US Army Awards Up to US$40 Million to Evaluate Domestic Tungsten Supply as China Dominates Global Production

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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Perpetua Resources were compiled from the company's public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-10-22 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from 2026-04-29 through 2026-10-22 and excludes option exercises. These are public-source estimates and can differ from a later official register.

Key Investor Takeaways

• US$40 Million U.S. Army Award: Perpetua Resources Corp. received an award of up to US$40 million to advance domestic tungsten exploration at its Stibnite Gold Project in Idaho.
• High-Grade Tungsten Discoveries: Recent drilling at Hangar Flats returned 9.8 meters grading 4.6% tungsten and 8.3% antimony, while exploration at Yellow Pine intersected 21.3 meters grading 0.9% tungsten and 3.2 g/t gold.
• Growing Government Support: The latest award increased Perpetua's total U.S. government critical minerals awards since 2022 to approximately US$126 million.
• Major Gold Production Plans: The December 2025 technical report estimates recovered gold production of 4.223 million ounces over an approximately 15-year operating period, averaging 463,000 ounces annually during the first four years.
• Financing and Construction Milestones: Perpetua identified a final investment decision as a 2026 milestone and targeted initial production in 2029, alongside a US$2.9 billion U.S. Export-Import Bank financing package subject to definitive documentation and applicable conditions.

Perpetua Resources Secures Up to US$40 Million in US Army Funding for Tungsten Exploration in Idaho

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) announced on October 26, 2026, that it had received an award of up to US$40 million from the U.S. Army to advance tungsten exploration at the historical Stibnite Mining District in Idaho. The 36-month agreement, awarded through the Defense Ordnance Technology Consortium (DOTC) by the Portfolio Acquisition Executive Agile Sustainment & Ammunition (PAE AS&A) at Picatinny Arsenal, New Jersey, will support a program evaluating the technical and economic feasibility of producing tungsten concentrate domestically.

The agreement establishes a cost-sharing arrangement between Perpetua and the U.S. government, with the company matching the Army's US$40 million contribution. Funding will support exploration drilling, metallurgical testing, and engineering and permitting activities associated with a proposed underground exploration decline at the Hangar Flats deposit.

"Resilient mineral solutions start here in America," said Jon Cherry, Perpetua Resources President and CEO, in a company news release. "The U.S. Army's additional investment in a historically proven American tungsten source at Stibnite underscores the growing strategic value of Stibnite's mineral endowment and continues to strengthen the partnerships supporting Perpetua's future."

The initial 18-month phase is expected to cost approximately US$18 million, divided equally between Perpetua and the U.S. Army. Subsequent phases will depend on exploration results, metallurgical testing, engineering, permitting activities, and approval of additional funding. The company stated that only the first phase of funding has been committed, with each subsequent phase requiring separate approval.

The program follows exploration results identifying tungsten and antimony mineralization beneath the Hangar Flats pit. Previously reported drilling included 9.8 meters grading 4.6% tungsten and 8.3% antimony, 22.9 meters grading 1.2% tungsten and 3.2% antimony, and 3.4 meters grading 1.5% tungsten and 10.6% antimony.

Perpetua also identified approximately 1.37 million ounces of gold resources and more than 95 million pounds of antimony resources beneath the currently permitted Hangar Flats pit. These resources are not included in the existing mine plan or the company's reported mineral reserves. Perpetua intends to continue its exploration activities beneath the pit alongside the tungsten program.

The Stibnite Mining District has a history of tungsten and antimony production. According to the company, the district supplied approximately half of the tungsten and 90% of the antimony used by the United States during World War II. Mining of both minerals ended following the war.

The company also noted that commercial tungsten mining has not occurred in the United States since 2015. Domestic demand is supplied entirely through imports, while Chinese export controls and federal sourcing restrictions have affected the supply environment for defense and manufacturing applications.

The new agreement increases Perpetua's total U.S. government awards for critical minerals to US$126 million since 2022. The company has also submitted proposals seeking additional government grants for its critical minerals program.

Separately, Perpetua amended outstanding warrants exercisable for an aggregate of 1,607,802 common shares at exercise prices of US$31.46 and US$38.93 per share. The warrants were previously scheduled to expire on October 28, December 1, and December 23, 2026. All three expiration dates have been extended to April 28, 2027.

Tungsten Supply Challenges Highlight Demand for Domestic Production

According to an October 9 analysis from Shanghai Metals Market (SMM), international tungsten supply constraints had increasingly shifted from mining operations to processing capacity. The publication reported that overseas tungsten concentrate production had accelerated during 2026, but limited smelting infrastructure in Europe and the United States restricted the ability to convert additional ore into ammonium paratungstate (APT), a material used in the tungsten supply chain.

