Perpetua Resources

To restore an abandoned mine site by becoming America's only source of the critical mineral antimony for national security.

Perpetua Resources SWOT Analysis

Updated: October 6, 2025 • 2025-Q4 Analysis

How to Use This Analysis

This analysis for Perpetua Resources was created using Alignment.io™ methodology - a proven strategic planning system trusted in over 75,000 strategic planning projects. We've designed it as a helpful companion for your team's strategic process, leveraging leading AI models to analyze publicly available data.

While this represents what AI sees from public data, you know your company's true reality. That's why we recommend using Alignment.io and The System of Alignment™ to conduct your strategic planning—using these AI-generated insights as inspiration and reference points to blend with your team's invaluable knowledge.

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The Perpetua Resources SWOT analysis reveals a company at a critical inflection point, possessing a world-class strategic asset essential for US national security. Its primary strengths lie in its advanced permitting status and strong government backing. However, these are counterbalanced by the formidable weaknesses of being pre-revenue and needing to secure over a billion dollars in financing. The immense geopolitical opportunity to establish a domestic antimony supply chain must be seized with urgency. The core strategic imperative is clear: convert regulatory progress into a final permit and leverage that certainty to close the financing gap. The greatest threats are not geological but regulatory and financial; overcoming these will unlock immense value and fulfill the company's vital mission. The path is narrow but the destination is of national importance.

United States Antimony Corporation Strategic Resources Mandalay Resources

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To restore an abandoned mine site by becoming America's only source of the critical mineral antimony for national security.

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Strengths

PERMITTING: Advanced stage in NEPA process signals lower regulatory risk.
ASSET: World-class deposit of antimony, critical for US defense/industry.
GOVERNMENT: Secured DOD funding, highlighting strategic national importance.
PARTNERSHIP: Binding offtake agreement with Glencore de-risks future sales.
RESTORATION: Unique plan to clean up legacy mine builds social license.

Weaknesses

FINANCING: Project's ~$1.3B CAPEX is not yet secured, a major hurdle.
PRE-REVENUE: Negative cash flow, dependent on capital markets until prod.
TIMELINE: Permitting process has been lengthy, further delays are possible.
CONSTRUCTION: Faces significant execution risk for a multi-year build.
COMMODITY: Exposure to volatile gold & antimony prices impacts economics.

Opportunities

GEOPOLITICAL: US policy strongly favors onshoring critical mineral supply.
DEFENSE: Growing need for antimony in munitions and military hardware.
TECHNOLOGY: Potential for antimony use in liquid metal & EV batteries.
ESG: Attracts investors focused on sustainable and domestic sourcing.
INFRASTRUCTURE: Bipartisan support for funding critical material projects.

Threats

REGULATORY: A negative Final Record of Decision would halt the project.
OPPOSITION: Potential for litigation from environmental groups to cause delay.
MACRO: High inflation and interest rates increasing future project costs.
COMPETITION: Russia/China could flood market to undermine project economics.
PRICING: A sharp, sustained drop in gold prices could impair financing.

Key Priorities

FINANCING: Secure the full project financing package to enable construction.
PERMITTING: Achieve a positive Final Record of Decision from US Forest Svc.
DE-RISKING: Finalize detailed engineering and construction readiness plans.
PARTNERSHIPS: Expand government and commercial support for domestic antimony.

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Perpetua Resources OKR

Updated: October 6, 2025 • 2025-Q4 Analysis

The Perpetua Resources OKR plan is ruthlessly focused on the few things that matter now. It correctly prioritizes securing permits and financing as the gateway to all future value. The objectives are bold and aspirational, while the key results are specific, measurable, and directly address the primary risks identified in the SWOT analysis. This plan provides extreme clarity, aligning the entire organization on the critical path from development to construction. Executing this OKR plan successfully will fundamentally de-risk the company and unlock the next major phase of growth, transforming Perpetua from an explorer to a builder.

