Press Releases
Perpetua Resources Announces Upsizing of Previously Announced Bought Deal Public Offering of Common Shares
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) announced today that as a result of excess demand, it has agreed with the syndicate of underwriters led by National Bank of Canada Financial Markets and BMO Capital Markets, on behalf of themselves and a syndicate of underwriters (the “Underwriters”) to increase the size of its previously announced bought deal financing. Perpetua Resources will now issue 24,622,000 common shares, no par value, of the Company (the “Common Shares”) at a price of US$13.20 per Common Share (the “Offering Price”) for aggregate gross proceeds of approximately US$325 million (the “Offering”). National Bank of Canada Financial Markets and BMO Capital Markets are acting as joint lead bookrunning managers for the Offering. In connection with the Offering, Paulson & Co. Inc. has entered into an agreement to purchase US$100 million of Common Shares in a private placement (the “Private Placement”) at the Offering Price.
Perpetua Resources has also granted the Underwriters an option (the "Option") to purchase up to an additional 3,693,300 Common Shares representing up to 15% of the number of Common Shares to be sold pursuant to the Offering. The Underwriters have 30 days from the closing of the Offering to exercise the Option. In connection with the Offering, an underwriting agreement has been entered into by and among Perpetua Resources, National Bank of Canada Financial Markets and BMO Capital Markets as representatives of the several Underwriters (the "Underwriting Agreement"). In the event that the Option is exercised in full, the aggregate gross proceeds of the Offering will be approximately US$374 million.
The Company intends to use the proceeds of the Offering and the Private Placement as part of a comprehensive financing package for the development of the Company’s Stibnite Gold Project (the “Project”) in conjunction with the previously announced application for up to US$2 billion in project financing submitted to the Export-Import Bank of the United States (“EXIM”) in May 2025. The Company intends to designate the proceeds of the Offering and the Private Placement toward equity requirements for the EXIM debt financing, with any additional funds intended to support exploration activities, working capital and general corporate purposes. EXIM’s due diligence on the Company’s application is ongoing and is conditional upon successfully completing the due diligence and underwriting process. If the due diligence process is successful, the Company anticipates closing the debt financing in 2026. The Offering is expected to close on or about June 16, 2025. Closing of the Offering will be subject to a number of customary conditions to be included in the Underwriting Agreement.
The Offering to the public in the United States is being made pursuant to the Company’s effective shelf registration statement on Form S-3 (File No. 333-266071) (the “U.S. Registration Statement”), including a base prospectus, previously filed with the Securities and Exchange Commission (the "SEC"). The Offering in the United States will be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. You may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the U.S. Registration Statement, preliminary prospectus supplement and base prospectus may be obtained from National Bank of Canada Financial Markets, 130 King Street West, 4th Floor Podium, Toronto, Ontario M5X 1J9, by email at NBF-Syndication@bnc.ca or by telephone at (416) 869-8414. The Offering may also be conducted in Canada and in offshore jurisdictions on a private placement basis in accordance with applicable securities laws. The Company intends to rely on the exemption in section 602.1 of the TSX Company Manual in respect of the Offering and the Private Placement as an eligible interlisted issuer.
The Private Placement is expected to close concurrently with the closing of the Offering and is subject to customary conditions, including the completion of the Offering, but the Offering is not contingent upon the consummation of the Private Placement. The sale of the Common Shares under the Private Placement will not be registered under the Securities Act of 1933, as amended. Since neither the fair market value of the Common Shares to be acquired by the Paulson (an insider of the Company), nor the consideration for the Common Shares paid by Paulson, exceeds 25% of the Company’s market capitalization as calculated in accordance with MI 61-101 (as defined below), the Private Placement is exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”) pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101.
No securities regulatory authority has either approved or disapproved the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy Common Shares, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Stibnite Gold Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Perpetua Resources has been awarded a Technology Investment Agreement of US$59.2 million in Defense Production Act Title III funding to advance construction readiness and permitting of the Stibnite Gold Project. Antimony trisulfide from Stibnite is the only known domestic reserves of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types.
Cautionary Statement Regarding Forward-Looking Statements or Information
Investors should be aware that the EXIM Letter of Interest (“LOI”) is non-binding and conditional, and does not represent a financing commitment. A funding commitment, if any, is conditional upon successfully completing the due diligence and underwriting process, which may not be completed on the expected timeline, or at all. If the Company’s application is approved, there can be no assurance that the EXIM financing will be for the full amount indicated in the LOI or the increased amount requested in the application, or that the approved EXIM financing will be sufficient for the Company to commence construction of the Project. Further, release of funding under any such commitment would be subject to the satisfaction of certain conditions and covenants by the Company.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the conduct of the Offering and Private Placement; the granting of the Underwriters’ over-allotment option; the anticipated use of proceeds from the Offering and Private Placement; the occurrence of the expected benefits from the anticipated use of proceeds from the Offering, Private Placement, EXIM financing and royalty financingdisclosure regarding the review process, anticipated timing and potential outcome of the Company’s EXIM financing application; the amount of potential debt financing available to the Company; the eligibility of the Project for funding under the MMIA and CTEP initiatives; our ability to fully fund the construction of the Project and related financial assurance obligations; our ability to successfully implement and fund the Project; and the occurrence of the expected benefits from the Project, including providing a domestic source of antimony, national defense benefits, creation of jobs and environmental benefits. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that the EXIM application will be reviewed and approved within the expected timeframe at the amount equal to or higher than the amount indicated in the LOI; that the Company will be able to satisfy the conditions to obtain a funding commitment from EXIM and to receive committed funds when needed; general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to delays in the EXIM application review process; any approved amount of EXIM financing may not be sufficient to commence construction of the Project; risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the SEC and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedarplus.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Perpetua Resources Announces US$300 Million Bought Deal Financing and US$100 Million Private Placement as part of Comprehensive Financing Package for Stibnite Gold Project
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) announced today that it has entered into an agreement with National Bank of Canada Financial Markets and BMO Capital Markets, on behalf of themselves and a syndicate of underwriters (the “Underwriters”) under which the Underwriters have agreed to purchase, on a bought deal basis, 22,728,000 common shares, no par value, of the Company (the “Common Shares”) at a price of US$13.20 per Common Share (the “Offering Price”) for aggregate gross proceeds of approximately US$300 million (the “Offering”). National Bank of Canada Financial Markets and BMO Capital Markets are acting as joint lead bookrunning managers for the Offering. In connection with the Offering, Paulson & Co. Inc. has entered into an agreement to purchase US$100 million of Common Shares in a private placement (the “Private Placement”) at the Offering Price.
The Company intends to use the proceeds of the Offering and the Private Placement as part of a comprehensive financing package for the development of the Company’s Stibnite Gold Project (the “Project”) in conjunction with the previously announced application for up to US$2 billion in project financing submitted to the Export-Import Bank of the United States (“EXIM”) in May 2025. The Company intends to designate the proceeds of the Offering and the Private Placement toward equity requirements for the EXIM debt financing, with any additional funds intended to support exploration activities, working capital and general corporate purposes. EXIM’s due diligence on the Company’s application is ongoing and is conditional upon successfully completing the due diligence and underwriting process. If the due diligence process is successful, the Company anticipates closing the debt financing in 2026.
Together with the EXIM debt financing and royalty financing described below, if successfully completed in the amounts anticipated, the Company believes that the net proceeds from the Offering and the Private Placement will provide the Company with sufficient capital to fund the Project construction costs of US$2.2 billion, along with additional funds for a cost-over run account, debt service, working capital costs in excess of the Project capital costs and exploration activities.
In addition, the Company is in advanced discussions with potential partners for guarantees of the Company’s obligations under reclamation bonds or other financial instruments that the Company will be required to enter into to satisfy financial assurance requirements applicable under applicable federal and state law. The Company is seeking a US$155 million guarantee and indemnification of the Company’s obligations to surety providers in respect of reclamation bonds or other financial instruments, along with proceeds between US$200 million to US$250 million, in exchange for either a gold net smelter return (“NSR”) royalty not to exceed 3.9% or a gold stream. A royalty, if any, would be expected to provide for buy back of a portion of the royalty if certain conditions are met. The US$155 million guarantee and indemnification is anticipated to be sufficient to satisfy the aggregate obligations of the Company to provide construction phase financial assurance as required by regulatory authorizations from relevant agencies. Securing the financial assurance in this amount is expected to position the Company to receive the USFS notice to proceed under the approved plan of operation and satisfy the financial assurance conditions of various federal and state permits, allowing the Company commence construction later in 2025. The proposed royalty and financial assurance arrangement is expected to be formalized in summer 2025. Based on indications from the relevant agencies, the Company expects the remaining state permits required to commence construction to be issued by the relevant agencies in summer 2025.
Perpetua Resources has also granted the Underwriters an option (the "Option") to purchase up to an additional 3,409,200 Common Shares representing up to 15% of the number of Common Shares to be sold pursuant to the Offering. The Underwriters have 30 days from the closing of the Offering to exercise the Option. In connection with the Offering, an underwriting agreement will be entered into by and among Perpetua Resources, National Bank of Canada Financial Markets and BMO Capital Markets as representatives of the several Underwriters (the "Underwriting Agreement"). In the event that the Option is exercised in full, the aggregate gross proceeds of the Offering will be approximately US$345 million.
The Offering is expected to close on or about June 16, 2025. Closing of the Offering will be subject to a number of customary conditions to be included in the Underwriting Agreement.
The Offering to the public in the United States is being made pursuant to the Company’s effective shelf registration statement on Form S-3 (File No. 333-266071) (the “U.S. Registration Statement”), including a base prospectus, previously filed with the Securities and Exchange Commission (the "SEC"). The Offering in the United States will be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. You may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the U.S. Registration Statement, preliminary prospectus supplement and base prospectus may be obtained from National Bank of Canada Financial Markets, 130 King Street West, 4th Floor Podium, Toronto, Ontario M5X 1J9, by email at NBF-Syndication@bnc.ca or by telephone at (416) 869-8414. The Offering may also be conducted in Canada and in offshore jurisdictions on a private placement basis in accordance with applicable securities laws. The Company intends to rely on the exemption in section 602.1 of the TSX Company Manual in respect of the Offering and the Private Placement as an eligible interlisted issuer.
The Private Placement is expected to close concurrently with the closing of the Offering and is subject to customary conditions, including the completion of the Offering, but the Offering is not contingent upon the consummation of the Private Placement. The sale of the Common Shares under the Private Placement will not be registered under the Securities Act of 1933, as amended. Since neither the fair market value of the Common Shares to be acquired by the Paulson (an insider of the Company), nor the consideration for the Common Shares paid by Paulson, exceeds 25% of the Company’s market capitalization as calculated in accordance with MI 61-101 (as defined below), the Private Placement is exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”) pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101.
No securities regulatory authority has either approved or disapproved the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy Common Shares, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Stibnite Gold Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Perpetua Resources has been awarded a Technology Investment Agreement of US$59.2 million in Defense Production Act Title III funding to advance construction readiness and permitting of the Stibnite Gold Project. Antimony trisulfide from Stibnite is the only known domestic reserves of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types.
Cautionary Statement Regarding Forward-Looking Statements or Information
Investors should be aware that the EXIM Letter of Interest (“LOI”) is non-binding and conditional, and does not represent a financing commitment. A funding commitment, if any, is conditional upon successfully completing the due diligence and underwriting process, which may not be completed on the expected timeline, or at all. If the Company’s application is approved, there can be no assurance that the EXIM financing will be for the full amount indicated in the LOI or the increased amount requested in the application, or that the approved EXIM financing will be sufficient for the Company to commence construction of the Project. Further, release of funding under any such commitment would be subject to the satisfaction of certain conditions and covenants by the Company.
Investors should be aware that the Company has not entered into any definitive agreement with respect to a royalty, streaming or guarantee and may not be able to enter into such agreement on the anticipated terms and timeline, or at all. In addition, the outcomes from such agreement, when entered into, may not be sufficient to satisfy the aggregate obligations of the Company to provide construction phase financial assurance under applicable federal and state law prior to commencing construction. Securing the financial assurance does not guarantee the Company will receive the USFS notice to proceed under the approved plan of operation and consummating the royalty financing may not satisfy the financial assurance conditions of various federal and state permits required to commence construction. Further, a buy back of a portion of the royalty would be subject to the satisfaction of certain conditions and covenants by the Company under the royalty and financing arrangement.
