Perpetua Resources (PPTA.TO), up 14% in Nasdaq after-hours trade, said Thursday the Export-Import Bank of the United States approved a US$2.9 billion senior secured long-term loan to support the development of its Stibnite Gold Project in Idaho.
The company said the loan was unanimously approved by EXIM's board under the Make More in America Initiative following technical, financial, environmental and social due diligence, as well as a 25-day congressional notification period.
"When the federal government and private industry work together on a shared national priority, big things are made possible. We are immensely proud of our role in strengthening America's national security, creating hundreds of jobs in rural Idaho, and reducing our dependence on foreign adversaries for a mineral we cannot do without," said chief executive Jon Cherry.
The loan will be available upon completion of definitive documentation and satisfaction of customary conditions precedent, which is expected to occur in the second half of 2026. The loan is to be structured as a 13-year senior secured credit facility of US$2.9 billion, consisting of an upfront facility of US$2.4 billion with the remainder to cover capitalized interest during construction and EXIM's exposure fee.
PPTA's shares were at last look up US$3.68 at US$30.40, after closing down C$0.99 at C$36.82 on Toronto Stock Exchange.