Perpetua Resources has officially broken ground on early works construction at its long-awaited Stibnite Gold Project in Valley County, central Idaho — a milestone nearly a decade in the making.
The move comes after the company secured $139 million in financial assurance and received the green light from the U.S. Forest Service (USFS), which confirmed that all pre-construction conditions have been satisfied.
Perpetua Resources President and CEO Jon Cherry stated, “Today, we break ground on the Stibnite Gold Project. As America’s answer to China’s antimony export bans, we are focused on swiftly and safely bringing our antimony and gold project into development.”
He continued, “After nine years of permitting, Stibnite can once again serve this country’s national interest. We are proud of our work to bring this essential project online to provide critical resources while restoring an abandoned mine site.”
Cherry also emphasized the company’s commitment to environmental responsibility, adding, “With our reclamation performance bond to reclaim the work we undertake at the project site in place, we officially started early works construction today and are making good on our promises to Idaho and America.”
The Stibnite Gold Project has reached this early works construction stage after nine years of environmental review and permitting, culminating in a final record of decision issued in January 2025.
In September 2025, the USFS issued a conditional notice to proceed, contingent upon Perpetua posting financial assurance — a condition the company met on October 17, 2025, through cash reserves. The firm also plans to transition to a blend of non-cash financial assurance instruments as part of its long-term financing package.
Backed by U.S. strategic priorities, the Stibnite project is positioned as a domestic response to global antimony shortages driven by China’s export restrictions. Antimony is a critical mineral essential to national defense, clean energy technologies, and semiconductor manufacturing — areas where the U.S. is seeking to reduce import dependence.
The project is projected to be one of America’s highest-grade open-pit gold mines, with estimated gold reserves exceeding 4.8 million ounces. During its initial four years, the mine is expected to produce roughly 450,000 ounces of gold annually, contributing significantly to domestic gold output.
Construction efforts are anticipated to generate more than 950 direct jobs, with over 550 permanent positions during operations. The ripple effect across Idaho’s economy — including local suppliers, transport, and equipment providers — is expected to be substantial.
In addition to economic growth, Perpetua Resources has pledged a strong environmental restoration commitment. The Stibnite project includes plans to remediate legacy pollution, restore fish habitats, and reconnect native salmon spawning grounds disrupted by historical mining activity in the area.
In September 2025, Perpetua secured initial backing from the U.S. Export-Import Bank’s “Make More in America” and “China Transformational Export” programs. The proposal includes up to $2 billion in debt financing, with the final decision expected in spring 2026.
This support underscores the project’s alignment with U.S. policy goals to rebuild domestic mineral supply chains and revitalize rural economies through sustainable resource development.
The commencement of early works marks the beginning of a multiyear construction effort that will include access road upgrades, site clearing, and initial infrastructure development. Once complete, the Stibnite operation is expected to play a key role in U.S. mineral independence while advancing both economic revitalization and environmental rehabilitation in Idaho’s historic mining region.
Originally reported by Mining Technology.
.webp)