Investors should be aware that state regulators are not bound by permitting schedules and anticipated timelines may be delayed materially or not be satisfied.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the conduct of the Offering and Private Placement; the granting of the Underwriters’ over-allotment option; the anticipated use of proceeds from the Offering and Private Placement; the occurrence of the expected benefits from the anticipated use of proceeds from the Offering, Private Placement, EXIM financing and royalty financing disclosure regarding the review process, anticipated timing and potential outcome of the Company’s EXIM financing application; the amount of potential debt financing available to the Company; the eligibility of the Project for funding under the MMIA and CTEP initiatives; the timing and potential outcome of any other discussions with governmental agencies; the status and anticipated terms and timing of the royalty, streaming and financial assurance negotiations; the estimate of the initial financial assurance obligations; the anticipated timing of the issuance of certain state permits or a USFS notice to proceed; our ability to fully fund the construction of the Project and related financial assurance obligations; our ability to successfully implement and fund the Project; and the occurrence of the expected benefits from the Project, including providing a domestic source of antimony, national defense benefits, creation of jobs and environmental benefits. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that the EXIM application will be reviewed and approved within the expected timeframe at the amount equal to or higher than the amount indicated in the LOI; that the Company will be able to satisfy the conditions to obtain a funding commitment from EXIM and to receive committed funds when needed; the ongoing royalty financing negotiations will proceed in a timely manner and result in a binding agreement on the terms anticipated; that the Company will be able to satisfy financial assurance requirements applicable under applicable federal and state law; that the Company’s proposed financing package will be sufficient to finance permitting, pre-construction and construction of the Project or that the company will be able to secure alternate financing if necessary; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to delays in the EXIM application review process; any approved amount of EXIM financing may not be sufficient to commence construction of the Project; the terms of the guarantee agreement and related surety agreements may not be sufficient to satisfy financial assurance requirements applicable under applicable federal and state law; risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the SEC and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedarplus.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Perpetua Resources Awarded up to $6.9 Million in Defense Funding to Further Advance a Fully Domestic Antimony Trisulfide Supply Chain
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) today announced that it has been awarded up to $6.9 million in additional funding from the U.S. Army via the Defense Ordnance Technology Consortium (“DOTC”). The funding builds on the $15.5 million awarded to the Company by DOTC under an Ordnance Technology Initiative Agreement (“OTIA”) in August 2023. The funds are being applied to testing intended to demonstrate the feasibility of using material sourced from Perpetua’s Stibnite Gold Project (“Project”) to produce military-specification antimony trisulfide, a critical component in certain munitions and advanced defense systems. The OTIA is intended to fund the development and delivery of a flexible, modular pilot plant to the U.S. Army to process antimony and other materials of Department of Defense interest. The additional funding is intended to enable Perpetua to expand material sampling and to increase the scope and size of the flexible, modular pilot plant that was contemplated under the original OTIA.
“We are honored to continue our work with the U.S. Army to secure a domestic source of antimony trisulfide,” said Jon Cherry, President and CEO of Perpetua Resources. “Advancing America’s capabilities to process minerals critical to national defense is essential for our long-term mineral independence and resilience. We are proud to play our part in furthering the Army’s “ground-to-round” critical minerals strategy.”
This award is part of a broader partnership between Perpetua Resources and the Department of Defense to secure domestic sources of critical minerals. In 2023, as part of the OTIA, Perpetua received an award worth up to $15.5 million through the DOTC program to demonstrate a fully domestic antimony trisulfide supply chain. This supplemental award allows the Company to expand the research already in progress under the OTIA and support the U.S. Army’s objective of establishing a fully domestic “ground-to-round” antimony trisulfide supply chain. With the receipt of this latest additional funding, Perpetua has now been awarded, in the aggregate, more than $80 million by the Department of Defense.
“Antimony trisulfide is an essential and non-replaceable component to over 300 types of munitions, making it important to source in America. Establishing a fully domestic supply chain of this critical mineral is foundational to keeping America’s warfighters safe,” said Colonel Steven Power, Project Manager, Maneuver Ammunition Systems (PM MAS) at the Picatinny Arsenal.
Under the OTIA, Perpetua will be reimbursed for these activities on a cost-plus fixed fee basis over the period of performance, which was extended through the end of calendar year 2026 in connection with the additional award. The aggregate total funding amount of up to $22.4 million under the OTIA is subject to adjustment by DOTC based on scope, costs, budget, or other factors as the program advances. Perpetua will be entitled to reimbursement for all costs incurred under the agreement.
The Project, which is expected to supply up to 35 percent of U.S. antimony demand during its first six years of operations based on the 2023 USGS antimony commodity summary, represents a crucial step toward restoring American supply chain resilience. In 2024, China, which controls the majority of the global antimony market, cut off antimony exports to the United States. In addition to providing for American national security, the Project is designed to create hundreds of family-wage jobs, restore fish access to critical spawning habitat, address legacy environmental contamination, and improve water quality at an historical abandoned mine site.
About the Department of Defense Ordnance Technology Consortium:
The DOTC serves as the focal point for armaments system technology research and development. The industrial and academic component of DOTC is the National Armaments Consortium (“NAC”), which consists of over 1,000 companies.
DOTC’s mission, in partnership with NAC, is to enhance our warfighters’ lethality, survivability and combat effectiveness by facilitating the industrial and academic research, development and technology demonstrations needed to advance and expand our military technological superiority. DOTC is sponsored by the Office of the Secretary of Defense and is utilized by all Services and Defense Agencies to design, develop and demonstrate prototypes for armaments. NAC is the largest collaborative organization working with the DoD to develop armament technologies in support of our nation’s security.
The NAC is comprised of our nation’s leading technologists, engineers, designers, scientists, manufacturers, and program managers across industry, academia and our nation’s laboratories, all with the mission to develop armaments that give the U.S. a technological edge over our enemies. Together, DOTC offers government customers a better way of doing business through streamlined acquisition and collaboration across a broad spectrum of industrial and academic partners.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Perpetua Resources has been awarded a Technology Investment Agreement (“TIA”) of $59.2 million in Defense Production Act Title III (“DPA”) funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be found here.
Forward-Looking Information
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the outcomes of future material sampling conducted by the Company and adjustments to the modular pilot plant design and construction; the amount and timing of any approval of reimbursement requests under the TIA and OTIA; our ability to successfully implement and fund the Project; and the occurrence of the expected benefits from the Project, including creation of jobs and environmental benefits. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute forward-looking information to the extent that such statements involve estimates of the mineralization that may be encountered if a property is developed. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that that the full amounts of the additional funding from the DOTC will be funded within a reasonable timeframe; we will be able to successfully secure financing to finance permitting, pre-construction and construction of the Project; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
DISTRIBUTION STATEMENT A: Approved for public release; distribution unlimited. PAO Log# 514-25, 21 May 2025
Perpetua Resources Submits Formal Application to Export-Import Bank of the United States to Finance the Stibnite Gold Project
Submission follows receipt of final federal permit.
Application submitted for up to $2 billion, an increase from the $1.8 billion Letter of Interest, reflecting a higher estimated number of job-years.
If approved, EXIM debt financing could fund a majority of the Project’s development costs to become the only domestically mined source of antimony.
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) announced that it submitted its formal application to the Export-Import Bank of the United States (“EXIM”) for potential debt financing of up to $2 billion to construct the Stibnite Gold Project (the “Project”). Upon receipt of Perpetua’s application, EXIM is expected to conduct its standard due diligence consistent with EXIM’s policies and legal requirements, and to review the Project’s eligibility under the relevant initiatives.
Perpetua’s formal application follows extensive ongoing engagement with EXIM’s underwriting team and receipt of the final federal permit for the Project. EXIM extended a non-binding Letter of Interest (“LOI”) to Perpetua in April 2024 for potential debt financing up to $1.8 billion through EXIM’s “Make More in America” (“MMIA”) initiative and “China and Transformational Exports Program” (“CTEP”). The increase in the application amount to $2 billion from the $1.8 billion LOI reflects the increase in the estimated number of job-years indicated by the financial update and basic engineering work completed in the first quarter of 2025. The application comes on the heels of the recent Executive Order aimed at increasing government financing available for mineral production.
“The Stibnite Gold Project is poised to be a national strategic asset for domestic antimony production and is also a world class gold asset. EXIM financing could play a pivotal role in advancing the Project to production so we can reestablish a secure supply of antimony for the United States for decades to come," said Jon Cherry, President and CEO of Perpetua Resources.
If approved, EXIM debt financing could fund a majority of the Project’s development costs and help the United States more effectively compete with China. In 2024, the People’s Republic of China blocked the global export of antimony, effectively cutting off the United States and the rest of the world from this critical mineral that is essential to national defense. The Stibnite Gold Project offers a near-term solution to bringing antimony production back to the United States, while simultaneously producing gold and providing environmental restoration to the historical Stibnite Mining District.
Earlier this month, Perpetua received its final federal permit, the Clean Water Act Section 404 permit, from the U.S. Army Corps of Engineers, marking the culmination of eight years of interagency federal permitting. With receipt of this Army Corps permit, along with previous authorizations from the U.S. Forest Service and agencies of the State of Idaho, the Company is focused on obtaining its few remaining state permits and securing financing to commence construction.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Perpetua Resources has been awarded a Technology Investment Agreement (“TIA”) of $59.2 million in Defense Production Act Title III (“DPA”) funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be found here.
Forward-Looking Information and Cautionary Note
Investors should be aware that the EXIM Letter of Interest is non-binding and conditional, and does not represent a financing commitment. A funding commitment, if any, is conditional upon successfully completing the due diligence and underwriting process, which may not be completed on the expected timeline, or at all. If the Company’s application is approved, there can be no assurance that the EXIM financing will be for the full amount indicated in the LOI or the increased amount requested in the application, or that the approved EXIM financing will be sufficient for the Company to commence construction of the Project. Further, release of funding under any such commitment would be subject to the satisfaction of certain conditions and covenants by the Company.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the review process and potential outcome of the Company’s EXIM financing application; the amount of potential debt financing available to the Company; the eligibility of the Project for funding under the MMIA and CTEP initiatives; our ability to successfully implement and fund the Project; and the occurrence of the expected benefits from the Project, including providing a domestic source of antimony, national defense benefits, creation of jobs and environmental benefits. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that the EXIM application will be reviewed and approved within the expected timeframe at the amount equal to or higher than the amount indicated in the LOI; that the Company will be able to satisfy the conditions to obtain a funding commitment from EXIM and to receive committed funds when needed; the Company will be able to successfully secure financing to finance permitting, pre-construction and construction of the Project; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting, construction and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to delays in the EXIM application review process; any approved amount of EXIM financing may not be sufficient to commence construction of the Project; risks related to opposition to the Project, including legal challenges to the ROD or other permits; risks related to increased or unexpected costs in construction, operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Perpetua Resources Receives Final Federal Permit for Stibnite Gold Project
U.S. Army Corps of Engineers issues Section 404 Clean Water Act (“CWA”) Permit for Stibnite Gold Project
CWA permit is the final federal permit needed to advance construction decision
Project poised to supply the only domestically produced source of antimony and is designed to provide national security, environmental, and community benefits
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) today announced that the United States Army Corps of Engineers ("Army Corps" or “USACE”) has issued Perpetua’s Clean Water Act Section 404 permit for the Stibnite Gold Project (the "Project"). This decision comes after eight years of rigorous interagency federal permitting, and was the last federal permit required to progress towards construction. With receipt of this permit, Perpetua Resources is focused on finalizing the remaining state permits and securing project financing needed to begin construction.
"Today’s final federal permit from the Army Corps marks the culmination of eight years of permitting, scientific study, project refinement, and lots of hard work," said Jon Cherry, President and CEO of Perpetua Resources. “We are immensely proud to achieve this milestone. It’s time to move forward and take the Stibnite Gold Project into a new and exciting phase of development."
The Stibnite Gold Project is positioned to deliver significant environmental and economic benefits to rural Idaho while enhancing U.S. national security. It is expected to bring significant investment and create an average of approximately 550 jobs in the region during operations. The Project is projected to be one of the highest-grade open-pit gold mines in the United States, with gold reserves of approximately 4.8 million ounces, and is expected to produce approximately 450,000 ounces of gold annually over its first four years of production. Additionally, the Project holds an estimated 148-million-pound antimony reserve — the only identified antimony reserve in the U.S. and one of the largest reserves outside of Chinese control. It is estimated the Project could meet about 35% of U.S. antimony demand during its initial six years of production, based on the 2023 USGS antimony commodity summary. Antimony is classified as a critical mineral essential for technology, defense, and energy applications. In late 2024, China, which accounts for nearly half of global antimony production, cut off global antimony exports, including to the United States. Developing a domestic source of antimony through the Stibnite Gold Project can help bolster America’s strategic mineral security and independence.
