Core Viewpoint - Perpetua Resources Corp. has been awarded additional funding of up to $6.9 million from the U.S. Army to support the development of a domestic supply chain for antimony trisulfide, a critical component for munitions and defense systems [1][2] Funding and Agreements - The new funding builds on a previous award of $15.5 million received in August 2023 under the Ordnance Technology Initiative Agreement (OTIA) [1][2] - The total funding under the OTIA can reach up to $22.4 million, subject to adjustments based on various factors as the program progresses [4] - Perpetua has now received over $80 million in total from the Department of Defense [2] Project Details - The Stibnite Gold Project is expected to supply up to 35% of U.S. antimony demand during its first six years of operations [5] - The project aims to restore American supply chain resilience, create jobs, and address environmental issues at an abandoned mine site [5][10] - Antimony trisulfide is essential for over 300 types of munitions, highlighting the importance of establishing a domestic supply chain [3] Strategic Importance - The partnership with the Department of Defense is part of a broader strategy to secure domestic sources of critical minerals, enhancing national defense capabilities [2][3] - The project aligns with the U.S. Army's "ground-to-round" critical minerals strategy, emphasizing the need for a fully domestic supply chain [2][3]

Core Viewpoint - Energy Fuels has developed the technical capability to produce several rare earth oxides at scale, coinciding with President Trump's initiation of a Section 232 investigation into imports of processed critical minerals, which may enhance domestic production and supply chains [1][4]. Company Developments - Energy Fuels has successfully developed technology to produce six of the seven rare earth oxides affected by new Chinese export controls, leveraging its White Mesa Mill in Utah, which can process monazite ore concentrates into separated neodymium-praseodymium oxide [2][6]. - The company has commercial capacity to process up to 10,000 tonnes of monazite concentrate annually, producing up to 1,000 tonnes of NdPr oxide, with plans to increase capacity to 60,000 tonnes in the future [9][10]. - Energy Fuels has established a supply chain for monazite by acquiring three large-scale heavy mineral sands mines, ensuring a long-term supply of monazite concentrates for processing [8][11]. Industry Context - The U.S. government, under President Trump's Executive Order, is investigating the national security implications of importing processed critical minerals, which may lead to increased domestic production and support for companies like Energy Fuels [4][5]. - The company is positioned to address gaps identified in the Executive Order, having a history of producing uranium and vanadium oxides, and recently launching commercial rare earth processing capabilities [5][12]. - Energy Fuels focuses on monazite, which has a high-grade REE content and is produced as a low-cost byproduct of heavy mineral sands mining, providing a competitive advantage in the rare earth market [8][9].