Perpetua Resources announced its subsidiary, Perpetua Resources Idaho, Inc., has entered into an Ordnance Technology Initiative Agreement with the U.S. Army to evaluate the feasibility of producing tungsten concentrate at the Stibnite Mining District. The cost-share program is intended to fund exploration, testing, and engineering for a potential domestic tungsten source.
Key Details
- Agreement & Funding: The program has a total estimated cost of up to $85 million. It is a joint investment where the U.S. Army will contribute $40 million, which will be matched by Perpetua's subsidiary.
- Program Timeline & Scope: The initiative will fund drilling, metallurgical testing, and engineering activities through October 19, 2029, to define a potential tungsten mineral resource and assess production viability.
- Initial Phase: The first 18-month phase of the program is budgeted at approximately $18 million, with costs split equally between the U.S. Army and the company.