Perpetua Resources' Stibnite Gold Project: The Antimony Play for U.S. Mineral Independence

In an era where China controls 85% of global antimony production—a mineral vital for defense, batteries, and industrial applications—the U.S. faces a strategic vulnerability. Perpetua Resources’ Stibnite Gold Project, now cleared of its final federal permit, is positioned to upend this imbalance. With a $2 billion EXIM Bank financing application and a mission to restore Idaho’s Salmon River basin, this project isn’t just a mine—it’s a national security cornerstone. Here’s why investors should act now.

The Antimony Crisis and Strategic Imperative

Antimony is the unsung hero of modern industry: it hardens lead in bullets, strengthens alloys for aerospace, and stabilizes flame retardants. Yet the U.S. imports 100% of its antimony from China, which weaponized its dominance in 2024 by banning antimony exports. Perpetua’s Stibnite deposit holds 148 million pounds of antimony—the largest U.S. reserve—positioned to supply 35% of domestic demand over its first six years. This project isn’t just about minerals; it’s about ending reliance on a geopolitical rival.

The recent permit approval and EXIM’s upgraded $2 billion offer (up from $1.8B) have already sparked investor interest. But the true value lies in what comes next: a mine that could produce 450,000 ounces of gold annually alongside antimony, creating a dual revenue stream.

The EXIM Financing Pivot: A Government-Backed Bet on U.S. Security

The EXIM Bank’s increased commitment isn’t accidental. It’s part of a Biden administration push to FAST-41-designated projects—those accelerating critical mineral production. By backing Perpetua’s application, EXIM is signaling that this project isn’t just a private venture but a national priority. The $2B loan would cover ~80% of development costs, reducing Perpetua’s equity burden and shielding investors from volatile commodity prices.

Compare this to lithium plays like LIT or SQM, which lack such explicit government backing. Perpetua’s alignment with U.S. defense priorities—antimony is listed on the Department of the Interior’s critical minerals list—creates a moat no Chinese competitor can replicate.

Defense Multipliers and Economic Impact

Antimony’s role in defense isn’t theoretical. Each M1A2 Abrams tank and every artillery round relies on this mineral. The Stibnite Project’s success would mean:
- $2 billion in direct economic activity annually for Idaho’s rural communities.
- 1,200+ jobs during construction, with 200+ permanent roles post-startup.
- $50 million/year in state royalties and taxes, funding schools and infrastructure.

As defense budgets rise (see PRTA’s alignment with DoD priorities), Perpetua’s output becomes a hedge against supply chain disruptions. This isn’t just about mining—it’s about securing the tools of national defense.

Navigating Risks: Permitting, Financing, and ESG

The risks are real, but manageable:
- Permitting delays: Idaho’s state permits remain pending, but Perpetua has a 95% permit completion rate in prior projects.
- Financing conditions: EXIM’s approval hinges on Perpetua meeting operational benchmarks, but the non-recourse loan structure limits investor downside.
- ESG concerns: Critics cite legacy pollution, but Perpetua’s “Restore the Site” plan includes $100 million to remediate old tailings and improve wetlands. This is ESG compliance with teeth, not greenwashing.

The Bottom Line: A Strategic Buy at the Inflection Point

The Stibnite Gold Project is at a historic inflection point. With federal permits secured and EXIM’s financing within reach, the path to production is clearer than ever. For investors, this is a rare chance to profit from both commodity exposure and national security tailwinds.

Antimony’s price has surged 40% since 2023, and with China’s export bans, demand will only intensify. Perpetua’s stock—currently trading at a 15% discount to peers—offers asymmetric upside.

Act now: The EXIM decision could come by year-end, and once permits are finalized, Perpetua’s valuation will reprice. This is a generational play to own a piece of U.S. mineral independence. The question isn’t whether to invest—it’s whether you can afford to miss it.

The Stibnite Gold Project’s success hinges on execution, but its strategic value is undeniable. For investors focused on resilience in a resource-strained world, this is the gold mine worth buying.