11:13 AM EDT, 05/20/2025 (MT Newswires) -- (Adds comment and updates shares.)

Perpetua Resources ( PPTA ) was last seen up 10% after the company on Sunday said it received the final federal permit required for the Stibnite gold project in Idaho.

The U.S. Army Corps of Engineers issued the Clean Water Act Section 404 permit needed for the project to start construction. Perpetua said it will now focus on finalizing the remaining state permits and securing financing for the project.

The project has gold reserves of approximately 4.8 million ounces and is expected to produce about 450,000 ounces of gold annually over its first four years of production. It also holds an antimony reserve estimated at 148 million pounds, the only identified antimony reserve in the United States, the company said.

The project is expected to meet about 35% of U.S. antimony demand during its initial six years of production. Antimony is classified as a critical mineral needed for technology and defense applications.

National Bank of Canada maintained its outperform rating and $24 price target on Perpetua's shares following the company's release.

National Bank said Perpetua's funding gap appears tight but believes the company will either use funds from a completed strategic financing to complete its 2025 work plan or delay some expenditures to later in the year.

Perpetua shares were last seen up $1.68 to $18.34 on the Toronto Stock Exchange.

Price: 18.31, Change: +1.65, Percent Change: +9.90