Perpetua Resources Corp. (NASDAQ:PPTA) has begun early works construction at its $1.3 billion Stibnite gold-antimony project in central Idaho, after receiving final approval from the U.S. Forest Service (USFS). The project is the first U.S. antimony mine in decades, marking a fresh milestone in the domestic effort to secure supplies of critical minerals.
The mine, located in the historic Stibnite-Yellow Pine district, about 222 kilometers northeast of Boise, will produce both gold and antimony — the latter a strategic metal essential to defense, energy storage, and semiconductor manufacturing.
“Today, we break ground on the Stibnite gold project,” said Jon Cherry, Perpetua’s president and CEO.
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“As America’s answer to China’s antimony export bans, we are focused on swiftly and safely bringing our antimony and gold project into development. After nine years of permitting, Stibnite can once again serve this country’s national interest,” he added.
The project’s start follows a lengthy permitting process that included nine years of federal and state reviews. It went through extensive environmental studies and $139 million in posted financial assurance. The USFS issued its final record of decision in January and granted formal approval for construction this month.
The Stibnite mine is set to become the only domestic source of antimony. The U.S. currently imports it almost entirely from China, Russia, and Tajikistan. Once operational, the mine is expected to supply roughly 35% of U.S. demand during its first six years of operation, according to the U.S. Geological Survey.
Stibnite will produce around 450,000 ounces of gold annually over the first four years. Yet, its strategic value lies in 148 million pounds of antimony reserves. Its flame-retardant and alloying properties make it indispensable for munitions, night-vision optics, and other defense technologies.
The project received $80 million in Defense Production Act funding. Furthermore, it might receive up to $2 billion in debt financing from the U.S. Export-Import Bank’s “Make More in America” and “China Transformational Export” programs. The institution will conclude a final review by spring 2026.
Economic and Environmental Impact
Perpetua anticipates creating about 950 direct jobs during construction and 550 during operations. It is a significant employment and infrastructure investment for rural Idaho.
Furthermore, the company is minimizing its environmental footprint and promises comprehensive restoration of legacy mining damage in the area. The redesigned mine plan reduces the project’s footprint by 13%. It reconnects fish habitats and restores stream conditions degraded by earlier mining.
Price Action: PPTA was trading higher by 1.61% to $24.03 premarket at last check Thursday.
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