Perpetua Resources Lands $40M Army Deal to Boost US Tungsten Supply

Perpetua Resources has been awarded up to $40 million in U.S. Army funding to develop a domestic tungsten supply chain, adding a second critical mineral focus to the company's existing program, according to an announcement from the miner.

The agreement was reached through the Defense Ordnance Technology Consortium, a defense-linked procurement vehicle that channels military investment into strategically important industrial projects. The funding is earmarked for drilling campaigns, metallurgical test work, and construction of a decline — an underground access tunnel — into a deposit known as Hangar Flats, which is described as a high-grade tungsten resource.

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Tungsten is a dense, heat-resistant metal used in a wide range of military applications, including armor-piercing ammunition, missile components, and other ordnance. The U.S. currently relies heavily on foreign sources for the material, making domestic development a priority for defense planners seeking to reduce supply-chain vulnerabilities.

For Perpetua Resources, the Army agreement represents a significant expansion beyond its primary antimony and gold project at the Stibnite mine site in Idaho. Securing a second critical mineral pillar through direct military backing adds both funding certainty and strategic weight to the company's portfolio at a time when Washington is actively pushing to onshore production of materials deemed essential to national security.

The scope of work — combining subsurface access construction with exploration drilling and processing studies — suggests the program is designed to rapidly characterize the Hangar Flats resource and assess its viability for domestic military supply. Continue reading at All Financial Services & Investing.