Press Releases
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.
Perpetua Resources Reports Results of 2024 Annual Meeting
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) today announced the results of its annual general meeting (the “Annual Meeting”), which was held online through a virtual meeting platform on May 16, 2024.
A total of 47,342,353 common shares were represented at the Annual Meeting, or 73.83% of the votes attached to all outstanding shares at the Company’s record date of March 22, 2024. The Company’s shareholders voted for the election of all director nominees listed in the Company’s management information proxy circular. Detailed results of the vote for the election of directors are as follows:
| Name of Nominee | Votes For | Votes Witheld | Total Votes* | Percentage of Votes For* | Percentage of Votes Witheld* |
|---|---|---|---|---|---|
| Marcelo Kim | 41,873,168 | 833,739 | 42,706,907 | 98.05% | 1.95% |
| Chris Robison | 42,818,936 | 89,659 | 42,908,595 | 99.79% | 0.21% |
| Alex Sternhell | 42,729,029 | 179,566 | 42,908,595 | 99.58% | 0.42% |
| Bob Dean | 42,803,175 | 105,420 | 42,908,595 | 99.75% | 0.25% |
| Andrew Cole | 42,867,428 | 41,167 | 42,908,595 | 99.90% | 0.10% |
| Rich Haddock | 42,834,956 | 73,639 | 42,908,595 | 99.83% | 0.17% |
| Laura Dove | 42,741,457 | 167,138 | 42,908,595 | 99.61% | 0.39% |
| Jeff Malmen | 42,814,492 | 94,103 | 42,908,595 | 99.78% | 0.22% |
| Jon Cherry | 42,844,933 | 63,662 | 42,908,595 | 99.85% | 0.15% |
| Jessica Largent | 42,209,553 | 697,042 | 42,906,595 | 98.38% | 1.62% |
* Not all shares were voted in respect of all resolutions therefore the combined number of shares voted for or withheld (and corresponding percentages) may not add up to the total shares represented at the Annual Meeting.
The directors were elected to hold offices until the next annual meeting of shareholders or until their successors are elected or appointed. The Company’s shareholders also approved setting the number of directors at ten (99.28% voted in favor).
The Company’s shareholders also ratified the appointment of PricewaterhouseCoopers LLP, Chartered Accountants, as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024 at a remuneration to be set by the directors (99.87% voted in favor).
The proposal to amend the Company’s Omnibus Incentive Plan to increase the aggregate number of shares available for the grant of awards under such plan was also approved by shareholders (84.28% voted in favor).
Detailed voting results for the meeting are available on EDGAR at www.sec.com.
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 grid 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 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
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, including anticipated approval of reimbursement requests under the definitized agreement; plans with respect to the ability of the Company and Ambri, Inc. to perform under the supply agreement, which agreement is subject to certain conditions, including identification of one or more refiners to transform our antimony concentrate into antimony metal, and mutual agreement on certain material terms, including volume and pricing; and the Stibnite Gold Project and the success of such project. 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 in this news release 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 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. Investors should be aware that 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. 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, 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 First Quarter 2024 and Recent Highlights
Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) announced today that its unaudited condensed consolidated financial results for the period ended March 31, 2024 were filed. For details, please see the Company’s filings available on EDGAR and SEDAR.
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, 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.
First Quarter 2024 and other Recent Highlights:
Zero lost time incidents or reportable environmental spills.
Awarded additional funding of $34.4 million through modified Technology Investment Agreement (“TIA”) under Title III of the Defense Production Act (“DPA”).
Appointed mining veteran Jonathan Cherry as new President and CEO and as a Director.
Appointed Jessica Largent, Chief Financial Officer, as a Director.
Received $8.5 million in cash from Franco-Nevada Idaho Corporation through a new royalty agreement for net smelter return royalty on future payable silver production from the Project properties.
Received indication for up to $1.8 billion financing from Export-Import Bank of the United States for the Stibnite Gold Project.
Advanced constructability reviews, value engineering studies, and detailed engineering for the Burntlog Route, the Company’s proposed access route.
Continued power line detailed scoping and engineering with Idaho Power.
Awarded Basic and Value Engineering Scope for the Stibnite Gold Project.