The Stibnite Gold Project is designed to redevelop the historical Stibnite Mining District for gold, silver and antimony, while conducting environmental restoration to rehabilitate the abandoned site. Perpetua’s vision to “Restore the Site” is a central tenet of the approved mine plan. The Project is designed to:
Remove, reprocess, and safely store legacy tailings and waste to improve water quality;
Restore the natural flow of the headwaters of the Salmon River and reopen fish passage to miles of critical spawning habitat that have been blocked for over 80 years;
Provide a net increase in wetland acres and an uplift in wetlands quality.
Perpetua Resources began the formal permitting process under the National Environmental Policy Act (“NEPA”) in 2016. As the lead permitting agency, the U.S. Forest Service issued a Draft Environmental Impact Statement in 2020, a Supplemental Draft Environmental Impact Statement in 2022, a Final Environmental Impact Statement and Draft Record of Decision in September of 2024, and a Final Record of Decision in January 2025. During the public comment periods, over 23,000 letters were submitted supporting the Project.
In April 2025, the Stibnite Gold Project was selected by the Trump Administration as a Transparency Project in response to President Donald Trump’s March 2025 Executive Order to bolster American mineral production and was included on the Federal Permitting Improvement Steering Council (“Permitting Council”) FAST-41 dashboard. The FAST-41 Transparency Projects dashboard is designed to enhance interagency accountability and transparency for review of projects selected by the Permitting Council under the March 2025 Executive Order.
“As we celebrate receiving the final federal permit for the Stibnite Gold Project, we applaud the National Energy Dominance Council and the Permitting Council’s efforts to streamline permitting and propel critical mining projects nationwide,” Cherry continued. “We believe this administration’s commitment to boosting efficiency without compromising rigorous environmental standards can have a transformational impact on American mining."
As a cooperating agency, the U.S. Army Corps has been involved in the interagency permitting review of the Stibnite Gold Project since 2017. It began formally evaluating Perpetua Resources’ Section 404 Clean Water Act permit application in 2023. The permit was delivered on time and in accordance with the Army Corps’ anticipated Q2 2025 decision timetable and the timeline set forth on the FAST-41 dashboard.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Perpetua Resources has been awarded a Technology Investment Agreement (“TIA”) of $59.2 million in Defense Production Act Title III (“DPA”) funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be found here.
Forward-Looking Information
Investors should be aware that the Project’s inclusion as a Transparency Project on the Permitting Dashboard does not imply endorsement of or support for the project by the federal government, or create a presumption that the Project will be approved, favorably reviewed by any agency, or receive federal funding. The inclusion of a project on the Permitting Dashboard may be reconsidered based on updated information. Additionally, investors should be aware that the Executive Order does not indicate any commitments on the part of the government or any government agency with regard to the applicability of any programs to the Project, or the timing or outcome of any such initiative that may be applicable to the Project.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the anticipated outcomes from the Executive Order and the Transparency Projects list for the Company or the mining industry; our ability to comply with, obtain and defend permits related to the Project; our ability to successfully implement and fund the Project; and the occurrence of the expected benefits from the Project, including creation of jobs and environmental benefits. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute forward-looking information to the extent that such statements involve estimates of the mineralization that may be encountered if a property is developed. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that that the remaining state permits will be reviewed, issued in a timely manner and as expected; that the initiatives outlined in the Executive Order, and the intended goals of the Transparency Projects list, will be implemented as proposed; that we will be able to successfully secure financing to finance permitting, pre-construction and construction of the Project; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Cautionary Statement Regarding Reserve and Technical Information
The reserves information in respect of the Stibnite Gold Project in this news release is based upon information contained in the technical report titled “Stibnite Gold Project, Feasibility Study Technical Report, Valley County, Idaho” dated effective December 22, 2020 and issued January 27, 2021 (the “2020 Feasibility Study”), which is summarized in the Company’s Technical Report Summary, dated as of December 31, 2021, and amended as of June 6, 2022 (the “TRS”). Such information is as of December 30, 2020 and is subject to the assumptions, exclusions and qualifications set forth in the 2020 Feasibility Study and the TRS. The 2020 Feasibility Study was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and the TRS was prepared in accordance with the mining property disclosure rules specified in Subpart 1300 promulgated by the SEC. For additional information regarding the TRS and the 2020 Feasibility Study, as well as the Company’s 2025 supplemental financial update, investors are encouraged to refer to the Company’s Form 10-K for its fiscal year 2024, filed with the SEC on March 19, 2025.
Perpetua Resources Announces First Quarter 2025 and Recent Highlights
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) announced today that its unaudited condensed consolidated financial results for the period ended March 31, 2025 were filed. For details, please see the Company’s filings available on EDGAR and SEDAR.
Perpetua Resources’ vision is to provide the U.S. with a domestic source of the critical mineral antimony, develop one of the largest and highest-grade open pit gold mines in the country and restore an abandoned brownfield site. Perpetua Resources is focused on advancing the Stibnite Gold Project (“Stibnite Gold Project” or “Project”) towards a construction decision, including finalizing the remaining federal and state permits and securing project financing.
First Quarter 2025 and Recent Highlights:
Zero lost time incidents or reportable environmental spills.
USFS issued the Final Record of Decision (“ROD”) for the Project.
Successful completion of basic engineering and cost update for the Project.
Executed procurement contract with Idaho Power for critical long-lead power line items.
Added to the Market Vectors Junior Gold Miners Index and the VanEck Junior Gold Miners ETF.
Welcomed Executive Order to strengthen American mineral production and reduce U.S. reliance on foreign nations for its mineral supply.
Announced Stibnite Gold Project was selected as a priority project by the White House.
“Perpetua Resources began 2025 with the biggest milestone in the company’s history – a favorable Final Record of Decision for the Stibnite Gold Project,” said Jon Cherry, President and CEO of Perpetua Resources. "In April 2025, our project was selected as a Transparency Project by the White House, which I believe underscores the immense strategic value of our asset to our country. Importantly, we completed the first quarter safely, with no lost time incidents or reportable spills.”
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the Project will be powered by one of the lowest carbon emissions grids in the nation and a portion of the antimony produced from the Project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a TIA of $59.2 million in DPA funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be found here.
Forward-Looking Information and Cautionary Note
Investors should be aware that the Project’s inclusion as a Transparency Project on the Permitting Dashboard does not imply endorsement of or support for the project by the federal government, or create a presumption that the Project will be approved, favorably reviewed by any agency, or receive federal funding. The inclusion of a project on the Permitting Dashboard may be reconsidered based on updated information. Additionally, investors should be aware that the Executive Order does not indicate any commitments on the part of the government or any government agency with regard to the applicability of any programs to the Project, or the timing or outcome of any such initiative that may be applicable to the Project.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, next steps and courses of action; the anticipated outcomes from the Executive Order and the Transparency Projects list for the Company or the mining industry; our ability to comply with, obtain and defend permits related to the Project; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project; and our and Ambri Inc.'s ability to perform under the supply agreement. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that that the remaining permits will be reviewed, issued in a timely manner and as expected; that the initiatives outlined in the Executive Order, and the intended goals of the Transparency Projects list, will be implemented as proposed; that we will be able to successfully secure financing to finance permitting, pre-construction and construction of the Project; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Perpetua Resources’ Stibnite Gold Project Selected as Priority Project by White House
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) today proudly announced that the Stibnite Gold Project (“Project”) has been selected as a Transparency Project in response to President Donald Trump’s recent Executive Order aimed at strengthening American mineral production and significantly reducing U.S. reliance on foreign nations for critical mineral supplies. As one of just 10 initial U.S. projects selected by the National Energy Dominance Council (”NEDC”) for placement on the Federal Permitting Improvement Steering Council (“Permitting Council”) dashboard, the Stibnite Gold Project will have access to increased interagency transparency, coordination, and oversight.
"Being recognized as a Transparency Project by the White House underscores the immense strategic value of the Stibnite Gold Project," said Jon Cherry, President and CEO of Perpetua Resources. "We are honored by this selection, which validates the urgency and importance of our Project for America’s economic and national security. We stand ready to restore the site and bolster American mineral independence."
The Stibnite Gold Project, with its recently secured Record of Decision from the U.S. Forest Service in January 2025, is uniquely positioned to supply the critical mineral antimony, which is essential to national security and energy technology. The final federal decision, the U.S. Army Corps of Engineers Clean Water Act 404 permit, is on track for a decision in Q2 2025.
The Executive Order, issued on March 20, 2025, directs federal agencies to streamline permitting for identified Priority Projects, empowers the use of Defense Production Act (“DPA”) Title III awards to advance domestic mining, and calls for program guidance on financing tools for mining projects made available through the U.S. Export-Import Bank (“EXIM”). Perpetua has received three separate awards from the Department of Defense – including DPA Title III awards – totaling nearly $75 million, and in 2024 received a Letter of Interest from EXIM for $1.8 billion.
“The President’s Executive Order was right to recognize that if the U.S. is going to seriously compete against China, it needs to deploy federal tools to even the playing field for domestic mining projects. Defense Production Act Title III awards, the U.S. Export-Import Bank’s China Transformational Exports Program and Make More in America initiative, and other programs that extend capital for critical mineral production can help meaningfully push back against China’s attempts to clinch global control over critical minerals,” said Cherry.
The Stibnite Gold Project is poised to produce gold and the only domestically mined source of antimony — a mineral vital to defense, energy industries, and advanced technologies. With China’s recent ban on antimony exports to the U.S., the Project represents a crucial step toward restoring American supply chain resilience. The Stibnite Gold Project could supply up to 35 percent of U.S. antimony demand during its initial six years of production, based on the 2023 U.S. Geological Survey antimony commodity summary.
"The Stibnite Gold Project exemplifies responsible mining with benefits extending well beyond national security," Cherry continued. "Our project is designed to create hundreds of family-wage jobs in rural Idaho, restore critical salmon spawning habitats, address legacy environmental contamination, and enhance water quality at a previously abandoned mine site."
Perpetua Resources entered into the formal permitting process under the National Environmental Policy Act (“NEPA”) in 2016. The USFS issued a Draft Environmental Impact Statement in 2020, a Supplemental Draft Environmental Impact Statement in 2022, a Final Environmental Impact Statement and Draft Record of Decision in September 2024, and a Final Record of Decision in January 2025.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the Project will be powered by one of the lowest carbon emissions grids in the nation and a portion of the antimony produced from the Project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a TIA of $59.2 million in DPA funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be found here.
Forward-Looking Information and Cautionary Note
Investors should be aware that the Project’s inclusion as a Transparency Project on the Permitting Dashboard does not imply endorsement of or support for the project by the federal government, or create a presumption that the Project will be approved, favorably reviewed by any agency, or receive federal funding. The inclusion of a project on the Permitting Dashboard may be reconsidered based on updated information. Additionally, investors should be aware that the Executive Order does not indicate any commitments on the part of the government or any government agency with regard to the applicability of any programs to the Project, or the timing or outcome of any such initiative that may be applicable to the Project.
Investors should also be aware that the U.S. EXIM Letter of Interest is non-binding and conditional, and does not represent a financing commitment. A funding commitment is conditional upon completing the application, due diligence and underwriting process and receiving all required Project approvals.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the anticipated outcomes from the Executive Order and the Transparency Projects list for the Company or the mining industry; the anticipated review timeline of the Company’s Section 404 permit application; the expectation that the review may lead to a favorable outcome for the Company; the timing and resolution of any objection to the permit decision by the USACE; our ability to comply with, obtain and defend permits related to the Project; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project, including creation of jobs and environmental benefits; and our and Ambri Inc.'s ability to perform under the supply agreement. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute forward-looking information to the extent that such statements involve estimates of the mineralization that may be encountered if a property is developed. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that that the remaining permits will be reviewed, issued in a timely manner and as expected; that the initiatives outlined in the Executive Order, and the intended goals of the Transparency Projects list, will be implemented as proposed; that the USACE will conduct an expedited review in a timely manner; that the USACE will issue the Section 404 permit; that we will be able to successfully secure financing to finance permitting, pre-construction and construction of the Project; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Perpetua Resources Welcomes Executive Order Powering Domestic Critical Mineral Production
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) today welcomed President Donald Trump’s sweeping Executive Order to strengthen American mineral production and reduce U.S. reliance on foreign nations for its mineral supply. The Stibnite Gold Project (“Project”), which received a positive Record of Decision from the U.S. Forest Service in January 2025, is poised to produce gold and the only domestically mined source of the critical mineral antimony.
