Perpetua Resources has secured a $2.9 billion loan from the U.S. Export-Import Bank to fund its Stibnite Gold mining project in Idaho, announced in May 2026 after a detailed technical and financial review process [1].
The mine will produce both gold and antimony, a critical mineral used in defense, semiconductor manufacturing, and renewable energy technologies [2, 1]. Currently, the United States has no active antimony mines and imports over half of its demand, primarily from China [2]. The Stibnite mine is positioned to become the only domestic source capable of supplying 35% of U.S. antimony needs within six years of beginning production [2].
Construction on the Stibnite site has begun, with Perpetua targeting operational status by 2029 [2]. The project is part of a wider $12 billion funding effort under the White House's Project Vault initiative to reduce reliance on foreign critical minerals, with $10 billion allocated through the Export-Import Bank [2].
John Paulson, the billionaire hedge fund manager, is the largest shareholder in Perpetua Resources [1].
The government's backing highlights the strategic importance of the project in bolstering domestic production of critical minerals key to national security and technology supply chains. Perpetua’s timeline aims to bring the mine online within three years, meeting a significant portion of the country's antimony demand by the early 2030s [2].
