Mentioned:
One of America’s most important antimony projects is getting a new multi hundred million dollar cash infusion. But, why?
What’s happening:
- Perpetua Resources (NASDAQ: PPTA) has announced a new equity financing round for $400M USD
By the numbers:
- National Bank of Canada Financial Markets and BMO Capital Markets have committed to raising $300M USD at $13.20 per share through a bought deal financing
- Paulson & Co will raise $100M USD at $13.20 per share through a concurrent private placement
Why it matters:
- Perpetua Resources’ flagship Stibnite Gold Project located in Idaho is one of the most promising deposits for both gold and antimony in the entire United States and is expected to contain approximately 4.8M ounces of gold and 148M pounds of antimony
Going deeper:
- Perpetua Resources has publicly stated they will leverage the new funding round to further advance their negotiations with the Export-Import Bank of America for a potential $2B USD loan to bring the Stibnite Gold Project into full scale production
The intrigue:
- The United States Army also just recently made waves when they awarded $6.9M USD in new funding to Perpetua Resources to accelerate testing of materials from the Stibnite Gold Project to determine what ore can be used to produced antimony trisulfide, which is a highly important input for hundreds of different types of ammunition
