Perpetua Resources Secures $425mn to Advance US Antimony Mining

Perpetua Resources

Financing Boost for Strategic Mineral Development

US miner Perpetua Resources has raised $425mn through two financing agreements, reinforcing its position in critical mineral supply. National Bank of Canada Financial Markets and BMO Capital Markets purchased 24.6mn shares for $325mn, with the deal expanded from an initial $300mn due to stronger-than-expected demand. In parallel, private investor Paulson & Co. committed $100mn in a private placement, providing additional momentum.

This funding strengthens Perpetua’s development of the Stibnite Gold project in Idaho, which contains an estimated 148mn lbs of antimony reserves along with gold. The project recently secured its final federal permit in May, following its selection for a federal fast-track initiative in April. These milestones pave the way for construction and production to begin.

Strategic Role of Antimony in US Supply Chains

Perpetua has also received over $80mn from the US Department of Defense, including $6.9mn from the US Army in May. This support underscores antimony’s critical role in military applications, flame retardants, and lead-alloy batteries. The US produced no marketable antimony in 2024, according to the US Geological Survey, highlighting the importance of domestic projects like Stibnite to reduce reliance on foreign supply.

As a result, Perpetua’s financing success comes at a pivotal moment for US mineral security. With construction nearing, the company is positioned to become a vital domestic producer of antimony, a material central to both defense and energy resilience.

The Metalnomist Commentary

Perpetua’s $425mn financing underscores investor and government recognition of antimony’s strategic importance. With the US currently reliant on imports, the Stibnite project could emerge as a cornerstone of reshoring efforts in critical minerals. However, success will depend on balancing environmental concerns with the urgency of strengthening national supply chains.