Perpetua Resources Idaho, a unit of Perpetua Resources, has conditionally secured up to $34.6m in further funding from the US Department of Defense to advance the Stibnite Gold Project in Idaho.

This infusion is part of the existing Technology Investment Agreement (TIA) through Title III of the Defense Production Act (DPA) and aims to enhance the construction readiness of the Stibnite project.

It increases total DPA funding for the project to $59.4m.

The full allocation of the additional award is contingent upon revising the current TIA to include expanded work for advancing permits and construction readiness.

The anticipated completion of this modification is the first quarter of 2024.

Antimony trisulfide, a critical component for munitions and national defence, currently lacks a domestic mined supply, with China, Russia and Tajikistan controlling 90% of the global supply chain.

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By GlobalData

The Stibnite Gold Project, proposed by Perpetua, intends to re-establish a US source of antimony, which would be a byproduct of one of the highest-grade open pit gold resources in the country.

The extra funding will support the company in progressing the construction readiness of the project and aid environmental and technical studies as part of the National Environmental Policy Act review process overseen by the United States Forest Service.

Under the revised TIA, Perpetua may seek reimbursement for certain costs incurred up until 30 June 2025.

These costs are associated with environmental baseline data monitoring, environmental and technical studies, and other activities that contribute to the advancement of Perpetua’s construction readiness and the permitting process for Stibnite.

Perpetua Resources president and CEO Laurel Sayer said: “This latest award from the Department of Defense brings us a step closer to realising our vision for the Stibnite Gold Project.

“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.”