“Perpetua Resources’ accomplishments in the first quarter of 2024 demonstrate continued momentum as we advance the Stibnite Gold Project,” said Jon Cherry, President and CEO of Perpetua Resources. “We recently were awarded additional funding of $34.4 million under the Defense Production Act as Perpetua continues to progress permitting and construction readiness activities. We complimented the additional funding through the monetization of our non-core future payable silver, and we received an indication for up to $1.8 billion in financing from U.S. EXIM. Looking forward, we are excited about the forthcoming Final Environmental Impact Statement and Draft Record of Decision, while we continue to focus on unlocking value for our stakeholders.”
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 grid 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 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 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 possible events, next steps and courses of action including our plans to submit a financing application to EXIM; the prospects of successfully securing financing from EXIM on acceptable terms, or at all; the expected timing of, and benefits to the Stibnite Gold Project of, securing such financing from EXIM; environmental clean up actions by us and our contractors; ongoing funding and anticipated liquidity; our ability to comply with and obtain permits related to the Stibnite Gold Project; actions to be taken by the Department of Defense, USFS, the State of Idaho and other government agencies and regulatory bodies; anticipated approval of reimbursement requests under the definitized agreement; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project; our and Ambri Inc.'s ability to perform under the supply agreement, which agreement is subject to certain conditions, including identification of one or more refiners to transform our antimony concentrate into antimony metal, and 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 that we will successfully complete the EXIM application process and secure project financing on acceptable terms, or at all; as to production rates, operating cost, recovery and metal costs; that any additional financing needed will be available when needed on reasonable terms; 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) as well as the environmental impact statements will proceed in a timely manner and as expected; that the Project will receive necessary permits and approvals; that we will be able to obtain sufficient funding to finance permitting, pre-construction and construction of the Project and that all requisite information will be available in a timely manner; that the current price and demand for gold and other metals will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner; that all necessary governmental approvals for the planned exploration, development and environmental protection activities on the Project will be obtained in a timely manner and on acceptable terms; and that the continuity of economic and political conditions and operations of the Company will be sustained. 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, changes in laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may result in unforeseen results in the permitting process; uncertainty surrounding input to be received from regulators and community stakeholders; risks related to dependence on key personnel; risks related to unforeseen delays in the review process including availability of personnel from the USFS, State of Idaho and other state, federal and local agencies and regulatory bodies (including, but not limited to, potential future U.S. government shutdowns); 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, and that we will be able to continue as a going concern; 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 Receives Indication for up to $1.8 Billion Financing from Export-Import Bank of the United States for Stibnite Gold Project
Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) announced that it received a Letter of Interest (“LI”) from the Export-Import Bank of the United States (“EXIM”) for potential debt financing of up to $1.8 billion through EXIM’s “Make More in America” and “China and Transformational Exports Program” (CTEP) initiatives.
Letter of Interest indicates potential financing could provide 15 year repayment tenor under EXIM’s Make More In America initiative and may be eligible for special consideration under the China and Transformational Exports Program.
Potential funding further supports the Stibnite Gold Project as an emerging national strategic asset for antimony production and demonstrates the role the Project can play in driving economic development.
A funding commitment is conditional upon completing the application, due diligence and underwriting process and receiving all required approvals.
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) announced that it received a Letter of Interest (“LI”) from the Export-Import Bank of the United States (“EXIM”) for potential debt financing of up to $1.8 billion through EXIM’s “Make More in America” and “China and Transformational Exports Program” (CTEP) initiatives.
EXIM’s communication to Perpetua states: “We are pleased to extend this Letter of Interest in support of the proposed capital funding plan by Perpetua Resources Idaho Inc. for the Stibnite-Gold Project. Based on the preliminary information submitted regarding expected U.S. exports and U.S. jobs supported by this project, EXIM may be able to consider potential financing of up to $1,800,000,000.00 of the project’s costs with a repayment tenor of 15 years under EXIM’s Make More in America initiative.”
“We are seeing a whole of government approach to bring antimony production home," said Jon Cherry, President and CEO of Perpetua Resources. "From EXIM's potential financing of up to $1.8 billion to the multiple Department of Defense's multi-million dollar awards to Perpetua, there is a profound recognition that we need domestic antimony production now. The EXIM debt funding could fund a substantial portion of the estimated costs to build the Stibnite Gold Project.”
