Perpetua Resources breaks ground at Stibnite

Executive Summary

• Perpetua Resources Corp. officially broke ground on early works construction for the Stibnite gold project in Idaho, marking the transition from permitting to development after nine years of regulatory approval.
• The company posted $139 million in construction phase financial assurance (secured with cash on hand) following the U.S. Forest Service's confirmation that all requirements of the 2025 Record of Decision (ROD) were satisfied.
• The project is positioned as a critical source of antimony (America's only reserve) and high-grade gold, with projected annual gold production of ~450,000 ounces in its first four years and significant job creation during construction and operations.

Key Details

• Construction Milestone: Early works construction commenced on October 17, 2025, following the signing of the plan of operations and satisfaction of USFS requirements.
• Financial Assurance: Perpetua posted $139 million in construction phase financial assurance, secured using cash on hand. The company intends to replace this cash arrangement with non-cash financial assurance prior to or in connection with finalizing the full financing package.
• Regulatory Status: The company received the final Record of Decision (ROD) in January 2025 and a conditional notice to proceed from the U.S. Forest Service in September 2025.
• Project Resources & Production:
  • Hosts America's only reserve of antimony, a critical mineral for defense and industrial applications.
  • Gold reserves of approximately 4.8 million ounces.
  • Expected production of approximately 450,000 ounces of gold annually over the first four years of production.
  • Described as one of the highest-grade open-pit gold mines in the United States.
• Funding & Government Support:
  • Received a combined award of $80 million in Department of War funds.
  • Prioritized under the Trump Administration's transparency project initiative.
  • Received a preliminary project letter and indicative term sheet from the U.S. Export-Import (EXIM) Bank in September 2025 to support $2 billion in debt financing.
  • Final EXIM board consideration is expected by spring 2026.
• Employment Impact: Anticipates more than 950 direct jobs during the construction period and more than 550 direct jobs during operations.
• Environmental Commitments: Project design includes cleaning up legacy contamination, reconnecting fish to native spawning grounds, and restoring habitat at the historical mine site.

Notable Quotes

• "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." — Jon Cherry, President and CEO