Perpetua Resources Secures Up to $40 Million US Army Award for Idaho Tungsten Work

Perpetua Resources has received a 36-month, $40 million award through the U.S. Army's Defense Ordnance Technology Consortium to evaluate producing tungsten concentrate at the historical Stibnite Mining District in Idaho, PR Newswire reported on October 26, 2026. The award comes from the Portfolio Acquisition Executive Agile Sustainment & Ammunition at Picatinny Arsenal, New Jersey.

How the Army Tungsten Program Works

The award is structured as a cost-share program between Perpetua Resources and the U.S. Government, and the company will match the Army's $40 million contribution. Funding will support drilling to define a potential tungsten mineral resource, collection of material for laboratory and bench-scale metallurgical testing, and permitting and engineering of an exploration decline to access areas of known tungsten mineralization.

The initial 18-month phase is expected to cost approximately $18 million and be shared equally between Perpetua and the U.S. Army. The timing, scope and cost of subsequent phases are subject to results of prior exploration, testing, engineering and permitting activities, as well as approval of each incremental phase of additional funding.

"Resilient mineral solutions start here in America," said Jon Cherry, Perpetua Resources President & CEO. "The U.S. Army's additional investment in a historically proven American tungsten source at Stibnite underscores the growing strategic value of Stibnite's mineral endowment and continues to strengthen the partnerships supporting Perpetua's future."

There has been no commercial tungsten mining in the United States since 2015, and the country is wholly reliant on imports from a small number of countries. The Stibnite district supplied roughly half of the tungsten and 90% of the antimony used by the United States during World War II.

Perpetua's Funding and Stibnite Scale

Perpetua Resources is a pre-revenue Idaho-based mining company developing the Stibnite Gold Project to produce the only domestic U.S. antimony reserve alongside high-grade gold, according to akta.pro company records. The same records show the project holds an estimated antimony reserve of 148 million pounds, expected to supply roughly 35% of U.S. antimony demand in the first six years of operations, and an estimated gold reserve of 4.8 million ounces.

Company records also list a 2026-06 grant of $4.7 million led by the DoD Ordnance Technology Consortium and a 2026-05 post-IPO debt of $2.9 billion led by the Export-Import Bank of the United States.

Earlier Stibnite Milestones

A U.S. federal court upheld Perpetua Resources' Stibnite gold-antimony project in Idaho in August 2026, dismissing environmental challenges and allowing early construction to proceed, Northernminer reported. Perpetua Resources said in September 2026 that exploration drilling surpassed 10,000 meters in August, with construction on Burntlog Route and worker housing continuing, according to PR Newswire. In October 2026, Simply Wall St reported that the Stibnite Gold Project drilling exceeded its 10,000-meter plan and continues into fall.

What Comes Next for the Tungsten Program

Perpetua will design and implement the tungsten exploration project, and the company has submitted proposals for additional grants to further expand its critical minerals program. The company said it intends to continue its own ongoing exploration activities underneath the currently permitted Hangar Flats pit.