Perpetua antimony mine development wins US approval and financing support

Perpetua antimony mining

Perpetua antimony mine development at the Stibnite Gold project has cleared a major US regulatory hurdle. The US Forest Service has granted conditional approval to begin mine construction after eight years of permitting review. As a result, Perpetua Resources can now advance early works, subject to securing full project financing.

US backs Perpetua antimony mine development with blended public and private finance

Perpetua antimony mine development is now underpinned by a substantial mix of equity, grants and planned debt. The company raised $425mn in June through a $325mn public share offering and a $100mn private placement. Meanwhile, Perpetua expects to secure up to $2bn in debt financing from the US Export-Import Bank, significantly derisking the project’s capital stack.

In parallel, the US Department of Defense has already provided more than $80mn, including $6.9mn from the US Army in May. This direct support confirms antimony’s status as a strategic material for defense and national security. Therefore the Stibnite Gold development sits squarely within Washington’s broader push to localise critical mineral supply chains.

Perpetua antimony mine development targets China-dependent supply gap

The Perpetua antimony mine development comes as the US confronts a complete lack of commercial-scale domestic antimony production. According to the US Geological Survey, the country currently produces no primary antimony at scale. However, demand remains robust for military uses, flame retardants and antimony–lead alloys in batteries and cables.

China’s December ban on antimony exports to the US has sharpened urgency around diversification. As a result, US policymakers view Stibnite Gold as a flagship project for rebuilding secure supply outside Chinese control. If executed on time and budget, the mine could reduce exposure to geopolitical shocks in a tight global antimony market.

The Metalnomist Commentary

Perpetua’s progress illustrates how quickly critical mineral projects can move once policy, capital and security interests align. The decisive test will be execution: any delays or cost overruns could reopen the US antimony gap and reinforce China’s leverage in this niche but vital market.