Mining Stock Daily

Jon Cherry: Balancing Gold Economics, National Defense, and Regulatory Certainty

Nov 21, 2025
Guest
Jon Cherry
Jon Cherry, CEO of Perpetua Resources, leads the charge on the Stibnite Gold Project, crucial for U.S. antimony supply. He delves into the project's significance for national defense, highlighting its unique antimony reserve. Cherry discusses a monumental $255 million financing deal, the challenges of domestic processing, and how gold economics drive the initiative. He shares insights on community engagement, continuous restoration efforts, and the broader outlook for critical minerals, emphasizing a balanced approach between engineering, policy, and community relations.
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INSIGHT

Three Paths To Domestic Processing

  • Potential processors fall into three buckets: U.S. legacy processors, foreign processors willing to relocate or invest, and allied-country expanders.
  • Strong industry and government interest increases the likelihood U.S. capacity will be built before Stibnite's production ramp.
ADVICE

Use Equity To Fund Early Works

  • Raise staged equity to execute early works while negotiating large project financing.
  • Use early equity to fund campsite, power, roads, long-lead orders and detailed engineering to preserve schedule.
ANECDOTE

Major Strategic Investors Joined

  • Agnico Eagle invested $180M to take a strategic equity stake and join an advisory committee for construction and exploration.
  • JPMorgan invested $75M as the inaugural recipient of its Strategic Resilience Initiative focused on critical minerals.
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