Name of the Project
Stibnite gold project.

Location
Central Idaho, in the US.

Project Owner/s
Mining exploration and development company Perpetua Resources Corp.

Project Description
The project is expected to be one of the highest-grade openpit gold mines in the US. It is designed to redevelop the abandoned Stibnite mine site for gold, silver and antimony, while providing environmental restoration for the dormant site. 

The project contains an estimated 4.8-million-ounce gold reserve and is expected to produce an average of 463 000 oz/y of gold over the first four years of production, and 296 000 oz/y over the 15-year mine life.

Total recovered gold is estimated at 4.22-million ounces and total recovered antimony at 107-million pounds.

The estimated 148-million-pound antimony reserve is the only identified antimony reserve in the US, and is expected to supply an estimated 35% of the country’s demand in the first six years of operation. Antimony is a listed critical mineral for its role in technology, defence and energy products.

Potential Job Creation
The project is expected to provide an estimated 550 jobs for rural Idaho during operations.

Net Present Value/Internal Rate of Return
At $2 900/oz of gold, $31.50/oz of silver and $21/lb antimony, the project has an after-tax net present value, at a 5% discount rate, of $3.65-billion and an internal rate of return of 27.1%, with a payback of 2.2 years.

Capital Expenditure
$2.2-billion.

Planned Start/End Date
The US Forest Service approved the mine plan in January 2025, in accordance with the country’s National Environmental Policy Act.

This final record of decision concludes an extensive eight-year process of investigation, analysis, consultation and public engagement. The approval enables Perpetua to proceed towards a final construction decision, including securing remaining federal and state permits, and project financing.

Latest Developments
Perpetua Resources has secured $400-million in equity commitments through a bought deal financing and private placement, advancing a funding plan for the project.

The company has entered into an agreement with a syndicate of underwriters, led by National Bank of Canada Financial Markets and BMO Capital Markets, to sell 22.7-million shares at $13.20 apiece, raising $300-million. It has also announced a concurrent $100-million private placement with hedge fund Paulson & Co.

The financing forms part of a comprehensive capital strategy that includes a previously disclosed application for up to $2-billion in debt from the Export-Import Bank of the United States (Exim). The company will designate the proceeds of the offering and the private placement towards equity requirements for the Exim financing.

If the Exim application and planned royalty financing are successful, Perpetua has said it will have enough capital to fully fund the $2.2-billion construction of the Stibnite project. The company also aims to cover cost overruns, debt service, working capital and further exploration.

Perpetua is seeking additional backing for environmental obligations tied to the project. The company is in “advanced discussions with potential partners” to secure a $155-million guarantee covering reclamation bond requirements. In return, Perpetua will offer either a gold stream or a net smelter return royalty of up to 3.9%.

The proposed royalty and financial assurance arrangement is expected to be formalised this year. The goal is to unlock final permits and trigger construction later this year.

The company has also granted underwriters an option to acquire an additional 3.4-million shares, potentially increasing total proceeds from the bought deal to $345-million.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Perpetua Resources Corp, tel +1 208 901 3060 or email info@perpetuacorp.us.