Published: May 30, 2025 | Share This

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Perpetua Resources has been awarded up to $6.9 million in additional funding from the U.S. Army via the Defense Ordnance Technology Consortium (DOTC). The funding builds on the $15.5 million awarded to the company by DOTC under an Ordnance Technology Initiative Agreement (OTIA) in August 2023. With the receipt of this latest additional funding, Perpetua has now been awarded more than $80 million by the Department of Defense.

The funds are being applied to testing intended to demonstrate the feasibility of using material sourced from Perpetua’s Stibnite Gold Project to produce military-specification antimony trisulfide, a critical component in certain munitions and advanced defense systems. The OTIA is intended to fund the development and delivery of a flexible, modular pilot plant to the U.S. Army to process antimony and other materials of Department of Defense interest. The additional funding is intended to enable Perpetua to expand material sampling and to increase the scope and size of the flexible, modular pilot plant that was contemplated under the original OTIA.

“We are honored to continue our work with the U.S. Army to secure a domestic source of antimony trisulfide. Advancing America’s capabilities to process minerals critical to national defense is essential for our long-term mineral independence and resilience. We are proud to play our part in furthering the Army’s ‘ground-to-round’ critical minerals strategy,” said Jon Cherry, president and CEO of Perpetua Resources.

“Antimony trisulfide is an essential and non-replaceable component to over 300 types of munitions, making it important to source in America. Establishing a fully domestic supply chain of this critical mineral is foundational to keeping America’s warfighters safe,” said Colonel Steven Power, project manager, Maneuver Ammunition Systems (PM MAS) at the Picatinny Arsenal.

The project, which is expected to supply up to 35 percent of U.S. antimony demand during its first six years of operations based on the 2023 USGS antimony commodity summary, represents a crucial step toward restoring American supply chain resilience. In 2024, China, which controls the majority of the global antimony market, cut off antimony exports to the United States. In addition to providing for American national security, the project is designed to create hundreds of family-wage jobs, restore fish access to critical spawning habitat, address legacy environmental contamination, and improve water quality at an historical abandoned mine site.

Perpetua Resources, through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the project will be powered by the lowest carbon emissions grid in the nation and a portion of the antimony produced from the project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a Technology Investment Agreement of $59.2 million in Defense Production Act Title III funding to advance construction readiness and permitting of the project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types.

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