“Today’s Executive Order is a resounding endorsement of American mining, and the Stibnite Gold Project is a prime example of why critical mineral production in America requires immediate attention and prioritization. Between its national security implications, eight years of permitting review, and a comprehensive environmental restoration plan, this project is ready to move forward,” said Jon Cherry, President and CEO of Perpetua Resources. “We are very encouraged to see this action to unlock a new era of American critical mineral dominance.”
Among its provisions, the Executive Order empowers use of the Defense Production Act to elevate domestic production capabilities and provides for program guidance on financing tools for mining projects made available through the U.S. Export-Import Bank (“EXIM”). Perpetua received a Letter of Interest from EXIM in 2024 for $1.8 billion. The Company is evaluating the new programs that have been announced to determine the Stibnite Gold Project’s potential eligibility. In the meantime, the Company continues to advance its studies with Sunshine Silver to evaluate development of a full-scale antimony processing facility in Idaho at a site that historically produced antimony, with the potential to develop a fully integrated, domestic supply chain solution for antimony production in the United States.
We believe the Stibnite Gold Project is positioned to become a national strategic asset for antimony and is the nearest-term solution available to the United States to meaningfully counteract China’s dominance of the antimony market. Based on the 2023 USGS antimony commodity summary, the Project could supply up to 35 percent of annual U.S. antimony demand in its initial six years of production and meet long-term defense needs. Antimony is critical to the national defense and energy industries, with commercial applications including fire retardants, lead acid batteries, semiconductors, and solar panels. The Department of Defense uses antimony trisulfide as a key, non-replaceable component in the primer for hundreds of munition types. The Company has already received three separate awards from the Department of Defense, totaling over $70 million, to advance the Stibnite Gold Project. Despite antimony’s importance to America’s defense and energy manufacturing base, the United States is almost entirely dependent on non-allied nations for its antimony supply. According to the 2022 U.S. Geologic Survey, China, Russia, and Tajikistan control 90 percent of mined antimony, up to 80 percent of which is distributed through China’s processing facilities. In 2024, the Chinese government completely banned exports of all antimony products to the U.S.
“The Stibnite Gold Project is the only domestic reserve of the critical mineral antimony, which is desperately needed for national defense and manufacturing,” Cherry continued. “The Project is poised to become our nation’s key to pushing back against China’s weaponization of antimony supply chains, providing the United States Defense Department of Defense with a stable, secure supply of American antimony for years to come.”
In addition to meeting national defense needs, the Stibnite Gold Project is designed to provide hundreds of family wage jobs, reconnect fish to their native spawning grounds, clean up legacy contamination, and improve water quality at an abandoned mine site.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the Project will be powered by one of the lowest carbon emissions grids in the nation and a portion of the antimony produced from the Project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a TIA of $59.2 million in DPA funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be found here.
Forward-Looking Information
Investors should be aware that the Executive Order does not indicate any commitments on part of the government or any government agency with regard to the applicability of any programs to the Project, or the timing or outcome of any such initiative that may be applicable to the Project.
In addition, investors should be aware that the U.S. EXIM Letter of Interest is non-binding and conditional, and does not represent a financing commitment. A funding commitment is conditional upon completing the application, due diligence and underwriting process and receiving all required Project approvals. Investors should also be aware that the Company’s joint studies conducted alongside Sunshine Silver are part of a non-binding and non-exclusive memorandum of understanding (“MOU”). There is no certainty that any definitive agreement or arrangement, whether in respect of a full-scale antimony processing facility or otherwise, between the Company and Sunshine Silver will result from their dealings pursuant to the MOU.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, the anticipated outcomes from the Executive Order for the Company or the mining industry; environmental clean up actions by us; our ability to comply with, obtain and defend permits related to the Project; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project, including creation of jobs and environmental benefits; and our and Ambri Inc.'s ability to perform under the supply agreement. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute forward-looking information to the extent that such statements involve estimates of the mineralization that may be encountered if a property is developed. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that that the remaining permits will be reviewed, issued in a timely manner and as expected; that the initiatives outlined in the Executive Order will be implemented as proposed; that we will be able to successfully secure financing to finance permitting, pre-construction and construction of the Project; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Perpetua Resources Announces Full Year 2024 and Recent Highlights
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”), announced today that its Annual Report on Form 10-K for the year ended December 31, 2024, which includes its audited consolidated financial results for the period ended December 31, 2024, was filed. For details, please see the Company’s filings available on EDGAR and SEDAR.
Perpetua Resources’ vision is to provide the U.S. with a domestic source of the critical mineral antimony, develop one of the largest and highest-grade open pit gold mines in the country and restore an abandoned brownfield site. Perpetua Resources is focused on advancing the Stibnite Gold Project (“Stibnite Gold Project” or “Project”) towards a construction decision, including finalizing the remaining federal and state permits and securing project financing.
Full Year 2024 Highlights:
Zero lost time incidents or reportable environmental spills.
Held 2024 Annual General Meeting and shareholders voted in favor of all proposals.
Published 2023 Sustainability Report, the Company’s eleventh annual sustainability report.
Appointed mining industry veteran Jonathan Cherry as new President and CEO, and as a Director.
Awarded additional funding of up to $34.4 million under the Technology Investment Agreement (“TIA”) under Title III of the Defense Production Act (“DPA”).
Received indication for up to $1.8 billion financing from the Export-Import Bank of the United States (“U.S. EXIM”) for the Project.
United States Forest Service (“USFS”) published the Final Environmental Impact Statement and issued a Draft Record of Decision for the Project.
Closed $33.6M equity financing in November.
Announced agreements with Sunshine Silver and U.S. Antimony in December to advance domestic antimony supply chain.
Recent Highlights:
USFS issued the Final Record of Decision for the Project on January 3, 2025.
Successful completion of Basic Engineering and publication of 2024 Financial Update (“Financial Update”) for the Stibnite Gold Project.
Executed procurement contract with Idaho Power to begin down payments on several critical long-lead power line items.
“Perpetua Resources started 2025 with strong momentum after achieving significant permitting milestones and advancing the Stibnite Gold Project towards a construction decision with the support of government funding,” said Jon Cherry, President and CEO of Perpetua Resources. “I am proud of our team for accomplishing our goals safely in 2024, and I look forward to building on this as we begin the next phase of growth. The Stibnite Gold Project is uniquely positioned to produce gold and the critical mineral antimony, and to restore a brownfield site through the production of these valuable and strategic resources.”
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the Project will be powered by one of the lowest carbon emissions grids in the nation and a portion of the antimony produced from the Project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a Technology Investment Agreement (“TIA”) of $59.2 million in Defense Production Act Title III (“DPA”) funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be found here.
Forward-Looking Information
Investors should be aware that the U.S. EXIM Letter of Interest is non-binding and conditional, and does not represent a financing commitment. A funding commitment is conditional upon completing the application, due diligence and underwriting process and receiving all required Project approvals.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, next steps and courses of action; ongoing funding and anticipated liquidity; our ability to comply with and obtain permits related to the Stibnite Gold Project; the prospects of successfully securing financing from EXIM or from other sources on acceptable terms, or at all; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project, including creation of jobs and environmental benefits; and our and Ambri Inc.'s ability to perform under the supply agreement described in this news release, which agreement is subject to certain conditions, including mutual agreement on certain material terms, including volume and pricing. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions underlying the basic engineering work and the Financial Update; that the remaining permits will be issued in a timely manner and as expected; that the Company will be able to raise sufficient financing on acceptable terms to fund construction and operations; that the current exploration, development, environmental and other objectives concerning the Stibnite Gold Project can be achieved; that its other corporate activities will proceed as expected; and the assumptions described in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record.
Forward-Looking Information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, environmental risks, including changes in environmental laws and regulations and changes in the application of standards pursuant to existing US federal and Idaho rules and regulations; estimates used in financial models, budgeting and financial statements proving to be incorrect; risks related to opposition to the Project; risks related to increased or unexpected costs or delays in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all; risks related to the outcome of litigation and potential for delay of the Project, as well as those factors discussed in Perpetua Resources' public filings with the SEC and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated event.
Perpetua Resources Announces Inclusion in Global Junior Gold Miners Index
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”), Junior Gold Miners ETF (“GDXJ”), effective at market close on March 21, 2025 pursuant to the GDXJ’s quarterly rebalance.
The GDXJ is a globally recognized exchange traded fund that tracks small-cap companies primarily involved in gold and silver development and mining. Inclusion in this ETF may increase Perpetua's common share liquidity and further position the Stibnite Gold Project as an attractive investment opportunity for investors seeking exposure to an industry leading gold project and the only potentially mined source of the critical mineral antimony in the United States.
"We are excited to be included in the VanEck Junior Gold Miners ETF, a milestone that reinforces the investment case for Perpetua Resources,” said Jon Cherry, President and CEO. “This inclusion reflects the hard work and dedication of our team and positions Perpetua to attract a broader base of institutional and retail investors. As we continue to advance the Stibnite Gold Project and execute on our strategy, we look forward to building on this momentum.”
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the Project will be powered by one of the lowest carbon emissions grids in the nation and a portion of the antimony produced from the Project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a Technology Investment Agreement (“TIA”) of $59.2 million in Defense Production Act Title III (“DPA”) funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be found here.
Forward-Looking Information
Investors should be aware that the inclusion of the Company in the GDXJ does not indicate any certainty on the part of GDXJ with regard to the duration of the Company’s inclusion in GDXJ. Investors should also be aware that the Company has no discretion over future GDXJ rebalancings and the level of exposure GDXJ will have to the Company’s common shares in the future, and any impacts to trading volumes as a result of such future rebalancings. Moreover, the inclusion of the Company in the GDXJ does not indicate that additional metals and mining related exchange traded funds, indexes and mutual funds will add the Company in the future. Furthermore, the Company’s inclusion in the GDXJ neither ensures higher trading volumes nor precludes lower trading volumes, either of which may adversely impact the price of the Company’s common shares in the future.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the market visibility and liquidity of the Company’s common shares; the attractiveness of the Stibnite Gold Project (the “Project”) to investors seeking gold and antimony exposure; that the Stibnite Gold Project results in the outcomes we expected; our ability to comply with, obtain and defend permits related to the Project; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project; and our and Ambri Inc.'s ability to perform under the supply agreement. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that the inclusion in the GDXJ will increase visibility of the Project; and that inclusion in the GDXJ will increase liquidity for common shares of the Company; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Perpetua Resources Commences Detailed Engineering and Signs Procurement Contract with Idaho Power to Advance Stibnite Gold Project Towards Construction Decision
Successful completion of basic engineering and cost update of Stibnite Gold Project confirms world class asset with the lowest cost gold project located in a Tier 1 jurisdiction1, driven by low-cost hydro power and valuable antimony by-product essential for national defense, energy, and technology sectors.
Robust project economics underpins $3.7 billion after-tax net present value (5%) and after-tax IRR exceeding 27% at spot pricing.
Over 15% increase in job creation could support corresponding increase to existing $1.8 billion indication of interest from U.S. Export-Import Bank.
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”), announced today that following the successful completion of basic engineering for the Stibnite Gold Project (“Project”) along with the release of its 2024 Financial Update (“Financial Update”), the Company has approved commencement of detailed engineering studies with Ausenco Engineering USA South Inc. (“Ausenco”) and signed a procurement contract with Idaho Power Company (“Idaho Power”) for powerline materials. The Financial Update reconfirms the robust economics of the Project, indicating a $3.7 billion after-tax net present value (“NPV”) (5%) and an after-tax internal rate of return (“IRR”) in excess of 27% at spot prices2 and is resilient at lower prices including a $1.4 billion after-tax NPV (5%) and 15.4% after-tax IRR at long-term consensus prices3, driven by industry leading1 operating costs. All-In Sustaining Costs (“AISC”) are expected to average $435 per gold ounce over the first four years of production and under $760 per gold ounce over the life-of-mine, positioning the Stibnite Gold Project to become the lowest cost gold project in the Tier 1 jurisdictions of the United States, Canada and Australia.1 The Financial Update is included in the Company’s current report on Form 8-K, filed with the U.S. Securities and Exchange Commission (the "SEC") and Canadian securities regulators on February 13, 2025 (the “Current Report”).
“The Stibnite Gold Project is among an elite class of gold projects, with industry leading costs, a world-class reserve of 4.8 million gold ounces and annual production profile of approximately 300,000 ounces over a 15-year life,” said Jon Cherry, President & CEO of Perpetua Resources. “With the Final Record of Decision published and basic engineering complete, Perpetua looks forward to finalizing our few remaining ancillary permits, and securing financing to start construction in 2025 to become a reliable source of the critical mineral antimony for defense needs.”
