Domestic Antimony Supply Advances with Key Processing Pilot

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. and Agnico Eagle Mines Ltd.
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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) has announced a partnership with the Idaho National Laboratory to establish and operate a modular pilot processing facility aimed at extracting critical and defense-linked minerals — most notably antimony — from the company's Stibnite Gold Project. This collaboration builds on Perpetua's existing agreement with the U.S. Army through the Defense Ordnance Technology Consortium and will be managed via Battelle Energy Alliance LLC.

The pilot plant, to be run by INL personnel, will test the feasibility of producing military-grade antimony trisulfide from Stibnite-sourced ore. In addition to technology validation, the initiative is designed to enhance U.S. defense mineral processing capacity and support workforce training efforts within Idaho.

"We are proud to collaborate with Idaho National Laboratory to further strengthen America's defense capabilities and help secure a domestic source of antimony trisulfide," said Jon Cherry, President and CEO of Perpetua Resources, in the official announcement. INL Director John Wagner added that the effort "brings together Perpetua's antimony resources with INL's expertise in materials processing to address a critical national security need."

The Stibnite Gold Project remains the only identified reserve of antimony in the United States. Since 2022, Perpetua has secured over US$80 million in federal backing, including US$22.4 million via the Defense Ordnance Technology Consortium and US$59.2 million through the Defense Production Act Title III. The material processed through the INL facility is intended to support munitions and high-spec military systems, with Perpetua estimating that the project could meet up to 35% of domestic antimony demand during its initial years of production.

Critical Minerals and Antimony Supply Chain

A November 13 report from the World Economic Forum described antimony as one of the most strategically vital minerals globally, emphasizing its growing significance in critical mineral geopolitics following a 2024 wave of export restrictions. These constraints drove antimony prices to nearly US$50,000 per ton — roughly ten times the five-year average. The report called attention to antimony's essential role in defense systems, flame retardants, and heat-resistant industrial materials, while also highlighting the United States' near-total reliance on imported supply.

ChemAnalyst's December 9 update reported a 2.16% drop in U.S. antimony trioxide prices in November, attributed to lower ocean freight costs and increased supply from Asia. Despite the temporary price easing, the analysis noted that domestic antimony production remained limited to small-scale secondary smelters, which continued to fulfill only a small portion of overall demand.

A December 10 briefing by Muflih Hidayat reinforced antimony's strategic importance for defense, pointing to its use in munitions, ignition systems, and sensitive electronics. The report referenced historic production data and emphasized antimony's dual role in both military readiness and civilian fire-safety technologies, calling it a uniquely critical asset in mineral security planning.

Taken together, the sources point to a sector defined by rising demand, constrained supply, and increasing global focus. While market conditions have shown short-term fluctuation, antimony remains central to conversations about national security, resilient infrastructure, and long-term strategic independence.

Analysts Cite Strong Institutional Support and De-Risking Milestones

Mike Niehuser of ROTH Capital Partners commented on October 22 that Perpetua's early construction launch significantly de-risked the Stibnite project. He referenced the US$139 million construction bond as a way to initiate development ahead of winter and cited rising gold prices and exploration upside as potential long-term economic drivers.

In an October 29 update, Niehuser pointed to the US$255 million equity investment as confirmation of the project's large-scale potential and national significance. He maintained a US$32 price target, reiterated a Buy rating, and included Perpetua in his Top Picks for 2025. He also underscored the strategic relevance of institutional support from both mining and financial stakeholders.

Rabi Nizami of National Bank of Canada described Perpetua's October 24 construction launch as a "prudent move" that keeps the timeline intact. He retained an Outperform rating and CA$50 target price, citing the milestone as an indicator of reduced development risk.

In his October 27 report following the announcement of strategic investments, Nizami called the transaction a "vote of confidence" and noted that the structure avoids value dilution typically associated with streaming or royalty deals. He also flagged progress toward offtake agreements and U.S. government initiatives as key catalysts moving forward.

Brian Quast of BMO Capital Markets updated his model the same day, raising his target to CA$44 and maintaining an Outperform rating. He highlighted enhanced flexibility from equity financing and pointed to the newly formed advisory committee as a valuable technical resource. He also identified early works, exploration results, and federal engagement as future catalysts.

In a November 17 note, Quast reiterated the CA$44 target and stated, "We believe PPTA's ending cash balance of approximately US$446 million, recent equity financings for US$333 million, line of sight on debt financing of up to US$2 billion, as well as a US$24 million subscription agreement disclosed in the financials, could be sufficient to fully fund construction." He also noted that Perpetua had agreed to limit construction activities until February 1, 2026, in exchange for avoidance of preliminary injunctions. He reaffirmed expectations for EXIM Bank board-level review in spring 2026.

Mike Kozak of Cantor Fitzgerald wrote on October 27 that the equity deal eliminates the need to monetize future production. He raised his target to US$27, kept a Buy rating, and described the warrant structure as a sign of long-term institutional support. Kozak concluded that the agreement significantly reduced capital risk and improved readiness for full-scale development.

Strengthening Supply Chains and Domestic Capabilities in Idaho

According to the company's investor presentation, the Stibnite Gold Project is positioned as both a major gold asset and a strategic domestic source of antimony. With no current U.S. mined production and more than 70% of global antimony supply originating from China and Russia, the estimated 148 million pounds at Stibnite represents a significant potential contribution to U.S. supply security.

Idaho was highlighted for its pro-mining jurisdiction, experienced labor pool, and developed infrastructure. Perpetua reported 4.8 million ounces of Proven and Probable gold reserves and 107 million pounds of recoverable antimony. Anticipated by-product credits from antimony were expected to strengthen project economics over the life of mine. 

As of late 2025, Perpetua reported approximately US$720 million in cash and 129.3 million fully diluted shares. It also confirmed an active US$2 billion financing application with the Export-Import Bank of the United States. The company completed basic engineering, launched early works, and issued a request for antimony offtake proposals. Additional development milestones are targeted in 2026. 

Ownership and Share Structure¹

Following the closing of the private placement with Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) and JPMorganChase, the company has 122.9 million shares issued and outstanding.

On an undiluted basis, Paulson & Co. owns 26.3%, Agnico Eagle owns 6.5%, and JPMorganChase holds 2.6%. Approximately 64.6% is owned by other institutional and retail investors. 

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