Stibnite Gold Project: The Antimony Play That Could Secure U.S. Mineral Independence

The U.S. faces a critical vulnerability in its reliance on foreign minerals for national defense, energy transition, and advanced industries. Enter Perpetua Resources’ Stibnite Gold Project, a landmark initiative poised to transform the strategic mineral landscape. With a final federal permit secured and government backing at an all-time high, this project isn’t just about gold—it’s about de-risking U.S. supply chains for antimony, a critical mineral now banned for export from China. Here’s why investors should act now.

Regulatory Milestones: The De-Risking Catalysts Are Here

The Stibnite project has cleared its most significant hurdle: federal permitting. The U.S. Army Corps of Engineers issued the Clean Water Act Section 404 permit in April 2025, ending an eight-year regulatory odyssey. This permit, coupled with the U.S. Forest Service’s Final Record of Decision (ROD) in January 2025, removes existential uncertainty.

What makes this de-risking moment historic? The project was designated a Transparency Project under President Trump’s Executive Order, granting expedited interagency coordination. This prioritization ensures Perpetua can fast-track remaining state permits and financing—a stark contrast to the stalled lithium and cobalt projects still mired in bureaucratic limbo.

Antimony: The Strategic Mineral Play of the Decade

While gold reserves (4.8 million ounces) and production targets (450K oz/year) are impressive, the real game-changer is antimony. Stibnite holds 148 million pounds of antimony reserves, the only known domestic source of this critical mineral. With China’s export ban and dominance of ~50% global production, Stibnite could supply 35% of U.S. antimony demand within six years.

Antimony isn’t a niche metal. It’s essential for:
- National Defense: Bulletproof vests, small arms, and missile systems.
- Energy Transition: Sodium-ion batteries (e.g., Ambri’s low-carbon designs) rely on antimony’s thermal stability.
- Industrial Safety: Flame retardants in electronics and aircraft components.

As China’s grip on critical minerals tightens, Stibnite’s antimony reserves position Perpetua as a geopolitical linchpin. Investors in companies like Piedmont Lithium (PLL) or Albemarle (ALB) know well: domestic critical mineral plays command premium valuations.

Environmental and Economic Synergy: A Win-Win

Critics of mining projects often cite environmental harm, but Stibnite flips the script. The site will remediate legacy contamination from abandoned mines, restoring salmon habitats and wetlands. By repurposing historical tailings, Perpetua aligns with ESG mandates, attracting green investors.

Economically, the project will create 550 direct jobs in rural Idaho—family-wage roles that stabilize communities. With a $1.3 billion price tag, Perpetua’s $59.2M DPA Title III grant and $1.8B EXIM Bank LOI (pending final approvals) provide a $2.3B funding cushion, easing equity dilution fears.

Risks? Yes. But They’re Mitigated

• Permit Delays: State permits remain, but Perpetua’s federal progress and Transparency Project status minimize this risk.
• Legal Challenges: Anticipated, but the finalized EIS and ROD provide strong defenses.
• Commodity Volatility: Gold and antimony prices are rising amid decarbonization and defense spending—Stibnite’s high grades (4.8M oz gold) buffer against dips.

Why Act Now? The Clock Is Ticking

Construction could begin as early as 2026, with first antimony production by 2028. The $1.8B EXIM loan’s final approval is imminent—once secured, Perpetua’s shares will reflect the unlocked value.

For investors, this is a once-in-a-generation opportunity to own a project that:
1. De-risks U.S. supply chains for a critical mineral.
2. Benefits from bipartisan infrastructure spending and defense priorities.
3. Aligns with ESG goals through environmental remediation.

Final Call: Don’t Miss the Antimony Bull Run

The Stibnite Gold Project isn’t just a mining play—it’s a national security imperative. With permits secured, government backing solidified, and antimony’s strategic value surging, Perpetua stands at the crossroads of profit and patriotism.

The question isn’t whether to invest—it’s how much.

Stay ahead of the curve. Monitor Perpetua Resources’ progress at
www.perpetuaresources.com or contact Investor Relations directly.