By Adriano Marchese
Perpetua Resources said Monday it has received $34.6 million in additional funding from the U.S. Department of Defense to develop its Stibnite gold project in central Idaho.
The dual-listed company said the new money received as part of the Defense Production Act Title III aims to support construction readiness activities and environmental studies at the project which is in the permitting process.
The stibnite gold project is expected to be the only domestically-mined source of the critical mineral antimony, considered critical to national defense for its uses in munitions.
Currently, almost all of its supply comes from China, Russia and Tajikistan.
This new funding brings total funding from the Department of Defense to $59.4 million, the company said.
The funding will allow Perpetua to continue advancing the construction readiness of the Stibnite gold project and support environmental and technical studies.
Write to Adriano Marchese at adriano.marchese@wsj.com
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