US Army Awards Up to US$40 Million to Evaluate Domestic Tungsten Supply as China Dominates Global Production - Streetwise Reports

AI desk brief

Perpetua Resources won up to US$40 million from the U.S. Army to advance domestic tungsten exploration at its Stibnite project in Idaho, doubling down on a 36-month cost-sharing program aimed at evaluating domestic tungsten concentrate supply. The company has already identified high-grade mineralization at Hangar Flats, including 9.8m at 4.6% tungsten and 8.3% antimony, and says the latest award lifts total U.S. government critical-minerals support to about US$126 million since 2022.

The update also keeps a sizable gold project in view: Perpetua says the December 2025 technical report estimates 4.223Moz of recovered gold over about 15 years, with 463,000oz/year average production in the first four years, and it is targeting a 2026 final investment decision and 2029 initial production. The article argues the tungsten market remains tight, citing Chinese export controls, limited Western smelting capacity, and an SMM-reported China-West concentrate price spread above US$1,500/t unit, while 3-4 smelters globally have the needed processing capability.