Perpetua Resources Corp. (Nasdaq/TSX: PPTA) is developing the Stibnite Gold Project in central Idaho — the only identified domestic reserve of antimony in the United States and one of the highest-grade open-pit gold deposits in the country. With early works construction underway and a $2.7 billion Export-Import Bank loan pending a board vote scheduled for 21 May 2026, Perpetua Resources sits at the centre of the US government’s push to secure a domestic critical minerals supply chain.
Perpetua Resources: Company Overview
Headquartered in Boise, Idaho, and led by President and CEO Jonathan Cherry, Perpetua Resources was formerly known as Midas Gold Corp. The company’s sole focus is the 100%-owned Stibnite Gold Project in Valley County, Idaho — a brownfield redevelopment of an abandoned mine site that operated intermittently from the late 1800s through the mid-20th century.
Perpetua is listed on the Nasdaq and Toronto Stock Exchange under the ticker PPTA. The company has raised over $850 million in equity financing to date, with strategic investors including Agnico Eagle Mines (TSX: AEM) and a JPMorgan Chase national security investment fund, which together committed $255 million in 2025. Hatch Ltd., appointed as Engineering, Procurement and Construction Management (EPCM) contractor in December 2025, subsequently made a $4 million equity investment of its own.
The US government has committed over $59 million in cumulative funding under the Defense Production Act and Department of Defense grants to advance Stibnite’s engineering and permitting. The project has been fast-tracked by the Trump administration as part of broader efforts to reduce dependence on Chinese critical mineral supply chains — an imperative that sharpened after China restricted antimony exports in late 2024.
Key Assets: The Stibnite Gold Project
The Stibnite Gold Project covers approximately 11,526 hectares of patented and unpatented land in Valley County, Idaho. Proven and probable reserves stand at approximately 4.8 million ounces of gold and 148 million pounds of antimony, the only identified domestic US reserve of the critical mineral according to the USGS Mineral Commodity Summaries (January 2026).
The project is designed as a conventional open-pit, heap-leach and pressure-oxidation operation. At full capacity, Stibnite is projected to produce approximately 450,000 ounces of gold annually over its first four years, positioning it among the highest-grade open-pit gold mines in the United States. The antimony byproduct stream is the strategically critical element: during early production years, the project is expected to supply approximately 35% of US annual antimony demand. Antimony trisulfide from Stibnite is the only known domestic reserve capable of meeting US military specifications for small arms ammunition and missile systems.
The project’s environmental restoration credentials are a core part of its regulatory story. The final mine plan reduced the project footprint by 13% from earlier designs, and Perpetua has committed to reconnecting fish habitat access blocked by legacy mining, remediating contaminated tailings, and restoring over twelve miles of damaged waterways. All federal and state permits are now in place, including the US Forest Service Record of Decision (January 2025), the Army Corps of Engineers Section 404 permit (April 2025), and the final Stream Alteration Permit and IPDES wastewater discharge permit received in early 2026. For context on where Stibnite sits within the North American critical minerals project landscape, see our ranking of the top 10 North American rare earth and critical mineral projects.
Financing and Project Status
Early works construction commenced on 21 October 2025 following Perpetua’s posting of approximately $139 million in construction-phase financial assurance with federal and state agencies. The USFS issued a conditional Notice to Proceed confirming all pre-construction conditions were satisfied. EPCM responsibilities for the processing plant and pressure-oxidation facility were transitioned from Ausenco to Hatch in Q4 2025, with Hatch’s scope covering engineering, procurement management, construction management, and integrated project controls.
The pivotal near-term catalyst is the proposed $2.7 billion senior secured loan from the US Export-Import Bank (EXIM). On 31 March 2026, the EXIM Board unanimously approved advancing the proposed loan into a 25-day Congressional notice period — the final formal step before a board vote on full approval. The loan was listed on the EXIM Board’s agenda for 21 May 2026. Note: as of the date of this profile, the EXIM Board vote has not yet occurred. No assurance exists that the board will vote to approve the loan at this meeting or at all. If approved, the ~$2.2 billion direct loan, combined with $669.5 million cash on hand as of 31 March 2026, would fully cover estimated direct capital costs of $2,576 million. Final loan drawdown is subject to definitive documentation and conditions precedent, which Perpetua anticipates could be satisfied in H2 2026. A final investment decision is targeted for the second half of 2026.
The project’s December 2025 Technical Report Summary (TRS) sets an after-tax NPV5% of $3.5 billion at a base-case gold price of $3,250/oz, rising to $6.1 billion at $4,500/oz gold, with after-tax IRRs of 23.5% and 32.3% respectively. Commercial production is targeted for 2028, with a 15-year mine life and approximately 950 direct jobs during construction, 550 during operations.
