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    Perpetua’s $2.9B EXIM loan for Stibnite: project economics for mine planners

    May 21, 2026|

    Reviewed by Tom Sullivan

    Perpetua’s $2.9B EXIM loan for Stibnite: project economics for mine planners

    First reported on MINING.com

    30 Second Briefing

    Perpetua Resources has secured unanimous approval for a US Export-Import Bank $2.9 billion loan under the Make More in America Initiative to build the $1.3 billion Stibnite Gold project in Idaho, which hosts the only identified domestic antimony reserve. The financing, combined with existing cash, is expected to fully fund direct construction, supporting the US Army’s “ground-to-round” antimony trisulphide supply chain for ammunition and wider defence uses. The project, designated a FAST-41 Transparency Project, has completed extensive scientific and public review, while Perpetua’s market capitalisation sits at $3.34 billion.

    Technical Brief

    • Loan support falls under EXIM’s Make More in America Initiative, tying project delivery to US-content exports.
    • Stibnite is designated a FAST-41 “Transparency Project”, subjecting permitting to enhanced federal coordination and schedule tracking.
    • US Army involvement centres on securing antimony trisulphide feed for a fully domestic “ground-to-round” munitions chain.
    • The project has undergone “rigorous scientific and public review”, implying extensive baseline environmental and socio-economic impact assessments.

    Our Take

    With Canada’s Beaver Brook antimony mine still on care and maintenance under China Minmetals, the Stibnite Gold project in Idaho is positioned in our coverage as one of the few North American primary antimony developments advancing with both EPCM (via Hatch) and dedicated pilot processing work at Idaho National Laboratory already in place.

    The $2.9 billion EXIM loan against a reported $1.3 billion capital cost suggests the Stibnite financing structure is likely designed to cover not just mine build but downstream antimony and gold processing and associated infrastructure, which could give Perpetua more flexibility in contracting and phasing than typical single-asset gold projects in the US.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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