- Shares of Perpetua Resources (TSX:PPTA) are up by more than 10 per cent after the U.S. Forest Service issued a Draft Record of Decision authorizing the company’s Stibnite gold project in Idaho
- Stibnite houses 4.8 million ounces of estimated gold reserves and the only antimony reserve in the United States
- Perpetua Resources is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho
- Perpetua Resources stock has added 180.09 per cent year-over-year, but only 80 per cent since 2019
Shares of Perpetua Resources (TSX:PPTA) are up by more than 10 per cent after the U.S. Forest Service issued a Draft Record of Decision authorizing the company’s Stibnite gold project in Idaho.
With a Final Record of Decision expected by the end of 2024 – after a 45-day objection period and another 45-day resolution period – Perpetua can begin ramping up gold production, as well as bringing the only antimony reserve in the United States to market.
Stibnite houses 4.8 million ounces of estimated gold reserves, which would make it one of the largest open-pit gold mines in the United States, according to Thursday’s news release. The project is expected to produce more than 450,000 ounces of gold annually over the first four years with all-in sustaining costs under US$450 per ounce, or less than one-fifth of the price of approximately US$2,540 per ounce on Thursday.
Stibnite also has a reserve of 148 million pounds of antimony, which boasts varied use-cases across defence, clean energy and technology applications, with no domestically mined U.S. supply currently available.
The approval precedes upcoming antimony export restrictions in China, the global market leader with control of more than half of mined supply.
Leadership insights
“We believe that the Stibnite gold project is a win-win-win,” Jon Cherry, president and chief executive officer of Perpetua Resources, said in a statement. “It’s a win for Idaho, it’s a win for the environment, and it’s a win for America’s national security. Our independence from Chinese control over antimony is right here in our backyard, and Perpetua Resources is honoured to provide a critical part of the solution to the United States’ strategic need for antimony, while also delivering an economically robust gold mine that will create new jobs in Idaho. It’s time for the Stibnite gold project to help secure our future.”
“The business case is clear,” Cherry continued. “Our project has exceptional economics, with an expected payback period of less than three years, while providing net environmental benefits and the critical mineral antimony. We have never been closer to unlocking the value of this unparalleled asset.”
About Perpetua Resources
Perpetua is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho.
Perpetua Resources stock (TSX:PPTA) is up by 12.29 per cent, trading at C$12.24 per share as of 12:38 pm ET. The stock has added 180.09 per cent year-over-year, but only 80 per cent since 2019.
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(Top photo of the Stibnite gold project: Perpetua Resources)