US Gold-Antimony Project Lands Top-Tier Builder as Construction Momentum Accelerates in Idaho
Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) has selected Hatch Ltd. as EPCM contractor for its Stibnite Gold Project in Idaho, marking a key step as the project advances toward construction. The appointment includes a US$4 million equity investment and supports ongoing financing discussions tied to the companys gold and critical antimony asset.
Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) has named Hatch Ltd. as the Engineering, Procurement, and Construction Management (EPCM) contractor for its Stibnite Gold Project in Idaho. The move, which followed a competitive selection process, marks another step forward as the project shifts from planning to development.
As EPCM contractor, Hatch will oversee engineering, design, procurement, and construction across the Stibnite site, and will also implement integrated performance management systems to guide project governance and delivery.
In connection with the appointment, Hatch committed to a US$4 million equity investment through a private placement, acquiring 138,696 common shares at US$28.84 per share. Perpetua stated that the investment was not a determining factor in Hatch's selection and that the final EPCM contract is expected to be completed in the near term.
Jon Cherry, President and CEO of Perpetua Resources, commented, "Hatch brings the depth, discipline, and proven execution capability required to responsibly deliver the Stibnite Gold Project." He pointed to the firm's experience with U.S.-based mining and metallurgical projects.
Hatch Chair and CEO John Bianchini added, "We are so well aligned with Perpetua's strategic vision that we are making our own US$4 million equity investment," reaffirming the firm's commitment to responsible execution.
Perpetua said the appointment strengthens its position in ongoing discussions with the U.S. Export-Import Bank. The contractor was selected based on commercial and technical qualifications, independent of the private placement.
Stibnite is currently the only known domestic source of antimony reserves. Antimony is classified as a critical mineral used in defense applications and renewable energy technologies.
Gold Demand Holds Strong as Strategic Minerals Like Antimony Gain Defense Attention
ChemAnalyst's December 9 report indicated that U.S. antimony trioxide prices declined by 2.16% in November. The dip was linked to increased Asian supply and lower freight costs, though U.S. production remained constrained, with small-scale smelters fulfilling only a portion of total demand.
A December 10 report by Muflih Hidayat emphasized antimony's role in U.S. national defense, citing its importance in munitions, ignition systems, and electronics. The report described antimony as a mineral security priority and highlighted its role in fire-safety applications as well.
Couloir Capital stated on December 15 that gold prices rose 2.5% for the week after the Federal Reserve cut interest rates by 25 basis points. The firm noted that "the Fed will begin purchasing shorter-dated Treasuries, at a pace of US$40 billion per month," contributing to a weaker U.S. dollar and higher metal prices.
Stewart Thomson wrote on December 16 for 321gold that gold continues to serve as "supreme money" amid weakening fiat currencies. He urged accumulation of gold, noting rising demand from Asia and a cultural shift among regulators who "realise gold needs to be accumulated and celebrated."
Analysts Highlight Institutional Confidence and De-Risking Progress
On October 22, Mike Niehuser of ROTH Capital Partners said Perpetua's start to early construction was a major de-risking milestone, supported by a US$139 million bond. He also cited upside from exploration beyond the current mine plan and strong gold pricing.
In a follow-up on October 29, Niehuser described the US$255 million equity raise as further validation of Stibnite's world-class potential. He reiterated a Buy rating and US$32 target, pointing to institutional backing from Agnico Eagle and JPMorganChase as strong signals of confidence.
Rabi Nizami of National Bank of Canada also responded positively. In an October 24 note, he called the early construction start a "prudent" move and maintained an Outperform rating with a CA$50 target, citing reduced risk and progress on schedule.
Following the October 27 equity announcement, Nizami viewed the deal as a "vote of confidence" and a value-preserving alternative to royalties. He flagged it as a key step toward EXIM financing and mentioned the upcoming potential offtake agreements and U.S. government support.
On December 10, Nizami reiterated his Outperform rating and CA$50.00 target price following Perpetua Resources' announcement of a pilot processing plant initiative in partnership with the Idaho National Laboratory (INL). The modular pilot plant, designed in collaboration with Perpetua engineers, is expected to process ore from the Stibnite Gold Project to produce high-grade, military specification antimony trisulfide. Nizami noted that locating the facility at INL "effectively externalizes the operational risk" of developing a military-grade flowsheet and called it "another positive signal of the national strategic importance of the project."
