Perpetua Resources (TSX:PPTA,NASDAQ:PPTA) has secured final approval from the US Forest Service (USFS) for its Stibnite gold project in Idaho, advancing the redevelopment of the long-dormant site.
The approval follows eight years of interagency review, environmental assessment and public consultation.
According to the company, Stibnite is notable for containing the only identified reserve of antimony in the US. The mineral is critical to the defense, energy storage and advanced technology sectors.
While Stibnite is expected to be one of the country’s highest-grade open-pit gold mines, Perpetua also believes the asset will help reduce US dependence on foreign supply chains, particularly in light of Chinese export restrictions.
The site, located in Valley County, Idaho, has been inactive for decades. The company’s redevelopment plan includes extracting gold, silver and antimony, while undertaking comprehensive environmental remediation of the area.
Stibnite is projected to generate over US$1 billion, and will create an estimated 550 jobs during its operational phase.
Jon Cherry, president and CEO of Perpetua, described the approval as a key step in advancing to construction.
“This approval elevates the Stibnite Gold Project to an elite class of projects in America that have cleared (the National Environmental Policy Act),” he said in the company’s Monday (January 6) press release. “The Stibnite gold project can deliver decisive wins for our communities, the environment, the economy, and our national security.’
In addition to future development, Perpetua’s plan outlines the removal of old tailings, waste rock and other materials that have contributed to water quality issues in the area. Cascade Mayor Judy Nissula welcomed the project’s approval, citing its potential economic benefits and Perpetua’s engagement with the local community.
“These are the type of companies we want in Cascade and we look forward to Perpetua’s next chapter in our community now that they received a positive Final Record of Decision from the U.S. Forest Service,” she remarked.
Stibnite is expected to produce approximately 450,000 ounces of gold annually during its initial four years of operation, alongside additional antimony production. The project’s estimated antimony reserves are projected to meet about 35 percent of US annual demand for the critical mineral over the first six years of operation.
Antimony is listed by the US government as a critical mineral due to its use in munitions, batteries and flame retardants.
The approval process for Stibnite began in 2016, and the Forest Service issued a draft environmental impact statement (EIS) in 2020, followed by a supplemental draft EIS in 2022 and a final EIS in late 2024.
Perpetua Resources has secured funding through a technology investment agreement under the Defense Production Act, which allocates US$59.2 million to support construction readiness and permitting.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.