History
Perpetua spent years winning defense funding and permits for its Stibnite gold and antimony project, then raised heavily in 2025 and began construction.
2021-2022: Listing and a new reporting regime
Perpetua Resources is a developer of the Stibnite Gold Project in Valley County, Idaho, a gold project that also holds antimony, a metal used in defense. In February 2021 the exchange certified its securities for listing, clearing them to begin trading. The company had about 63 million shares on issue at the end of 2021.
On 1 January 2022 Perpetua became a US domestic SEC filer. Its first report under the new US rules, published in January 2022, covered the same resource as its 2020 Canadian feasibility study. It was simply reclassified and re-priced, using $1,500 an ounce for gold instead of $1,250.
2022-2024: Defense money for permitting
The project's antimony drew government support. In December 2022 a Perpetua subsidiary signed an initial agreement with the US Department of Defense for up to $24.8 million of Defense Production Act funding. It was meant to cover environmental and permitting studies supporting domestic antimony production. The agreement was finalized at the full amount in July 2023.
In February 2024 the Department conditionally offered up to $34.6 million more. The modification was finalized in May 2024 at $34.4 million, bringing total defense funding to about $59.2 million for permitting and construction-readiness work. Shares on issue ended 2023 near 64.1 million.
2025: Raising money and breaking ground
The record then goes quiet until June 2025, when Perpetua announced a $300 million bought-deal offering at $13.20 a share to help fund construction. It closed upsized at 24.6 million shares, about $311 million net, alongside a $100 million private placement to its top shareholder, Paulson & Co, which used pro-rata rights from a 2016 agreement. Paulson's stake still fell from 34.6% to about 31%. In July the underwriters exercised their over-allotment option in full for about $49 million more, taking the package to roughly $474 million gross. In September Perpetua signed a $131.7 million contract with ATCO Structures & Logistics for a 1,010-person construction camp, due by September 2026.
On 21 October 2025 the company posted a $139 million reclamation bond, backed by a $35 million Bank of Nova Scotia letter of credit, plus a $4.2 million Clean Water Act bond. With sign-off from the US Forest Service and Idaho regulators, it broke ground on early works.
Funding followed quickly. On 28 October, Agnico Eagle and JPMorgan invested $255 million at $23.30 a share, plus warrants. Agnico would hold about 8.6% with full warrant exercise, and gained top-up rights up to 9.99% and a joint technical committee. Two days later came a public offering at $24.25 a share. In December, Perpetua raised $28.84 million from a private investor and Hatch invested $4 million. Shares on issue rose from about 70.3 million at the end of 2024 to about 124.1 million at the end of 2025.
2025-2026: Building the plant
In December 2025 Perpetua chose Hatch as its engineering, procurement and construction management contractor. It signed the formal agreement on 22 December for the process plant and pressure-oxidation facility, with an estimated $200-220 million control budget. On 5 March 2026 the agreement was amended to add the pressure-oxidation and oxygen system and set a $204.3 million control budget, including $42 million for that system, with a performance guarantee regime.
As of the October 2025 placement, an application submitted in May 2025 for up to $2 billion of US EXIM Bank project financing was still pending. The record does not show its outcome.
Written from the 16 story beats below (2021 to 5 Mar 2026), which come from the company's own announcements and filings.