Latest news with #PerpetuaResources
Yahoo
6 days ago
- Business
- Yahoo
Perpetua secures $6.9m defence funding to advance domestic antimony supply
Perpetua Resources has received up to $6.9m in additional funding from the US Army through the Defence Ordnance Technology Consortium (DOTC). The funds will be used to test the feasibility of using material from Perpetua's Stibnite Gold Project to produce military-specification antimony trisulfide. This funding is a continuation of the $15.5m awarded in August 2023 under an Ordnance Technology Initiative Agreement (OTIA). The supplemental award will expand the research already under way and support the US Army's goal of establishing a fully domestic "ground-to-round" antimony trisulfide supply chain. The OTIA aims to fund the development and delivery of a flexible, modular pilot plant to the US Army to process antimony and other materials of interest to the Department of Defense (DOD). Under the OTIA, Perpetua will be reimbursed on a cost-plus fixed fee basis through the end of 2026. The total funding of up to $22.4m under the OTIA may be adjusted by the DOTC as the programme progresses. Perpetua is entitled to be reimbursed for all costs incurred under the agreement. With this additional funding, Perpetua Resources will expand material sampling and enhance the pilot plant's scope and size. Perpetua Resources president and CEO Jon Cherry said: 'We are honoured to continue our work with the US Army to secure a domestic source of antimony trisulfide. 'Advancing America's capabilities to process minerals critical to national defence is essential for our long-term mineral independence and resilience. We are proud to play our part in furthering the Army's 'ground-to-round' critical minerals strategy.' This award is part of a broader partnership with the DOD to secure domestic sources of critical minerals. Perpetua has now received more than $80m in total from the Department of Defense. The Stibnite Gold Project is expected to supply up to 35% of US antimony demand in its first six years, based on the 2023 US Geological Survey antimony commodity summary. This funding comes at a critical time, as China, which dominates the global antimony market, ceased exports to the US in 2024. The project will not only support national security but also generate jobs, improve water quality and address environmental issues at an abandoned mine site, according to the company. Recently, Perpetua applied to the Export-Import Bank of the United States (EXIM) for up to $2bn in potential debt financing for the construction of the Stibnite Gold Project. EXIM's due diligence and review will follow to determine the project's eligibility under its initiatives. "Perpetua secures $6.9m defence funding to advance domestic antimony supply" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
28-05-2025
- Business
- Reuters
Perpetua Resources receives additional funding for Stibnite project from US Army Corps
May 28 (Reuters) - Mining company Perpetua Resources (PPTA.O), opens new tab on Wednesday said it has been awarded up to $6.9 million in additional funding from the U.S. Army Corps of Engineers for its Idaho antimony and gold Stibnite project. The Pentagon-backed mine, which would be the country's first antimony project, has an estimated reserve of 148 million pounds of the metal used in bullets and tanks, as well as in alloys for electric-vehicle batteries. China, responsible for nearly 60% of globally mined antimony in 2024, banned exports of the metal to the United States in December last year, prompting efforts to increase production within the U.S. This supplemental award will allow Perpetua to expand the research and support the U.S. Army's objective of establishing a fully domestic "ground-to-round" antimony trisulfide supply chain. "Advancing America's capabilities to process minerals critical to national defense is essential for our long-term mineral independence and resilience," said CEO Jon Cherry. The company said that with the receipt of this additional funding, its total awards from the Department of Defense exceed $80 million, including the $15.5 million received under an Ordnance Technology Initiative Agreement in August 2023. Last week, the company received the final federal permit, the Clean Water Act Section 404, from the U.S. Army Corps for the project.
