Perpetua Resources Corp.'s (PPTA:TSX; PPTA:NASDAQ) Stibnite gold-antimony project in Idaho is among the first group of U.S. critical minerals projects chosen by the country's National Energy Dominance Council (NEDC) for fast tracked permitting through the FAST-41 program, a news release noted.
"Though Perpetua received a Final Record of Decision in January 2025, its inclusion on the list demonstrates the [Trump] Administration's support for the project currently moving through the EXIM (Export-Import Bank of the United States) financing process," wrote Roth Capital Partners Analyst Mike Niehuser in an April 23 research report. "This is the critical path to a construction decision and integral to our investment thesis."
Upon being selected for priority attention, Stibnite was put on the Federal Permitting Dashboard, a tool designed to increase transparency, accountability and predictability in the permitting review process and enhance interagency coordination and expedited decision-making, according to a Federal Permitting Improvement Steering Council release.
"Transparency is important for the public to efficiently observe that the law is followed, without commercial or activist influence, resulting in a more efficient process," noted Niehuser.
"Being recognized as a Transparency Project by the White House underscores the immense strategic value of the Stibnite gold project," Perpetua President and Chief Executive Officer Jon Cherry said in the release.
These developments are a result of U.S. President Donald Trump's March 20, 2025 Executive Order, "Immediate Measures to Increase American Mineral Production," intended to spur an increase in domestic production of critical materials and thereby reduce reliance on other nations for supply. Among the materials Trump noted as critical was antimony, produced historically at Stibnite and the target of future production there.
Crucial Asset to the Country
Perpetua Resources's Stibnite is "one of the largest and highest-grade open-pit gold mines in the U.S.," wrote Hotline's Jay Taylor on March 21. The project has an existing gold resource of 4,800,000 ounces and is projected to produce about 460,000 ounces of gold annually in its first four years of operation, as outlined in the feasibility study and financial update. Plus, the project offers exploration upside.
Along with gold, Stibnite boasts 148,000,000 pounds of antimony, the only known reserve of the metal in the nation, according to the U.S. Geological Survey (USGS) January 2024 Mineral Commodity Summaries.
Stibnite represents a significant opportunity to restore a domestic supply chain of this critical mineral, essential to U.S. national security, the energy industries and advanced technologies, given that China stopped antimony exports to the States last December. Stibnite could supply up to 35% of U.S. antimony demand during its initial six years of production, based on the USGS 2023 Antimony Data Release.
"Perpetua remains a key player in securing a domestic critical mineral supply of antimony through ongoing advancement of the Stibnite gold project," wrote Heiko Ihle, H.C. Wainwright & Co. analyst in a March 21 research report.
Project costs are in the lowest quartile, with a low strip ratio and a projected all-in sustaining cost of US$435 per ounce (US$435/oz) during years one through four. The antimony will afford byproduct credit with gold as the primary product and economic driver of the project.
Stibnite will be powered by low-cost, clean hydropower, one of the lowest carbon emissions grids in the country. Idaho-based Perpetua will supply part of the antimony produced at Stibnite to Ambri, a U.S. company that is commercializing a low-cost liquid metal battery essential to the green energy transition.
At Stibnite, Perpetua also is restoring the brownfield site. Its plan of operations, approved by the U.S. Fish and Wildlife Department, includes various environmental solutions, such as restoring miles of blocked river habitat and re-establishing fish migration, removing legacy tailings and enhancing water quality.
"Our goal is to transform an area abandoned after 100 years of mining activity into a national strategic asset for critical mineral and gold production through responsible mining and a sustainable approach to restore the environment for the benefit of all stakeholders," the company noted in its 2025 Investor Presentation.
Along with being chosen as a Transparency Project, Stibnite has received other government interest. This includes a total of about US$75 million (US$75M) from the U.S. Department of Defense and most recently, a letter of interest in 2024 from the U.S. Export-Import Bank for debt financing of up to US$1.8 billion (US$1.8B).
Two Hot Sectors
Gold: Despite gold's US$100 correction on April 23, the gold bull market has "years to run" due to multiple fundamental reasons, wrote Brien Lundin of The Gold Newsletter on the same day. "So gold bugs and bulls should take the advice of that catchy tune: 'Don't worry, be happy!' This correction in gold was inevitable and desirable. And now we're back on firmer footing for more gains to come."
According to Technical Analyst Clive Maund, gold "is in melt-up mode due to an unprecedented confluence of economic and geopolitical factors." This gold bull market is still in its early stages as evidenced by the still depressed silver:gold ratio. As such, precious metals stocks should take off.
Jesse Colombo of The Bubble Bubble Report shared a similar sentiment on April 17. "If history is any guide, major gold breakouts like this don't fade quickly," he wrote. "They tend to kick off bull markets that last a decade or more."
Growth is forecasted for the global gold market through at least 2030 at a 5.1% compound annual growth rate (CAGR), according to Research and Markets. By then, the market's size is projected to reach 6,300 tons (6.3 Kt), up from 4.7 Kt in 2024.
However, the market has a current undersupply of about 900 tons, and this is expected to increase to 1,200 tons (1.2 Kt) by Q4/25, wrote John Zadeh on April 17. This growing supply deficit bodes well for higher gold prices.
Niehuser is one of several analysts who are bullish on Perpetua. His rating on the stock is Buy, and his target price reflects 50% return potential.
In the DiscoveryAlert article, Zadeh pointed out that most major financial institutions recently raised their gold price targets for 2025. The forecast now of many is US$4,500/oz by Q1/26 or even sooner.
