Perpetua intends to use the $345 million proceeds to develop its Stibnite Gold project. Hycroft Mining is looking to raise around $43.8 million
Shares of Perpetua Resources Corp. (PPTA) and Hycroft Mining Holding Corp. (HYMC) sank 20.4% and 20.6%, respectively, in Thursday’s trade.
Perpetua increased the size of its previously announced bought deal financing, citing strong investor demand.
The company will issue over 24.6 million common shares at $13.20 each and has given underwriters a 30-day option to buy up to 3.4 million additional shares, potentially bringing total gross proceeds to approximately $345 million.
Its initial offer was to sell about 22.8 million shares and raise approximately $300 million.
Perpetua plans to use the proceeds as part of a broader financing package to develop its Stibnite Gold project, in conjunction with its May 2025 application for up to $2 billion in project financing from the U.S. Export-Import Bank (EXIM).
Last month, the U.S. government issued the Clean Water Act permit for the Stibnite mine, which contains an estimated 4.8 million ounces of gold reserves.
The Donald Trump administration had selected the mine among 10 projects whose approval processes were to be fast-tracked to raise critical element production.
Hycroft Mining also upsized its proposed public underwritten offering to raise approximately $43.8 million, more than the previously announced proceeds of $40 million.
The offering of 12.5 million units is priced at $3.50 each, with each unit consisting of one common share and half of a warrant exercisable at $4.20 for 36 months.
The company plans to use the net proceeds to fund further exploration, working capital, and general corporate purposes.
However, despite the share slump, retail sentiment on Stocktwits for both stocks remained ‘bullish’, accompanied by ‘extremely high’ message volumes.


Some users speculated that the public offering might be part of a larger stake sale.
Year-to-date as of Thursday’s close, PPTA stock gained 23% while HYMC shares rose 53%.
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