Mining Press Roundup: Perpetua Lands $2.9B Federal Loan for Idaho Gold-Antimony Project

Perpetua Resources secured a $2.9 billion loan from the Export-Import Bank of the United States to develop its Stibnite Gold Project in Idaho , marking the largest federal financing commitment to a U.S. mining project in recent memory. The project contains the only identified domestic reserve of antimony, a critical mineral essential for defense production and used to harden lead for ammunition . According to the company's investor presentation, Stibnite includes 4.8 million ounces of gold reserves and 149 million pounds of antimony reserves . The financing underscores Washington's push to secure domestic sources of strategic minerals as geopolitical tensions reshape global supply chains.

Perpetua Resources: $2.9 Billion EXIM Loan Advances Stibnite Project

The financing is under the Make More in America Initiative, and EXIM's decision marks a landmark transaction under the initiative , according to Perpetua Resources. The Idaho project has already begun early construction works after receiving federal permits earlier this year. The project will yield 450,000 ounces of gold per year and it's the only U.S. antimony source, key for defense , according to Mining.com. Antimony prices have surged amid supply concerns, with China controlling the majority of global production. The EXIM loan provides Perpetua with the capital needed to bring the mine into production by late 2027, positioning the U.S. to reduce dependence on foreign antimony supplies at a time when defense procurement requirements are tightening.

Arafura Rare Earths: Final Investment Decision on Nolans Project

Arafura Rare Earths announced its board's final investment decision to develop the Nolans Rare Earths Project in Australia's Northern Territory, aimed at establishing the country's first fully integrated ore-to-oxide operation . The project aims to deliver 4,440 tonnes per annum of neodymium-praseodymium oxide , critical materials used in electric vehicle motors, wind turbines, and defense systems. The Federal Government has already invested approximately $140 million in Arafura and committed up to $700 million in debt support for the project, alongside a non-binding commitment to secure 500 tonnes of rare earths from Nolans once operational . Construction is expected to commence in September 2026 , with the project representing a major step in diversifying rare earth supply chains away from Chinese dominance. Around 90 percent of current rare earth production remains concentrated within China , making projects like Nolans strategically significant for Western economies.

Core Lithium: Finniss Mine Restarts on Price Rebound

Core Lithium has restarted mining at its Finniss lithium operation in Australia's Northern Territory as recovering lithium prices spur producers to revive idled projects, with blasting and excavation activities underway and first exports of spodumene concentrate targeted for the December quarter . Finniss was placed on care and maintenance in 2024 following a steep downturn in lithium prices that began in late 2023 . According to market data, lithium prices surged in Q1 2026, with battery-grade lithium carbonate nearly doubling to $26,278 per ton . Core Lithium is advancing a staged return to production after securing a A$290 million funding package , which includes support from Glencore and other strategic partners. With a 20-year mine life and annual production capacity of 214,000 tonnes, the project delivers compelling economics . The restart reflects broader momentum in the lithium sector as energy storage demand accelerates faster than initially forecast, tightening supply and supporting price recovery.

Agnico Eagle: Doubles Wallbridge Mining Stake to Nearly 20%

Agnico Eagle Mines has signed a deal to increase its stake in Wallbridge Mining to nearly 20 percent, paying $22.4 million or 9.2 cents per Wallbridge share for a total of about 244 million shares, increasing its stake in the junior company, which is developing several projects in Quebec's Abitibi region, to 19.9 percent on a partially diluted basis, up from 9.9 percent . The deal comes as alternative investment manager Waratah Capital Advisors has also agreed to invest $33.5 million or 9.2 cents per share for about 364 million Wallbridge shares or a 19.9 percent stake . Wallbridge says the investments will provide the money it requires to advance its Fenelon project in Quebec through infill drilling and a pre-feasibility study, which it expects to deliver in late 2027 or early 2028 . The dual investment from Agnico and Waratah signals growing confidence in Wallbridge's gold assets in one of Canada's most prolific mining districts. For Agnico, the move aligns with its strategy of building strategic positions in high-quality junior developers ahead of potential M&A activity.

