Mining developer Perpetua Resources is progressing in its bid to secure US$2bn from the Export-Import Bank of the United States (US Exim), and expects a financing decision by Q2 next year.
This week, Perpetua announced it had received a preliminary project letter (PPL) from the US export credit agency for its Stibnite Gold Project in Idaho, which promises to boost domestic gold supplies and become the country’s first source of antimony.
“Perpetua continues to work with Exim to advance the project through the next stages of Exim’s due diligence and loan application process. The company is anticipating final Exim board consideration by the spring of 2026,” the firm says.
A PPL usually indicates whether US Exim is prepared to move forward on a financing offer, with the agency then working to reach a final commitment, its website states. The letter provides an indicative term sheet and a summary of US Exim’s initial due diligence findings.
US Exim issued a non-binding letter of interest to Perpetua for the project in early 2024, with Reuters reporting the agency was prepared to offer a 15-year loan.
China’s ban on antimony exports to the US in late 2024 highlighted the country’s dependence on imports for the critical mineral, which is used in defence, energy and advanced technologies. Perpetua claims that Stibnite could supply up to 35% of US demand during its first six years of production.
Jon Cherry, president and CEO of Perpetua Resources, says the company is working to commence early works construction in the coming months while also “advancing the Exim debt financing”.
