Perpetua Resources receives Notice to Proceed from US Forest Service
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The U.S. Forest Service delivered on Sept. 19 a conditional Notice to Proceed to Perpetua Resources’ Stibnite antimony and gold mine in Idaho. The Notice to Proceed officially recognizes that Perpetua Resources has satisfied the requirements of the Record of Decision stating that the Stibnite Mine project may move into development upon posting the required financial assurance. The project, a listed FAST-41 Transparency Project and recipient of $80 million in Department of Defense funds, is expected to produce America’s only mined reserve of the critical mineral antimony, a key component in munitions and advanced defense systems. In addition, the project is designed to clean up legacy contamination, reconnect fish to their native spawning grounds, restore habitat, and provide hundreds of family-wage jobs.
Perpetua Resources Corp. hosted leaders from across the country at the historical Stibnite Mining District to celebrate the Stibnite Gold Project advancing to development after more than eight years of rigorous permitting review. Idaho Governor Brad Little, U.S. Department of Agriculture Deputy Undersecretary Kristin Sleeper, and U.S. Army Major General John Reim were among those who attended and spoke at the event. All the speakers emphasized the project’s pivotal role in America’s national security and defense.
“American readiness starts here,” said Perpetua President & CEO Jon Cherry. “After years of thoughtful consideration, public feedback, and intensive review, we are ready to secure American antimony. Backed by the financial power of gold production and a plan to provide meaningful environmental benefits to this historical site, today marks a new chapter in American resilience. We could not be prouder of our work to provide urgently needed antimony for our military defense.”
Given the significant and urgent need to supply American antimony, Perpetua expects to begin early works construction this fall. Cherry presided over a ribbon cutting for Perpetua’s antimony stockpile, signaling readiness to provide the U.S. military with a critically needed supply of antimony from the Stibnite Gold Project.
“The Stibnite project currently holds the largest identified reserve of antimony in the U.S. It is one of the largest antimony reserves outside of foreign control. This mine offers a secure, reliable, domestic resource for military grade antimony sulfide and is aligned with the Army’s ongoing ‘Ground-to-Round’ assured munitions strategy for establishing a complete domestic supply chain, from raw material access to material processing to ammunition production, as we modernize and fortify the Arsenal of Democracy,” said Maj. Gen. John T. Reim, Joint Program Executive Officer Armaments & Ammunition and Picatinny Arsenal Commanding General.
The Stibnite Gold Project is expected to supply up to 35 percent of U.S. antimony demand during its first six years of operations based on the 2025 USGS antimony commodity summary. Antimony is classified as a critical mineral essential for technology, defense, and energy applications. China dominates global antimony mining, processing, and refining, accounts for about 80% of all U.S. antimony imports and, in 2024, China cut off antimony exports. Developing a domestic source of antimony through the Stibnite Gold Project is imperative to America’s security and strategic mineral independence. The Project is projected to be one of the highest-grade open-pit gold mines in the United States, with gold reserves of approximately 4.8 million ounces, and is expected to produce approximately 450,000 ounces of gold annually over its first four years of production. The financial backing of gold production is expected to support the concurrent production of a steady, reliable source of domestic antimony. The U.S. National Defense Stockpile of antimony trisulfide currently holds limited supply for peacetime demand, and the Stibnite Project is well positioned to commence antimony production and reduce the United States’ reliance on foreign adversaries for this critical resource.
Joining the refrain from Washington, DC, U.S. Senator James Risch (R-Idaho) cheered the Project’s advancement.
“A strong domestic supply of critical minerals is vital to America’s future. For too long, excessive regulations have stifled important mining projects, forcing us to rely on foreign adversaries for resources readily available in our own backyard. Today’s news and President Trump’s actions to expand U.S. mineral production are welcome signs that times are changing,” said Risch. “As one of the largest sources of antimony outside of Beijing’s control, the Stibnite Gold Mine will bolster our national security, military readiness, and the Gem State economy. The U.S. must remain a leader in the global race for critical minerals, and I am proud that Idaho is at the forefront of this effort.”
The historical Stibnite Mining District saw a century of mining and produced a secure supply of antimony vital to the Allied war effort in World War II (after the U.S.’s primary source from China was cut off) before it was abandoned by past operators. Now, the Stibnite Gold Project is positioned to once again provide a domestic source critical to U.S. national security and deliver significant environmental and economic benefits to rural Idaho. The Project is designed to reduce the environmental contamination left behind by previous operators, reconnect fish to their native spawning grounds, and restore habitat. To date, the Company has spent more than $20 million to improve water quality on site and cleaned up more than 375,000 tons of legacy waste and tailings. The Project is also expected to bring significant investment to the region, creating more than 950 jobs during construction and over 550 jobs during operations.
“Idaho is proud to celebrate this milestone with Perpetua Resources and showcase the ways we are moving forward valuable projects that create hundreds of good-paying jobs that support Idaho’s rural economy. These jobs will allow Idaho’s young people to build rewarding careers right here in the communities of the West Central mountains,” Governor Brad Little said. “This is exactly the kind of transformative project I want the SPEED Council to embrace. Idaho remains committed to a transparent and streamlined regulatory process to enhance the economic vitality our state and Idahoans’ quality of life.”
During the kick-off ceremony, Cherry presented the Stibnite Foundation with a $350,000 check to share the benefits of the Stibnite Gold Project with the region. The Stibnite Foundation is a 501(c)(3) charitable foundation built to empower the people, environment and communities located closest to the Stibnite Gold Project today and long after the mine closes. It was formed as part of the Company’s Community Agreement. To date, Perpetua has donated $750,000 and given the Foundation 150,000 shares in the company. Pursuant to the Community Agreement, Perpetua will continue making financial contributions as the Project reaches key milestones, and will switch to a profit-sharing partnership during operations.
“It has always been important to our team that the Stibnite Gold Project has a positive impact on our surrounding communities,” said Cherry. “Investing in the Stibnite Foundation allows us to work side-by-side with our neighbors and help them address issues that are most important to them.”
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