08:03 AM EST, 01/06/2025 (MT Newswires) -- Perpetua Resources ( PPTA ) shares surged 20% on Monday in Nasdaq pre-market trading after the miner confirmed it secured approval from the U.S. Forest Service to develop the Stibnite gold-antimony project in Idaho.

The agency issued the final record of decision authorizing Perpetua's mine plan for the project after an eight-year review, the company said.

"This approval elevates the Stibnite gold project to an elite class of projects in America that have cleared [the National Environmental Policy Act permitting process]," said Jon Cherry, president and CEO of Perpetua. "The Stibnite gold project can deliver decisive wins for our communities, the environment, the economy, and our national security."

Perpetua noted that the project hosts the only identified antimony reserve in the U.S. and is expected to supply roughly 35% of U.S. demand in the first six years of operations.

Antimony has been classified as critical mineral and is used in technology, defense and energy products.

Perpetua said it is now focused on advancing the project towards a construction decision, including finalizing the remaining federal and state permits and securing project financing.