Perpetua Resources has closed an upsized public offering and a private placement, raising $425m in financing to advance the Stibnite Gold Project in the US.
The company announced the closure of its upsized $325m public offering of 24,622,000 common shares at $13.20 each.
Concurrently, a $100m private placement of 7,575,757 common shares to Paulson & Co. was also completed.
National Bank of Canada Financial Markets and BMO Capital Markets served as the joint lead bookrunning managers for the offering.
This financing is in conjunction with an application for up to $2bn in project financing from the Export-Import Bank of the United States (EXIM), submitted in May 2025.
The funds will contribute to equity requirements for the EXIM debt financing, with additional funds supporting exploration, working capital and general corporate purposes.
The due diligence on the EXIM application is ongoing, with the debt financing’s closure anticipated in 2026.
If successful, the financing will cover the project’s construction costs of $2.2bn, along with additional funds for cost overruns, debt service and working capital.
Furthermore, Perpetua is in advanced discussions regarding financial assurances for reclamation bonds.
The company is seeking a $155m guarantee and indemnification, alongside proceeds of $200m–250m, in exchange for a gold net smelter return royalty or a gold stream.
This arrangement is expected to be finalised in summer 2025 and will enable the company to meet financial assurance conditions for federal and state permits.
Additionally, the underwriters have been granted an option to purchase up to an additional 3,693,300 common shares, which could increase the aggregate gross proceeds of the offering to approximately $374m if exercised in full.