Given China’s dominance over global antimony production, the Letter of Interest indicated the transaction may also be eligible for special consideration under Section 402 of EXIM's 2019 reauthorization (P.L. 116-94), which directs EXIM to take steps to mitigate the competitive impact of export support provided by the People's Republic of China and other covered countries for opportunities such as this one under EXIM's CTEP initiative.
Perpetua expects to submit a formal application to EXIM in 2024. Upon receipt of an application for financing, EXIM will conduct the due diligence necessary to determine if a final commitment may be issued. Any final commitment will be dependent on meeting EXIM's underwriting criteria, authorization process, finalization and satisfaction of terms and conditions. All final commitments must comply with EXIM policies as well as program, legal and eligibility requirements, including completion of the ongoing National Environmental Policy Act process which is expected to be completed by the end of the year.
Antimony trisulfide is essential to national defense as a key component for munitions and to clean energy technology applications, yet no domestic mined supply currently exists. China, Russia, and Tajikistan control 90 percent of the global antimony supply chain. Perpetua’s proposed Stibnite Gold Project is designed to re-establish a U.S. source of the critical mineral antimony as a by-product of one of the highest-grade open pit gold resources in the United States and to provide environmental restoration to the historical mining 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 grid 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 up to $59.4 million in DPA 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 LI 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, full funding under the modified DPA TIA is subject to negotiation of the additional in-scope work and final availability of funds. Until the agreement is amended, the additional $34.6 million in funding will be unavailable. While Perpetua expects to enter into the modification in the second quarter of 2024, there is no assurance that we will be able to finalize the amendment on the expected timeline or at all. Further, 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 possible events, next steps and courses of action including our plans to submit a financing application to EXIM; the prospects of successfully securing financing from EXIM on acceptable terms, or at all; the expected timing of, and benefits to the Stibnite Gold Project of, securing such financing from EXIM; environmental clean up actions by us and our contractors; ongoing funding and anticipated liquidity; our ability to comply with and obtain permits related to the Stibnite Gold Project; actions to be taken by the Department of Defense, USFS, the State of Idaho and other government agencies and regulatory bodies; negotiation of the definitized agreement and anticipated approval of reimbursement requests; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project; our and Ambri Inc.'s ability to perform under the supply agreement, which agreement is subject to certain conditions, including identification of one or more refiners to transform our antimony concentrate into antimony metal, and 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 that we will successfully complete the EXIM application process and secure project financing on acceptable terms, or at all; that we will successfully negotiate a definitized agreement and that the full amount of the DPA award will be funded on the expected timeline; 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; that the review process under the NEPA (including any joint review process involving the USFS, the State of Idaho and other agencies and regulatory bodies) as well as the public review process and supplemental draft environmental impact statement will proceed in a timely manner and as expected; that we will be able to discharge our liabilities as they become due and continue as a going concern; that we will be able to obtain sufficient funding to finance permitting, pre-construction and construction of the Project 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, changes in laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may result in unforeseen results in the permitting process; uncertainty surrounding input to be received from regulators and community stakeholders; risks related to dependence on key personnel; risks related to unforeseen delays in the review process including availability of personnel from the USFS, State of Idaho and other stated, federal and local agencies and regulatory bodies (including, but not limited to, future U.S. government shutdowns); 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, and that we will be able to continue as a going concern; 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.
Perpetua Resources Announces Full Year 2023 and Recent Highlights
Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) announced today that its Annual Report on Form 10-K for the year ended December 31, 2023, which includes its audited consolidated financial results for the period ended December 31, 2023, was filed. For details, please see the Company’s filings available on EDGAR and SEDAR.
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, 2023, which includes its audited consolidated financial results for the period ended December 31, 2023, 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 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.
Full Year 2023 Highlights:
Zero lost time incidents or reportable environmental spills.
The 75-day comment period on the Supplemental Draft Environmental Impact Statement for the Stibnite Gold Project concluded with more than 15,000 letters submitted in support of the Project.
Added to the Russell 2000® Index and the broad-market Russell 3000® Index.
Held 2023 Annual General Meeting and shareholders voted in favor of all proposals.
Published 2022 Sustainability Report, the Company’s tenth annual sustainability report.
Signed definitized Technology Investment Agreement (“TIA”) for critical minerals award of $24.8 million under Title III of the Defense Production Act (“DPA”).
Clean Water Act Settlement Agreement with the Nez Perce Tribe filed in the U.S. District Court for the District of Idaho.
