Published: October 23, 2025 |

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Perpetua Resources is breaking ground on early works construction for the Stibnite Gold Project. This milestone achievement comes after the company posted $139 million in construction phase financial assurance for the Stibnite Gold Project.

The company also received notice from the U.S. Forest Service (USFS) that the requirements of 2025 record of decision (ROD) necessary to start construction had been satisfied, the plan of operations had been signed, and the project could enter construction.

“Today, we break ground on the Stibnite Gold Project. As America’s answer to China’s antimony export bans, we are focused on swiftly and safely bringing our antimony and gold project into development. After nine years of permitting, Stibnite can once again serve this country’s national interest,” said Jon Cherry, Perpetua Resources president and CEO.

“We are proud of our work to bring this essential project online to provide critical resources while restoring an abandoned mine site. With our reclamation performance bond to reclaim the work we undertake at the Project site in place, we officially started early works construction today and are making good on our promises to Idaho and America,” added Cherry.

The Stibnite Gold Project moves into development after nine years of rigorous permitting approvals, a combined award of $80 million in Department of War funds, and prioritization under the Trump administration’s transparency project initiative. The project hosts America’s only reserve of the critical mineral antimony, a key component in defense and industrial applications, and we believe is the nearest-term opportunity to meet defense and commercial demand. 

In addition to the project’s strategic significance producing antimony, 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 project is also designed to clean up legacy contamination, reconnect fish to their native spawning grounds, and restore habitat at the historical Stibnite mine site in central Idaho. 

Perpetua anticipates more than 950 direct jobs during the construction period and more than 550 direct jobs during operations. In September 2025, Perpetua received a preliminary project letter and indicative term sheet from the U.S. Export Import (EXIM) Bank’s Make More in America and China Transformational Export Programs to support $2 billion in debt financing and expects final EXIM board consideration by the spring of 2026. 

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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