Yahoo
28-05-2025
- Business
- Yahoo
Perpetua Resources receives additional funding for Stibnite project from US Army Corps
(Reuters) - Mining company Perpetua Resources on Wednesday said it has been awarded up to $6.9 million in additional funding from the U.S. Army Corps of Engineers for its Idaho antimony and gold Stibnite project. The Pentagon-backed mine, which would be the country's first antimony project, has an estimated reserve of 148 million pounds of the metal used in bullets and tanks, as well as in alloys for electric-vehicle batteries. China, responsible for nearly 60% of globally mined antimony in 2024, banned exports of the metal to the United States in December last year, prompting efforts to increase production within the U.S. This supplemental award will allow Perpetua to expand the research and support the U.S. Army's objective of establishing a fully domestic "ground-to-round" antimony trisulfide supply chain. "Advancing America's capabilities to process minerals critical to national defense is essential for our long-term mineral independence and resilience," said CEO Jon Cherry. The company said that with the receipt of this additional funding, its total awards from the Department of Defense exceed $80 million, including the $15.5 million received under an Ordnance Technology Initiative Agreement in August 2023. Last week, the company received the final federal permit, the Clean Water Act Section 404, from the U.S. Army Corps for the project. Sign in to access your portfolio
Yahoo
26-05-2025
- Business
- Yahoo
Perpetua Resources applies for $2bn EXIM finance for Stibnite Gold Project
Perpetua Resources has formally applied to the Export-Import Bank of the United States (EXIM) for potential debt financing of up to $2bn for the construction of the Stibnite Gold Project. This application is a critical step in securing funding for a project that could enhance US antimony production and provide environmental restoration to the historical Stibnite Mining District. EXIM is expected to perform its standard due diligence and review the project's eligibility under its initiatives, following the submission of Perpetua's application. This comes after Perpetua's continuous engagement with EXIM's underwriting team and the receipt of the final federal permit for the project. Perpetua Resources received a non-binding Letter of Interest (LoI) from EXIM in April last year regarding potential debt financing of up to $1.8bn under EXIM's Make More in America initiative and the China and Transformational Exports Program. The move aligns with a recent Executive Order to boost government financing for mineral production and could help the US compete with China in antimony production. The application amount has been increased to $2bn, reflecting the updated job-years estimate from financial updates and basic engineering work completed in the first quarter of 2025. Perpetua Resources president and CEO Jon Cherry said: 'The Stibnite Gold Project is poised to be a national strategic asset for domestic antimony production and is also a world class gold asset. 'EXIM financing could play a pivotal role in advancing the Project to production so we can reestablish a secure supply of antimony for the United States for decades to come.' In 2024, China restricted the global export of antimony, a critical mineral for national defence, which heightened the need for domestic production. The Stibnite Gold Project aims to re-establish antimony production in the US. With the Army Corps permit and previous authorisations from the U.S. Forest Service and Idaho state agencies in hand, Perpetua Resources is now focused on obtaining the remaining state permits and securing the necessary financing to begin construction. "Perpetua Resources applies for $2bn EXIM finance for Stibnite Gold Project" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
23-05-2025
- Business
- Reuters
Perpetua submits application for up to $2 billion loan to US EXIM for antimony project
May 23 (Reuters) - Perpetua Resources (PPTA.O), opens new tab said on Friday it had submitted a formal application to the U.S. Export-Import Bank for potential debt financing of up to $2 billion to construct its Idaho antimony and gold Stibnite project. The company had received a letter of interest from the EXIM Bank in 2024 for an up to $1.8 billion loan for the project. Perpetua said the increase in the application amount reflects a rise in the estimated number of job-years indicated by the financial update and basic engineering work completed in the first quarter. The company's shares were up nearly 4% in afternoon trading. The Pentagon-backed mine, which would be the country's first antimony project, has an estimated reserve of 148 million pounds of the metal used in bullets and tanks, as well as in alloys for electric-vehicle batteries. President Donald Trump's administration has stepped up efforts to boost domestic production of critical minerals and raise government financing as part of a broad effort to offset China's near-total control of the sector. Earlier this week, Perpetua received the final federal permit, the Clean Water Act Section 404, from the U.S. Army Corps of Engineers for the project.
