Perpetua Resources
Perpetua Resources Corp. is a pre-revenue Idaho-based mining company developing the Stibnite Gold Project to produce the only domestic U.S. antimony reserve alongside high-grade gold for defense (U.S. DoD), clean-energy battery (Ambri), and commodity markets, with first production targeted for 2029.
- Company typePublic
- Founded2011
- HeadquartersDonnelly, United States
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Perpetua Resources does
Perpetua Resources Corp. is a publicly traded development-stage mining company (NASDAQ/TSX: PPTA) founded in 2011 and headquartered in Donnelly, Idaho, focused on redeveloping the historic Stibnite-Yellow Pine district through its flagship Stibnite Gold Project in central Idaho. The project is designed to produce the only identified domestic reserve of antimony (approximately 148 million pounds) alongside high-grade gold (estimated 4.8 million ounces), supplying roughly 35% of U.S. antimony demand in its first six years and approximately 450,000 ounces of gold annually over the first four years of production (target start: 2029).
The company's underlying technology centers on pressure-oxidation processing for antimony and gold extraction, with Hatch Ltd. contracted as EPCM provider and Idaho National Laboratory partnered for antimony pilot-plant development. Anticipated outputs include military-grade antimony trisulfide (the only known domestic source for munitions), gold, and byproduct silver. The company's go-to-market pairs B2B offtake agreements with the U.S. Department of Defense for antimony, a supply agreement with Ambri for clean-energy storage applications, and standard commodity-market sales of gold once production begins.
Perpetua's business model is commodities-driven with multi-channel offtake and substantial government financial support. Revenue streams are pre-revenue and will not commence until 2029. The capital stack comprises a $2.9 billion senior secured EXIM loan (approved May 2026), $669.5 million of cash on hand (as of March 31, 2026), $255 million in strategic equity from Agnico Eagle Mines and JPMorgan Chase (October 2025), and over $80 million in cumulative U.S. Department of Defense grants. Largest individual shareholders include Paulson & Co. (~25.9%, the highest-conviction backer), Agnico Eagle (6.5%), and JPMorgan Chase (2.7%).
Perpetua Resources firmographics
Firmographics- Name
- Perpetua Resources
- Legal name
- Perpetua Resources Corp
- Website
- https://perpetuaresources.com
- Company type
- Public
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Perpetua Resources Corp. is a pre-revenue Idaho-based mining company developing the Stibnite Gold Project to produce the only domestic U.S. antimony reserve alongside high-grade gold for defense (U.S. DoD), clean-energy battery (Ambri), and commodity markets, with first production targeted for 2029.
- Ownership category
- akta.pro rank
Perpetua Resources industry classification
Industry- Product category
- Mining and Critical Minerals
- NAICS
- Gold Ore and Silver Ore Mining (21222)
- SIC
- Gold And Silver Ores (1040)
- akta.pro primary industry
- Gold Mining (IMAKAEAA)
- akta.pro secondary industries
- Precious Metals Exploration & Project Development (IMAKAEAI), Precious Metals Ore Processing & Beneficiation (IMAKAEAD)
Keywords
Where Perpetua Resources is headquartered
LocationHeadquarters
- HQ city
- Donnelly
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Perpetua Resources business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Infrastructure, Supply Chain, Technology or R&D, Personnel, Marketing or Sales, Operations
Revenue model
- Antimony Sales: Perpetua Resources will generate revenue from selling antimony trisulfide produced at the Stibnite Gold Project. The antimony is critical for national defense (munitions, flame retardants) and clean energy applications (batteries, solar panels, wind turbines). The company has supply agreements with Ambri for antimony for battery applications and is positioned to supply the U.S. military for munitions production. The project is expected to supply roughly 35% of U.S. antimony demand in the first six years of operations.
- Gold and Silver Sales: The Stibnite Gold Project is designed to be one of the highest-grade open-pit gold mines in the United States, with estimated reserves of 4.8 million ounces of gold. The company will sell gold and silver production through standard commodities market channels. Gold production is expected to average 450,000 ounces annually over the first four years of production, providing the economic basis for the project.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Perpetua Resources product offering
Product offeringCore offering
Perpetua Resources is developing the Stibnite Gold Project in central Idaho, a gold-antimony-silver mining operation designed to redevelop an abandoned mine site while producing the only identified domestic reserve of antimony in the United States and high-grade open-pit gold. Future product sales will include antimony trisulfide for defense and clean-energy applications, gold (approximately 450,000 ounces annually over the first four years from 4.8 million ounces of reserves), and byproduct silver. Production is targeted to commence in 2029.