As Perpetua advances towards a construction decision later this year, the Company has signed a procurement contract with Idaho Power to begin down payments on several critical long-lead power line items.
“We’re pleased to partner with Perpetua Resources to power the country's next major mineral resource project right here in Idaho,” said Lisa Grow, President and CEO of Idaho Power. “This collaboration not only supports our nation's economic growth but also strengthens our national security by ensuring a stable domestic supply of the critical mineral antimony. Our commitment to providing safe, reliable, affordable energy aligns with Perpetua's mission to responsibly produce these essential minerals.”
The Financial Update is a key milestone to support Perpetua in formalizing its loan application process in connection with the U.S. Export-Import Bank (“EXIM”) $1.8 billion Letter of Interest received in April 2024 under the Make More in America and China Transformational Exports Programs. Perpetua believes that the increase by over 15% in the number of U.S. jobs created through the life of the Project indicated in the Financial Update and basic engineering work could support a corresponding increase to the existing $1.8 billion indication of interest from EXIM. The Company is well-advanced in its process to evaluate potential strategic and financing opportunities, supported by its financial advisors.
The Financial Update was prepared by the Company and is based, in part, on the basic engineering work completed to date using the fourth quarter of 2024 as a base date for cost estimates. It is intended to be read as a supplemental financial update to the Company’s technical report titled “Stibnite Gold Project, Feasibility Study Technical Report, Valley County, Idaho” dated effective December 22, 2020 and issued January 27, 2021 (the “2020 Feasibility Study”). Since the 2020 Feasibility Study, Perpetua has advanced the project design to a Basic Engineering level under our Basic and Value Engineering contract with Ausenco, with some ancillary scopes achieving more advanced status. The basic engineering cost estimates use the fourth quarter of 2024 as a base date. There are no changes to reported Mineral Resources and Mineral Reserves in connection with the Financial Update or engineering work completed to date. Perpetua is concurrently advancing execution planning to prepare the Project to be construction-ready once all required permits are received.
Notes:
1) Based on a comprehensive list of gold projects in the United States, Canada and Australia with over 250,000 ounces of gold production expected in 2025 from Wood Mackenzie as of December 2024. AISC presented net of by-product credits. AISC is a non-GAAP measure. See Non-GAAP Measures at the end of this release. By-product credits for purposes of AISC calculation are based on consensus pricing.
2) Spot prices are defined as $2,900/oz gold, $21.00/lb antimony, and $31.50/oz silver.
3) Consensus prices are defined as $2,100/oz gold, $10.00/lb antimony, and $27.00/oz silver.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the Project will be powered by one of the lowest carbon emissions grids in the nation and a portion of the antimony produced from the Project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a Technology Investment Agreement (“TIA”) of $59.2 million in Defense Production Act Title III (“DPA”) funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be foundInvestors should be aware that the U.S. EXIM Letter of Interest is non-binding and conditional, and does not represent a financing commitment. A funding commitment is conditional upon completing the application, due diligence and underwriting process and receiving all required Project approvals.
Forward-Looking Information
Investors should be aware that the U.S. EXIM Letter of Interest is non-binding and conditional, and does not represent a financing commitment. A funding commitment is conditional upon completing the application, due diligence and underwriting process and receiving all required Project approvals.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the ability of the Company to achieve the results in the Financial Update and the 2020 Feasibility Study; the assumptions, qualifications and limitations of the results of the Financial Update, including the economic results (Cash Costs, Total Cash Costs, EBITDA, NPV, IRR, FCF and AISC calculations) and the sensitivity analysis of the variables included therein; other assumptions underlying the Financial Update, including regarding inflation, labor, regulatory and permitting outcomes and timing, construction timing, production capacity and expectations, LOM estimates, or expected mining methods; the expected outcomes of the Stibnite Gold Project, including our reserves and resources; our ability to comply with and obtain permits related to the Stibnite Gold Project; our plans to submit a financing application to U.S. EXIM; the prospects of successfully securing financing from EXIM or from other sources on acceptable terms, or at all; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project, including creation of jobs and environmental benefits; and our and Ambri Inc.'s ability to perform under the supply agreement described in this news release, which agreement is subject to certain conditions, including mutual agreement on certain material terms, including volume and pricing. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute forward-looking information to the extent that such statements involve estimates of the mineralization that may be encountered if a property is developed. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that the conclusions and findings from the 2020 Feasibility Study and basic engineering work, and the technical, geologic, engineering, production and reserve assumptions underlying such work, are reliable to form the basis for the Financial Update; that the remaining permits will be issued in a timely manner and as expected; that the Company will be able to raise sufficient financing on acceptable terms to fund construction and operations; that the current exploration, development, environmental and other objectives concerning the Stibnite Gold Project can be achieved; that its other corporate activities will proceed as expected; and the assumptions described in the 2020 Feasibility Study, the Technical Report Summary (“TRS”), the Financial Update and in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record.
Forward-Looking Information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, the industry-wide risks and project-specific risks identified in the 2020 Feasibility Study, the TRS and Company’s public filings; changes in exploration programs based upon results of exploration; failure of mining methods or processes to operate as anticipated; changes in estimated mineral reserves or mineral resources; changes in commodity prices or exchange rates; availability of construction materials or equipment; equipment failure, accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including changes in environmental laws and regulations and changes in the application of standards pursuant to existing US federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Company’s planned exploration and development activities on the Project; certainty of mineral title and risk of defects; community relations; the Company’s dependence on one mineral project and lack of operating revenues; the nature of mineral exploration and mining and the uncertain commercial viability; risks related to availability of personnel or dependence on key personnel; labor disputes; risks to employee health and safety; estimates used in financial models, budgeting and financial statements proving to be incorrect; risks related to opposition to the Project; risks related to increased or unexpected costs or delays in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all; risks related to the outcome of litigation and potential for delay of the Project, as well as those factors discussed in Perpetua Resources' public filings with the SEC and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated event.
Cautionary Statement Regarding Reserve and Technical Information
The reserves, technical and scientific information in respect of the Stibnite Gold Project in this news release, is based upon information contained in the technical report titled “Stibnite Gold Project, Feasibility Study Technical Report, Valley County, Idaho” dated effective December 22, 2020 and issued January 27, 2021 (the “2020 Feasibility Study”), which is summarized in the Company’s Technical Report Summary, dated as of December 31, 2021, and amended as of June 6, 2022 (the “TRS”). Such information is as of December 30, 2020 and is subject to the assumptions, exclusions and qualifications set forth in the 2020 Feasibility Study and the TRS. The 2020 Feasibility Study was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and the TRS was prepared in accordance with the mining property disclosure rules specified in Subpart 1300 promulgated by the SEC. For additional information regarding the TRS and the 2020 Feasibility Study, investors are encouraged to refer to the Company’s Form 10-K for its fiscal year 2023, filed with the SEC on March 26, 2024.
The updated financial information in respect of the Stibnite Gold Project in this news release is based upon Financial Update and basic engineering work completed by Ausenco, which is presented in the Company’s Current Report. The Financial Update should be read as a supplemental financial update to the 2020 Feasibility Study with respect to economic information regarding the Project. Neither the Financial Update nor the studies or data underlying such update modifies the Mineral Resources and Mineral Reserves reported in the TRS or the material assumptions and information pertaining to such disclosure. The information contained in the Financial Update is subject to the assumptions, exclusions and qualifications set forth in the Current Report, as well as those contained in the 2020 Feasibility Study and the TRS, except to the extent explicitly updated in the Financial Update. For additional information regarding the Financial Update and the underlying assumptions and qualifications, investors are encouraged to refer to the Current Report filed with the SEC and with the Canadian securities regulators on February 13, 2025.
The 2020 Feasibility Study, the TRS and the Financial Update are intended to be read as a whole and sections should not be read or relied upon out of context.
Qualified Person: The technical information in this news release has been reviewed and approved by Christopher Dail, AIPG CPG #10596, Exploration Manager for Perpetua Resources Idaho, Inc. and a qualified person as defined in NI 43-101 and in S-K 1300. Mr. Dail is not responsible for statements attributed to officers and directors of the Company or third parties, or other non-technical information in this news release.
Non-GAAP Measures
This news release includes disclosure of certain non-GAAP financial measures or ratios, including expected Cash Costs, Total Cash Costs, All-In Sustaining Costs (AISC), Average Annual EBITDA and Annual Average Free Cash Flow (FCF) with respect to the expected results of the Project as presented in the Financial Update. The Company uses these measures to evaluate the Company’s future operating performance and provide visibility into the economics of our future mining operations. We believe the projected non-GAAP financial measures included in this news release provide readers with additional meaningful comparisons between the Company’s Financial Update and its peer companies. These projected non-GAAP financial measures are not historical measures of financial performance and are not presented in accordance with GAAP. They may exclude items that will be significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative or superior to GAAP measures. You should be aware that these measures have no standardized meaning under GAAP and may not be comparable to similarly-titled measures used by other companies.
For purposes of the Financial Update, we define “Cash Costs” as the sum of mining costs, processing costs, mine-level G&A and by-product credits; we define “Total Cash Costs” as the sum of Cash Costs, royalty costs, treatment costs, refining costs, and transportation costs; we define “All-In Sustaining Costs” as the sum of Total Cash Costs and sustaining capital costs (all costs required to sustain operations); we define earnings before interest, taxes and depreciation and amortization (EBITDA) as total revenue minus operating costs, offsite charges and royalties; we define “Free Cash Flow” as EBITDA as adjusted for changes in net working capital, all capital expenditures (initial, sustaining, and closure capital expenditures), and salvage value; and we define After-Tax FCF as FCF less taxes payable. FCF does not entirely represent cash available for discretionary expenditures due to the fact that the measure does not deduct payments required for debt service and other items. Annual averages of non-GAAP measures represent the total value of the non-GAAP measure divided by the number of years during the forecast period.
As the Project is not in production, the prospective non-GAAP financial measures are based on the estimated revenues, costs and other metrics set forth in the Financial Update, and are subject to the assumptions, qualifications and exceptions set forth in the 2020 Feasibility Study and the TRS, as updated by the Financial Update. See the economic model included in the Current Report for additional information regarding these measures. The Financial Update is not a true cash flow model as defined by financial accounting standards but rather a representation of Project economics at a level of detail appropriate for a feasibility study level of engineering and design. As such, the projected non-GAAP measures included in this news release cannot be reconciled to comparable GAAP measures without unreasonable effort.
The non-GAAP financial measures included in this presentation are forward-looking statements and remain subject to the risks and uncertainties set forth in the section titled “Forward-Looking Statements” in this news release.
Perpetua Resources Applauds Idaho’s SPEED Act to Streamline Permitting and Support Critical Projects
BOISE, ID – Perpetua Resources Corp. (Nasdax: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) today praised Idaho Governor Brad Little’s Executive Order 2025-02, the Strategic Permitting, Efficiency, and Economic Development (“SPEED”) Act. This landmark measure establishes a SPEED Council to improve coordination among state agencies, reduce permitting delays, and drive forward projects that promote energy independence, national security, and economic growth.
The SPEED Act is a testament to Idaho's leadership in responsible resource development and recognition that streamlined permitting can go hand-in-hand with rigorous environmental standards.
The SPEED Act is a crucial step toward advancing critical projects like the Stibnite Gold Project (“Project”). Once in operation, the Project is expected to provide an average of 550 jobs to rural Idaho and a reliable domestic source of the critical mineral antimony, which is vital for defense, technology, and energy applications. With an estimated reserve of 148 million pounds of antimony, the Project could meet up to 35% of U.S. antimony demand in its initial six years of production, significantly reducing reliance on foreign supply chains. In late 2024, China — which is responsible for nearly half of all mined antimony output worldwide — cut off antimony exports to the U.S. The Stibnite Gold Project stands to greatly bolster the United States’ efforts to reduce its reliance on foreign antimony producers and suppliers and strengthen its strategic mineral security.
"We are thrilled to see Governor Little take decisive action to streamline permitting without compromising environmental integrity,” said Jon Cherry, President and CEO of Perpetua Resources. “The SPEED Act aligns perfectly with Perpetua’s vision to restore an abandoned mine site and responsibly develop domestic mineral resources for a more secure future."
"The SPEED Act exemplifies Idaho’s common sense, forward-thinking leadership,” said Ben Davenport, Executive Director of the Idaho Mining Association. “We hope that by improving communication and coordination, Idaho can help vital projects like the Stibnite Gold Project deliver hundreds of well-paid and highly-skilled jobs to our rural communities."
