Perpetua Resources Advances Construction of the Stibnite Gold Project
Perpetua kicks off critical path construction after injunction denial, but the real test remains delivering the $2.9B EXIM loan and keeping the 2029 antimony deadline on track.
The June 1, 2026 release announces the commencement of critical path construction activities at the Stibnite Gold Project, following a May 29 U.S. District Court decision that denied a preliminary injunction sought by environmental groups. Work has begun on the Burntlog Route access road, along with on-site worker housing upgrades, powerline work, and geotechnical/exploration drilling. The company states it has secured approximately $45 million in direct contracts with local Idaho contractors and service providers for the summer 2026 construction season, and it reiterates the goal of delivering antimony to the U.S. military by 2029. The legal ruling is framed as clearing a key obstacle, and the tone emphasizes staying on schedule and responsible development.
The news is a direct follow-through on events that were already well-telegraphed. The denial of the preliminary injunction was reported earlier (though the specific May 29 court decision was not in our news set, its outcome is implicit), and the start of construction was entirely expected after the U.S. EXIM Bank’s unanimous approval of the $2.9 billion loan on May 21 and the earlier conditional notice to proceed from the USFS. No new financial commitments, resource updates, or unexpected strategic shifts are disclosed. The $45 million in local contracts is a minor operational detail. Given that the market had already priced in the EXIM loan approval (shares spiked from ~$34 to as high as $43 in the days before and after that vote), this incremental step does not materially alter the investment thesis. It is positive insofar as it confirms the project remains on track, but it is routine progress.
Perpetua Resources Corp. is developing the Stibnite Gold Project in Idaho, USA. The project is a high-grade open-pit gold-antimony-silver deposit that contains the only identified domestic reserve of antimony, a critical mineral essential for defense munitions, flame retardants, and energy storage. The 2020 feasibility study outlined 4.8 million ounces of gold reserves, with initial production of approximately 450,000 ounces of gold per year in the first four years. Antimony is a key by-product that gives the project strategic national security importance. The company also plans extensive environmental restoration of the historically mined Stibnite district, including water quality improvements, fish habitat reconnection, and legacy mine waste removal.