Federal Approval Clears Path for Key American Critical Minerals Mine

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Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) has reached a significant milestone in the advancement of its Stibnite Gold Project in Idaho following the issuance of a conditional Notice to Proceed by the U.S. Forest Service. This notice confirms that Perpetua has met the conditions outlined in the agency's Record of Decision and may move forward with development once financial assurance requirements are posted. The announcement was marked by a ceremony at the historic Stibnite mining district attended by Idaho Governor Brad Little, U.S. Army Major General John Reim, and other state and federal officials.

The Stibnite project has been in the permitting phase for more than eight years and is positioned as the only site in the United States with a mined reserve of antimony, a critical mineral used in defense applications including ammunition and advanced military technologies. The site is also projected to produce approximately 450,000 ounces of gold annually in its early years of operation, supported by a reserve of 4.8 million ounces of gold. The project is listed as a FAST-41 Transparency initiative and has received over US$80 million in support from the U.S. Department of Defense.

Perpetua CEO Jon Cherry emphasized the national security implications of the project, stating, "After years of thoughtful consideration, public feedback and intensive review, we are ready to secure American antimony. Backed by the financial power of gold production and a plan to provide meaningful environmental benefits to this historical site, today marks a new chapter in American resilience."

According to the company, the Stibnite Gold Project is expected to supply up to 35% of domestic antimony demand during its first six years of operation. Antimony has been classified by the U.S. Geological Survey as a critical mineral, and the United States currently relies on imports, predominantly from China and Russia, for the majority of its supply. In 2024, China suspended antimony exports, increasing the urgency for a domestic alternative.

Perpetua's environmental commitments include the remediation of legacy waste, improvements to water quality, and restoration of fish habitats. To date, the company has removed over 375,000 tons of legacy tailings and invested more than US$20 million in environmental improvements at the site.

In addition, Perpetua has pledged US$350,000 to the Stibnite Foundation, a community trust established under the company's community agreement. Perpetua has previously contributed US$750,000 and 150,000 shares to the foundation, with ongoing funding tied to project milestones and future profit-sharing arrangements.

Rising Strategic Value of Gold and Antimony in Global Markets

Antimony has gained increasing attention across defense, energy, and industrial markets due to its unique material properties and limited global supply. On September 9, the Times of India reported a US$500 million agreement between a U.S. company and Pakistan aimed at developing that country's mineral sector. The deal included the construction of a poly-metallic refinery to process critical materials such as antimony, rare earths, and gold. According to Pakistan's Prime Minister's office, initial exports under the agreement would begin with minerals already available, including antimony. The U.S. Department of Energy has identified antimony as a critical mineral essential to advanced manufacturing and clean energy systems.

In a separate commentary dated September 11, Alkane Resources called antimony "a critical link in the energy transition and defence supply chains." The commentary noted that the mineral is used in semiconductors, renewable energy infrastructure, and military systems. Alkane estimated U.S. consumption at approximately 25,000 tonnes per year and emphasized its classification as a mineral of "high strategic importance." The commentary also addressed global sourcing concerns, stating that "almost all supply comes from China, Russia and Tajikistan," and pointed to the increasing value placed on secure supply from outside those regions.

According to Kozak, "This is another positive de-risking milestone on PPTA's path to fully fund the Stibnite project's US$2.2 billion initial capital requirement." 

Institutional allocation to gold has also increased. In a September 17 commentary, Matthew Piepenburg of Gold Switzerland attributed part of the rally to weakening confidence in fiat currencies.

He highlighted the Bank for International Settlements' decision to reclassify gold as a Tier-1 reserve asset, restoring its standing within central bank portfolios. Piepenburg connected the trend to broader fiscal concerns in the United States and a growing global shift toward hard assets.

Supply and demand data has reinforced market momentum. A September 18 report from Ahead of the Herd indicated that global gold demand in 2024 totaled 4,974.5 tonnes, while mine production reached only 3,661.2 tonnes. The resulting 1,370-tonne gap was met through recycled supply. The report referred to this trend as an indicator of "peak gold," pointing to the disconnect between consumption and the pace of new production despite continued exploration.

