SPONSORED

“Just a Gold Mine”: US Antimony CEO Questions Perpetua’s Stibnite Narrative

Gold Boom Meets Antimony Skepticism: CEO Throws Shade on Perpetua’s “Critical Mineral” Crown

•• 1 Min
“Just a Gold Mine”: US Antimony CEO Questions Perpetua’s Stibnite Narrative

When gold prices blasted through $4,400 per ounce on December 22, 2025, and antimony soared to fresh highs amid China's export squeeze, one veteran CEO decided it was time to call out what he sees as a gilded distraction in America's critical minerals push.

Gary Evans, the plain-speaking chairman and CEO of United States Antimony Corporation, recently described Perpetua Resources' ambitious Stibnite Gold Project in Idaho as fundamentally "a gold mine with a little bit of antimony", a venture powered more by record-breaking bullion values than by delivering the defense-grade strategic mineral the nation desperately needs. In an environment where gold has surged over 68% year-to-date on safe-haven demand and rate-cut bets, Evans' pointed assessment highlights a growing industry debate: Is Stibnite truly the breakthrough for domestic antimony security, or a gold powerhouse wearing a critical minerals halo?

Perpetua's Stibnite, now advancing through early construction after an October 2025 groundbreaking, holds substantial reserves, 4.8 million ounces of gold and 148 million pounds of antimony, the only known U.S. deposit positioned to scale without foreign ties. Backed by more than $80 million in Pentagon funding, a potential $2 billion Export-Import Bank loan, and recent engineering milestones like selecting Hatch as its contractor, the project aims for production around 2029. Company leaders project it could supply up to 35% of U.S. antimony needs in initial years, with December advancements including a partnership with Idaho National Laboratory for a pilot plant targeting military-spec trisulfide.

Yet the critique resonates because economics tell a compelling counter-story. At current gold prices topping $4,417 per ounce, the precious metal could drive up to 95% of revenue, cushioning the project against antimony's lower grades (averaging 0.064% life-of-mine) and processing complexities like impurity removal. Perpetua acknowledges gold's pivotal role in viability, while pushing forward on refining solutions.

On the flip side, United States Antimony stands as the immediate responder. With North America's only operating antimony smelters in Montana, it locked in a $245 million sole-source Defense Department contract in September 2025 for ingot deliveries already underway, delivering proven, urgent supply for munitions and industry today.

The exchange underscores a healthy tension in a niche but vital sector: Perpetua's long-term scale and gold-backed resilience versus United States Antimony's operational firepower and near-term reliability. With antimony prices elevated around $38,000 per metric ton and national security stakes high, both players advance the cause of domestic independence. In the end, Evans' shade-throwing serves a useful purpose, it sharpens focus on what matters most: turning reserves into reality, fast.

Sources:

  • Bloomberg Businessweek (December 19, 2025: feature on Perpetua and antimony context)
  • Perpetua Resources press releases and corporate updates (October-December 2025: groundbreaking, Hatch selection, Idaho National Lab partnership, project details)
  • United States Antimony Corporation announcements (September 2025 DoD contract; operations and leadership statements)
  • Trading Economics and Reuters (gold prices as of December 22, 2025)
  • Fastmarkets, Junior Mining Network, and industry reports (antimony pricing trends, up to $38,000/mt)
  • U.S. Geological Survey and company feasibility studies (reserves, demand, and grade data)
  • Mining.com and PRNewswire (project milestones and market context)

Most Popular News

  1. SpaceX’s $8B Spectrum Deal Sends AT&T, Verizon, and T-Mobile Plummeting
  2. Is Project Vault Securing America’s Supply Chain or Squeezing It to the Breaking Point?
  3. Why Gautam Lohia Shifted from Global Consulting to Reboot a $20M Tech Micro-Cap
  4. Everyday Luxury, Unstoppable Scale: Aritzia Delivers 44% Net Revenue Growth
  5. Can Navy SEAL Leadership and Big Tech Scale Revolutionize Airborne Threat Detection?

