Export-Import Bank of the United States ( US Exim ) has approved a US$2.9 billion senior secured long-term loan under the Make More in America Initiative to support the development of Perpetua Resources’ Stibnite Gold Project. 

Nasdaq-listed Perpetua Resources is focused on the exploration, site restoration, and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho.

The Stibnite Gold Project is one of the highest-grade open-pit gold deposits in the US, and holds the only identified domestic reserve of the critical mineral antimony, which is essential to the defence, energy, and manufacturing sectors. The project is designed to apply a modern mining approach to restore an abandoned mine site.

The loan will be available upon completion of definitive documentation and satisfaction of customary conditions, which is expected in the second half of 2026. It 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.

Interest is to be set at US treasuries plus 100 basis points, and will be fixed at the time of the first drawdown. Scheduled repayments will start in 2030.

Endeavour Financial acts as financial adviser to Perpetua Resources on the transaction, while Hunton Andrews Kurth is the legal counsel.

"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," says Jon Cherry, the company’s president and chief executive officer.

"When the federal government and private industry work together on a shared national priority, big things are made possible. The US$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."

The Make More in America Initiative is a financing programme authorized by the US Congress, through US Exim, to help companies produce their products domestically – especially in sectors critical to national security. The programme aims to help American manufacturers obtain financing, compete on a global scale, and generate economic opportunities.