The net proceeds are expected to be sufficient to cover the project’s $2.2bn construction costs, along with additional funds for various operational and capital expenses.
Under the terms of the bought deal, 22,728,000 common shares will be issued at a price of $13.20 per share. National Bank of Canada Financial Markets and BMO Capital Markets are acting as joint lead bookrunning managers for the offering.
Proceeds from both the offering and private placement will be used to fund development activities at the Stibnite Gold Project. The capital will also support the company’s $2 billion project financing application submitted to the Export-Import Bank of the United States (EXIM) in May 2025. These funds are expected to fulfill equity requirements under the EXIM debt facility. Any remaining funds will be allocated to exploration, working capital, and other corporate purposes.
EXIM is currently conducting due diligence on the financing request. If approved, debt financing is expected to close in 2026. Perpetua Resources stated that the combined proceeds from the equity offering, private placement, and EXIM loan—if successful—would be sufficient to fully fund the project’s estimated $2.2 billion construction cost, with additional resources allocated to operational and capital expenditures.
The company is also in advanced discussions to secure guarantees and indemnities related to its reclamation bonds or other financial assurance mechanisms. A separate $155 million guarantee is being pursued, along with potential proceeds from a gold net smelter return royalty or a gold stream valued between $200 million and $250 million. These arrangements are vital for meeting regulatory requirements and enabling the start of construction.
Perpetua expects to formalize the financial assurance structure by summer 2025. State permits required for construction are also anticipated to be issued within the same timeframe.
Additionally, Perpetua has granted underwriters an option to purchase up to 3,409,200 additional common shares. If fully exercised within 30 days of the offering, this option could increase total proceeds from the equity offering to approximately $345 million.
The offering is expected to close on or around 16 June 2025. The private placement is scheduled to close concurrently. Both transactions remain subject to customary closing conditions, although the equity offering is not conditional upon completion of the private placement.
