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BOISE, Idaho - Perpetua Resources Corp. (NASDAQ: PPTA) (TSX: PPTA), whose stock has surged over 140% in the past year according to InvestingPro data, announced today it has increased the size of its previously announced bought deal financing due to excess demand.
The mining company, currently valued at approximately $916 million, will now issue 24,622,000 common shares at US$13.20 per share for aggregate gross proceeds of approximately US$325 million. National Bank of Canada Financial Markets and BMO Capital Markets are leading the underwriting syndicate.
Additionally, Paulson & Co. Inc. has agreed to purchase US$100 million of common shares in a concurrent private placement at the same price. The underwriters have also been granted an option to purchase up to an additional 3,693,300 common shares, which could increase the total gross proceeds to approximately US$374 million if exercised in full.
Perpetua intends to use the proceeds as part of a comprehensive financing package for developing its Stibnite Gold Project in Idaho. The funds will be directed toward equity requirements for a previously announced application for up to US$2 billion in project financing submitted to the Export-Import Bank of the United States (EXIM) in May 2025.
The offering is expected to close on or about June 16, 2025, subject to customary conditions.
The Stibnite Gold Project is designed to restore an abandoned mine site while producing gold and antimony. Perpetua was previously awarded US$59.2 million in Defense Production Act Title III funding to advance construction readiness and permitting of the project. InvestingPro analysis shows the company maintains a healthy financial position with a current ratio of 5.95, indicating strong liquidity to meet near-term obligations.
This article is based on a press release statement from Perpetua Resources. The EXIM financing application remains under review, with the company anticipating potential closing of the debt financing in 2026 if the due diligence process is successful. Analysts tracked by InvestingPro maintain a bullish outlook on the stock, with price targets ranging from $16 to $27.50 per share. Subscribers can access 13 additional ProTips and comprehensive financial metrics for deeper analysis.
In other recent news, Perpetua Resources Corp. announced a significant financing agreement, securing $300 million through a public offering and an additional $100 million via a private placement with Paulson & Co. Inc. These funds are part of a broader financing strategy for the Stibnite Gold Project in Idaho, which aims to raise a total of $2.2 billion for construction and other costs. The company is also in discussions for a $155 million guarantee arrangement and expects proceeds of $200-250 million from a gold royalty or stream. In another development, Perpetua received a $6.9 million funding boost from the U.S. Army, adding to the $15.5 million awarded earlier to support domestic antimony supply for military use. Additionally, the U.S. Army Corps of Engineers issued the final federal permit for the Stibnite Gold Project, marking a crucial step toward its construction. Meanwhile, H.C. Wainwright maintained a Buy rating on Perpetua but lowered its price target to $27.50, following a financial report that revealed a net loss of $8.2 million in the recent quarter. Despite the target adjustment, the analyst expressed confidence in Perpetua’s strategic role in the U.S. critical mineral supply chain.
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