United States Antimony Corporation Strategic Resources Mandalay Resources

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To restore an abandoned mine site by becoming America's only source of the critical mineral antimony for national security.

SECURE OUR FUTURE

Achieve full project funding to unleash construction.

COMMITMENTS: Secure binding commitments for 100% of the required senior debt facility for project construction.
PARTNERS: Finalize negotiations and execute agreements for a strategic equity partner's cornerstone investment.
GOVERNMENT: Obtain final approval for a substantial long-term, low-interest loan from a US government agency.
READINESS: Complete all financial and legal prerequisites to achieve 'Financial Close' status by year-end.

GET THE GREEN LIGHT

Receive the final permit to build and restore.

PERMIT: Achieve a positive Final Environmental Impact Statement and a signed Record of Decision from the USFS.
STATE: Secure all remaining major state-level permits required to initiate construction activities on site.
LEGAL: Successfully defend against any initial legal challenges to the Record of Decision post-issuance.
COMPLIANCE: Establish a world-class, pre-construction environmental compliance and monitoring system.

FORGE ALLIANCES

Solidify partnerships that guarantee our success.

DEFENSE: Convert existing DOD support into a long-term, large-scale offtake agreement for antimony supply.
COMMERCIAL: Expand commercial offtake discussions for antimony with key allies in the energy and tech sectors.
COMMUNITY: Renew and strengthen our Community Agreement with local stakeholders based on final project plans.
SUPPLY: Execute fixed-price contracts for long-lead time equipment, locking in costs and delivery schedules.

MASTER READINESS

Be fully prepared to break ground on day one.

ENGINEERING: Advance detailed engineering to 90% completion to provide certainty on cost and schedule.
TEAM: Recruit and onboard the core construction management and operational readiness leadership team.
SYSTEMS: Implement the foundational ERP and project management systems required for the construction phase.
PLANNING: Finalize the comprehensive project execution and construction management plan with our EPCM partner.

METRICS

Project Financing Secured: $1.3B
Final Record of Decision: Achieved
Project All-In Sustaining Costs (AISC): <$800/oz AuEq

VALUES

Transparency
Respect
Collaboration
Accountability
Safety

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Perpetua Resources Retrospective

AI-Powered Insights

Claude

Gemini

GPT

Perpetua Resources Investor Website (Presentations, SEC Filings)
Perpetua Resources Q1 2024 10-Q Report
Company Press Releases (2023-2024)
U.S. Geological Survey (USGS) Antimony Mineral Commodity Summaries
Defense Logistics Agency (DLA) Strategic Materials Reports

United States Antimony Corporation Strategic Resources Mandalay Resources

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To restore an abandoned mine site by becoming America's only source of the critical mineral antimony for national security.

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What Went Well

PERMITTING: Positive progress on the Supplemental Draft EIS process.
FUNDING: Successfully secured additional tranches of DOD DPA funding.
SUPPORT: Maintained strong bipartisan political and local community support.
PARTNERSHIPS: Continued collaboration with Glencore on offtake agreement.
BALANCE SHEET: Managed cash reserves effectively to fund ongoing work.

Not So Well

TIMELINE: The overall permitting timeline remains lengthy and extended.
CASH BURN: Continued net losses as a necessary part of development stage.
FINANCING: Final, full project financing package has not yet been closed.
MARKET: Share price volatility reflects uncertainty in permitting timeline.
HIRING: Competition for top-tier mining engineering talent is increasing.

Learnings

PATIENCE: Federal permitting is a marathon requiring immense persistence.
GOVERNMENT: Strong government partnership is a powerful de-risking tool.
COMMUNICATION: Consistent stakeholder communication is vital for support.
ECONOMICS: Project economics are highly sensitive to external metal prices.
FLEXIBILITY: Must remain adaptable to regulatory feedback and requests.

