Perpetua Resources Advances Idaho Gold-Antimony Project After Court Ruling

Perpetua Resources can move forward with early construction at its Stibnite gold-antimony project in Idaho. A U.S. federal court upheld key approvals for the $1.3 billion (C$1.8 billion) project against an environmental challenge. The ruling dismissed several federal law challenges.

The court found the Stibnite project would not jeopardize protected species. An appeal is pending, but construction is allowed to continue, according to National Bank of Canada. The bank views this ruling as a significant de-risking event for the company.

Stibnite is expected to produce over 400,000 gold-equivalent ounces annually. It holds strategic importance for the U.S. military due to its antimony reserves for weapons. The U.S. Export-Import Bank approved a $2.9 billion loan for the project.

Construction work is progressing rapidly. Components for the project’s two autoclaves are being fabricated in Europe. Temporary worker housing is in place, and utility work at the permanent camp site is complete.

Perpetua held $574 million in cash at the end of the second quarter. The company’s third-quarter budget totals $177 million, including $131 million for detailed engineering and $27 million for early construction. First gold production is expected in 2029.