Perpetua Resources in the US Critical Minerals Strategy
Antimony’s classification as a critical mineral for national defence underpins the exceptional level of government support Perpetua has attracted. Antimony trisulfide is a primary ingredient in small-calibre ammunition primers and certain missile igniters — applications with no short-term substitute. The US has had no domestic antimony production since the closure of the last operating mine in 2001 and has relied on imports, with China accounting for the majority of global supply. China’s export restrictions on antimony, which took effect in late 2024, added urgency to the domestic development case. For a full breakdown of minerals affected by China’s export controls, see our analysis of the top 10 China export control minerals.
Perpetua is working with Idaho National Laboratory (via Battelle) to develop a modular pilot processing plant to demonstrate military-grade antimony trisulfide production at scale, supported by $22.4 million in cumulative Department of Defense funding. The company has also entered a procurement contract with Idaho Power for long-lead power infrastructure items, and a contract with ATCO for camp housing construction. For broader context on how Stibnite fits within the US defence minerals supply chain, see our analysis of the top 10 rare earth and critical mineral defence applications.
Risks and Challenges
Perpetua faces two active risk vectors that investors should monitor. First, a group of environmental plaintiffs filed a motion for a preliminary injunction on 8 May 2026, seeking to delay certain construction activities on federal land associated with the Stibnite project. A hearing is set for 28 May 2026, with a ruling expected shortly after. The injunction motion does not affect early works activities already underway under a prior stipulation — those continue — but an adverse outcome could delay the timeline for broader construction activity on federal land.
Second, Q1 2026 results filed 11 May 2026 showed a net loss per share of $0.39 against a consensus estimate of $0.18, a wider miss than the market anticipated, reflecting the company’s pre-revenue development stage and the ramp-up in engineering and construction activity. With no production revenue, Perpetua’s cash runway and EXIM loan approval are the critical financial dependencies. A delay to the EXIM vote, a conditional or reduced loan approval, or an adverse injunction ruling would each create material project timeline risk.
Perpetua Resources — Company Snapshot
| Detail | Information |
|---|---|
| Founded | 2011 (as Midas Gold Corp; renamed 2021) |
| Headquarters | Boise, Idaho, USA |
| Listing | Nasdaq: PPTA / TSX: PPTA |
| CEO | Jonathan Cherry |
| Flagship project | Stibnite Gold Project, Valley County, Idaho |
| Primary commodities | Gold, Antimony, Silver |
| Gold reserves (P&P) | ~4.8 million oz |
| Antimony reserves | 148 million lb |
| Project stage | Early works construction; FID targeted H2 2026 |
| Government funding (cumulative) | $59+ million (DoD / DPA) |
| EPCM contractor | Hatch Ltd. |
| Proposed EXIM financing | $2.7 billion (board vote pending) |
| Target production start | 2028 (commercial) |
This article is for informational purposes only and does not constitute investment advice. Project timelines, financing, and production estimates are subject to change without notice. The EXIM Board vote and injunction ruling referenced above are live, unresolved events as at the date of publication.
What does Perpetua Resources produce?
Perpetua Resources is developing the Stibnite Gold Project to produce gold, antimony, and silver. The project targets approximately 450,000 ounces of gold annually during its first four years of production and is designed to supply around 35% of US antimony demand in its early production years, making it the only domestic US source of this defence-critical mineral.
Where is Perpetua Resources’ main project located?
The Stibnite Gold Project is located in Valley County, central Idaho, USA, within the Stibnite-Yellow Pine mining district. The site covers approximately 11,526 hectares and is a brownfield redevelopment of a historic mining operation.
What is the status of the Perpetua Resources EXIM Bank loan?
As of May 2026, the US Export-Import Bank has advanced a proposed $2.7 billion senior secured loan through Congressional notification — the final formal step before a board vote. The loan was listed on the EXIM Board’s meeting agenda for 21 May 2026. If approved, the loan combined with Perpetua’s cash on hand would fully fund the project’s estimated $2,576 million in direct capital costs. Final drawdown remains subject to conditions and is expected no earlier than H2 2026.
Why is antimony from the Stibnite project strategically important?
Stibnite holds the only identified domestic US reserve of antimony. Antimony trisulfide from the project is the only known domestic source capable of meeting US military specifications for small-calibre ammunition primers and certain missile systems. The US has had no domestic antimony production since 2001 and has depended heavily on Chinese imports — a vulnerability that became acute after China restricted antimony exports in late 2024.
What risks does Perpetua Resources face in 2026?
The two principal near-term risks are the EXIM loan approval process — which remains subject to board vote and definitive documentation — and an active legal challenge from environmental groups, which filed a preliminary injunction motion in May 2026 seeking to delay certain construction activities on federal land. A hearing is scheduled for 28 May 2026. Q1 2026 results also showed a wider-than-expected net loss, reflecting the company’s pre-revenue status.