Action Items

PERMITTING: Finalize all responses for the SDEIS to advance the process.
FINANCING: Advance discussions with potential lenders and strategic partners.
ENGINEERING: Progress detailed engineering to support construction readiness.
COMMUNITY: Continue proactive engagement with local and tribal communities.
INVESTORS: Clearly communicate permitting progress and financing strategy.

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Organization	SWOT Analysis	OKR Plan	Top 6	Retrospective

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Perpetua Resources Market

AI-Powered Insights

Claude

Gemini

GPT

Perpetua Resources Investor Website (Presentations, SEC Filings)
Perpetua Resources Q1 2024 10-Q Report
Company Press Releases (2023-2024)
U.S. Geological Survey (USGS) Antimony Mineral Commodity Summaries
Defense Logistics Agency (DLA) Strategic Materials Reports

Founded: 2011 (as Midas Gold, rebranded in 2021)
Market Share: 0% (pre-production), targeting 100% of US and ~35% of non-Chinese/Russian supply.
Customer Base: Defense contractors, battery manufacturers, industrial users, commodity traders.
Category:
Critical Minerals Mining
SIC Code: 1041
NAICS Code: 212221 Mining, Quarrying, and Oil and Gas ExtractionT
Location: Boise, Idaho
Zip Code: 83702
Congressional District: ID-2 BOISE
Employees: 65

Competitors

United States Antimony Corporation Request Analysis

Strategic Resources Request Analysis

Mandalay Resources Request Analysis

Products & Services

No products or services data available

Distribution Channels

Perpetua Resources Business Model Analysis

AI-Powered Insights

Claude

Gemini

GPT

Perpetua Resources Investor Website (Presentations, SEC Filings)
Perpetua Resources Q1 2024 10-Q Report
Company Press Releases (2023-2024)
U.S. Geological Survey (USGS) Antimony Mineral Commodity Summaries
Defense Logistics Agency (DLA) Strategic Materials Reports

Problem

US dependence on China/Russia for antimony
National security supply chain vulnerability
Legacy environmental damage at Stibnite

Solution

Domestic, reliable antimony production
Large-scale gold resource development
Privately funded environmental restoration

Key Metrics

Final Record of Decision (Permit) Date
Project Financing Secured ($)
Construction Progress (%)

Unique

America's only source of mined antimony
Mining project with net-positive impact
Strategic asset backed by US government

Advantage

Advanced permitting status is a barrier
Geopolitical tailwinds for critical minerals
Long-life, low-cost quartile asset

Channels

Direct Sales (Offtake Agreements)
Government Contracts (DOD)
Commodity Markets (Gold/Silver)

Customer Segments

US Department of Defense & contractors
Battery and energy storage manufacturers
Global commodity trading houses

Costs

Mine construction capital expenditures
Permitting and environmental compliance
Ongoing corporate G&A expenses

Perpetua Resources Product Market Fit Analysis

Updated: October 6, 2025

Perpetua Resources is building America's only source of antimony, a mineral vital for national security and clean energy, ending 100% foreign reliance. By responsibly developing this domestic resource, the company strengthens the nation's supply chain while simultaneously restoring a historic mine site, delivering security, reliability, and sustainability in one essential project.

SECURITY: Securing a critical mineral supply chain for national defense.

RELIABILITY: Providing a stable, long-term domestic resource.

SUSTAINABILITY: Combining mineral production with environmental restoration.

Before State

US 100% reliant on foreign antimony
Vulnerable defense/energy supply chains
Unremediated legacy mine site pollution

After State

Secure, domestic antimony supply established
Strengthened US national & economic security
Historic mine site fully restored

Negative Impacts

National security risks from adversaries
Price volatility from supply disruption
Ongoing environmental degradation

Positive Outcomes

Resilient supply chain for critical tech
Hundreds of high-paying jobs in Idaho
Net positive environmental impact

Key Metrics

Customer Retention Rates - N/A (Pre-Revenue)

Net Promoter Score (NPS) - N/A (Pre-Revenue)

