01:47 PM EDT, 04/08/2024 (MT Newswires) -- Perpetua Resources ( PPTA ) shares surged 27% in recent Monday trading after the company said it received a debt financing indication for as much as $1.8 billion from the Export-Import Bank for Stibnite Gold Project, potentially a significant source of US antimony used in defense and energy industries.

The company said it received a letter of intent from Ex-Im Bank expressing funding support with a 15-year repayment tenor under the bank's "Make More in America" initiative.

The funding may also be eligible for special consideration under the bank's "China and Transformational Exports Program," which seeks to bolster US exporters against China and other countries possibly offering government subsidies, the company said.

Perpetua expects to submit a formal application for the financing this year. A final commitment from the bank will depend on due diligence to be conducted upon receipt of the application, the company said.

The proposed Stibnite Gold Project "is designed to reestablish a US source of the critical mineral antimony as a by-product of one of the highest-grade open pit gold resources in the US and to provide environmental restoration to the historical mining site" in Idaho, the company said.

Price: 6.04, Change: +1.28, Percent Change: +26.89