Perpetua receives more government funding

12th February 2024 By: Tasneem Bulbulia - Senior Contributing Editor Online

TSX-listed Perpetua Resources' wholly owned subsidiary, Perpetua Resources Idaho, has been conditionally awarded up to $34.6-million in additional funding under the existing Technology Investment Agreement (TIA) through Title III of the Defence Production Act (DPA).

Full funding of the additional award is conditional on modifying the existing TIA to expand the in-scope work for advancing permits and construction readiness. The modification is expected to be completed in the first quarter.

Perpetua’s proposed Stibnite gold project, in Idaho, aims to re-establish a US source of the critical mineral antimony as a by-product.

The additional funding is intended for the company to continue advancing the construction readiness of Stibnite and support the environmental and technical studies related to the project’s progress through the National Environmental Policy Act (Nepa) review process, led by the United States Forest Service.

Under the modified TIA, Perpetua may request reimbursement for certain costs incurred through June 30, 2025 related to environmental baseline data monitoring, environmental and technical studies and other activities related to advancing the construction readiness and permitting process for Stibnite.

The DPA funding does not interrupt the ongoing Nepa review, Perpetua says.

Antimony trisulphide is important to the US’s defence as a key component for munitions, yet no domestic mined supply currently exists. China, Russia and Tajikistan control 90% of the global antimony supply chain.