Perpetua Resources has announced the start of early works construction at the Stibnite gold project in Valley County, central Idaho, US.  

The news comes after the company successfully secured $139m in financial assurance and received confirmation from the US Forest Service (USFS) that the project has met the necessary conditions to begin construction. 

Perpetua Resources president and CEO Jon Cherry said: “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. We are proud of our work to bring this essential project online to provide critical resources while restoring an abandoned mine site.  

“With our reclamation performance bond to reclaim the work we undertake at the project site in place, we officially started early works construction today and are making good on our promises to Idaho and America.”   

The Stibnite gold project has reached the early works construction stage after a nine-year permitting process, receiving the final record of decision in January 2025.  

In September 2025, the USFS provided a conditional notice to proceed, allowing construction to start upon the posting of financial assurance. 

On 17 October 2025, Perpetua posted the required financial assurance through cash reserves, with plans to implement alternative non-cash financial assurance measures as part of the full project financing package. 

The gold project is expected to become one of the highest-grade open-pit gold mines in the country, with an estimated 4.8 million ounces of gold reserves. 

Additionally, the project is set to yield around 450,000oz of gold each year during its initial four years of operation. 

The project also aims to remediate environmental damage, restore fish habitats and reconnect native spawning grounds at the historical Stibnite mine site in central Idaho. 

The construction phase is set to create over 950 direct jobs, with more than 550 direct jobs expected during the operational phase.  

In September 2025, Perpetua secured initial backing from the US Export Import Bank's Make More in America and China Transformational Export programmes. 

The proposal included $2bn in debt financing, with final board consideration due in spring 2026.