SMM explained that the industry had encountered a "Bottleneck at the smelting stage," with only three or four smelters possessing the necessary processing capabilities. New facilities faced environmental, regulatory, and capital requirements, with construction periods estimated at three to five years.

The report also identified substantial differences between tungsten concentrate pricing in China and Western markets. As of October 9, the estimated selling price spread between the two trading routes had exceeded US$1,500 per metric ton unit. SMM attributed the disparity partly to limited processing capacity and long-term contracts that had already committed much of the available Western smelting capacity.

The publication characterized the international concentrates market as a "black box," explaining that miners had encountered difficulties securing buyers despite the existence of established trading routes. It also reported that spot transactions involving APT and tungsten oxide in Europe and the United States had been virtually nonexistent for approximately one quarter.

An October 12 report from Fortune Business Insights examined tungsten demand across industrial markets. The research valued the global tungsten market at US$5.43 billion in 2025, including US$440 million in the United States. Asia Pacific accounted for 71.64% of global market revenue, reflecting the region's concentration of mining, refining, processing, and manufacturing activities.

The report identified "increasing demand for high-performance wear-resistant tools" as a major industry trend. Tungsten carbide was widely used in drilling, cutting, machining, and other industrial applications because of its hardness, durability, and resistance to high temperatures.

According to Fortune Business Insights, approximately 60% to 65% of tungsten consumed globally was used in cemented carbides, citing the International Tungsten Industry Association. These materials supported equipment used in mining, construction, metalworking, and manufacturing. The report identified mining as the largest end-use segment in 2025, while carbide products represented the largest product category.

Defense-related tungsten consumption received additional attention in an October 25 report by John Kim for TokenPost. The article examined estimates of ammunition expenditures during the Iran war and the quantities of tungsten associated with replenishing ammunition used by defensive gun systems.

According to TokenPost, estimated ammunition consumption by C-RAM and similar gun systems corresponded to "almost 4,000 kilograms" of tungsten needed to replace the rounds fired. The calculation covered ammunition used by those systems and excluded tungsten requirements associated with missile replenishment.

The publication also cited an estimate of 11,294 munitions used by coalition forces during the conflict's first 16 days, at an estimated cost of approximately US$26 billion. TokenPost emphasized that the figures represented estimates rather than official military tallies.

The report placed those estimates alongside global tungsten production figures. China accounted for 67,000 metric tons of the 85,000 metric tons mined worldwide in 2025, representing approximately 79% of global production. The United States had not commercially mined tungsten since 2015.

Analysts Maintain Buy Ratings as Price Targets Range From US$30 to US$43.50

Analyst coverage of Perpetua Resources reflected a series of Buy ratings issued between August and September, with price targets ranging from US$30.00 to US$43.50 per share.

On August 3, B. Riley Securities analyst Soundarya Iyer initiated coverage with a Buy rating and a US$30.00 price target. H.C. Wainwright analyst Heiko Ihle followed on August 18, reiterating his Buy recommendation and assigning a US$43.50 price target, the highest among the four analysts cited.

Coverage expanded on September 1 when Scotiabank analyst Ovais Habib initiated coverage with a Buy rating and a US$38.88 price target. The most recent assessment came from RBC Capital analyst Harrison Reynolds, who reiterated a Buy rating on September 15 and maintained a US$42.00 price target.

Recent additional analyst coverage of Perpetua Resources remained positive, with three analysts maintaining Buy ratings and identifying potential upside ranging from 45.21% to 60.99%, according to the latest ratings data.

On September 15, RBC Capital analyst Harrison Reynolds reiterated a Buy rating with a US$42.00 price target, representing a potential upside of 55.44%. Scotiabank analyst Ovais Habib followed on September 29, assigning a Buy rating and a US$39.24 price target, reflecting potential upside of 45.21%.

Most recently, on October 1, H.C. Wainwright analyst Heiko Ihle reiterated his Buy rating with a US$43.50 price target, the highest among the three analysts. That target represented potential upside of 60.99%.

From Exploration to Production at Idaho's Stibnite Gold Project

Perpetua Resources Corp. outlined several priorities for advancing its Stibnite Gold Project in its September 2026 investor presentation, including exploration, project financing, construction planning, and a targeted production start in 2029.

