Perpetua Resources Closes US$425 Million Financing as part of Comprehensive Financing Package for Stibnite Gold Project

Core Viewpoint - Perpetua Resources Corp. has successfully closed a US$325 million public offering and a US$100 million private placement to fund the development of its Stibnite Gold Project, aiming for comprehensive financing to support construction and operational costs [1][3][4]. Financing Details - The public offering consisted of 24,622,000 common shares priced at US$13.20 each, while the private placement involved 7,575,757 common shares sold to Paulson & Co. Inc. [1][9] - The proceeds from both offerings will be used for equity requirements related to a US$2 billion project financing application submitted to the Export-Import Bank of the United States (EXIM) [3][4]. Project Development - The Stibnite Gold Project is projected to require total construction costs of US$2.2 billion, with additional funds allocated for cost overruns, debt service, and exploration activities [4]. - The company is in advanced discussions for a US$155 million guarantee related to reclamation bonds, which is essential for meeting financial assurance requirements [5]. Regulatory and Permitting Status - The company anticipates that securing the necessary financial assurance will enable it to receive the USFS notice to proceed with construction under the approved plan of operation [5]. - The remaining state permits required for construction are expected to be issued in summer 2025 [5]. Underwriters and Additional Offerings - The underwriters have an option to purchase an additional 3,693,300 common shares, which could increase the total gross proceeds of the offering to approximately US$374 million if fully exercised [6]. Company Background - Perpetua Resources focuses on the exploration and redevelopment of gold-antimony-silver deposits in Idaho, with the Stibnite Gold Project being one of the highest-grade open-pit gold deposits in the U.S. [10]. - The project aims to restore an abandoned mine site while producing gold and the only mined source of antimony in the U.S., which is critical for national defense [10].