Perpetua Resources advances Stibnite Gold Project with engineering and procurement contracts

Perpetua Resources Corp. has taken a major step towards developing the Stibnite Gold Project located in Valley County, Idaho, securing key engineering and procurement agreements that reinforce the project’s viability. The company has successfully completed basic engineering and released a comprehensive financial update that highlights the project’s robust economic potential. As part of its next phase, Perpetua Resources Corp has signed a procurement contract with Idaho Power Company to secure critical powerline materials. These developments mark significant progress in the company’s goal of advancing the Stibnite Gold Project toward a final construction decision.

The financial update confirms that the Stibnite Gold Project holds a $3.7 billion after-tax net present value (NPV) at a 5% discount rate and an internal rate of return (IRR) exceeding 27% at spot market pricing. The project also remains financially resilient under long-term price projections, maintaining an after-tax NPV of $1.4 billion and an IRR of 15.4%. The mine is expected to have industry-leading operating costs, with All-In Sustaining Costs (AISC) averaging $435 per ounce of gold in the first four years of production and staying below $760 per ounce throughout the mine’s lifespan. These figures confirm the Stibnite Gold Project as one of the lowest-cost gold mining operations within Tier 1 jurisdictions, including the United States, Canada, and Australia.

Why is the Stibnite Gold Project essential for U.S. mineral security?

The Stibnite Gold Project is set to become a critical domestic source of gold and antimony, a strategic mineral essential for national defense, energy storage, and advanced technologies. As the only mined source of antimony in the United States, the project is strategically positioned to reduce the country’s dependence on foreign suppliers. This development is particularly crucial following China’s decision in late 2024 to halt global antimony exports, disrupting supply chains worldwide.

Perpetua Resources has already secured a $59.2 million Technology Investment Agreement (TIA) under the Defense Production Act Title III (DPA). This funding will accelerate construction readiness, ensuring that antimony sourced from the Stibnite Gold Project can support critical defense applications, including munitions and missile production. The project is expected to supply approximately 35% of the U.S. annual demand for antimony within its first six years of operation.

How does Perpetua Resources plan to power the Stibnite Gold Project?

A key aspect of Perpetua’s progress is its newly signed procurement contract with Idaho Power, securing essential materials for the mine’s power infrastructure. The agreement ensures that the Stibnite Gold Project will operate on low-cost, hydroelectric power, aligning with the company’s commitment to sustainability and reducing carbon emissions.

Lisa Grow, President and CEO of Idaho Power, emphasized the broader significance of this collaboration. She stated that the partnership with Perpetua Resources supports both national security and economic growth, ensuring the United States can maintain a stable domestic supply of antimony while strengthening its energy infrastructure.

What economic and employment benefits will the Stibnite Gold Project bring?

Beyond its role in securing critical minerals, the Stibnite Gold Project is expected to boost the local economy and create hundreds of new jobs in Idaho. The project has already been recognized by the U.S. Export-Import Bank (EXIM), which issued a $1.8 billion Letter of Interest under the Make More in America and China Transformational Exports Programs.

With the latest financial update indicating a 15% increase in job creation, Perpetua Resources believes this could justify an increase in EXIM’s financial commitment to the project. The mine is projected to generate over $1 billion in local investment, supporting hundreds of skilled jobs throughout its 15-year operational life.

What are the next steps before construction begins?

Following the receipt of the Final Record of Decision (ROD) from the U.S. Forest Service, Perpetua Resources is now finalizing the remaining state and federal permits needed to commence construction. The company is also advancing execution planning, ensuring the Stibnite Gold Project is fully construction-ready once all necessary approvals are secured.

The latest financial update, included in Perpetua’s Form 8-K filing with the U.S. Securities and Exchange Commission (SEC) and Canadian regulators, serves as a supplemental report to the 2020 Feasibility Study. While the project design has evolved, there have been no changes to the reported Mineral Resource or Reserve estimates.

Perpetua Resources remains committed to environmental responsibility, with the Stibnite Gold Project incorporating significant site restoration efforts. The approved mine plan includes remediating legacy tailings, restoring native fish habitats, and improving regional water quality. These sustainability initiatives reinforce the company’s commitment to mining in an environmentally responsible manner.

How will the Stibnite Gold Project reshape U.S. mineral independence?

With the Stibnite Gold Project progressing toward construction, Perpetua Resources is poised to transform the U.S. gold and antimony supply chain. As global mineral supply uncertainties continue, securing a domestic source of antimony has never been more crucial. The project’s strategic importance extends beyond economic gains—it will play a key role in strengthening national security, stabilizing critical mineral supplies, and reducing dependence on foreign sources.

As Perpetua Resources Corp moves closer to breaking ground, the company remains focused on completing its final permitting steps and securing the necessary financing. With support from key stakeholders, government agencies, and financial institutions, the Stibnite Gold Project is set to become a cornerstone of U.S. mineral independence and strategic resource security.