Antimony trisulfide is essential to national defense as a key component for munitions, yet no domestic mined supply currently exists. China, Russia, and Tajikistan control 90% of the global antimony supply chain.
Perpetua’s proposed Stibnite Gold project is designed to re-establish a U.S. source of the critical mineral antimony as a by-product of one of the highest-grade open pit gold resources in the United States.
According to Perpetua’s January 2021 FS, the project has total proven and probable mineral reserves of 104.6 million metric tonnes (Mt) grading 1.43 grams per tonne gold. The mineral reserves include 14.2 Mt of high-antimony ore grading 0.42% antimony.
The average annual metal production during the first four years of operation is expected to be approximately 463,000 troy ounces of gold and 18.4 million pounds of antimony per year.
The additional funding will allow the company to continue advancing the construction readiness of the Stibnite Gold project and support the environmental and technical studies related to the project’s progress through the National Environmental Policy Act (NEPA) review process, led by the United States Forest Service.
Under the modified TIA, Perpetua may request reimbursement for certain costs incurred through June 30, 2025 related to environmental baseline data monitoring, environmental and technical studies and other activities related to advancing Perpetua’s construction readiness and permitting process for the project. The DPA funding does not interrupt the ongoing NEPA review.
“This latest award from the Department of Defense brings us a step closer to realizing our vision for the Stibnite Gold project,” Perpetua CEO Laurel Sayer said in the statement.
“Establishing a domestic source of the critical mineral antimony is more important than ever, and we stand ready to responsibly produce critical resources here at home and help strengthen America’s national and economic security.”