The company's 2026 exploration program is focused on identifying additional gold and antimony mineralization near existing deposits, potentially adding high-grade material to the early mine plan and expanding production later in the project's life. At the Clark Tunnel Fault Zone near Yellow Pine, drilling returned several notable intercepts, including 21.3 meters grading 3.2 grams per tonne (g/t) gold and 0.9% tungsten in hole SB597; 6.4 meters grading 16.2 g/t gold and 1.7% antimony in hole SB580; and 15 meters grading 6.3 g/t gold and 0.8% antimony in hole SB582.

Exploration at Hangar Flats is also continuing, with the deposit remaining open at depth and along strike. Recent drilling returned 3 meters grading 14.5 g/t gold in hole SB584. Separate drilling beneath the existing reserve pits identified critical minerals mineralization, including 22.9 meters grading 3.2% antimony and 1.2% tungsten in hole SB519 and 9.8 meters grading 8.3% antimony and 4.6% tungsten in hole SB522. This program was designed to collect bulk samples for metallurgical testing.

Other exploration targets include Garnet, Scout, and Upper Midnight for high-grade mineralization; Cinnamid-Ridgetop, Saddle-Fern, and Rabbit for bulk-tonnage mineralization; and Mule, Salt & Pepper, and Blow-out as airborne targets. The company has also identified areas northeast of Yellow Pine, beneath Hangar Flats and historical Defense Minerals Exploration Administration workings, and along strike and at depth at West End. These targets vary in exploration maturity, and further work is required to determine whether additional mineral resources can be established.

Financing is another key milestone. On May 21, 2026, Perpetua received approval from the U.S. Export-Import Bank for US$2.9 billion in financing, subject to definitive loan documentation and applicable conditions. The company reported US$574 million in unrestricted cash as of June 30, 2026, and identified outstanding warrants as a potential source of additional proceeds.

Perpet

Frequently Asked Questions About Perpetua Resources, Tungsten Mining, and the Stibnite Gold Project

What is Perpetua Resources' US$40 million U.S. Army tungsten funding award?

Perpetua Resources Corp. received an award of up to US$40 million from the U.S. Army to support tungsten exploration at the Stibnite Gold Project in Idaho. The 36-month agreement covers exploration drilling, metallurgical testing, engineering, and permitting activities associated with evaluating domestic tungsten production.

Why is the U.S. Army investing in domestic tungsten exploration?

Tungsten is a critical mineral used in military ammunition, aerospace equipment, and defense applications because of its hardness and ability to withstand extreme temperatures. The United States has not commercially mined tungsten since 2015, while China accounted for approximately 79% of global tungsten mine production in 2025. The Army's funding supports efforts to evaluate domestic tungsten resources.

What tungsten discoveries has Perpetua Resources reported at the Stibnite Gold Project?

Exploration drilling identified tungsten mineralization at the Hangar Flats and Yellow Pine deposits. At Hangar Flats, hole SB522 returned 9.8 meters grading 4.6% tungsten and 8.3% antimony, while hole SB519 intersected 22.9 meters grading 1.2% tungsten and 3.2% antimony. At Yellow Pine, hole SB597 returned 21.3 meters grading 0.9% tungsten and 3.2 grams per tonne gold. These exploration results do not establish a tungsten mineral resource or reserve.

Where is the Stibnite Gold Project located?

The Stibnite Gold Project is located in Valley County, Idaho, within the historical Stibnite Mining District. The district previously produced gold, antimony, and tungsten, including critical minerals supplied for American military requirements during World War II.

Does Perpetua Resources have gold and antimony reserves?

Perpetua's Stibnite Gold Project contains approximately 4.8 million ounces of gold reserves and 149 million pounds of antimony reserves, according to the company's September 2026 investor presentation. The project's December 2025 technical report outlined estimated recovered production of 4.223 million ounces of gold and 106 million pounds of antimony over a 15-year operating period.

How large is the global tungsten market?

According to an October 12 report from Fortune Business Insights, the global tungsten market was valued at US$5.43 billion in 2025. The U.S. tungsten market accounted for approximately US$440 million, while the Asia Pacific region represented 71.64% of global market revenue. The report projected a global market valuation of US$9.19 billion by 2034.

What are the next milestones for Perpetua Resources and the Stibnite Gold Project?

The company's stated development activities include continued tungsten, gold, and antimony exploration; metallurgical testing; engineering and permitting; completion of financing documentation; and construction planning. Its September 2026 presentation identified a final investment decision as a 2026 milestone and initial production as a 2029 milestone. Additional tungsten development remained subject to exploration results, technical evaluation, and applicable permitting requirements.