Continued voluntary legacy waste cleanup and water quality improvement actions in historical Stibnite Mining District.
Appointed Vice President of Projects to lead the Stibnite Gold Project.
Awarded up to $15.5 million in DOD funding to demonstrate a fully domestic antimony trisulfide supply chain.
Recent Highlights:
Appointed mining veteran Jon Cherry as new President and CEO and to the Board of Directors.
Appointed Jessica Largent, Chief Financial Officer, to the Board of Directors.
Received $8.5 million in cash from Franco-Nevada Idaho Corporation (“Franco-Nevada”) through a new royalty agreement for net smelter return royalty on future payable silver production from the Project properties to Franco-Nevada.
Awarded additional conditional funding of up to $34.6 million under the TIA.
“Perpetua Resources finished 2023 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 joined Perpetua to build on the already strong foundation, and to lead the company’s next phase of growth as we approach the end of the permitting process and advance towards construction. I am confident in the path forward for Perpetua and believe this project is uniquely positioned to be the next world-class development project in the United States with critical mineral production.”
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 the lowest carbon emissions grid 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 up to $59.4 million in DPA 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 full funding under the modified DPA TIA is subject to negotiation of the additional in-scope work and final availability of funds. Until the agreement is amended, the additional $34.6 million in funding will be unavailable. While Perpetua expects to enter into the modification in the first quarter of 2024, there is no assurance that we will be able to finalize the amendment on the expected timeline or at all. 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 possible events, next steps and courses of action including environmental clean up actions by us and our contractors; ongoing funding and anticipated liquidity; our ability to comply with and obtain permits related to the Stibnite Gold Project; actions to be taken by the Department of Defense, USFS, the State of Idaho and other government agencies and regulatory bodies; negotiation of the definitized agreement and anticipated approval of reimbursement requests; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project; our and Ambri Inc.'s ability to perform under the supply agreement, which agreement is subject to certain conditions, including identification of one or more refiners to transform our antimony concentrate into antimony metal, and 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 that we will successfully negotiate a definitized agreement and that the full amount of the DPA award will be funded on the expected timeline; 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; that the review process under the NEPA (including any joint review process involving the USFS, the State of Idaho and other agencies and regulatory bodies) as well as the public review process and supplemental draft environmental impact statement will proceed in a timely manner and as expected; that we will be able to discharge our liabilities as they become due and continue as a going concern; that we will be able to obtain sufficient funding to finance permitting, pre-construction and construction of the Project 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, changes in laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may result in unforeseen results in the permitting process; uncertainty surrounding input to be received from regulators and community stakeholders; risks related to dependence on key personnel; risks related to unforeseen delays in the review process including availability of personnel from the USFS, State of Idaho and other state, federal and local agencies and regulatory bodies (including, but not limited to, potential future U.S. government shutdowns); 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, and that we will be able to continue as a going concern; 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 Sale of Silver Royalty for $8.5 Million in Proceeds
Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) announced today that it entered into a Royalty Agreement (the “Agreement”) with a wholly-owned subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) pursuant to which Perpetua, through its subsidiaries, sold Franco-Nevada a royalty (“royalty”) on the future payable silver production from the Stibnite Gold Project in exchange for a cash payment of $8.5 million (the “upfront payment”).
Silver royalty proceeds complement the funding Perpetua has received through the Department of Defense to continue advancing permitting and construction readiness activities.
Silver represents less than 0.3% of projected life-of-mine revenue in the 2020 Feasibility Study
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) announced today that it entered into a Royalty Agreement (the “Agreement”) with a wholly-owned subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) pursuant to which Perpetua, through its subsidiaries, sold Franco-Nevada a royalty (“royalty”) on the future payable silver production from the Stibnite Gold Project in exchange for a cash payment of $8.5 million (the “upfront payment”).
“This transaction allows Perpetua to monetize a non-strategic by-product from the Stibnite Gold Project and enhance our liquidity to cover a majority of our near-term priorities that are not covered by the funding we’ve received from the Department of Defense to advance permitting and construction readiness,” said Jon Cherry, President and CEO of Perpetua Resources. “Establishing a domestic source of the critical mineral antimony is more important than ever, and we stand ready to responsibly produce critical resources here at home and help strengthen America’s national and economic security.”