"Idaho’s SPEED Act is a model for the nation,” said Mark Compton, Executive Director of the American Exploration & Mining Association. “With enhanced coordination and reduced inefficiencies, Idaho projects like the Stibnite Gold Project can better deliver the critical minerals our nation needs while safeguarding the environment.”
The SPEED Act reflects Idaho’s commitment to balancing economic growth with environmental responsibility. With Idaho’s vast mineral resources, the state can continue its leadership in supporting projects that bolster national security and energy independence.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the Project will be powered by one of the lowest carbon emissions grids in the nation and a portion of the antimony produced from the Project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a Technology Investment Agreement (“TIA”) of $59.2 million in Defense Production Act Title III (“DPA”) funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be found here.
FORWARD-LOOKING INFORMATION
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the anticipated effects of the SPEED Act; the expected outcomes of the Stibnite Gold Project, including our reserves and resources; our ability to comply with and obtain permits related to the Stibnite Gold Project; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project, including creation of jobs and environmental benefits; and our and Ambri Inc.'s ability to perform under the supply agreement. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute forward-looking information to the extent that such statements involve estimates of the mineralization that may be encountered if a property is developed. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that the remaining permits will be issued in a timely manner and as expected; and that the current exploration, development, environmental and other objectives concerning the Stibnite Gold Project can be achieved and that its other corporate activities will proceed as expected. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated event.
Cautionary Statement Regarding Reserve and Technical Information
The reserves information in respect of the Stibnite Gold Project in this press release, is based upon information contained in the technical report titled “Stibnite Gold Project, Feasibility Study Technical Report, Valley County, Idaho” dated effective December 22, 2020 and issued January 27, 2021 (the “2020 Feasibility Study”), which is summarized in the Company’s Technical Report Summary ( “TRS”), dated as of December 31, 2021, and amended as of June 6, 2022. Such information is as of December 30, 2020 and is subject to the assumptions, exclusions and qualifications set forth in the 2020 Feasibility Study and the TRS. The 2020 Feasibility Study was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and the TRS was prepared in accordance with the mining property disclosure rules specified in Subpart 1300 promulgated by the SEC. The 2020 Feasibility Study and TRS are intended to be read as a whole and sections should not be read or relied upon out of context. Data regarding domestic antimony reserves based on U.S. Geological Survey, Mineral Commodity Summaries, dated as of January 2024.
Perpetua Resources Secures Approval from US Forest Service for Stibnite Gold Project
U.S. Forest Service issues final Record of Decision for Stibnite Gold Project.
Project includes the only domestic reserve of antimony, essential for national defense, energy, and technology sectors.
The redevelopment of the abandoned mine site is expected to provide environmental, economic, and national security benefits.
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) today announced that the United States Forest Service ("USFS") has issued the Final Record of Decision ("ROD") authorizing Perpetua’s mine plan for the Stibnite Gold Project ("Project"). This crucial permitting milestone comes after 8 years of thorough investigation, interagency analysis, consultation, and extensive public feedback on the proposed mine plan of operations. With receipt of the Final ROD, Perpetua Resources is focused on advancing the Project towards a construction decision, including finalizing the remaining federal and state permits and securing project financing.
"We are thrilled to receive our Final Record of Decision from the Forest Service," said Jon Cherry, President and CEO of Perpetua Resources. “This approval elevates the Stibnite Gold Project to an elite class of projects in America that have cleared NEPA. The Stibnite Gold Project can deliver decisive wins for our communities, the environment, the economy, and our national security."
The Project is primed to deliver substantial environmental and economic benefits to the region, and stronger security to the nation. Locally, the Project is anticipated to provide more than one billion investment dollars and an average of 550 jobs to rural Idaho during operations. Expected to be one of the highest-grade open pit gold mines in the country, the Project contains an estimated 4.8-million-ounce gold reserve and is anticipated to produce 450,000 ounces of gold annually over the first four years of production. In addition, the estimated 148-million-pound antimony reserve is the only identified antimony reserve in the United States and is expected to supply roughly 35% of U.S. demand in the first six years of operations, based on 2022 US annual consumption as set forth in the 2023 USGS antimony commodity summary. Antimony is a listed critical mineral for its role in technology, defense, and energy products. However, in a pair of moves in late 2024, China — which is responsible for nearly half of all mined antimony output worldwide — cut off antimony exports globally, including to the United States. By securing a domestic mined antimony supply, the United States can reduce its reliance on foreign antimony producers and suppliers and strengthen its strategic mineral security.
The Stibnite Gold Project is designed to redevelop the abandoned Stibnite mine site in central Idaho for gold, silver and antimony, while also providing environmental restoration to the dormant site. The Company’s vision to “Restore the Site” is embedded throughout the approved mine plan. Perpetua’s approved plan to leave the site better than it is today includes:
Removing legacy tailings and waste to improve water quality;
Restoring miles of river habitat and opening miles of native fish habitat that have been blocked for over 80 years; and
Providing a net benefit increase in wetland acres.
“Perpetua Resources has been part of our community for more than a decade. During this time, they’ve shown us the type of company they are. They’ve invited us to provide feedback, answered our questions, supported causes that matter to our community and looked for ways to partner with local businesses and provide well-paying jobs for Valley County residents,” said Cascade Mayor Judy Nissula. “These are the type of companies we want in Cascade and we look forward to Perpetua’s next chapter in our community now that they received a positive Final Record of Decision from the U.S. Forest Service."
Perpetua Resources entered into the formal permitting process under the National Environmental Policy Act (“NEPA”) in 2016. The USFS issued a Draft Environmental Impact Statement in 2020, a Supplemental Draft Environmental Impact Statement in 2022, and a Final Environmental Impact Statement and Draft Record of Decision in September of 2024. During the public comment periods, over 23,000 letters were submitted supporting the Project.
“After years of work to make the Stibnite Gold Project the strongest it can be, we are incredibly proud to have reached this milestone,” said Alan Haslam, Vice President of Permitting for Perpetua Resources. “Obtaining the Forest Service’s approval for our plan has taken the combined efforts and talents of so many people, and we are humbled to watch it graduate to the next phase of development.”
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the Project will be powered by one of the lowest carbon emissions grids in the nation and a portion of the antimony produced from the Project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a Technology Investment Agreement (“TIA”) of $59.2 million in Defense Production Act Title III (“DPA”) funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be found here.
FORWARD-LOOKING INFORMATION
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the content and timing of additional permitting actions to be taken by the Department of Defense, USFS, the State of Idaho and other government agencies and regulatory bodies; the prospects of successfully securing project financing on acceptable terms, or at all; environmental clean up actions by us and our contractors; that the Stibnite Gold Project results in the outcomes we expected, including our reserves and resources and anticipated production and costs; our ability to comply with and obtain permits related to the Stibnite Gold Project; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project, including creation of jobs and environmental benefits; and our and Ambri Inc.'s ability to perform under the supply agreement. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute forward-looking information to the extent that such statements involve estimates of the mineralization that may be encountered if a property is developed. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that the remaining permits will be issued in a timely manner and as expected; that we will be able to successfully secure financing to finance permitting, pre-construction and construction of the Project; that the current exploration, development, environmental and other objectives concerning the Stibnite Gold Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all; risks related to the outcome of litigation and potential for delay of the Project, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Cautionary Statement Regarding Reserve and Technical Information
The reserves, production and cost information in respect of the Stibnite Gold Project in this press release, is based upon information contained in the technical report titled “Stibnite Gold Project, Feasibility Study Technical Report, Valley County, Idaho” dated effective December 22, 2020 and issued January 27, 2021 (the “2020 Feasibility Study”), which is summarized in the Company’s Technical Report Summary ( “TRS”), dated as of December 31, 2021, and amended as of June 6, 2022. Such information is as of December 30, 2020 and is subject to the assumptions, exclusions and qualifications set forth in the 2020 Feasibility Study and the TRS. In particular, we have not updated our capital cost estimates since 2020, and these cost estimates may increase materially due to inflation, competition or other unforeseen challenges at the Project site. The 2020 Feasibility Study was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and the TRS was prepared in accordance with the mining property disclosure rules specified in Subpart 1300 promulgated by the SEC. The 2020 Feasibility Study and TRS are intended to be read as a whole and sections should not be read or relied upon out of context. Data regarding domestic antimony reserves based on U.S. Geological Survey, Mineral Commodity Summaries, dated as of January 2024.
Perpetua Resources Announces Continued Cooperation with U.S. Antimony
U.S. Antimony Corporation operates an antimony processing facility in Montana with potential capabilities to process certain quantities of antimony concentrate from the Stibnite Gold Project.
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) today announced its wholly owned subsidiary, Perpetua Resources Idaho, Inc., has agreed to conduct metallurgical testing of antimony concentrate samples from Perpetua’s Stibnite Gold Project (“Project”) with Montana-based United States Antimony Corporation (NYSE: UAMY) (“USAC”).
"We are focused on exploring all possible avenues to build a fully American antimony supply chain,” said Jon Cherry, President and CEO of Perpetua Resources. “The antimony produced by the Stibnite Gold Project can serve America’s needs, and we’re dedicated to investigating all options to develop a fully domestic antimony supply chain.”
"If we can do this in America, then we should do this in America,” said Gary C. Evans, Chairman of U.S. Antimony Corporation. “U.S. Antimony has a long history of processing antimony products for American users and is dedicated to securing future capacity to meet increasing domestic demand.”
The Stibnite Gold Project has an antimony reserve of 148 million pounds, making it one of the largest reserves of antimony not under Chinese influence and the only U.S. domestic reserve. The Project is expected to supply about 35 percent of total U.S. antimony demand in the first six years of operations, based on the 2023 USGS antimony commodity summary.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the Project will be powered by one of the lowest carbon emissions grids in the nation and a portion of the antimony produced from the Project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a Technology Investment Agreement (“TIA”) of $59.2 million in Defense Production Act Title III (“DPA”) funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be found here.
Forward-Looking Information and Cautionary Note
Investors should be aware that the publication by the USFS of the FEIS and the draft ROD, and the publication of the USFS permitting schedule, does not indicate any commitments on the part of the USFS with regard to the content or timing of a final ROD. The draft ROD is subject to a 45-day objection period, followed by a 45-day resolution period, which may be extended by the USFS in its sole discretion. Furthermore, the USFS is not bound by the permitting schedule and anticipated milestones may be delayed materially or not be satisfied. Additionally, funding under the DPA TIA is available only for the specified costs related to permitting, environmental baseline data monitoring, environmental and technical studies, and advancing construction readiness and is not available to fund the Company’s costs under its Administrative Settlement and Order on Consent obligations and certain corporate expenses.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the content and timing of final ROD and other actions to be taken by the Department of Defense, USFS, the State of Idaho and other government agencies and regulatory bodies; environmental clean up actions by us and our contractors; that the Stibnite Gold Project results in the outcomes we expected, including our reserves and resources and anticipated production and costs; our ability to comply with and obtain permits related to the Stibnite Gold Project; the anticipated goals and outcomes of the agreement with U.S. Antimony; expected demand for antimony and our ability to supply it; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project, including creation of jobs and environmental benefits; and our and Ambri Inc.'s ability to perform under the supply agreement. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute forward-looking information to the extent that such statements involve estimates of the mineralization that may be encountered if a property is developed. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect" "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that the final ROD will be published based on the USFS schedule; that the current exploration, development, environmental and other objectives concerning the Stibnite Gold Project can be achieved and that its other corporate activities will proceed as expected; that the formal review process under the NEPA (including any joint review process involving the USFS, the State of Idaho and other agencies and regulatory bodies) will proceed in a timely manner and as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all; risks related to the outcome of litigation and potential for delay of the Project, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, including Perpetua’s Annual Report on Form 10-K filed with the SEC on March 26, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Cautionary Statement Regarding Reserve and Technical Information:
The reserve information in respect of the Stibnite Gold Project in this press release, is based upon information contained in the technical report titled “Stibnite Gold Project, Feasibility Study Technical Report, Valley County, Idaho” dated effective December 22, 2020 and issued January 27, 2021 (the “2020 Feasibility Study”), which is summarized in the Company’s Technical Report Summary ( “TRS”), dated as of December 31, 2021, and amended as of June 6, 2022. Such information is as of December 30, 2020 and is subject to the assumptions, exclusions and qualifications set forth in the 2002 Feasibility Study and the TRS. The 2020 Feasibility Study was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and the TRS was prepared in accordance with the mining property disclosure rules specified in Subpart 1300 promulgated by the SEC. The 2020 Feasibility Study and TRS are intended to be read as a whole and sections should not be read or relied upon out of context.
