“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
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)