Critical Metals: 15-Year Rare Earth Offtake with REalloys

Critical Metals entered into a definitive 15-year binding offtake agreement with REalloys for rare earth element concentrate from its Tanbreez Project in southern Greenland, with the agreement including two optional five-year extensions, and REalloys purchasing 15 percent of Tanbreez's annual rare earth concentrate production . The agreement gives REalloys priority access to material with higher concentrations of heavy rare earths such as dysprosium and terbium, as well as a right of first refusal on additional volumes . The agreement follows the Government of Greenland's April 17, 2026 approval of Critical Metals' ownership increase to 92.5 percent of the Tanbreez Project, one of the largest heavy rare earth deposits globally . REalloys is developing a North American mine-to-magnet supply chain, including its Hoidas Lake rare-earth asset in Saskatchewan and manufacturing operations in Euclid, Ohio, serving the Department of Defense, Department of Energy, and NASA . The deal represents a significant step in establishing Western rare earth supply chains outside Chinese control, particularly for heavy rare earths critical to defense and aerospace applications.

Tungsten West: $25M Loan Advances Hemerdon Restart

Tungsten West secured a binding $25 million bridging loan to facilitate the phased restart of the Hemerdon tungsten and tin mine in Devon, UK, with the loan provided by an entity controlled by substantial shareholder Gregory Coffey . Tungsten West plans to begin fines gravity processing in the third quarter of 2026, with this phase involving refurbishment of the fines gravity circuit using third-party mobile crushing and washing solutions, with feedstock sourced from former operators' ore stockpiles . The company has completed the final stage of due diligence on a more extensive debt package valued at up to $85 million, with finalization of the necessary documentation underway, and this larger facility will be used in part to repay any funds drawn from the bridging loan . Tungsten and tin prices have remained extremely buoyant, with prevailing market prices as of March 31 at $2,999 per tonne for tungsten and more than $46,000 per tonne for tin , compared to feasibility study assumptions of $400 per tonne for tungsten. Tungsten is a strategic metal used in ammunition, aerospace components, and cutting tools, with China controlling roughly 80 percent of global supply.

Copper's "Unicorn Mines" Expand as Prices Surge

Last week copper set a new record at $6.667 per pound, or $14,700 a tonne, and based on 2025 mine-level production numbers, at that price 75 mines throw off a nominal $1 billion or more per year just from the copper , according to Mining.com's analysis. That's 23 more than Mining.com's previous rainbow of unicorns . The surge reflects copper's critical role in data center infrastructure and electrification. Data centers need copper by the block cave full (copper can account for nearly 6 percent of initial outlays) and will help the industry siphon off some of the trillions of dollars flowing into compute . According to market data, copper prices have remained elevated despite recent volatility tied to Middle East geopolitical tensions, with strong demand from artificial intelligence infrastructure offsetting macroeconomic headwinds.

What It Means

Friday's announcements reveal a mining sector increasingly shaped by government industrial policy and strategic commodity priorities. The Perpetua EXIM loan, Arafura's government-backed FID, and the Critical Metals-REalloys offtake deal all share a common thread: Western governments are actively deploying capital and procurement commitments to build supply chains for defense-critical minerals. Antimony, rare earths, and tungsten—once niche commodities—are now receiving the kind of federal attention historically reserved for oil and uranium.

The lithium restart at Finniss and copper's expanding roster of billion-dollar-revenue mines tell a different story: commodity fundamentals still matter. Lithium prices are up 182.32 percent compared to the same time last year , according to Trading Economics, while copper's record highs are minting new cash-flow champions across the industry. For investors, the message is clear—2026 is shaping up as a year when both strategic policy and market forces are aligning to support mining development, particularly for projects that can credibly claim to strengthen Western supply chain resilience.

This roundup covers press releases published on May 22, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.