Perpetua Resources Secures Final Approval for $1.3 Billion Gold Project
Perpetua Resources (Nasdaq: PPTA) (TSX: PPTA) announced on Monday that it has received final approval for its $1.3 billion Stibnite gold-antimony project in Idaho, which is expedited by the Trump administration.
The U.S. Army Corps of Engineers (USACE) issued the Clean Water Act Section 404 permit after eight years of extensive federal permitting. This permit is the final federal requirement to move towards project construction.
With a recent record of decision from the U.S. Forest Service, the Stibnite project is poised to supply antimony, a critical mineral for national security and energy technologies, Perpetua reported.
Antimony, essential for technology, defense, and energy applications, is currently imported into the U.S. due to the absence of domestic production. According to the U.S. Geological Survey, China produced 60% of globally mined antimony in 2024.
Last September, China prohibited exports of the metal to the U.S.
The Stibnite project contains an estimated 148 million pounds of antimony, marking it as the only known antimony reserve in the U.S. and one of the largest outside of Chinese control. Once operational, it could satisfy about 35% of U.S. antimony demand during its first six years, based on the 2023 USGS commodity summary.
Additionally, the Stibnite project is expected to be one of the highest-grade open-pit gold mines nationally, holding approximately 4.8 million ounces. It is anticipated to produce 450,000 ounces of gold annually during the first four years of operation.
Perpetua Resources CEO Jon Cherry stated, “Today’s final federal permit from the Army Corps marks the culmination of eight years of permitting, scientific study, project refinement, and hard work.”
Cherry expressed pride in achieving this milestone, indicating it is time to advance the Stibnite Gold project into a new phase of development.
Reviving a Historical Mining District
The Stibnite project aims to redevelop the historic Stibnite mining district in Idaho for gold, silver, and antimony, while focusing on environmental restoration. Perpetua’s plan emphasizes site restoration.
The project intends to remove and safely store legacy tailings and waste to enhance water quality. It will also restore the natural flow of the Salmon River’s headwaters and reopen fish passage to spawning habitats blocked for over 80 years, ultimately increasing wetland acres and improving wetland quality.
Perpetua began the formal permitting process under the National Environmental Policy Act (NEPA) in 2016. The U.S. Forest Service released a draft environmental impact statement in 2020, followed by a supplemental draft in 2022 and a final environmental impact statement and draft record of decision in September 2024, culminating in a final record of decision in January 2025.
In April, the project was chosen by the Trump Administration as a “transparency project” under its March 2025 executive order to enhance American mineral production, receiving a spot on the Federal Permitting Improvement Steering Council’s FAST-41 dashboard.
Perpetua is now concentrating on finalizing the remaining state permits and securing project financing needed for construction. The company’s stock rose 7% during the Monday trading session on Nasdaq, with a market capitalization of $913.6 million.
