The Speculation Era Ended at Seven AM Eastern Today
Perpetua Resources (NASDAQ: PPTA) just priced its latest 71 million dollar offering at 24.25 dollars per share. This is not a growth story anymore; it is a critical infrastructure build. For those who followed the company in late 2024, when shares were struggling to hold the 10.17 dollar mark, the current valuation represents a fundamental shift in the American critical minerals landscape. The market has moved past the question of if the Stibnite Gold Project will happen and is now pricing in the reality of how fast it can be built.
The offering, which includes 2,938,000 shares of common stock, is backed by a heavyweight syndicate led by BMO Capital Markets, National Bank of Canada Financial Markets, and RBC Capital Markets. Most telling is the concurrent 7 million dollar private placement by Agnico Eagle Mines Limited. By exercising its pro rata participation right at the 24.25 dollar price point, Agnico Eagle is signaling that the long term value of the Stibnite asset far exceeds the current 2.73 billion dollar market capitalization. This capital infusion is the final equity bridge before the massive 1.8 billion dollar debt package from the Export-Import Bank of the United States moves toward a 2026 closure.
The Antimony Leverage That Rewrote the Script
Gold is the primary revenue driver, but Antimony is the geopolitical shield. In September 2025, the spot price for Antimony reached a historic 51,500 dollars per ton as Chinese export restrictions continued to starve Western defense contractors. According to the IMARC Antimony Price Index, North American pricing remains at a 44.99 index high, reflecting a desperate search for domestic supply. Perpetua’s Stibnite project is the only shovel ready domestic source of Antimony trisulfide capable of meeting the Department of Defense requirements for small arms and missile munitions.
The transition from a speculative junior miner to a strategic asset was cemented on September 19, 2025, when the U.S. Forest Service issued the conditional Notice to Proceed. This followed the final Record of Decision signed on January 3, 2025. The regulatory hurdles that once defined the company’s risk profile have been cleared. The proceeds from this 71 million dollar raise are specifically earmarked for long lead time materials, detailed engineering, and the mobilization of construction crews at the Valley County site.
Capital Structure and Underwriting Specifics
The efficiency of this raise demonstrates a high level of institutional demand. Unlike the June 2025 bought deal that was priced at 13.20 dollars per share, this October offering required no significant discount to the market price. The underwriting agreement filed with the Securities and Exchange Commission details a 30 day option for underwriters to purchase an additional 15 percent of the offering, a provision that is likely to be fully exercised given the current momentum.
| Milestone | Date | Financial/Regulatory Impact |
|---|---|---|
| Final Record of Decision | Jan 3, 2025 | Federal Permitting Completed |
| Priority Project Status | Apr 21, 2025 | White House Streamlining Authorized | Bought Deal Financing | Jun 12, 2025 | 325 Million Dollars Raised @ $13.20 |
| Notice to Proceed | Sep 19, 2025 | Construction Authorization Received |
| Current Public Offering | Oct 28, 2025 | 71 Million Dollars Priced @ $24.25 |
From Permitting Obstacles to Procurement Reality
The technical mechanics of the Stibnite build out are now the focus. Perpetua is moving into the EPCM (Engineering, Procurement, and Construction Management) phase with a focus on restoring the legacy brownfield site while simultaneously extracting high grade ore. The 2025 capital raises have successfully mitigated the dilution risk that historically plagued this ticker. By securing over 400 million dollars in equity since the start of the year, the company has established the required equity cushion to unlock the multi-billion dollar EXIM Bank loan.
Investors are no longer tracking environmental impact statements; they are tracking the delivery dates of grinding mills and the hiring of specialized mining engineers. The relationship with Agnico Eagle is also deepening beyond mere financial support. Agnico’s technical expertise in high latitude, complex open pit operations provides a secondary layer of de-risking for the Stibnite build. The market is now treating Perpetua as a mid-tier producer in waiting, rather than a development stage micro-cap.
The next major data point for the market to digest is the formal execution of the binding 1.8 billion dollar EXIM debt facility. This milestone, slated for the first quarter of 2026, will represent the largest single investment in a domestic critical mineral project in decades. Watch for the completion of the joint financial assurance bonding in December 2025 as the final precursor to the 2026 debt closing.
