News Summary
On December 16, 2025, Perpetua Resources announced it has selected Hatch Ltd. as the Engineering, Procurement, and Construction Management (EPCM) contractor for its Stibnite Gold Project in Idaho. As part of the agreement, Hatch will be responsible for engineering, design, procurement, and construction management. In a significant vote of confidence, Hatch will also make a $4 million equity investment into Perpetua by purchasing 138,696 common shares at a price of $28.84 per share in a private placement.
Material Impact
This announcement is a material positive development that further de-risks the Stibnite Gold Project on the execution front. While selecting an EPCM contractor is a standard step for any major construction project, the choice of a globally recognized firm like Hatch provides credibility.
The most critical element of this news is Hatch’s concurrent $4 million investment. As the EPCM contractor, Hatch has conducted or will conduct deep technical due diligence on the project. Their decision to invest their own capital signifies strong confidence in the project’s technical and economic viability. This is a powerful third-party validation from a key partner whose success is intrinsically linked to the project’s success.
Furthermore, the investment price of $28.84 per share is a key signal. It represents a significant premium to the major strategic investment by Agnico Eagle ($23.30/share in October 2025) and the large institutional financing ($13.20/share in June 2025). This escalating valuation in successive placements suggests growing confidence among sophisticated parties as the project advances.
This news effectively locks in the last major operational partner required before full-scale construction can begin. With permits secured, early works underway, strategic equity partners on board, and now a world-class EPCM contractor, the company has methodically checked every box. The entire focus and primary risk for investors now shifts squarely to the final piece of the puzzle: securing the ~$2.0 billion debt facility from the U.S. EXIM bank.
Catalysts
– U.S. EXIM Bank Loan Decision: This is the most significant upcoming catalyst. The company expects EXIM Board consideration by the Spring of 2026 for its up to $2.0 billion debt financing application. A positive decision is required to fully fund the project’s ~$2.2 billion CAPEX and would be a transformative event. A delay or rejection would be materially negative.
– Construction Progress: Updates on the early works construction initiated in October 2025 and the timeline for transitioning to full construction upon securing the EXIM loan. Adherence to schedule and budget will be critical.
– Antimony Off-take/Processing Partner: The company planned to issue an RFP in late 2025 to select a partner for off-site commercial antimony processing. The announcement of a selected partner is a near-term catalyst to watch for.
Materiality Conclusion
The selection of Hatch as the EPCM contractor, coupled with their equity investment, is materially positive. It significantly de-risks the project’s construction and execution phase by bringing in a top-tier technical partner. The investment provides a strong third-party validation of the project’s merits at a premium valuation, reinforcing the positive momentum from a year of successful permitting and financing milestones. The news solidifies the project’s path forward, leaving the EXIM debt facility as the final major hurdle.
