US Military Supply Chain Secures Domestic Antimony Breakthrough

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) has entered into an agreement with the Idaho National Laboratory to host, commission, and operate a modular pilot processing plant designed to recover critical and defense-related minerals, including antimony, from the company's Stibnite Gold Project. The collaboration is being conducted through Battelle Energy Alliance LLC and builds on Perpetua's broader partnership with the U.S. Army via the Defense Ordnance Technology Consortium.

The pilot plant will be installed and operated by trained personnel at the laboratory and is intended to demonstrate the feasibility of producing military-specification antimony trisulfide from Stibnite ore. The project also aims to support domestic defense mineral processing capabilities and workforce development programs in Idaho.

"We are proud to collaborate with Idaho National Laboratory to further strengthen America's defense capabilities and help secure a domestic source of antimony trisulfide," said Jon Cherry, President and CEO of Perpetua Resources, in the press release. INL Director John Wagner stated that the partnership "brings together Perpetua's antimony resources with INL's expertise in materials processing to address a critical national security need."

The Stibnite Gold Project contains the only identified reserve of antimony in the United States. Perpetua has received more than US$80 million in federal support since 2022, including up to US$22.4 million in Defense Ordnance Technology Consortium awards and US$59.2 million through the Defense Production Act Title III program. Material from Stibnite will be used in the pilot plant to produce antimony trisulfide concentrate, a required component in munitions and advanced military systems. The company has previously stated that Stibnite could supply up to 35% of U.S. antimony demand during its early years of operation.

Critical Minerals and Antimony Supply Chain

A November 13 report from the World Economic Forum highlighted antimony as one of the most strategically significant minerals in global supply chains, noting that it has "emerged as a test case in the geopolitics of critical minerals" after a series of export restrictions imposed in 2024. According to the report, these restrictions contributed to antimony prices climbing to nearly US$50,000 per ton, which the analysis described as "roughly ten times the 5‑year average." The World Economic Forum also emphasized antimony's long-standing importance, explaining that it is essential for defense systems, flame retardants, and high-performance industrial applications that require stability under heat and pressure. The report stated that the United States continues to rely on imports for nearly all domestic antimony consumption, underscoring the mineral's role in national resilience planning.

A December 9 sector update from ChemAnalyst reported that U.S. antimony trioxide prices declined by 2.16% month-over-month in November following short-term adjustments in shipping costs and increased concentrate availability in Asia. Despite this temporary decrease, the report confirmed that domestic production of antimony trioxide remained limited to secondary smelting, which met only a small fraction of U.S. demand. The update noted that buyers increasingly looked for cost advantages while navigating an overall tight global supply environment.

On December 10, a report by analyst Muflih Hidayat highlighted the defense sector's reliance on antimony and stated that the mineral "remains essential for munitions, advanced ignition systems, and strategic electronic components." The report also referenced historical data showing that antimony production has played critical roles in past national defense efforts and continues to be integral to modern requirements. According to the analysis, antimony's use in both defense and fire‑safety applications positions it as a uniquely important resource within the broader critical minerals category.

Together, these sources describe a sector shaped by supply constraints, geopolitical pressures, and increasing recognition of antimony's strategic function. While short-term pricing fluctuations occurred late in the year, the broader narrative identified antimony as a mineral of growing importance to national security, industrial stability, and future technology readiness.

Analysts Cite Strong Institutional Support and De-Risking Milestones

On October 22, Mike Niehuser of ROTH Capital Partners stated that Perpetua Resources' move into early construction marked a significant step in de-risking the Stibnite project. He pointed to the US$139 million construction bond as a mechanism to begin development before winter and cited elevated gold prices and exploration upside beyond the current mine plan as factors that could further enhance project economics.

In a follow-up report dated October 29, Niehuser described the US$255 million equity investment as evidence supporting the "world-class potential" of the Stibnite Gold Project and its importance in rebuilding domestic manufacturing and national defense supply chains. He reiterated a Buy rating, maintained a US$32 target price, and named Perpetua a Top Pick for 2025. He added that participation from Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) validated the project's technical profile, while involvement from JPMorganChase highlighted its strategic relevance at the national level.

Rabi Nizami of National Bank of Canada also weighed in following the early construction announcement. On October 24, he called the company's decision a "prudent move" that kept development on schedule despite ongoing efforts to secure full project financing. He maintained an Outperform rating and CA$50 target price, citing the milestone as evidence of reduced risk.

Three days later, on October 27, following the announcement of Agnico Eagle and JPMorganChase's strategic investment, Nizami characterized the transaction as a "vote of confidence" and a superior alternative to royalty or streaming deals. He wrote that the agreement preserves long-term shareholder value and bolsters efforts toward obtaining export credit financing. He also cited potential offtake agreements and future U.S. government support as additional upcoming catalysts.

Brian Quast of BMO Capital Markets updated his coverage on the same day, raising his target price from CA$41 to CA$44 while maintaining an Outperform rating. He noted that shifting from streaming or royalty structures to equity enhances financial flexibility and pointed to the newly formed joint technical and exploration advisory committee with Agnico Eagle as a valuable resource for engineering and operational guidance. Quast added that early works, upcoming drill results, and ongoing government engagement could all serve as share price drivers.

Quast reaffirmed his position on November 17 following the company's third-quarter results. He reiterated a CA$44 target and Outperform rating, writing, "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 Perpetua voluntarily agreed to limit construction activities until February 1, 2026, in return for plaintiffs not pursuing a preliminary injunction. He added that the company expects to replace its current financial assurance obligations with non-cash alternatives and reaffirmed that EXIM Bank board-level consideration could occur by spring 2026.

On October 27, Mike Kozak of Cantor Fitzgerald echoed the sentiment around the equity investment, stating that it eliminates the need to monetize future production. He maintained a Buy rating and raised his target price to US$27 per share. Kozak highlighted the investment structure, including warrants, as a sign of long-term institutional commitment and concluded that the deal significantly reduces capital risk and strengthens Perpetua's readiness for full-scale construction following regulatory approvals.

Strengthening Supply Chains and Domestic Capabilities in Idaho

In company materials, Perpetua Resources continues to frame the Stibnite Gold Project as both a significant gold asset and a domestic source of antimony, a mineral considered essential for national defense and industrial applications. The United States currently has no domestic mined production of antimony, while global supply remains heavily concentrated in China and Russia. Stibnite's estimated 148 million pounds of antimony reserve positions the project as a notable potential contributor to U.S. supply resilience.

The project is located in Idaho, a jurisdiction recognized for its established permitting processes, strong mining workforce, and reliable infrastructure. Perpetua's investor presentation notes 4.8 million ounces of gold in Proven and Probable reserves and 107 million pounds of recoverable antimony over the project's mine life. The presentation also highlights anticipated by-product credits from antimony production, which are expected to support operating cost performance.

Perpetua reported a cash balance of approximately US$720 million as of late 2025 and had 129.3 million fully diluted shares outstanding. The company also has an active application for up to US$2 billion in potential financing from the Export-Import Bank of the United States. Throughout 2025, Perpetua completed basic engineering, received a Preliminary Project Letter from EXIM, advanced early works construction, and initiated a request for proposals for potential antimony offtake agreements. Additional milestones are planned for 2026 as the company continues development and permitting work toward future operations. 

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.