Perpetua Resources and Sunshine Silver Announce Agreement to Advance Domestic Antimony Supply Chain
MOU signed to explore feasibility of utilizing Sunshine Silver’s permitted antimony plant site to process concentrates from both Stibnite Gold and Sunshine Silver.
Antimony concentrate from the Stibnite Gold Project could be processed alongside Sunshine Silver’s own production, together achieving up to 40% of annual U.S. antimony demand
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) today announced its wholly owned subsidiary Perpetua Resources Idaho, Inc. has entered into a Memorandum of Understanding (“MOU”) to explore antimony processing opportunities with Sunshine Silver Mining & Refining Company (“Sunshine Silver” or “Sunshine”), also based in Idaho.
Testing under the MOU, which is non-binding and non-exclusive, will evaluate the technical potential for processing and refining antimony from the Stibnite Gold Project in Idaho at the Sunshine Mine Complex. The MOU will initiate third-party engineering to evaluate a flowsheet to suit different antimony ore types and follows engagement between the parties’ technical and executive teams.
“Perpetua’s MOU with Sunshine Silver is a step in evaluating a fully integrated American antimony supply chain,” said Jon Cherry, President and CEO of Perpetua Resources. “The Stibnite Gold Project is the only identified domestic reserve of antimony, and with final federal decisions expected in a matter of weeks, Perpetua is ready to work with U.S. companies to help secure domestic production of antimony.”
“A fully American antimony supply chain is paramount for U.S. national and economic security,” said Heather White, CEO of Sunshine Silver. “We are confident that Sunshine can process and produce high-grade antimony here in Idaho as we have done in the past. Collectively, Sunshine and Perpetua plan to work under the MOU to identify a framework to develop a truly end-to-end American antimony solution.”
On December 3, 2024, China, which dominates antimony production, refinement, and processing capabilities globally, announced an enhanced ban on exports of antimony to the United States. This move comes after the Chinese Communist Party announced global export restrictions on antimony in August 2024. Antimony is essential for national defense, clean energy and technology applications. Antimony is a primer in hundreds of munition types, a doping agent in semiconductors and printed circuit boards, and a central component in solar panels and wind turbines. No domestically mined supply of antimony currently exists. The Stibnite Gold Project has a reserve of 148 million pounds of antimony, making it one of the largest reserves of antimony not under Chinese influence and the only U.S. domestic reserve. The Stibnite Gold Project is expected to supply about 35 percent of projected U.S. antimony demand in the first six years of operations, based on the 2023 USGS antimony commodity summary. This Perpetua production, if added to the 5 percent that Sunshine has indicated it expects to be able to produce, could provide up to 40 percent of U.S. antimony demand.
The Stibnite Gold Project received its Final Environmental Impact Statement (“FEIS”) and Draft Record of Decision (“DROD”) in September 2024, is designed to restore a historic mining district abandoned after 100 years of mostly unregulated mining while producing gold and the only reserve of antimony in the United States. Based on the U.S. Forest Service (“USFS”) schedule published in July 2024, the Final Record of Decision (“ROD”) is scheduled for delivery at the end of 2024.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the Project will be powered by one of the lowest carbon emissions grids in the nation and a portion of the antimony produced from the Project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a Technology Investment Agreement (“TIA”) of $59.2 million in Defense Production Act Title III (“DPA”) funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be found here.
For further information about Sunshine Silver Mining & Refining Company, please contact:
https://sunshinesilvermining.com
About Sunshine
Sunshine Silver Mining & Refining Company is dedicated to bringing the iconic permitted Sunshine Mine back into production. As the largest mineral rights holder in Idaho’s Coeur d’Alene Mining District – the most productive silver region in the United States – Sunshine benefits from a stable regulatory environment, a highly skilled workforce, excellent infrastructure and a deeply-rooted mining culture. Boasting a total resource grade of 25.9 ounces silver per ton (888 grams silver per metric tonne), the Sunshine Mine ranks among the world’s highest-grade silver deposits. This, combined with the Mine’s valuable copper and, in particular, antimony byproducts, provides Sunshine with exceptional exposure to metals that are crucial in the 21st century economy. The mine hosts 277 million ounces of silver, including over 112 million ounces in the Indicated category, with excellent exploration results underscoring its substantial growth potential, especially in silver and antimony. The Company is vertically integrated, with a permitted silver refinery on site, able to produce COMEX-grade silver and copper cathode. Permits are also in place to produce and process the critical metal antimony.
Forward-Looking Information and Cautionary Note
Investors should be aware that the MOU is non-binding and non-exclusive. There is no certainty that any definitive agreement or arrangement between the Company and Sunshine Silver will result from their dealings pursuant to the MOU. In addition, the publication by the USFS of the FEIS and the draft ROD, and the publication of the USFS permitting schedule, does not indicate any commitments on the part of the USFS with regard to the content or timing of a final ROD. The draft ROD is subject to a 45-day objection period, followed by a 45-day resolution period, which may be extended by the USFS in its sole discretion. Furthermore, the USFS is not bound by the permitting schedule and anticipated milestones may be delayed materially or not be satisfied. In addition, investors should be aware that the U.S. EXIM Letter of Interest is non-binding and conditional, and does not represent a financing commitment. A funding commitment is conditional upon completing the application, due diligence and underwriting process and receiving all required Project approvals. Additionally, funding under the DPA TIA is available only for the specified costs related to permitting, environmental baseline data monitoring, environmental and technical studies, and advancing construction readiness and is not available to fund the Company’s costs under its Administrative Settlement and Order on Consent obligations and certain corporate expenses.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the content and timing of final ROD and other actions to be taken by the Department of Defense, USFS, the State of Idaho and other government agencies and regulatory bodies; environmental clean up actions by us and our contractors; that the Stibnite Gold Project results in the outcomes we expected, including our reserves and resources and anticipated production and costs; our ability to comply with and obtain permits related to the Stibnite Gold Project; the anticipated goals and outcomes of the MOU; expected demand for antimony and our ability to supply it; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project, including creation of jobs and environmental benefits; and our and Ambri Inc.'s ability to perform under the supply agreement. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute forward-looking information to the extent that such statements involve estimates of the mineralization that may be encountered if a property is developed. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect" "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that the public review process of the final ROD will proceed in a timely manner and as expected, and that the final ROD will be published based on the USFS schedule; that the current exploration, development, environmental and other objectives concerning the Stibnite Gold Project can be achieved and that its other corporate activities will proceed as expected; that the formal review process under the NEPA (including any joint review process involving the USFS, the State of Idaho and other agencies and regulatory bodies) will proceed in a timely manner and as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; that we will be able to discharge our liabilities as they become due and continue as a going concern; and that engagement, cooperation and collaboration as contemplated under the MOU will follow the mutually agreed upon schedule set out therein and proceed as expected and that all requisite information will be available in a timely manner. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all; risks related to the outcome of litigation and potential for delay of the Project, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, including Perpetua’s Annual Report on Form 10-K filed with the SEC on March 26, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Cautionary Statement Regarding Reserve and Technical Information:
The reserve information in respect of the Stibnite Gold Project in this press release, is based upon information contained in the technical report titled “Stibnite Gold Project, Feasibility Study Technical Report, Valley County, Idaho” dated effective December 22, 2020 and issued January 27, 2021 (the “2020 Feasibility Study”), which is summarized in the Company’s Technical Report Summary ( “TRS”), dated as of December 31, 2021, and amended as of June 6, 2022. Such information is as of December 30, 2020 and is subject to the assumptions, exclusions and qualifications set forth in the 2020 Feasibility Study and the TRS. The 2020 Feasibility Study was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and the TRS was prepared in accordance with the mining property disclosure rules specified in Subpart 1300 promulgated by the SEC. The 2020 Feasibility Study and TRS are intended to be read as a whole and sections should not be read or relied upon out of context.
The resource and technical information in respect of the Sunshine Mine in this press release is based upon information contained in the NI 43-101 compliant resource report, “NI 43-101 Technical Report Sunshine Mine, Idaho” prepared by SRK Consulting (U.S.), Inc., effective date as of December 31, 2023, and is subject to the assumptions, exclusions and qualifications set forth therein.
Perpetua Resources Announces Pricing of Offering of Common Shares for Gross Proceeds of $35 million
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or the “Company”) today announced the pricing of its previously announced public offering of 3,439,465 shares of its common stock (the “Common Shares”) in the United States ( the “Offering”) at a price to the public of US$10.17.
The gross proceeds to Perpetua Resources from the Offering, before deducting commissions and expenses and other Offering expenses, will be approximately $35 million, or approximately $40 million if the Underwriters exercise the Option (as defined below) in full.
The Company expects to use the net proceeds of the Offering for down payments on long lead time materials, detailed engineering for its Stibnite Gold Project, and general corporate purposes.
The Common Shares will be offered by the Company with BMO Capital Markets and National Bank of Canada Financial Markets acting as joint lead book-running managers, RBC Capital Markets and Cantor acting as joint book-running managers and B. Riley Securities, H.C. Wainwright & Co. and Roth Capital Partners acting as co-managers (collectively, the “Underwriters”).
Perpetua Resources has also granted the Underwriters an option (the “Option”) to purchase up to an additional 515,919 Common Shares representing up to 15% of the number of Common Shares to be sold pursuant to the Offering. The Option is exercisable for a period of 30 days from the date of the Underwriting Agreement, dated November 18, 2024, between Perpetua Resources and BMO Capital Markets as representative of the several Underwriters (the “Underwriting Agreement”).
The Offering is expected to close on or about November 20, 2024. Closing of the Offering will be subject to a number of customary conditions included in the Underwriting Agreement.
The Offering to the public in the United States is being made pursuant to the Company’s effective shelf registration statement on Form S-3, including a base prospectus, previously filed with the Securities and Exchange Commission (the "SEC"). The Offering in the United States will be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. You may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and the base prospectus may be obtained from BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036.
This news release does not constitute an offer to sell or the solicitation of an offer to buy shares of Perpetua Resource’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Stibnite Gold Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the Stibnite Gold Project will be powered by one of the lowest carbon emissions grids in the nation and a portion of the antimony produced from the Stibnite Gold Project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a Technology Investment Agreement of $59.2 million in Defense Production Act Title III funding to advance construction readiness and permitting of the Stibnite Gold Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS OR INFORMATION
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the conduct of the Offering; the granting of the Underwriters’ over-allotment option; and the anticipated use of proceeds from the Offering. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect" "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, including Perpetua’s Annual Report on Form 10-K filed with the SEC on March 26, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Perpetua Resources Announces Offering of Common Shares
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or the “Company”) today announced the launch of a public offering of 3,439,465 shares of its common stock (the “Common Shares”) in the United States ( the “Offering”).
The Company expects to use the net proceeds of the Offering for down payments on long lead time materials, detailed engineering for its Stibnite Gold Project, and general corporate purposes.
The Common Shares will be offered by the Company with BMO Capital Markets and National Bank of Canada Financial Markets acting as joint lead book-running managers and RBC Capital Markets and Cantor acting as joint book-running managers (collectively, the “Underwriters”).
Perpetua Resources intends to grant the Underwriters an option, exercisable for a period of 30 days from the date hereof, to purchase up to an additional 515,919 Common Shares representing up to 15% of the number of Common Shares to be sold pursuant to the Offering.
The Offering to the public in the United States is being made pursuant to the Company’s effective shelf registration statement on Form S-3, including a base prospectus, previously filed with the Securities and Exchange Commission (the "SEC"). The Offering in the United States will be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. You may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and the base prospectus may be obtained from BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036.
This news release does not constitute an offer to sell or the solicitation of an offer to buy shares of Perpetua Resource’s common stock, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Stibnite Gold Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the Stibnite Gold Project will be powered by one of the lowest carbon emissions grids in the nation and a portion of the antimony produced from the Stibnite Gold Project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a Technology Investment Agreement of $59.2 million in Defense Production Act Title III funding to advance construction readiness and permitting of the Stibnite Gold Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS OR INFORMATION
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the conduct of the Offering; the granting of the Underwriters’ over-allotment option; and the anticipated use of proceeds from the Offering. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect" "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, including Perpetua’s Annual Report on Form 10-K filed with the SEC on March 26, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Perpetua Resources Announces Third Quarter 2024 and Recent Highlights
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) announced today that its unaudited condensed consolidated financial results for the period ended September 30, 2024 were filed. For details, please see the Company’s filings available on EDGAR and SEDAR.
