Perpetua Resources receives $40 million U.S. Army grant for tungsten exploration in Idaho
Perpetua Resources Corp. announced a 36‑month cost‑share program with the U.S. Army’s Defense Ordnance Technology Consortium that provides $40 million to study tungsten production at the Stibnite district in Idaho. The company will match the government contribution, with the first 18‑month phase costing about $18 million split evenly between the two parties. The award brings total U.S. government funding for Perpetua’s critical‑minerals projects to $126 million since 2022 and includes a warrant amendment extending expiry to April 2027.
Why it matters
The funding enables Perpetua to advance drilling and metallurgical testing that could establish a domestic tungsten source, reducing U.S. reliance on imports. Matching the grant doubles the cash available for the project, potentially improving the company’s near‑term cash flow and long‑term resource base (per the press release).
Key facts
- 1The U.S. Army awarded Perpetua a $40 million grant for a 36‑month tungsten exploration program. prnewswire.com
- 2The program is structured as a cost‑share arrangement, with the first 18‑month phase expected to cost approximately $18 million, split equally between Perpetua and the Army. investing.com
- 3Perpetua will match the Army’s $40 million contribution, providing an equal amount of capital to the project. mining.com
- 4Total U.S. government awards to Perpetua for critical‑minerals projects have reached $126 million since 2022. prnewswire.com
- 5The company amended outstanding warrants for 1,607,802 common shares, extending their expiry to April 28 2027. prnewswire.com
- 6Recent drilling at the Hangar Flats deposit returned 9.8 m grading 4.6% tungsten and 8.3% antimony, 22.9 m grading 1.2% tungsten and 3.2% antimony, and 3.4 m grading 1.5% tungsten and 10.6% antimony. mining.com
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.