would create an average of over 700 direct jobs annually over the mine's lifespan. The company initially submitted a letter of interest to EXIM in 2024, with formal application submission following in May 2025.

The loan remains subject to completion of definitive documentation and satisfaction of customary conditions, expected in the second half of 2026. Endeavour Financial serves as financial advisor and Hunton Andrews Kurth LLP as legal counsel for the transaction.