Perpetua Resources Corp (TSE: PPTA) (NASDAQ: PPTA) has received the green light to begin construction of its USD$1.3 billion Stibnite gold-antimony project in Idaho. The U.S. Forest Service issued a notice to proceed on Friday, marking the final regulatory step before work can begin.
The company secured its Record of Decision in January and obtained federal approval in May. With the notice in hand, Perpetua now needs to finalize financial assurance bonds. The company expects to post the bonds within weeks, allowing construction to start by October.
Shares of Perpetua rose one per cent on Friday, closing at $17.59 in New York. That price gave the company a market capitalization of about C$1.89 billion.
The Stibnite project holds significant strategic value. It is expected to supply more than 100 million pounds of antimony over a 15-year mine life. This output could meet more than 35 per cent of annual U.S. demand. Currently, the United States has no domestic production and relies heavily on imports, primarily from China.
Antimony plays a vital role in defense applications, including munitions. It is also used in renewable technologies like solar panels. Consequently, Perpetua’s project is attracting political and financial support in Washington. Last April, the U.S. Export-Import Bank issued a letter of interest for up to $1.8 billion in financing, which remains under review.
“This is a monumental milestone,” said Jon Cherry, President and CEO of Perpetua Resources. “After eight years of review and over $400 million invested, it is finally time for the Stibnite Gold Project to deliver for America.”
Read more: NevGold Corp’s limousine Butte drill program targets first Gold-Antimony resource estimate
Read more: NevGold delivers major growth at Idaho gold project
Perpetua balances production with environmental restoration
The project will also produce about 450,000 ounces of gold annually. Proven and probable reserves include more than six million ounces of gold and 148 million pounds of antimony. Additionally, billionaire investor John Paulson has backed the project, adding further weight to its financial prospects.
Perpetua has emphasized both mineral production and environmental restoration. The final mine plan reduced the footprint by 13 per cent. It also improves streams and wetlands while reconnecting fish habitats. Furthermore, the company stressed its commitment to restoring a site that once supplied antimony during World War II.
Opposition remains. The Nez Perce tribe has raised concerns about potential impacts on salmon populations. Tribal leaders continue to argue that restoration measures may not fully offset the risks.
Located in Idaho’s Stibnite-Yellow Pine district, about 222 kilometers northeast of Boise, the project carries both historical and strategic importance. If construction begins on schedule, commercial production is slated for 2028.
The U.S. government has issued a call for increased domestic production of critical minerals, including antimony. These metals are essential for defense, renewable energy, and advanced technology sectors. Antimony, for example, is used in munitions and solar panels.
Furthermore, officials emphasized reducing reliance on foreign sources, particularly from China, which currently dominates global antimony supply. The initiative aims to secure long-term supply chains and strengthen national security.
In addition, the government plans to fast-track permitting for promising mining projects. Agencies will also provide technical and financial support to qualified developers. Consequently, domestic production could expand significantly in the next decade.
Read more: GoldMining chooses to retain its NevGold shares for next 18 months
Read more: Antimony recovery results from NevGold’s Limo Butte project exceed expectations
Multiple companies have risen to meet the challenge
Several companies are stepping up to meet the growing U.S. demand for critical minerals, including antimony and rare earths. NevGold Corp (CVE: NAU) (OTCMKTS: NAUFF) (FRA: 5E50) is advancing its Limousine Butte gold project in Nevada. The company recently updated its mineral resource estimates, highlighting substantial gold potential.
Meanwhile, Military Metals Corp (CNSX: MILI) (OTCMKTS: MILIF) (FRA: QN90) is developing the Last Chance antimony-gold property, also in Nevada. The site hosts both gold and antimony deposits, positioning the company to supply strategic minerals domestically. Furthermore, Military Metals has emphasized environmental management and responsible extraction practices.
MP Materials (NYSE: MP) continues to operate its Mountain Pass Mine in California’s Mojave Desert, the only major rare earth element producer in the United States. The company has invested heavily in processing capacity and infrastructure, ensuring reliable supply chains for critical technology applications. In addition, MP Materials is exploring ways to expand production while minimizing environmental impacts.
These companies are drawing both investor and government attention. Consequently, they could play a pivotal role in reducing U.S. dependence on foreign sources, particularly from China. NevGold, for instance, is advancing permitting and development plans rapidly, aiming for near-term production. Similarly, Military Metals is conducting exploration and feasibility studies to unlock the property’s full potential.
Furthermore, collaboration with federal agencies is increasing. Industry groups report that technical and financial support is becoming more accessible. However, companies must navigate regulatory scrutiny and local community concerns. Despite challenges, these firms demonstrate that strategic mineral production in the U.S. can grow sustainably.
.
NevGold Corp is a sponsor of Mugglehead news coverage
.
