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Highlights:

  • PPTA to raise CAD 300 million through a bought deal offering led by National Bank of Canada and BMO Capital Markets.
  • Paulson & Co. to invest CAD 100 million via concurrent private placement at the same offering price.
  • PPTA plans to use proceeds to meet equity requirements for EXIM-backed Stibnite Gold Project financing.

Perpetua Resources Corp. (Nasdaq:PPTA; TSX:PPTA) is a U.S.-based mining company focused on developing the Stibnite Gold Project in Idaho. The site includes gold, antimony, and silver resources, and is the only known domestic source of mined antimony in the United States. The project includes plans for environmental remediation alongside mineral development and has received U.S. Department of Defense funding to support construction readiness.

 The company has entered into an agreement with National Bank of Canada Financial Markets and BMO Capital Markets, as joint lead bookrunners, for a CAD 300 million bought deal equity offering. Under the terms, the underwriters will acquire 22,728,000 common shares at a price of CAD 13.20 per share. The proceeds are intended to contribute to the financing requirements for the company’s Stibnite Gold Project located in central Idaho.

As part of the transaction, Paulson & Co. Inc., a significant shareholder in Perpetua, has agreed to purchase an additional CAD 100 million in common shares through a private placement at the same price per share. This private placement is scheduled to close concurrently with the public offering.

Perpetua intends to allocate the proceeds from both the public offering and private placement toward meeting equity requirements for up to CAD 2 billion in project financing under consideration by the Export-Import Bank of the United States (EXIM). The EXIM application, submitted in May 2025, is still undergoing due diligence and underwriting review. The company anticipates that the debt financing could close in 2026, pending successful completion of EXIM’s evaluation process. In addition to supporting equity financing, proceeds from the equity raise may be used to fund ongoing exploration, working capital, and general corporate purposes.

If fully subscribed, and with the exercise of the underwriters’ 15% over-allotment option amounting to 3,409,200 additional shares the public offering could raise up to approximately CAD 345 million in gross proceeds. This would further contribute to Perpetua’s capital plans for construction, including a contingency reserve and funding for associated project-related expenses.

The company is also in advanced discussions to secure financial assurance instruments required under federal and state environmental regulations. These arrangements include a CAD 155 million guarantee related to reclamation bonding obligations, along with CAD 200 million to CAD 250 million in royalty or streaming proceeds. Perpetua is evaluating a potential gold net smelter return (NSR) royalty not exceeding 3.9% or an equivalent gold stream. A buyback option on the royalty may be included if certain conditions are met.

This financial assurance is expected to satisfy construction-phase obligations, enabling the company to receive a notice to proceed from the U.S. Forest Service and fulfill state and federal permitting requirements. Final permits are anticipated by mid-2025, with construction potentially commencing later in the year.