User Growth Rate - N/A (Pre-Revenue)

Customer Feedback/Reviews - N/A (Pre-Revenue)

Repeat Purchase Rates) - N/A (Pre-Revenue)

Requirements

Final federal & state permit approvals
Successful project financing completion
Strong community and government support

Why Perpetua Resources

Execute offtake deals with key partners
Build mine with strict ESG standards
Deliver reliable supply on schedule

Perpetua Resources Competitive Advantage

Only permitted US antimony source
Restoration plan creates social license
Strategic asset backed by US government

Proof Points

DOD funding under Defense Production Act
Binding offtake agreement with Glencore
Positive draft environmental reviews

Perpetua Resources Market Positioning

AI-Powered Insights

Claude

Gemini

GPT

Perpetua Resources Investor Website (Presentations, SEC Filings)
Perpetua Resources Q1 2024 10-Q Report
Company Press Releases (2023-2024)
U.S. Geological Survey (USGS) Antimony Mineral Commodity Summaries
Defense Logistics Agency (DLA) Strategic Materials Reports

Strategic pillars derived from our vision-focused SWOT analysis

DOMESTIC SUPPLY

Establish the sole US mined source of antimony.

RESTORATION MINING

Set a new standard for sustainable mining.

CAPITAL DISCIPLINE

Secure full project financing and de-risk.

STAKEHOLDER PARTNERSHIP

Align with government and community.

What You Do

Develops a domestic source of gold and the critical mineral antimony.

Target Market

US defense, energy, and industrial sectors dependent on foreign supply.

Differentiation

The only US domestic source of mined antimony.
Environmental restoration of a legacy mine site.
Large, high-grade, long-life resource.

Revenue Streams

Sale of antimony concentrate
Sale of gold and silver doré

Perpetua Resources Operations and Technology

AI-Powered Insights

Claude

Gemini

GPT

Perpetua Resources Investor Website (Presentations, SEC Filings)
Perpetua Resources Q1 2024 10-Q Report
Company Press Releases (2023-2024)
U.S. Geological Survey (USGS) Antimony Mineral Commodity Summaries
Defense Logistics Agency (DLA) Strategic Materials Reports

Company Operations

Organizational Structure: Functional structure focused on permitting, finance, and project development.
Supply Chain: Developing supply chain for mining equipment, materials, and logistics.
Tech Patents: Utilizes standard, proven mining and processing technologies.
Website: https://perpetuaresources.com/

Top Clients

Board Members

Perpetua Resources Competitive Forces

Threat of New Entry

VERY LOW: The barriers to entry are immense. New entrants would face a multi-decade process for discovery, resource definition, multi-year permitting, and securing over $1 billion in capital. Perpetua is years ahead.

Supplier Power

MEDIUM: Suppliers of heavy mining equipment and specialized labor (e.g., Caterpillar, Komatsu) have significant pricing power. However, the large scale of the project provides some negotiating leverage for Perpetua.

Buyer Power

LOW: For antimony, buyer power is low. The US government and defense contractors have a critical need and no alternative domestic suppliers. For gold, buyer power is nil as it's a globally priced commodity.

Threat of Substitution

LOW: There are currently no viable, scalable substitutes for antimony in its primary applications, especially in flame retardants and defense technologies. This creates a durable demand for the product.

Competitive Rivalry

LOW: As the only planned US producer of antimony, direct domestic competition is non-existent. Global competition is dominated by China and Russia, which creates a strategic advantage for a US-based supplier.

Analysis of AI Strategy

Updated: October 6, 2025 • 2025-Q4 Analysis

The Perpetua Resources AI SWOT analysis highlights a significant opportunity to embed intelligence from the ground up. While currently lacking operational data and in-house AI talent, the company's key strength is its 'greenfield' status, allowing it to design a digitally native mine rather than retrofitting a legacy one. The most immediate AI opportunities are in de-risking the project by using AI to further refine geological models and optimize the future mine plan for maximum efficiency and safety. The strategic priority should not be immediate, large-scale AI deployment, but rather building the foundational data architecture during construction. This ensures that when the mine is operational, it can immediately leverage AI for predictive maintenance, process optimization, and creating a safer, more productive environment from day one.

