Rising Antimony Demand Highlights Idaho Breakthrough

As antimony demand rises and the U.S. seeks a secure, domestic supply, projects with confirmed stibnite mineralization and clean metallurgy are gaining attention. One such effort has recently reported assay results that highlight its potential role in meeting these strategic needs.

Perpetua Resources Corp.

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ), a U.S.-based mining company listed on the TSX and NASDAQ, is advancing the Stibnite Gold Project in Idaho with the goal of becoming the only domestic supplier of mined antimony, an element classified as critical to national security. The project, which also hosts a large gold reserve, has received a conditional Notice to Proceed from the U.S. Forest Service, marking a major step forward after years of permitting.

According to a September 21 note from Roth Capital Partners, the agency “indicated that requirements in the January 2025 Record of Decision had been met, subject to bonding.” Once financial assurance is posted, the Plan of Operation may be signed, allowing construction to begin. [OWNERSHIP_CHART-10820]

The project, which has been in permitting for over eight years, is the only site in the United States with a mined reserve of antimony. According to the company, the Stibnite Gold Project was expected to supply up to 35% of domestic antimony demand during its first six years of operation. Antimony is listed as a critical mineral by the U.S. Geological Survey, and supply disruptions, such as China’s suspension of antimony exports in 2024, have increased urgency for secure domestic sources.

Perpetua estimated a construction budget of US$2.2 billion. On July 14, the company closed a US$474 million equity raise and was preparing a US$200 to US$250 million royalty or streaming agreement. The U.S. Export-Import Bank issued a preliminary term sheet for up to US$2 billion in debt financing. Roth analyst Mike Niehuser wrote that “PPTA appears to have ample liquidity to post the bond and proceed with construction.” Cantor Fitzgerald analyst Mike Kozak also called the EXIM letter “a positive de-risking milestone.”

The project was designated a FAST-41 initiative and received more than US$80 million in grants from the Department of Defense. Perpetua reported that it had already removed over 375,000 tons of legacy tailings and spent more than US$20 million on environmental improvements. CEO Jon Cherry said, “After years of thoughtful consideration, public feedback and intensive review, we are ready to secure American antimony.”

In parallel with development, the company launched a Request for Proposal to evaluate off-site facilities for processing part of its 148-million-pound antimony reserve. This commercial-grade material is separate from the company’s existing agreement with the U.S. Army under which Perpetua may receive up to US$22.4 million to support military-grade antimony trisulfide production.

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–CA$24.38 per share.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news