Sentiment within the gold sector remained strong in late September. On September 25, Stockhead quoted Pantoro Managing Director Paul Cmrlec, who described "a step change in the need for gold" driven by inflationary pressure, rising tariffs, and evolving monetary policy. He noted that even after reaching record levels, the metal continued to attract attention from institutional investors and major financial institutions looking for long-term value preservation.

Analysts Highlight Financing Milestones and Upside Potential

On September 9, Cantor Fitzgerald Analyst Mike Kozak issued a research update on Perpetua Resources Corp., following the company's announcement that it had secured a Preliminary Project Letter from the Export-Import Bank of the United States for potential debt financing of up to US$2 billion.

According to Kozak, "This is another positive de-risking milestone on PPTA's path to fully fund the Stibnite project's US$2.2 billion initial capital requirement." While specific loan terms were not disclosed, the letter included a preliminary, non-binding indicative term sheet and initial due diligence findings. Kozak stated that Perpetua anticipated EXIM board review by spring 2026.

In the same note, Kozak reported that Perpetua was preparing to commence early site construction and advance a stream or royalty agreement estimated at US$200 million to US$250 million. He also reiterated the firm's Buy rating and raised Cantor's target multiple from 0.8x to 1.0x NAVPS7.5%, increasing the share price target from US$22 to US$26. According to Kozak, "Once the EXIM debt package is finalized... we believe PPTA is likely to be acquired by one of several large-cap U.S.-focused precious metals producers," underscoring confidence in the company's strategic position.

This analysis followed a sustained period of institutional interest in Perpetua's Stibnite Gold Project and reflected growing recognition of the project's relevance to U.S. strategic mineral supply chains and domestic gold production.

Antimony Processing and Offtake Planning

Following the conditional development approval, Perpetua Resources has initiated the next stage of planning for downstream antimony processing. The company announced it will issue a Request for Proposal (RFP) to assess the feasibility of off-site processing partnerships for commercial-grade antimony. This process aims to identify third-party facilities with sufficient production capacity, reliability, and environmental standards to handle part of the company's 148-million-pound antimony reserve earmarked for industrial use.

This initiative is separate from the work already underway between Perpetua and the U.S. Army under the Defense Ordnance Technology Consortium (DOTC). Under this agreement, Perpetua has been awarded up to US$22.4 million to develop a domestic supply chain for military-grade antimony trisulfide. Discussions with potential processing partners including entities such as Glencore, Nyrstar, and Sunshine Silve have already begun.

The Stibnite Gold Project is projected to begin early works construction in fall 2025, with a broader construction phase anticipated following the posting of financial assurances and potential closing of royalty and streaming agreements. Engineering on the project is already nearly 50% complete, with key components such as the Tailings Storage Facility and access road substantially advanced.

The company has also submitted a formal US$2 billion financing application to the U.S. Export-Import Bank (EXIM) and received a preliminary project letter and indicative term sheet. If approved, this funding would form a core part of a US$2.8 billion financing package that includes equity, royalty/streaming arrangements, and financial assurance guarantees.

As of June 30, 2025, Perpetua reported a cash balance of approximately US$470 million. The company's stated aim is to transition the Stibnite site into a long-term source of strategic materials while addressing historical environmental impacts and creating jobs in Idaho's West Central Mountains. 

Ownership and Share Structure

According to Refinitiv, 11 strategic entities own 0.59% of Perpetua. Numerous institutions hold 32.62%. Of these, the Top 3 shareholders are Paulson & Co. Inc. with 30.07%, Encompass Capital Advisors LLC with 3.34% and Sprott Asset Management LP with 3.24%. The rest is in retail.

Perpetua has 107.57M outstanding shares and 106.93M free float traded shares. Its market cap is CA$1.7B. Its 52-week range is CA$7.60–24.38 per share.