Technical Analyst AG Thorson also believes gold is in for a substantial long-term rally, possibly even surpassing US$8,000/oz by 2030E, he wrote in an April 18 article on FX Empire. However, he also thinks a pullback below US$3,000/oz is highly likely.
"I believe gold is nearing a major peak and is likely headed for a 20% correction that could unfold over the next three to six months," Thorson wrote. "That said, if silver surprises to the upside and breaks above US$35/oz in the coming days, the rallies in gold and mining stocks could extend beyond April."
Jana Kane, editor-in-chief of the LiteFinance trading blog, reported on April 21 that analysts' gold price forecasts for 2027 to 2030 generally are favorable. Their projections have the price landing somewhere between US$4,988.99 and US$5,194/oz by 2030.
Whereas longer-term forecasts, for 2040 to 2050, are less certain due to numerous factors, most analysts' gold price estimates remain bullish, between US$8,243 and US$10,000/oz during that period, Kane added.
Lundin highlighted on April 21 that even though gold's current ascent seems "unstoppable," most mining stocks have not started recognizing the yellow metals' bull market. The largest, most profitable gains have yet to be realized.
With the gold price soaring, now is the time to take or add to positions in mining stocks that either have not moved yet or have moved but still have a significant upleg ahead, Maund noted on April 11.
Antimony: Demand for antimony continues to increase because the metal is vital to many industries, a March 7 Carbon Credits article pointed out. Applications include munitions, small arms, missiles, batteries, solar panels, flame retardants, chemicals and alloys, and more.
The global market is projected to expand to US$3.5B in value by 2030 from $2.5B in 2024, reflecting a 6.2% CAGR, according to Research and Markets. The U.S. antimony market also is forecasted to grow significantly, reaching an estimated value of US$107M by 2032.
Despite rising demand, global supply of this critical mineral is in a deficit. According to Barry FitzGerald in an April 12 Stockhead article, antimony stockpiles have been diminished because of ongoing wars, and military stores must be replenished. The solar industry also is helping dwindle the world's supply as it needs antimony for its top-end glass panels.
H.C. Wainwright's Ihle rates PPTA Buy. His target price represents a 52% return to target from the company's current share price.
"In short, antimony has become a metal that everyone wants and needs," FitzGerald wrote. "It is why the price is at record levels and why the price will not be retreating any time soon."
Specifically, since China curtailed antimony exports to the U.S. in 2024, antimony prices "have been on an absolute tear as [a] result," he added. "What was being exchanged for US$12,000 per ton just 16 months ago now commands US$60,000 per ton."
Bob Moriarty of 321gold wrote on April 22 that since Jan. 1, 2023, the antimony price soared 240% from a base of 100 to 340 today. Since Trump took office, the price rose almost 50%.
"Prices for critical metals are exploding, and others are starting to notice those few stocks in this particular area of interest," Moriarty wrote.
With projects that contain both gold and antimony (like Perpetua Resources' Stibnite), FitzGerald pointed out, investing in one for the antimony when prices are record high also is an investment in a gold stock at a time of all-time high prices.
The Catalysts: Permits and Financing
Three major catalysts are on the horizon for Perpetua, according to its Investor Presentation. One is receipt of final permits for Stibnite. In this vein, the junior miner expects a decision on final federal approval, in the form of a U.S. Army Corps of Engineers Clean Water Act 404 permit, in Q2/25. Should Perpetua receive this permit as expected, it will be nine years after Perpetua started the formal permitting process for Stibnite (2016) under the National Environmental Policy Act.
The other catalyst is funding to continue advancing Stibnite. Perpetua currently is preparing a formal application to EXIM for debt financing through its "Make More in America" and "China and Transformational Exports Program" initiatives and is expected to complete and submit it soon, noted Niehuser. The analyst expects EXIM financing terms to be better than those with conventional financing, he wrote.
"Inclusion on the Permitting Council's initial list indicates federal support to grant the Clean Water Act 404 permit and for approval of EXIM financing," Niehuser commented.
Once the final permits are received and financing is secured, the next major event for Perpetua and Stibnite is a construction decision. If the company decides to proceed, construction at Stibnite potentially could start this year, noted the analyst.
Stock Remains a Buy
Niehuser is one of several analysts who are bullish on Perpetua. His rating on the stock is Buy, and his target price reflects 50% return potential.
Similarly, H.C. Wainwright's Ihle rates PPTA Buy. His target price represents a 52% return to target from the company's current share price.
Streetwise Ownership Overview*
Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ)
"We expect ongoing news flow related to financing activities for the site," Ihle wrote. "We anticipate continued interest from institutional investors as the domestic antimony supply remains quite scarce while Stibnite continues to get more and more derisked."
A third analyst with a Buy rating on Perpetua is Cantor Fitzgerald's Mike Kozak. His target price reflects a potential uplift of 38%, as noted in his March 21 research report.
Ownership and Share Structure
According to Refinitiv, management and insiders own approximately 0.50% of Perpetua.
Institutions own about 63.52%. Top institutional shareholders include Paulson & Co. with 35.08%, Sun Valley Gold LLC with 4.2%, Sprott Asset Management LP with 4.16%, Kopernik Global Investors LLC with 3.05% and Sprott Asset Management USA Inc. with 3.41%. The rest is in retail.
Perpetua has 70.61 million (70.61M) outstanding shares and 69.97M free float traded shares. Its market cap is CA$937.13M. Its 52-week range is CA$6.80–CA$19.72 per share.
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Important Disclosures:
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- Perpetua Resources Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
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