United States Antimony Corporation Strategic Resources Mandalay Resources

No past cycles

Mission & Vision SWOT Analysis OKR Plan Retrospective AI Strategy Data Acquisition

To restore an abandoned mine site by becoming America's only source of the critical mineral antimony for national security.

Strengths

DATA: Rich geological and environmental datasets from years of exploration.
GREENFIELD: Opportunity to design a new mine with modern data infra.
PROCESS: Well-defined metallurgical processes are suitable for optimization.
PARTNERS: Tech partners can be leveraged for specialized AI implementation.

Weaknesses

TALENT: Lack of in-house AI expertise common in the mining industry.
PRE-OPERATIONAL: No existing operational data to train predictive models.
CAPITAL: AI initiatives compete for capital with core construction needs.
CULTURE: Traditional mining culture may be slow to adopt AI-driven change.

Opportunities

EXPLORATION: AI analysis of geo-data to identify new resource targets.
OPTIMIZATION: Plan for AI-driven fleet management and mill processing.
SAFETY: Use computer vision and predictive analytics to prevent incidents.
MAINTENANCE: Implement predictive maintenance schedules for key equipment.

Threats

SECURITY: Increased cybersecurity risks associated with connected AI systems.
COSTS: High implementation and integration costs for unproven ROI.
RELIANCE: Over-dependence on third-party AI vendors and black-box models.
INTEGRATION: Difficulty integrating AI with legacy industrial control systems.

Key Priorities

EXPLORATION: Leverage AI to refine geological models and optimize mine plan.
DATA: Build a foundational data infrastructure for future operational AI.
SAFETY: Plan for AI-powered monitoring systems to enhance worker safety.
EFFICIENCY: Model AI use cases for fleet and processing plant optimization.

Create professional SWOT analyses in minutes with our AI template. Get insights that drive real results.

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Perpetua Resources Financial Performance

AI-Powered Insights

Claude

Gemini

GPT

Perpetua Resources Investor Website (Presentations, SEC Filings)
Perpetua Resources Q1 2024 10-Q Report
Company Press Releases (2023-2024)
U.S. Geological Survey (USGS) Antimony Mineral Commodity Summaries
Defense Logistics Agency (DLA) Strategic Materials Reports

Profit: NET LOSS: ($29.8M) for FY2023 as a development-stage company.

Market Cap: $310M (as of mid-2024)

Stock Performance

Annual Report: Available on the company's investor relations website and via SEC EDGAR.

Debt: Minimal corporate debt; project will require significant project financing.

ROI Impact: Future ROI is contingent on securing permits and financing to build the mine.

SWOT Index

Composite strategic assessment with 10-year outlook

/ 100

Frontier Builder

ICM Index

STRATEGIC ADVISOR ASSESSMENT

Perpetua's score reflects a high-ambition, societally critical mission (domestic antimony) balanced by significant execution risk (permitting/financing). Its OKRs are tightly aligned to mitigate key weaknesses. While its current state is fragile, its potential geopolitical impact and monopolistic domestic position give it a unique, albeit challenging, path to becoming an iconic strategic asset. The low growth multiplier reflects the binary, pre-revenue nature of the investment.

SWOT Factors

Upside: 83.3 Risk: 86.7

OKR Impact

AI Leverage

Top 3 Strategic Levers

Secure Final Record of Decision to unlock all other value.

Close the full ~$1.3B project financing package.

Solidify a long-term offtake agreement with the DoD.

AI Disclosure

This report was created using the Alignment Method—our proprietary process for guiding AI to reveal how it interprets your business and industry. These insights are for informational purposes only and do not constitute financial, legal, tax, or investment advice.

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