Perpetua Resources (Nasdaq: PPTA; TSX: PPTA) received a new 36-month, $40 million award through the U.S. Army's Defense Ordnance Technology Consortium to assess producing tungsten concentrate at its Stibnite project in Idaho. The cost-share program will fund drilling to define a potential tungsten resource, metallurgical testing, and permitting and engineering for an exploration decline. Perpetua will match the Army's $40 million contribution, and the initial 18-month phase is expected to cost about $18 million, shared equally. The company notes there has been no commercial tungsten mining in the U.S. since 2015 and that recent Chinese export controls add to supply risk. With this award, total U.S. Government awards to Perpetua for critical minerals reach $126 million since 2022.
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