The Stibnite Gold Project: A Strategic Pivot to U.S. Antimony Self-Reliance

The U.S. has long been vulnerable to the geopolitical whims of adversaries through its reliance on foreign sources of critical minerals. Nowhere is this more evident than in the case of antimony—a mineral indispensable to national defense, energy transition technologies, and industrial applications. With China’s abrupt 2024 export ban on antimony disrupting global supply chains, the urgency to secure domestic production has never been clearer. Enter Perpetua Resources’ Stibnite Gold Project, a cornerstone initiative that could redefine U.S. strategic autonomy. Recent advancements in its financing and permitting underscore its potential as a linchpin in the nation’s critical minerals strategy—and a compelling investment opportunity.

The Geopolitical Imperative: Breaking China’s Antimony Monopoly

China dominates over 70% of global antimony production, leveraging its market power to manipulate prices and access. Antimony’s role in flame-retardant materials, high-performance batteries, and defense systems makes it a critical vulnerability for the U.S. military and industries. The Stibnite Gold Project’s ability to produce up to 35% of domestic antimony demand during its initial six years of operation is no longer just an economic play—it is a national security imperative.

The project’s upgraded EXIM financing request of $2 billion, up from the earlier $1.8 billion non-binding LOI, reflects both its expanded scope and the federal government’s growing commitment to critical minerals. This funding increase, secured after rigorous engineering updates and permitting milestones, signals confidence in Stibnite’s capacity to deliver a stable, domestically sourced antimony supply chain.

Federal Backing and the Path to Permitting Finality

The May 2025 issuance of the Clean Water Act Section 404 permit by the U.S. Army Corps of Engineers marked a critical inflection point. This permit, the last in an eight-year federal permitting gauntlet, aligns Stibnite with the White House’s “Transparency Projects” initiative—a program designed to fast-track critical infrastructure under President Trump’s Executive Order 14008. The designation has already accelerated interagency coordination, reducing bureaucratic friction and ensuring Perpetua can focus on construction readiness.

Further bolstering the project’s credibility is its $59.2 million in Defense Production Act (DPA) Title III funding, a direct federal subsidy to advance construction and permitting. This combination of EXIM financing, DPA grants, and streamlined permitting creates a robust financial and regulatory foundation—a rarity in today’s volatile project development landscape.

The Investment Case: Confluence of Strategic, Economic, and Geopolitical Value

Investors should recognize three intertwined pillars driving Stibnite’s viability:
1. Strategic Security: A domestic antimony source reduces reliance on China, shielding defense and energy sectors from supply shocks.
2. Economic Multiplier: The project is projected to generate thousands of job-years in Idaho, with ancillary benefits for local economies through supplier networks and infrastructure spending.
3. Geopolitical Leverage: U.S. antimony independence weakens China’s market dominance, potentially reshaping global pricing dynamics and trade relationships.

The risks—permit delays, cost overruns, or financing shortfalls—are mitigated by the project’s advanced permitting stage, federal backing, and EXIM’s alignment with U.S. strategic priorities. Perpetua’s CEO, Jon Cherry, has framed the project as a “non-negotiable national priority”—a stance increasingly echoed by policymakers.

A Call to Action: Positioning for Critical Minerals Leadership

The Stibnite Gold Project is more than a mining venture—it is a microcosm of the U.S. government’s pivot toward strategic self-reliance. With EXIM’s increased commitment and the final federal permit secured, the project is now racing toward construction. For investors, this is a rare opportunity to align with a project that directly addresses critical mineral vulnerabilities while benefiting from bipartisan support and clear demand dynamics.

The question is no longer whether the U.S. can reduce its antimony dependency, but how quickly it will act. Stibnite’s timeline—pending state permits and final EXIM approval—points to a 2026 construction start. Investors who move now can position themselves to capture the upside of a mineral asset that is both geopolitically indispensable and financially compelling.

The path to U.S. antimony independence runs through Idaho. The time to act is now.