The report emphasized that while military-grade antimony is anticipated to represent less than 10% of total production, it may carry premium pricing. Nizami also cited media reports indicating that the project may serve as the foundation for a broader U.S. military effort to develop small-scale domestic refineries for critical minerals. He added that the initiative strengthens the outlook for upcoming milestones, including EXIM Bank loan approval, potential offtake agreements, and a full construction decision in 2026.
Brian Quast of BMO Capital Markets raised his target to CA$44 on October 30 and kept an Outperform rating, noting that equity-based funding preserved flexibility. He also cited a new advisory committee with Agnico Eagle as a valuable technical and strategic resource.
On November 17, Quast reaffirmed his CA$44 target and Outperform rating following Q3 results. He cited a US$446 million cash balance, US$333 million in equity financings, and visibility on US$2 billion in debt funding as indicators that construction could be fully funded. He also referenced Perpetua's litigation updates and pending EXIM Bank review by spring 2026.
Mike Kozak of Cantor Fitzgerald also commented on the October 27 investment, stating it removed the need to monetize future production. He maintained a Buy rating and raised his target to US$27, calling the structure a sign of long-term institutional confidence and a key factor in reducing capital risk.
Streetwise Ownership Overview*
Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ)
Warrants A stock warrant gives the holder the right, but not the obligation, to buy or sell a specific number of shares of a company's stock at a predetermined price (strike price) within a certain time frame. A stock warrant is issued directly by the company.| $31.46 | 953,743 | 10/28/2026 |
| $31.46 | 397,393 | 10/28/2026 |
| $31.46 | 133,333 | 12/01/2026 |
| $34.95 | 953,743 | 10/28/2027 |
| $34.95 | 397,393 | 10/28/2027 |
| $34.95 | 133,333 | 10/28/2027 |
| $38.45 | 953,743 | 10/28/2028 |
| $38.45 | 397,393 | 10/28/2028 |
| $38.45 | 133,333 | 10/28/2028 |
From Permitting to Production: Stibnite Accelerates Toward Key Milestones
The EPCM appointment and equity backing from Hatch mark another step in Perpetua's shift from planning to execution. It follows a series of 2025 milestones including receipt of a Final Record of Decision, the start of construction, and ongoing EXIM Bank engagement.
According to the December investor presentation, Stibnite contains 4.8 million ounces of gold in reserves and 148 million pounds of antimony, making it the largest independent gold reserve in the U.S. and the only domestic source of antimony reserves.
A final investment decision is expected in spring 2026. In the interim, the company is focused on finalizing the EPCM agreement, negotiating offtake deals, advancing EXIM loan discussions, and pursuing exploration across additional high-grade targets near Yellow Pine and Hangar Flats.
Ownership and Share Structure1
Following the closing of the private placement with Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) and JPMorganChase, the company has 122.9 million shares issued and outstanding. On an undiluted basis, Paulson & Co. owns 26.3%, Agnico Eagle owns 6.5%, and JPMorganChase holds 2.6%. Approximately 64.6% is owned by other institutional and retail investors.
Agnico Eagle warrants: 2,861,229 total granted:
953,743 expiring on 10/28/2026 with an exercise price of US$31.46/share
953,743 expiring on 10/28/2027 with an exercise price of US$34.95/share
953,743 expiring on 10/28/2028 with an exercise price of US$38.45/share
JPMorgan Chase warrants: 1,192,179 total granted:
397,393 expiring on 10/28/2026 with an exercise price of US$31.46/share
397,393 expiring on 10/28/2027 with an exercise price of US$34.95/share
397,393 expiring on 10/28/2028 with an exercise price of US$38.45/share
November Private Placement warrants: 400,000 total granted:
133,333 expiring on 12/01/2026 with an exercise price of US$31.46/share
133,333 expiring on 10/28/2027 with an exercise price of US$34.95/share
133,334 expiring on 10/28/2028 with an exercise price of US$38.45/share
Its market cap is CA$3.56B. Its 52-week range is CA$7.60-CA$24.38 per share.
| Want to be the first to know about interestingCopper andCritical Metals investment ideas?Sign up to receive the FREE Streetwise Reports' newsletter. | Subscribe |
Important Disclosures:
Perpetua Resources Corp is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Perpetua Resources Corp. and Agnico Eagle Mines Ltd.James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.For additional disclosures, please click here.
1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.