Disclaimer


This report should not be viewed as investment advice or as an offer to buy or sell any securities or as an invitation or solicitation of an offer to buy or sell any securities. Neither the author of this report, its publisher, nor any other person associated with the publication of this report, are registered brokers, investment dealers, investment advisers, or financial advisers. The information in this report has not been tailored to the particular needs or circumstances of readers and should not be relied upon as investment advice or recommendations to purchase or sell any of the securities presented in this report. Readers seeking investment advice should contact qualified and registered brokers, investment dealers, investment advisers, or financial advisers prior to making any decision to buy or sell any of the securities referred to in this report. The information in this report should not be construed as investment, legal, or tax advice. No recommendation is made as to whether an investment in the presented securities is suitable for any reader in light of the reader’s particular circumstances.

Readers are cautioned that the publisher of this report covers exclusively securities that carry a high degree of volatility. Investing in such securities is highly speculative and carries a high degree of risk. Investors in such securities could lose all or a substantial portion of their investment. Only those investors who can afford to lose all or a substantial portion of their investment should consider investing in the securities referred to in this report.

This report may include information obtained from publicly available sources, including third-party reports or analysis. Neither the author nor publisher of this report, nor www.juniorstocks.com or its owners, have undertaken any independent investigation into the factual information used in this report, and the information in this report is provided without any warranty of any kind. No representations or warranties are provided regarding the accuracy or completeness of the information provided in this report. Statements of opinion or belief are those of the authors and/or publisher of this report. These statements of opinion or belief are expressions of the author’s and/or publisher’s judgment, and there is no guarantee that those judgments will turn out to be correct. No inference should be drawn that the author and/or publisher have any special or greater knowledge about the presented companies or their securities, or any particular expertise in the industries or markets in which the company operates. Readers should conduct their own due diligence and seek professional advice prior to investing in any securities presented on Juniorstocks.com.

Certain statements in this report constitute “forward-looking” statements. Forward-looking statements often, but not always, are identified by the use of words such as “seek,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” “targeting,” and “intend” and statements that an event or result “may,” “will,” “should,” “could,” or “might” occur or be achieved and other similar expressions. Forward-looking statements express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions, or future events or performance; they are not statements of historical facts and should not be viewed as any guarantee of any future result. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. The author and/or publisher of this report disclaims any obligation to update the forward-looking statements in this report, whether as a result of new information, future events, or results or otherwise. There is no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

The information provided in this report is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to applicable law or regulation, or would subject the author or publisher of this report to any registration requirement in such jurisdiction or country.

Information about the editor of this publication:
Juniorstocks.com is a service provided by Piccadilly Capital Group, Office 66, 101 Clapham High Street, London, SW4 7TB, UK. Piccadilly Capital Group is not the publisher of this report and was not paid for the publication of this report. Piccadilly Capital Group seeks to generate web traffic and a growing number of followers through the publication of articles or reports. Directors, officers, and other insiders of the publisher own an interest in Piccadilly Capital Group. Piccadilly Capital Group does not endorse or recommend the business, products, services, or securities of any company mentioned on www.juniorstocks.com. Piccadilly Capital Group will not share your information with any outside third parties. Due to the new data protection basic regulation, we ask you to read our data protection declaration carefully.

Note on copyright:
The contents published on this website and on connected media (e.g., e-mail, X, Facebook) are subject to applicable copyright and ancillary copyright laws. Any use not permitted by applicable copyright and ancillary copyright laws requires the prior written consent of the provider or the respective rights holder. In particular, this applies to the duplication, editing, translation, storage, processing, or reproduction of content in databases or other electronic media and systems. Contents and rights of third parties are marked as such. Unauthorized reproduction or transmission of individual contents or complete pages is not permitted and is punishable by law. Only the production of copies and downloads for personal, private, and non-commercial use is permitted. Links to the provider's website are always welcome and do not require the consent of the provider of the website. Photos and images on the website may not be shared unless the publisher itself has acquired the initial rights from authorized sources. The presentation of this website in external frames is only allowed with written permission. If you notice any violations, please inform us. Please note: The content of our articles, emails, or other publications or social networks such as X, LinkedIn or Facebook is exclusively intended for the designated addressee(s). If you are not the addressee of these articles, emails, or other publications in the market letter or social networks such as Twitter or Facebook or his or her legal representative, please note that any form of publication, reproduction, or distribution of the content of these articles, emails, or other publications in the market letter or social networks such as X, LinkedIn or Facebook is prohibited. Falsifications of the original content of this message during data transmission cannot be excluded in principle.