04:58 PM EDT, 03/21/2024 (MT Newswires) -- Perpetua Resources ( PPTA ) on Thursday said it is raising US$8.5 million from the sale of a royalty on future silver production from its Stibnite gold project in Idaho to Franco-Nevada ( FNV ) .

The company said Franco-Nevada ( FNV ) will "receive all of the payable silver by-product revenue over the life-of-mine", but estimated silver production will be 0.3% of revenue over the mine's expected life.

"This transaction allows Perpetua to monetize a non-strategic by-product from the Stibnite Gold Project and enhance our liquidity to cover a majority of our near-term priorities that are not covered by the funding we've received from the Department of Defense to advance permitting and construction readiness," chief executive Jon Cherry said in a release.

Perpetua shares closed up C$0.15 to C$5.65 on the Toronto Stock Exchange.