Perpetua Resources ended 2025 with $714 million of cash on hand and a financing plan that, if completed, would add about $2.7 billion of senior secured debt from U.S. EXIM to fund construction of the Stibnite Gold Project in Idaho.
The company said the proposed EXIM package would include about $2.2 billion of direct project lending, with the balance covering capitalized interest and fees. Perpetua said that, if the loan is approved at the indicated amount, its cash plus the debt would be enough to cover the estimated $2.576 billion of direct capital costs in the updated technical report summary, along with financial assurance and discretionary corporate and exploration costs.
The financing process advanced in March 2026, when EXIM’s board unanimously agreed to publish the required Congressional notice, starting a 25-day review period. Perpetua said it expects a final board vote shortly after that period ends and said closing could occur in the second half of 2026, subject to final loan documents and closing conditions.
Perpetua also said it had already put in place multiple financial agreements tied to about $160 million of construction-phase financial assurance requirements. The company said those obligations could change as reclamation costs are updated during construction and again when the project moves into operations.
Construction readiness accelerated sharply in 2025. After posting the required financial assurance and receiving agency confirmations in September and October, Perpetua began early works construction on October 21, 2025. The company said those activities are limited to what is authorized by the U.S. Forest Service, Idaho Department of Lands and U.S. Army Corps of Engineers.
The company’s permitting progress in 2025 included three major approvals: the U.S. Forest Service published its Record of Decision and FEIS Errata on January 3, 2025; the U.S. Army Corps of Engineers issued the Clean Water Act Section 404 permit; and the Forest Service issued its conditional Notice to Proceed on September 19, 2025. On October 20, the Forest Service said the Plan of Operations had been approved and the project could enter construction, and on October 21 Idaho and the Corps issued their own notices confirming construction could begin.
Perpetua’s 2025 operating highlights were notable for what did not happen as well as what did. The company reported zero lost-time incidents and zero reportable environmental spills.
Engineering and contracting also moved ahead. Perpetua said it completed basic engineering and progressed detailed engineering, appointed Hatch Ltd. as EPCM contractor for the processing plant, pressure oxidation facility and other infrastructure, and signed a procurement contract with Idaho Power for long-lead power line items. It also contracted with ATCO for a 1,010-person turnkey camp accommodation and site package.
The company expanded its financing and strategic work around antimony, a key part of its project story. It issued requests for proposals to assess off-site antimony processing facilities, announced a partnership with Idaho National Labs to conduct pilot-scale testing to produce antimony trisulfide, and said it is advancing downstream antimony processing and offtake agreements.
Perpetua raised more than $850 million in gross proceeds from equity financing transactions during 2025 with public, private and strategic investors. It also appointed Mark Murchison as chief financial officer, replacing Jessica Largent, and added several other management hires.
In March 2026, Perpetua published an updated technical report summary showing a base-case unlevered after-tax NPV of $3.46 billion at a 5% discount rate and an IRR of 23.5%, using consensus pricing of $3,250 per ounce gold, $10.00 per pound antimony and $40.00 per ounce silver. The updated report also reflected capital and operating cost estimates through December 2025.
The company’s 2026 priorities are specific: close project financing, finish remaining state permits, complete detailed engineering and procurement planning, start full construction, expand the workforce, advance antimony processing agreements and continue exploration to grow gold, antimony and tungsten resources.
Perpetua said the Stibnite Gold Project remains its principal asset and that the company operates in one segment: mineral exploration and development in the United States. As a result of these announcements, the company's shares have moved -3.44% on the market, and are now trading at a price of $25.25. Check out the company's full 10-K submission here.
