Mining Stock Daily

Jon Cherry: Balancing Gold Economics, National Defense, and Regulatory Certainty

Nov 21, 2025
Jon Cherry, CEO of Perpetua Resources, leads the charge on the Stibnite Gold Project, crucial for U.S. antimony supply. He delves into the project's significance for national defense, highlighting its unique antimony reserve. Cherry discusses a monumental $255 million financing deal, the challenges of domestic processing, and how gold economics drive the initiative. He shares insights on community engagement, continuous restoration efforts, and the broader outlook for critical minerals, emphasizing a balanced approach between engineering, policy, and community relations.
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INSIGHT

Stibnite's Strategic Antimony Role

  • Stibnite hosts the only SK-1300 published U.S. reserve of antimony and can supply roughly 35% of U.S. demand in its first six years.
  • Antimony is strategically vital because about 90% of global processing occurs in China, which restricts military-related exports.
INSIGHT

Antimony Enables, Gold Pays

  • Antimony acts as a strategic enabler while gold drives the project's economics.
  • At current prices the mine would operate at negative cash cost for a major independent U.S. gold producer due to the byproduct value.
ADVICE

Line Up Downstream Partners Early

  • Do seek downstream offtake partners to process antimony concentrate in the U.S. or friendly countries.
  • Run RFPs and collaborate with potential processors because domestic refining capacity currently does not exist.
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