Update: Perpetua Resources Gains 3% on Application to Increase Potential Funding for Stibnite Gold Project in Idaho

(Updates shares.)

Perpetua Resources (PPTA.TO) traded up 3.4% at last look after the company on Friday submitted an application to the Export-Import Bank of the United States to increase potential debt financing for the Stibnite gold project in Idaho to US$2 billion from US$1.8 billion.

The company said the increase in potential funding reflects the higher estimated number of job-years indicated by the financial update and basic engineering work completed in the first quarter. The bank extended a non-binding letter of interest to Perpetua in April 2024 for the US$1.8 billion loan. If approved, the debt financing could fund a majority of the project's development costs to become the only domestically mined source of antimony, the company said.

"The Stibnite gold project is poised to be a national strategic asset for domestic antimony production and is also a world class gold asset," said chief executive Jon Cherry. "EXIM financing could play a pivotal role in advancing the project to production so we can reestablish a secure supply of antimony for the U.S. for decades to come."

Perpetua shares were last seen up $0.62 to $18.88 on the Toronto Stock Exchange.

Price: 18.90, Change: +0.64, Percent Change: +3.50