EXIM approves $2.9bn loan for Perpetua

May 21, 2026 at 21:13 UTC

3 min read

Open-pit mine with heavy equipment illustrating EXIM $2.9bn loan for critical metals project

Key Points

U.S. Export-Import Bank approves a $2.9 billion loan for Perpetua Resources’ Stibnite Gold Project in Idaho
The 13-year senior secured facility includes a $2.4 billion upfront tranche plus amounts for interest and fees
Perpetua expects EXIM financing and existing cash to fully fund direct construction costs
Stibnite is planned to produce gold and antimony, a mineral cited as critical for defense and manufacturing supply chains

EXIM backs Idaho Stibnite mine with record-size loan

The Export-Import Bank of the United States (EXIM) has unanimously approved a $2.9 billion senior secured loan to support Perpetua Resources’ Stibnite Gold Project in central Idaho. The decision was taken by EXIM’s Board on May 21, 2026, providing a major financing commitment for the planned gold and antimony mine.

EXIM said the facility will be structured as a 13-year senior secured credit line. It consists of a $2.4 billion upfront tranche, with the remaining amount intended to cover capitalized interest during construction and EXIM’s exposure fee.

The agency described the transaction as a landmark under its “Make More in America” initiative. Coverage characterized the financing as the largest loan approved under that program and the fourth-largest loan on record for EXIM overall.

Financing structure and project funding

Perpetua stated that the EXIM loan, together with the company’s cash on hand, is expected to fully fund direct construction for the Stibnite Gold Project based on current capital cost estimates. The funding is intended to cover project build-out rather than broader corporate purposes.

The $2.9 billion facility will become available once definitive documentation is completed and customary conditions precedent are satisfied. EXIM and Perpetua expect this to occur in the second half of 2026, subject to completion of those requirements.

The loan has been structured as a senior secured credit facility, positioning EXIM as a key lender to the project over a 13-year term. The portion beyond the $2.4 billion upfront tranche is earmarked for interest accrued during the construction period and for EXIM’s exposure-related fee.

Project timeline and production plans

Perpetua has already begun construction activities at the Stibnite site in central Idaho. The company has indicated that it aims for the project to become operational in 2029, following completion of construction and commissioning.

The Stibnite Gold Project is planned to produce both gold and antimony. Company and government statements linked to the financing highlighted antimony’s role as a critical mineral for defense and manufacturing supply chains, aligning the project with EXIM’s domestic production objectives.

The project forms part of efforts under EXIM’s “Make More in America” initiative, which is intended to support domestic industrial and supply chain capabilities through export credit and related financing tools.

Market reaction to EXIM approval

Perpetua’s shares rose more than 12% following the announcement of the EXIM loan approval. The move reflected investor response to the confirmation of a long-term financing framework for construction of the Stibnite Gold Project.

The scale and tenor of the EXIM facility, combined with Perpetua’s stated expectation that it will fully fund direct construction when combined with existing cash, were central to the positive market reaction reported after the May 21 decision.

Key Takeaways

EXIM’s $2.9 billion commitment positions it as the cornerstone lender for Perpetua’s Stibnite Gold Project over a 13-year period
The combination of EXIM financing and Perpetua’s cash is expected to secure full funding for direct construction, reducing uncertainty around project build-out
By targeting gold and antimony output, Stibnite aligns with U.S. priorities on critical mineral supply chains highlighted under EXIM’s Make More in America initiative