US$4M Investment Secures Top Contractor for Strategic US Gold and Antimony Project

1. Perpetua Resources Corp is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Perpetua Resources Corp. and Agnico Eagle Mines Ltd.
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1.  Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) announced that it has selected Hatch Ltd. as the Engineering, Procurement, and Construction Management (EPCM) contractor for its Stibnite Gold Project in Idaho. The selection of Hatch follows a competitive review process and marks a significant advancement in the project's development phase.

Under the EPCM model, Hatch will provide comprehensive services including site infrastructure engineering and design, procurement management for major equipment and systems, and construction management across the project. Additionally, Hatch will establish integrated performance management and reporting protocols to support project governance.

As part of the agreement, Hatch has also committed to a US$4 million equity investment in Perpetua. This private placement involves the purchase of 138,696 common shares at US$28.84 per share, the Nasdaq closing price on December 12. According to the company, the equity investment was not a factor in Hatch's selection as contractor, and the EPCM agreement is not contingent on the investment. The final EPCM contract is expected to be completed in the coming weeks.

Jon Cherry, President and CEO of Perpetua Resources, stated in the press release, "Hatch brings the depth, discipline, and proven execution capability required to responsibly deliver the Stibnite Gold Project." He emphasized the contractor's experience with sophisticated mining and metallurgical facilities in the United States.

John Bianchini, Chair and CEO of Hatch, added, "We are so well aligned with Perpetua's strategic vision that we are making our own US$4 million equity investment." He reiterated Hatch's commitment to responsible construction and operational excellence.

The EPCM appointment supports ongoing financing discussions with the U.S. Export-Import Bank. Perpetua noted that Hatch was selected based on commercial, technical, and execution-readiness criteria, and not due to the equity investment.

The Stibnite Gold Project is known for hosting the only known domestic reserve of antimony in the United States. Antimony is a critical mineral used in munitions and renewable energy technologies.

Gold Demand Holds Strong as Strategic Minerals Like Antimony Gain Defense Attention

ChemAnalyst's December 9 report indicated that U.S. antimony trioxide prices declined by 2.16% in November. The price decrease was attributed to reduced ocean freight costs and an uptick in supply from Asian markets. However, the analysis also noted that domestic production remained limited, with small-scale secondary smelters continuing to meet only a fraction of overall demand.

In a separate update published December 10, Muflih Hidayat highlighted antimony's strategic role in national defense, citing its applications in munitions, ignition systems, and precision electronics. The briefing drew on historical production trends to underscore antimony's relevance to both military preparedness and fire-safety technologies, describing it as a critical component in mineral security strategies.

Couloir Capital wrote on December 15 that gold prices ended the week up 2.5% after the U.S. Federal Reserve cut interest rates by 25 basis points and signaled a less hawkish stance on monetary policy. The update noted that "the Fed will begin purchasing shorter-dated Treasuries, at a pace of US$40 billion per month, effective immediately." The shift contributed to a weaker U.S. dollar and supported upward movement across multiple metals.

According to a December 16 commentary by Stewart Thomson for 321gold, gold maintained its role as "supreme money" amid the continued depreciation of fiat currencies. He stated, "The never-ending meltdown of U.S. government fiat against gold is one of a myriad of reasons for investors to create a solid gold accumulation plan." Thomson also emphasized the long-term demand outlook driven by Asia, noting that "pension regulators in Asia are realising what the citizens there have known for thousands of years; rather than ridiculed and stifled, gold needs to be accumulated and celebrated."

Analysts Highlight Institutional Confidence and De-Risking Progress

Mike Niehuser of ROTH Capital Partners noted on October 22 that Perpetua Resources' move into early construction marked a key step in de-risking the Stibnite Gold Project. He pointed to the US$139 million construction bond as enabling progress ahead of winter and cited elevated gold prices and potential exploration upside beyond the current mine plan as factors that could improve overall project economics.

In a follow-up report dated October 29, Niehuser described the US$255 million equity investment as confirmation of the project's "world-class potential" and its strategic role in supporting domestic manufacturing and national defense supply chains. He maintained a Buy rating, reiterated a US$32 target price, and named Perpetua a Top Pick for 2025. He added that Agnico Eagle's involvement affirmed the project's technical merit, while JPMorganChase's participation underscored its broader strategic importance.

