Perpetua Resources secures up to $40 million in U.S. Army funding for tungsten project
The U.S. Army has awarded Perpetua Resources up to $40 million to accelerate domestic tungsten exploration and resource development for defense applications.
Perpetua Resources has entered into a funding agreement through the Defense Ordnance Technology Consortium to advance domestic tungsten supply. The award, totaling up to $40 million, is intended to support exploration and development activities at the company’s Hangar Flats site.
The capital will finance drilling operations, metallurgical testing, and the construction of an underground decline to access high-grade ore. Tungsten is categorized as a critical mineral for defense technology, and increasing domestic production has become a strategic priority for U.S. military supply chains.
This funding marks a significant expansion of Perpetua Resources’ scope, as the firm bolsters its role as a domestic supplier of materials essential to national security. The project aims to reduce reliance on foreign sources for these key inputs.