Perpetua Resources’ vision is to provide the U.S. with a domestic source of the critical mineral antimony, develop one of the largest and highest-grade open pit gold mines in the country and restore an abandoned brownfield site. Perpetua Resources is focused on advancing the permitting for the Stibnite Gold Project (“Stibnite Gold Project” or “Project”) through the National Environmental Policy Act (“NEPA”) process and construction readiness for the Project.
Third Quarter 2024 and Recent Highlights:
Zero lost time incidents or reportable environmental spills.
United States Forest Service (“USFS”) published the Final Environmental Impact Statement (“FEIS”) and issued a Draft Record of Decision (“DROD”) for the Stibnite Gold Project.
The U.S. Fish and Wildlife Service issued its Final Biological Opinion on September 6, 2024 and the National Marine Fisheries Service issued its Final Biological Opinion on October 7, 2024.
Engaged RBC Capital Markets and Endeavour Financial to assist with the evaluation of potential strategic and financing opportunities and to support the Company’s application process in connection with the Export-Import Bank of the United States (“U.S. EXIM”) $1.8 billion Letter of Interest received in April 2024.
“Perpetua Resources continued to gain momentum in the third quarter of 2024 and reached another major milestone with the U.S. Forest Service publishing a Draft Record of Decision and Final Environmental Impact Statement for the Stibnite Gold Project,” said Jon Cherry, President and CEO of Perpetua Resources. “We were excited to see the Draft Record of Decision outline the decision to authorize the project plan and look forward to delivering a win-win-win for Idaho, the environment, and America’s national security.”
Permitting and Construction Readiness Activities Update:
On September 6, 2024, the USFS published the FEIS and a DROD with respect to the Project. The publication of the DROD commenced a 45-day pre-decisional objection period, which expired on October 21, 2024. The objection period will be followed by another 45-day resolution period prior to the publication of the final Record of Decision (“ROD”). The resolution period is expected to expire on or about December 5, 2024, which may be extended by the USFS in its sole discretion. Based on the USFS schedule published in October 2024, the ROD is anticipated to be published by the end of 2024. Perpetua also continued to advance work on several ancillary permits which are being progressed in parallel with the NEPA process. Construction Readiness activities during the third quarter focused on basic, value and detailed engineering for the Project.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the Project will be powered by one of the lowest carbon emissions grids in the nation and a portion of the antimony produced from the Project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a Technology Investment Agreement of $59.2 million in Defense Production Act Title III funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be found here.
Forward-Looking Information and Cautionary Note
Investors should be aware that the publication by the USFS of the FEIS and the draft ROD, and the publication of the USFS permitting schedule, does not indicate any commitments on the part of the USFS with regard to the content or timing of a final ROD. The draft ROD is subject to a 45-day objection period, followed by a 45-day resolution period, which may be extended by the USFS in its sole discretion. Furthermore, the USFS is not bound by the permitting schedule and anticipated milestones may be delayed materially or not be satisfied. In addition, investors should be aware that the U.S. EXIM Letter of Interest is non-binding and conditional, and does not represent a financing commitment. A funding commitment is conditional upon completing the application, due diligence and underwriting process and receiving all required Project approvals. Additionally, funding under the DPA TIA is available only for the specified costs related to permitting, environmental baseline data monitoring, environmental and technical studies, and advancing construction readiness and is not available to fund the Company’s costs under its Administrative Settlement and Order on Consent obligations and certain corporate expenses.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the content and timing of final ROD and other actions to be taken by the Department of Defense, USFS, the State of Idaho and other government agencies and regulatory bodies; the timing and resolution of any objection to the FEIS or draft ROD; our plans to submit a financing application to U.S. EXIM; the prospects of successfully securing financing from U.S. EXIM or from other sources on acceptable terms, or at all; the expected timing of, and benefits to the Stibnite Gold Project of, securing such financing from U.S. EXIM; anticipated approval of reimbursement requests under the definitized agreement; environmental clean up actions by us and our contractors; that the Stibnite Gold Project results in the outcomes we expected, including our reserves and resources and anticipated production and costs; our ability to comply with and obtain permits related to the Stibnite Gold Project; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project, including creation of jobs and environmental benefits; and our and Ambri Inc.'s ability to perform under the supply agreement. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect" "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that the public review process of the final ROD will proceed in a timely manner and as expected, and that the final ROD will be published based on the USFS schedule; that we will be able to successfully complete the U.S. EXIM application process and secure financing, through U.S. EXIM or other sources to finance permitting, pre-construction and construction of the Project; that the current exploration, development, environmental and other objectives concerning the Stibnite Gold Project can be achieved and that its other corporate activities will proceed as expected; that the formal review process under the NEPA (including any joint review process involving the USFS, the State of Idaho and other agencies and regulatory bodies) will proceed in a timely manner and as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all; risks related to the outcome of litigation and potential for delay of the Project, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, including Perpetua’s Annual Report on Form 10-K filed with the SEC on March 26, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Perpetua Resources Announces Key Federal Decision to Authorize the Stibnite Gold Project
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) today announced that the United States Forest Service (“USFS”) has completed the Final Environmental Impact Statement (“FEIS”) and is issuing a Draft Record of Decision (“DROD”) authorizing the Stibnite Gold Project (“Project”). According to a USFS press release, both documents will be published tomorrow, September 6, in the US Federal Register. Based on the USFS schedule published in July 2024, the Final Record of Decision (“ROD”) is anticipated by the end of 2024.
The USFS release confirmed that the “Draft Record of Decision outlines the Forest Services’ decision to authorize the 2021 Modified Mine Plan”. The decision comes after the completion of rigorous interagency permitting review, scientific evaluation, and public input. The Project is designed to provide environmental benefits to an abandoned mine site while producing gold and unlocking the only reserve of antimony within the United States.
“We believe that the Stibnite Gold Project is a win-win-win,” said Jon Cherry, President and CEO of Perpetua Resources. “It’s a win for Idaho, it’s a win for the environment, and it’s a win for America's national security. Our independence from Chinese control over antimony is right here in our backyard, and Perpetua Resources is honored to provide a critical part of the solution to the United States’ strategic need for antimony, while also delivering an economically robust gold mine that will create new jobs in Idaho. It’s time for the Stibnite Gold Project to help secure our future.”
Perpetua’s Stibnite Gold Project is positioned to be one of the highest-grade open pit gold projects in the United States with 4.8 million ounces of estimated gold reserves. The Project is expected to produce over 450,000 ounces of gold annually over the first four years with all-in sustaining costs under $450 per gold ounce based on the 2020 Feasibility Study.
As a by-product of gold production, the Project has a reserve of 148 million pounds of antimony. Antimony is essential for national defense, clean energy and technology applications, yet no domestically mined supply currently exists. Beginning on September 15, 2024, China, which is responsible for nearly half of all global mined antimony output and dominates global refinement and processing, has announced that it will restrict antimony exports. The Stibnite Gold Project has one of the largest reserves of antimony not under Chinese influence and the only U.S. domestic reserve.
“The business case is clear,” Cherry continued. “Our project has exceptional economics, with an expected payback period of less than 3 years, while providing net environmental benefits and the critical mineral antimony. We have never been closer to unlocking the value of this unparalleled asset.”
The Stibnite Gold Project has undergone a rigorous multi-year, science-based review process that balances environmental outcomes, community and national interest and project economics.
Altogether, the Stibnite Gold Project has undergone:
14 years of scientific study, community engagement, and engineering (2010-2024);
8 years in the National Environmental Policy Act (“NEPA”) permitting process (2016-2024); and
150 days of formal public comment in which 28,000 letters were received, with approximately 85% expressing support for the Project.
Following the Draft Record of Decision, there will be a required fixed 45-day objection period and another 45-day resolution period prior to the publication of the final Record of Decision, which is expected at the end of the year based on the USFS’s published schedule.
“It is time for the Stibnite Gold Project,” said Deb Filler, a resident of Yellow Pine, the closest community to Stibnite. “We want to see Stibnite restored, and the Stibnite Gold Project is going to make our backyard better. Perpetua Resources has been an exceptional community partner, earning our trust and taking the long and high road to make this Project right for Idaho. We are proud of what this Project will do for our nation, and excited for how it will restore our corner of Idaho.”
The Stibnite Gold Project is designed to restore a historic mining district abandoned after 100 years of mostly unregulated mining. As part of the proposed mine plan authorized in the draft Record of Decision, Perpetua Resources will:
Restore native fish passage, opening miles of pristine spawning habitat that has been inaccessible for 80 years;
Improve water quality by reprocessing and safely storing legacy tailings, reducing arsenic in rivers on site up to 90%; and
Restore 450 acres of wetlands for a 63% net increase in wetland acres over existing conditions.
There has been a whole-of-government approach to bring antimony production home to the United States. From $75 million in awards from the Department of Defense, to a $1.8 billion Letter of Interest from U.S. EXIM, there is a profound recognition at the highest levels of government that we need domestic antimony production as soon as possible. With a Final EIS and DROD to be published tomorrow and a Final ROD expected this year, Perpetua has engaged RBC Capital Markets and Endeavour Financial to assist with the evaluation of potential strategic and financing opportunities and to support the Company’s application process in connection with the U.S. EXIM $1.8 billion Letter of Interest received in April 2024.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Further advancing Perpetua Resources’ ESG and sustainable mining goals, the Project will be powered by one of the lowest carbon emissions grids in the nation and a portion of the antimony produced from the Project will be supplied to Ambri, a U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a Technology Investment Agreement of $59.2 million in Defense Production Act Title III funding to advance construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. In addition to the company’s commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments which can be found here.
Forward-Looking Information and Cautionary Note
Investors should be aware that the publication by the USFS of the FEIS and the draft ROD, and the publication of the USFS permitting schedule, does not indicate any commitments on the part of the USFS with regard to the content or timing of a final ROD. The draft ROD is subject to a 45-day objection period, followed by a 45-day resolution period, which may be extended by the USFS in its sole discretion. Furthermore, the USFS is not bound by the permitting schedule and anticipated milestones may be delayed materially or not be satisfied.
In addition, investors should be aware that the U.S. EXIM Letter of Interest is non-binding and conditional, and does not represent a financing commitment. A funding commitment is conditional upon completing the application, due diligence and underwriting process and receiving all required Project approvals.
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the content and timing of final Record of Decision and other actions to be taken by the Department of Defense, USFS, the State of Idaho and other government agencies and regulatory bodies; the timing and resolution of any objection to the FEIS or draft ROD; our plans to submit a financing application to US EXIM; the prospects of successfully securing financing from EXIM or from other sources on acceptable terms, or at all; environmental clean up actions by us and our contractors; that the Stibnite Gold Project results in the outcomes we expected, including our reserves and resources and anticipated production and costs; our ability to comply with and obtain permits related to the Stibnite Gold Project; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project, including creation of jobs and environmental benefits; and our and Ambri Inc.'s ability to perform under the supply agreement. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute forward-looking information to the extent that such statements involve estimates of the mineralization that may be encountered if a property is developed. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect" "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that the USFS will publish the FEIS and draft ROD on September 6; that the public review process of the Record of Decision will proceed in a timely manner and as expected, and that the final ROD will be published based on the USFS schedule; that we will be able to successfully complete the US EXIM application process and secure financing, through US EXIM or other sources to finance permitting, pre-construction and construction of the Project; that the current exploration, development, environmental and other objectives concerning the Stibnite Gold Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all; risks related to the outcome of litigation and potential for delay of the Project, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Cautionary Statement Regarding Reserve and Technical Information:
The reserves, production and cost information in respect of the Stibnite Gold Project in this press release, is based upon information contained in the technical report titled “Stibnite Gold Project, Feasibility Study Technical Report, Valley County, Idaho” dated effective December 22, 2020 and issued January 27, 2021 (the “2020 Feasibility Study”), which is summarized in the Company’s Technical Report Summary ( “TRS”), dated as of December 31, 2021, and amended as of June 6, 2022. Such information is as of December 30, 2020 and is subject to the assumptions, exclusions and qualifications set forth in the 2002 Feasibility Study and the TRS. In particular, we have not updated our capital cost estimates since 2020, and these cost estimates may increase materially due to inflation, competition or other unforeseen challenges at the Project site. The 2020 Feasibility Study was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and the TRS was prepared in accordance with the mining property disclosure rules specified in Subpart 1300 promulgated by the SEC. The 2020 Feasibility Study and TRS are intended to be read as a whole and sections should not be read or relied upon out of context.