Perpetua Resources is a pre-revenue mining development company with a single asset: the Stibnite Gold Project in central Idaho. The project hosts deposits of gold, silver, and antimony — a critical mineral used in defense applications, ammunition, flame retardants, and energy storage. Perpetua's plan is to develop three gold deposits and reprocess historical tailings, alongside an environmental restoration program to remediate contamination from prior mining activity that predates Perpetua's ownership. The company received its key federal permits in early 2025 and began early works construction in October 2025, with a full construction decision targeted for 2026. Once in production, revenue would be driven by gold and silver prices and antimony sales. Perpetua argues the Stibnite project contains the only identified antimony reserves in the U.S., which has attracted government interest given China's dominance of global antimony supply. The company has sold royalties on future production to Franco-Nevada to fund development, and is pursuing project financing — potentially through the U.S. Export-Import Bank — which has not yet been secured. Two federal lawsuits remain pending, filed by environmental groups and the Nez Perce Tribe, both seeking to vacate the key federal permit and halt construction. Until the mine is in production, Perpetua is entirely a cash consumer funded by equity and royalty proceeds.