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The Export-Import Bank of the United States has approved a $2.9 billion loan for Perpetua Resources’ Stibnite Gold Project in Idaho, paving the way for development of what is expected to become the country’s only domestic antimony reserve while supporting mine construction, site restoration and long-term critical minerals security.
Perpetua Resources has secured approval for a $2.9 billion loan from the Export-Import Bank of the United States (EXIM), marking a major milestone for the development of the Stibnite Gold Project in Idaho.
The financing, approved under EXIM’s Make More in America Initiative, follows an extensive technical, financial, environmental and social review process and represents one of the largest federal commitments to a US mining project focused on critical minerals.
The project is viewed as strategically significant because it is expected to provide the only identified domestic reserve of antimony, a mineral used in defence systems, energy storage, semiconductors and a range of industrial applications.
“It is time to make more in America and today marks not only a key milestone for Perpetua Resources, but a significant step in mineral security for our country,” said Jon Cherry, President and CEO of Perpetua Resources.
“When the federal government and private industry work together on a shared national priority, big things are made possible. The $2.9 billion loan positions us to bring the Stibnite Gold Project to life and signals a new day in American mineral independence and responsible mining. 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.”
Project financing expected to cover construction costs
According to Perpetua Resources, the EXIM facility, combined with existing cash reserves, is expected to fully fund construction of the project based on current capital cost estimates.
The proposed financing package includes an initial $2.4 billion facility, with additional funding allocated for capitalised interest during construction and associated financing costs. The loan will be structured as a 13-year senior secured facility, with repayments expected to begin in 2030.
The approval significantly reduces financing uncertainty for the project as it moves toward development.
Domestic antimony production moves closer
The Stibnite Gold Project has become a focal point in US efforts to reduce reliance on imported critical minerals, particularly antimony, where global supply remains heavily concentrated outside North America.
Federal and state officials have repeatedly highlighted the project’s potential role in strengthening domestic supply chains for defence manufacturing and industrial production.
Alongside antimony production, the project will also produce gold, providing an economic foundation for development while supporting remediation of the historic Stibnite Mining District.
Jobs, restoration and regional economic benefits
Perpetua expects the project to create more than 700 direct jobs annually over the life of the mine, delivering significant economic benefits for rural Idaho.
The company has also positioned the development as a large-scale environmental restoration initiative, with plans to address legacy impacts from historic mining activities across the district.
Supporters argue the combination of critical minerals production, employment creation and site rehabilitation makes the project a strategic asset for both regional economic development and national resource security.
“There is no better place to deploy US EXIM’s $2.9 billion investment than right here in the heart of Idaho,” said Idaho Governor Brad Little.
“The Stibnite Gold Project is exactly the kind of project America needs. It will create hundreds of family-wage jobs and break America’s dependence on our adversaries for the antimony our military and manufacturers need. Thank you to EXIM for this vote of confidence in the Gem State, and congratulations to Perpetua Resources on a milestone that strengthens Idaho and the nation.”
Next steps toward development
The loan remains subject to completion of definitive documentation and customary closing conditions, which are expected to be finalised during the second half of 2026.
The financing approval follows several years of regulatory review and government engagement, including the project’s designation under the FAST-41 permitting framework and support from multiple federal agencies.
With funding now largely secured, attention will shift toward finalising the financing package and advancing construction activities, bringing one of the most closely watched critical minerals projects in the US a significant step closer to production.
This article was produced by the editorial team at Mining Outlook and published as part of the Outlook Publishing global network of B2B industry magazines.
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