Product overview
Perpetua Resources is a development-stage mining company focused on the exploration, site restoration, and redevelopment of gold-antimony-silver deposits through its Stibnite Gold Project in central Idaho. The company's primary product is the Stibnite Gold Project, designed to restore an abandoned mine site while producing critical minerals including antimony (a key input for defense applications and clean energy technologies), gold (from one of the highest-grade open-pit deposits in the U.S.), and silver as a byproduct. The project integrates environmental restoration with mineral production, supplying both the only domestic antimony reserve in the United States and significant gold production capacity.
Differentiator
Problem solved
Functional benefit
Products and services
- Stibnite Gold Project Gold-antimony-silver mining project in central Idaho designed to redevelop an abandoned mine site while producing the only domestic antimony reserve in the United States and one of the highest-grade open-pit gold deposits in the country. Production is targeted to commence in 2029.
- Antimony (Critical Mineral) Domestic antimony production from the Stibnite Gold Project, supplying a critical mineral essential for national defense, clean energy, and technology applications including munitions, semiconductors, and batteries. Expected to supply roughly 35% of U.S. antimony demand in the first six years of operations from an estimated 148-million-pound reserve.
- Antimony Trisulfide (Military-Grade) Military-grade antimony trisulfide produced from Stibnite ore, representing the only known domestic source meeting U.S. defense specifications for small arms, munitions, and missile types.
- Gold High-grade gold production from the Stibnite Gold Project, anticipated to produce approximately 450,000 ounces of gold annually over the first four years of production from an estimated 4.8-million-ounce gold reserve.
- Silver Silver production as a byproduct of gold-antimony mining operations at the Stibnite Gold Project.
Quantifiable outcome
- Supply roughly 35% of U.S. antimony demand in the first six years of operations
- +4 more outcomes
Companies that use Perpetua Resources
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles3 records
Perpetua Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Perpetua Resources partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core, minor and flagship.
- Hatch Ltd.coreHatch was selected as the EPCM (Engineering, Procurement, and Construction Management) contractor for the Stibnite Gold Project, marking a key milestone in transition from planning to development. Hatch also made a $4 million equity investment and provides integrated project team management. The contract was later amended to include pressure-oxidation and oxygen system design with a $204.3 million control budget.
- Idaho National LaboratorycorePerpetua Resources partnered with Idaho National Laboratory to establish a pilot plant for recovering critical minerals including antimony from the Stibnite Gold Project. The partnership aims to demonstrate feasibility of producing military-grade antimony trisulfide and support domestic defense mineral capabilities, with funding opportunities from the DoD.
- ATCO Structures & Logistics (USA) Inc.minorATCO Structures was awarded a $179 million CAD contract to design, supply, and install modular housing for over 1,000 workers at the Stibnite Gold Project site to support mining and exploration activities.
- U.S. ArmyflagshipThe U.S. Army awarded up to $6.9 million in additional defense funding for testing a domestic antimony trisulfide supply chain. The Army is developing small-scale refineries for critical minerals starting with antimony trisulfide, partnering with Perpetua and Idaho National Laboratory. This represents the first antimony trisulfide production on U.S. soil since the 1960s.
- United States Antimony CorporationcorePerpetua Resources' subsidiary agreed to conduct metallurgical testing of antimony concentrate samples from the Stibnite Gold Project with Montana-based United States Antimony Corporation, which operates an antimony processing facility with potential capabilities to process antimony concentrate.
- Sunshine Silver Mining & Refining CompanycorePerpetua Resources signed a Memorandum of Understanding with Sunshine Silver to explore feasibility of utilizing Sunshine Silver's permitted antimony plant site to process concentrates from both Stibnite Gold and Sunshine Silver projects. Combined production could achieve up to 40% of annual U.S. antimony demand.
- AmbricorePerpetua Resources has a supply agreement with Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. A portion of antimony produced from the Stibnite Gold Project will be supplied to Ambri for battery production.
