Perpetua Resources

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%).

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

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

• Gold mining
• Antimony production
• Critical minerals
• Mineral extraction
• Mining development

Headquarters

HQ city

Donnelly

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Supply Chain, Technology or R&D, Personnel, Marketing or Sales, Operations

Revenue model

1. 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.
2. 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

Core 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

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core, minor and flagship.

• Hatch Ltd.coreImplementation/ SI/ Consulting Partner · 16 December 2025Hatch 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 LaboratorycoreTechnology or Integration · 9 December 2025Perpetua 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.minorOthers · 27 October 2025ATCO 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. ArmyflagshipStrategic or Co-development Partner · 28 May 2025The 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 CorporationcoreStrategic or Co-development Partner · 9 December 2024Perpetua 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 CompanycoreStrategic or Co-development Partner · 9 December 2024Perpetua 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.
• AmbricoreStrategic or Co-development PartnerPerpetua 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

Direct 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

• YouTubeyoutube.com/channel/UCv4BQLB5aXaKDw2xZGpVL5w
• Facebookfacebook.com/PerpetuaResources
• LinkedInlinkedin.com/company/perpetuaresources
• Xx.com/Perpetua_Idaho

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries1 record

Funding overview

Funding rounds29 records

Investors9 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Perpetua Resources