Reported October 27, Perpetua Resources has secured up to $40 million in funding support from the U.S. Army to advance the development of a domestic tungsten supply chain. The funds will support development of its Stibnite gold-antimony-tungsten project in Idaho (tungsten is a by-product resource). The U.S. Department of Defense regards tungsten as a critical mineral and is seeking to reduce reliance on Chinese tungsten resources. The funding is part of a U.S. Army program dedicated to localizing critical minerals, and Perpetua has simultaneously signed offtake letters of intent with multiple U.S. defense suppliers. Value for powder buyers: (1) The localization of U.S. tungsten resources is accelerating, which over the medium to long term will reduce direct U.S.-side exposure to Chinese tungsten powder purchases, though in the short to medium term imports will still be needed to fill the gap; (2) Under China's tungsten powder export control environment, European and Japanese/South Korean markets are becoming more stable sources of demand, and exporters should accelerate their layout in non-U.S. markets; (3) Monitor the Stibnite project's production timeline as a basis for judging the pace of overseas competition.