Perpetua Resources Corp. announced its wholly owned subsidiary Perpetua Resources Idaho, Inc. has entered into a Memorandum of Understanding ("MOU") to explore antimony processing opportunities with Sunshine Silver Mining & Refining Company, also based in Idaho.
Testing under the MOU, which is non-binding and non-exclusive, will evaluate the technical potential for processing and refining antimony from the Stibnite Gold Project in Idaho at the Sunshine Mine Complex. The MOU will initiate third-party engineering to evaluate a flowsheet to suit different antimony ore types and follows engagement between the parties' technical and executive teams.
"Perpetua's MOU with Sunshine Silver is a step in evaluating a fully integrated American antimony supply chain," said Jon Cherry, President and CEO of Perpetua Resources. "The Stibnite Gold Project is the only identified domestic reserve of antimony, and with final federal decisions expected in a matter of weeks, Perpetua is ready to work with U.S. companies to help secure domestic production of antimony."
"A fully American antimony supply chain is paramount for U.S. national and economic security," said Heather White, CEO of Sunshine Silver. "We are confident that Sunshine can process and produce high-grade antimony here in Idaho as we have done in the past. Collectively, Sunshine and Perpetua plan to work under the MOU to identify a framework to develop a truly end-to-end American antimony solution."
On December 3, 2024, China, which dominates antimony production, refinement, and processing capabilities globally, announced an enhanced ban on exports of antimony to the United States. This move comes after the Chinese Communist Party announced global export restrictions on antimony in August 2024.
Antimony is essential for national defense, clean energy and technology applications. Antimony is a primer in hundreds of munition types, a doping agent in semiconductors and printed circuit boards, and a central component in solar panels and wind turbines. No domestically mined supply of antimony currently exists.
The Stibnite Gold Project has a reserve of 148 million pounds of antimony, making it one of the largest reserves of antimony not under Chinese influence and the only U.S. domestic reserve. The Stibnite Gold Project is expected to supply about 35 percent of projected U.S. antimony demand in the first six years of operations, based on the 2023 USGS antimony commodity summary. This Perpetua production, if added to the 5 percent that Sunshine has indicated it expects to be able to produce, could provide up to 40 percent of U.S. antimony demand.