11:39 AM EDT, 09/19/2025 (MT Newswires) -- Perpetua Resources ( PPTA ) Friday received a conditional notice to proceed from the U.S. Forest Service for the Stibnite gold project in Idaho.

The notice said the project has met all requirements in a January record of decision and permits construction to begin, provided the company posts the joint financial assurance bond agreed to by the USFS, Idaho Department of Lands and the U.S. Army Corps of Engineers.

Perpetua maintained its outperform rating and $29 price target at National Bank of Canada following the news. The bank based the price target on a 0.75x P/NAV multiple. It also expects a steady P/NAV re-rate for the company over the construction period, with the potential for a more significant valuation re-rate towards the later years of the build. Positive catalysts are also expected from a return to exploration drilling and updates on high-purity antimony testwork at the site.

The Stibnite gold project plans to produce America's only mined resource of the critical mineral antimony, a key component in munitions and advanced defense systems.

This year, the Trump administration placed the Stibnite gold project on the Transparency Projects list under the FAST-41 program established to support domestic mineral production.

Perpetua traded 3.7% higher at last look to $24.88 per share on the TSX.

Price: 24.75, Change: +0.76, Percent Change: +3.17