America Breaks Ground on Its Next Great Gold Mine in Idaho

1. Perpetua Resources Corp is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Perpetua Resources Corp.
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1.  Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) announced the commencement of early works construction at its Stibnite Gold Project in Idaho. The move followed confirmation from the U.S. Forest Service (USFS) that the conditions outlined in the 2025 Record of Decision (ROD) had been met, including the company's US$139 million construction phase financial assurance posting. This approval enabled Perpetua to begin physical site activities after nearly a decade of permitting efforts.

The Stibnite project holds strategic importance due to its domestic reserves of both gold and the critical mineral antimony. According to the company, Stibnite represents the only U.S. reserve of antimony — a material essential for defense and industrial use and is considered a potential domestic alternative to Chinese-controlled supply chains.

In a company news release, CEO Jon Cherry stated, "We are proud of our work to bring this essential project on-line to provide critical resources while restoring an abandoned mine site."

Stibnite contains approximately 4.8 million ounces of gold reserves and is anticipated to be one of the highest-grade open-pit gold mines in the United States. The project also aims to reclaim the former mine site, address legacy environmental damage, and reconnect fish habitats. Perpetua expects more than 950 direct jobs during construction and over 550 during operations.

The company's US$2 billion financing application with the U.S. Export-Import (EXIM) Bank remains under review, with final board consideration anticipated by spring 2026. Earlier this year, Perpetua received a preliminary project letter and an indicative term sheet from EXIM in support of the financing under the Make More in America and China Transformational Export programs.

From Abandoned Mine to Strategic Asset

Perpetua Resources has positioned the Stibnite Gold Project as both an environmental restoration initiative and a domestic source of critical minerals. The company has already received more than US$80 million in funding from the U.S. Department of Defense to support antimony research and construction readiness. In its September 2025 investor presentation, Perpetua emphasized that early works engineering is already nearly 50% complete, with key infrastructure such as the tailings storage facility and transportation routes substantially advanced.

With construction now underway, the company anticipates completing the remaining financing and financial assurance guarantees, in the near term. Additionally, Perpetua reported favorable positioning within the sector, citing low projected all-in sustaining costs and the potential to become the largest independent gold producer in the continental U.S. once in production.

In tandem with environmental improvements, including tailings remediation and river restoration, Perpetua's Stibnite project could play a key role in U.S. critical mineral security and gold supply over the next decade.

Expert Analysis Highlights Strategic Progress and Valuation Potential

According to Rabi Nizami in the National Bank of Canada's October 22  research flash, Perpetua Resources received an "Outperform" rating with a target price of CA$50.00.

Analyst Rabi Nizami described the company's early works construction as a "de-risking milestone" and highlighted that the construction launch was on schedule. The report noted that although the company had initially guided toward a non-cash financial assurance structure, its use of a cash-backed facility allowed it to begin construction before winter. The financial assurance was secured through a joint surety bond totaling US$139 million, supported by a US$40.5 million cash deposit and a standby Letter of Credit.

The analysts stated that they expected Perpetua to "advance through a steady P/NAV re-rate over the near-term construction period," referencing the project's potential to generate over US$1 billion in annual EBITDA at full scale. They also cited exploration drilling and Department of Defense collaboration on antimony testwork as upcoming catalysts.

Roth Capital Partners' Mike Niehuser also issued a positive update on October 22, maintaining a "Buy" rating and raising its 12-month price target for Perpetua Resources from US$30.00 to US$32.00.

Analyst Mike Niehuser stated that construction commencement and recent technical and permitting progress had increased their confidence in Perpetua's valuation and financing outlook. Roth noted that the US$139 million performance bond posted by the U.S. Forest Service had triggered the signing of the Plan of Operations, clearing the way for full construction. The analysts also acknowledged Perpetua's receipt of US$80 million in prior funding from the Department of War and suggested that additional government grants could be possible.

Roth highlighted Perpetua's plans to complete a US$200 to US$250 million royalty or stream arrangement to support liquidity and emphasized that exploration potential during the construction phase could improve project economics. The revised valuation was based on a net present value (NPV) calculation using a 0.85 price-to-NAV multiple and a US$2,850 per ounce gold price assumption, resulting in an estimated per-share value of US$32.25.

In an October 22 note, Brian Quast of BMO Capital Markets wrote, "In the near term, we believe that Perpetua Resources Corp. remains catalyst rich, with a majority of these catalysts pertaining to nondilutive financing. We believe these catalysts will continue to provide investors with additional upside. . .we maintain our Outperform rating and raise our target price on the company."

That same day, Mike Kozak at Cantor Fitzgerald remarked, "Perpetua Resources Corp. is targeting commercial production at Stibnite in 2029 at which point it will be the fourth largest gold mine in the U.S. (by output) and largest domestic source of mined antimony. . .upon finalization of the Export-Import Bank of the Unites States debt package (early 2026), we believe the company has a high likelihood of being acquired by any number of large-cap, U.S.-focused precious metals producers."

Ownership and Share Structure¹

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$3.56B. Its 52-week range is CA$7.60–CA$24.38 per share.