Perpetua Resources lands $40 million in U.S. Army funding to advance tungsten exploration and metallurgical testing at its Hangar Flats site, bolstering domestic critical mineral supply chains.
Perpetua Resources has secured up to $40 million in funding via the Defense Ordnance Technology Consortium, specifically earmarked for tungsten exploration. This development is significant as it establishes tungsten as a second critical mineral pillar alongside the company's existing focus, bolstering its strategic value and operational scope.
The funding is designated for tungsten exploration, including drilling, metallurgical test work, and the construction of a decline into Hangar Flats.
It adds tungsten as a second critical mineral pillar to the company's program, diversifying its resource focus beyond its previous primary objectives.
Perpetua Resources has secured up to $40 million in funding from the U.S. Army via the Defense Ordnance Technology Consortium. This capital injection accelerates the company's tungsten exploration efforts, establishing a second critical mineral pillar alongside its existing operations.
The funding is provided through the Defense Ordnance Technology Consortium to support the exploration and development of tungsten, a critical mineral essential for defense and industrial applications.