Perpetua Resources (Nasdaq: PPTA, TSX: PPTA) announced an agreement with National Bank of Canada Financial Markets and BMO Capital Markets, acting as joint lead bookrunning managers, to sell 22.7 million common shares at $13.20 each, raising $300 million. The underwriters’ syndicate will handle the purchase, with Paulson & Co. committing $100 million in a separate agreement.
The company plans to use the funds to advance its Stibnite Gold project in Idaho, which is being expedited by the Trump administration. This follows a $2 billion project financing application submitted to the Export-Import Bank of the United States (EXIM) in May. That same month, Perpetua secured the final federal permit needed to move the project toward construction.
Perpetua expects the combined proceeds from this offering, private placements, EXIM debt, and royalty financing to cover the $2.2 billion construction cost, plus reserves for cost overruns and exploration.
The Stibnite project, recently granted a record of decision by the US Forest Service, holds an estimated 148 million pounds of antimony—the only known antimony reserve in the US and one of the largest outside Chinese control. This mineral is critical to national security and energy technologies. The project could supply about 35% of US antimony demand during its first six years, according to the 2023 USGS commodity summary.
Perpetua anticipates receiving the remaining state permits to begin construction by summer 2025.
At market close in New York, Perpetua Resources shares were unchanged but dropped 9.8% in after-hours trading. The company’s market capitalization stands at $1.1 billion.
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