Rabi Nizami of National Bank of Canada also responded to the early construction announcement. On October 24, he called the move a "prudent" decision that helped keep development on track despite pending full project financing. Nizami maintained an Outperform rating and a CA$50 target price, viewing the milestone as a sign of reduced development risk.

Following the equity investment announcement on October 27, Nizami characterized the transaction as a "vote of confidence" and a favorable alternative to traditional royalty or streaming arrangements. He noted that the deal preserved long-term shareholder value and supported the company's efforts to secure export credit financing. Nizami also cited potential offtake agreements and further U.S. government support as additional catalysts on the horizon.

On December 10, Nizami reiterated his Outperform rating and CA$50.00 target price following Perpetua Resources’ announcement of a pilot processing plant initiative in partnership with the Idaho National Laboratory (INL). The modular pilot plant, designed in collaboration with Perpetua engineers, is expected to process ore from the Stibnite Gold Project to produce high-grade, military specification antimony trisulfide. Nizami noted that locating the facility at INL “effectively externalizes the operational risk” of developing a military-grade flowsheet and called it “another positive signal of the national strategic importance of the project.”

The report emphasized that while military-grade antimony is anticipated to represent less than 10% of total production, it may carry premium pricing. Nizami also cited media reports indicating that the project may serve as the foundation for a broader U.S. military effort to develop small-scale domestic refineries for critical minerals. He added that the initiative strengthens the outlook for upcoming milestones, including EXIM Bank loan approval, potential offtake agreements, and a full construction decision in 2026.

On the same day, Brian Quast of BMO Capital Markets raised his target price from CA$41 to CA$44 and maintained an Outperform rating. He stated that replacing streaming or royalty financing with equity enhanced Perpetua's financial flexibility. Quast also referenced the newly established joint technical and exploration advisory committee with Agnico Eagle as a valuable source of engineering and operational input. He identified early works construction, exploration results, and continued government engagement as potential drivers for the company's share performance.

Quast reaffirmed his position on November 17 following the company's third-quarter results. He maintained his CA$44 target and Outperform rating, stating, "We believe PPTA's ending cash balance of approximately US$446 million, recent equity financings for US$333 million, line of sight on debt financing of up to US$2 billion, as well as a US$24 million subscription agreement disclosed in the financials, could be sufficient to fully fund construction." He also addressed ongoing litigation, noting that the company agreed to limit construction activity until February 1, 2026, in exchange for the plaintiffs not pursuing a preliminary injunction. Quast added that Perpetua anticipated converting its financial assurance requirements into non-cash alternatives and that board-level consideration by EXIM Bank could take place by spring 2026.

Also on October 27, Mike Kozak of Cantor Fitzgerald commented on the equity financing, stating that it removed the need to monetize future production through alternative means. He maintained a Buy rating and raised his target price to US$27 per share. Kozak highlighted the structure of the investment, including the use of warrants, as a demonstration of strong long-term institutional commitment and said the deal substantially reduced capital risk while improving the company's positioning for full-scale construction following final regulatory approvals.

From Permitting to Production: Stibnite Accelerates Toward Key Milestones

The selection of Hatch as EPCM contractor and the accompanying equity investment adds momentum to Perpetua's transition from planning to construction at the Stibnite Gold Project. This development builds on a series of 2025 milestones, including the receipt of a Final Record of Decision in January, groundbreaking in October, and continued progress on securing financing from the U.S. Export-Import Bank.

The project is strategically important for both national supply chain security and domestic critical mineral production. According to the investor presentation, Stibnite holds 148 million pounds of antimony and is the largest independent gold reserve in the United States, with 4.8 million ounces of proven and probable reserves.

Perpetua anticipates a final investment decision in the spring of 2026. Near-term developments include finalizing the EPCM contract, securing antimony offtake agreements, and closing EXIM debt financing. The company also continues to explore expansion opportunities within its land package, which includes inferred resources and high-grade exploration targets near its Yellow Pine and Hangar Flats pits. 

Ownership and Share Structure¹

Following the closing of the private placement with Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) and JPMorganChase, the company has 122.9 million shares issued and outstanding. On an undiluted basis, Paulson & Co. owns 26.3%, Agnico Eagle owns 6.5%, and JPMorganChase holds 2.6%. Approximately 64.6% is owned by other institutional and retail investors.

Its market cap is CA$3.56B. Its 52-week range is CA$7.60–CA$24.38 per share.