Scale indicators10 records
Recent moves9 records
Expansion highlights6 records
Perpetua Resources competitors and assessment
Company assessmentDirect peers
- Mandalay Resources: Mid-tier gold and antimony producer operating the Costerfield mine in Australia, one of the few Western producers of antimony alongside gold. Directly comparable as a gold-antimony producer with similar revenue mix and critical mineral positioning.
- United States Antimony Corporation: U.S.-based antimony producer operating processing facilities in Montana. Already partnered with Perpetua on metallurgical testing and shares the domestic antimony supply narrative. Most direct U.S. antimony comparator.
- Hecla Mining: Idaho-headquartered silver and gold producer with operating U.S. mines. Comparable as a U.S.-domiciled precious metals miner operating in the same regulatory and labor environment, though focused on silver rather than antimony.
Broad incumbents
- Agnico Eagle Mines: Major Canadian gold miner with global operations and a 6.5% strategic stake in Perpetua. Provides direct technical validation of the Stibnite project and serves as both investor and broad peer in the gold development space.
- Newmont Corporation: World's largest gold miner with major U.S. operations, including historic Idaho/Salmon River district presence. Comparable as the dominant U.S. gold incumbent that would benchmark any domestic gold-antimony project economics.
- Barrick Gold: Global gold major with diversified mine portfolio and prior investment activity in Perpetua's predecessor. Establishes the capital cost, IRR, and grade benchmarks against which Stibnite must compete.
- Kinross Gold: Mid-major gold producer with North American and global operations. Comparable as a developer-operator of mid-sized gold projects with similar scale to a single-mine Perpetua at production.
Emerging players
- MP Materials: U.S. critical minerals processor (rare earths) with strong DoD alignment and policy-driven offtake. Closely comparable narrative as a domestically strategic, government-backed critical minerals producer pre-revenue or scaling revenue.
- Energy Fuels: U.S. critical minerals processor (uranium, rare earths, vanadium) expanding into multiple critical mineral streams. Comparable as a U.S. critical minerals developer pursuing DoD and clean-energy offtake channels.
- USA Rare Earth: U.S. rare earths developer pursuing critical mineral independence with policy support. Comparable as a domestic-only critical minerals development story trading on the strategic scarcity thesis.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights7 records
Customer concentration
Perpetua Resources social profiles
Digital presencePerpetua Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Perpetua Resources leadership team
Management profileNumber of profiles
Profiles16 records
Perpetua Resources subsidiaries and ownership
Company hierarchySubsidiaries1 record
Perpetua Resources funding detail
Funding detailFunding overview
Funding rounds29 records
Investors9 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Perpetua Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Perpetua Resources
What does Perpetua Resources do?
Perpetua Resources is developing the Stibnite Gold Project in central Idaho, a gold-antimony-silver mining operation designed to redevelop an abandoned mine site while producing the only identified domestic reserve of antimony in the United States and high-grade open-pit gold. Future product sales will include antimony trisulfide for defense and clean-energy applications, gold (approximately 450,000 ounces annually over the first four years from 4.8 million ounces of reserves), and byproduct silver. Production is targeted to commence in 2029.
Is Perpetua Resources a public or private company?
Perpetua Resources is a public company. It is classified as public and is currently operating.
When was Perpetua Resources founded?
Perpetua Resources was founded in 2011. It employs 11 to 50 people.
Where is Perpetua Resources based?
Perpetua Resources is headquartered in Donnelly, United States, in the North America region.
How does Perpetua Resources make money?
Two revenue lines are on record. Antimony Sales are the primary driver. The others are gold and Silver Sales.
Who are Perpetua Resources's main competitors?
Direct peers on record are Mandalay Resources, United States Antimony Corporation and Hecla Mining. Broad incumbents are Agnico Eagle Mines, Newmont Corporation, Barrick Gold and Kinross Gold. Emerging players are MP Materials, Energy Fuels and USA Rare Earth.
Does Perpetua Resources have an API?
No public API is recorded for Perpetua Resources.
What industry is Perpetua Resources in?
Perpetua Resources's product category is Mining and Critical Minerals. Its primary akta.pro industry code is IMAKAEAA, Gold Mining, with a secondary code of IMAKAEAI, Precious Metals Exploration & Project Development. Its NAICS code is 21222 and its SIC code is 1040.