Highlights of the transaction:
$8.5 million upfront cash payment to Perpetua upon closing of the transaction
Franco-Nevada will receive all of the payable silver by-product revenue over the life-of-mine, subject to the terms of the Agreement
Silver represents less than 0.3% of projected life-of-mine revenue in the 2020 Feasibility Study
The additional liquidity provided from the upfront payment complements the funding that the company has secured through the U.S. Department of Defense
Perpetua intends to use the proceeds for general corporate purposes
“We appreciate Franco-Nevada’s continued confidence and support of the Stibnite Gold Project,” said Jessica Largent, CFO of Perpetua Resources. “We have been focused on minimizing equity dilution and this transaction combined with the full anticipated amount of Department of Defense funding represents over $80 million in non-dilutive capital. Moving forward, we will continue to evaluate various financing options that unlock shareholder value as we receive permits for our world-class project and transition towards construction.”
Perpetua’s proposed Stibnite Gold Project (the “Project”) is designed to re-establish a U.S. source of the critical mineral antimony as a by-product of one of the highest-grade open pit gold resources in the United States. The additional funding will allow the Company to continue advancing the construction readiness of the Stibnite Gold Project and support general corporate expenses related to the Project’s progress through the National Environmental Policy Act (“NEPA”) review process, led by the United States Forest Service (“USFS”).
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 the lowest carbon emissions grid 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 up to $59.4 million in DPA 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 full funding under the modified DPA TIA is subject to negotiation of the additional in-scope work and final availability of funds. Until the agreement is amended, the additional $34.6 million in funding will be unavailable. While Perpetua expects to enter into the modification in the first quarter of 2024, there is no assurance that we will be able to finalize the amendment on the expected timeline or at all. 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 possible events, next steps and courses of action including environmental clean up actions by us and our contractors; ongoing funding and anticipated liquidity; our ability to comply with and obtain permits related to the Stibnite Gold Project; actions to be taken by the Department of Defense, USFS, the State of Idaho and other government agencies and regulatory bodies; negotiation of the definitized agreement and anticipated approval of reimbursement requests; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project; our and Ambri Inc.'s ability to perform under the supply agreement, which agreement is subject to certain conditions, including identification of one or more refiners to transform our antimony concentrate into antimony metal, and 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 that we will successfully negotiate a definitized agreement and that the full amount of the DPA award will be funded on the expected timeline; 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; that the review process under the NEPA (including any joint review process involving the USFS, the State of Idaho and other agencies and regulatory bodies) as well as the public review process and supplemental draft environmental impact statement will proceed in a timely manner and as expected; that we will be able to discharge our liabilities as they become due and continue as a going concern; that we will be able to obtain sufficient funding to finance permitting, pre-construction and construction of the Project 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, changes in laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may result in unforeseen results in the permitting process; uncertainty surrounding input to be received from regulators and community stakeholders; risks related to dependence on key personnel; risks related to unforeseen delays in the review process including availability of personnel from the USFS, State of Idaho and other state, federal and local agencies and regulatory bodies (including, but not limited to, potential future U.S. government shutdowns); 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, and that we will be able to continue as a going concern; 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 16, 2023 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 Appointment of Mining Veteran Jon Cherry to Succeed Laurel Sayer as President and Chief Executive Officer
Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) announced today that Perpetua Resources’ President and CEO, Laurel Sayer, has notified the Board of Directors of her intent to step down as President and CEO and a member of the Board of Directors of the Company effective March 14, 2024 and to retire effective April 1, 2025 after seven years of leading the Company through the permitting process. The Board of Directors has appointed Jon Cherry to succeed Laurel Sayer as President and CEO of Perpetua Resources and as a member of the Board of Directors effective March 14, 2024. The Board of Directors has also appointed Jessica Largent, the CFO of Perpetua Resources, as a member of the Board of Directors. Ms. Sayer will serve as Senior Advisor to the CEO through March 2025.
Appointment of experienced executive Jon Cherry brings significant project development and operational leadership as the Stibnite Gold Project progresses towards a construction decision.
To facilitate a seamless transition, Laurel Sayer will remain as Senior Advisor until her April 2025 retirement.
Perpetua’s Board of Directors appoints Jon Cherry, President and Chief Executive Officer and Jessica Largent, Chief Financial Officer as Directors.
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) announced today that Perpetua Resources’ President and CEO, Laurel Sayer, has notified the Board of Directors of her intent to step down as President and CEO and a member of the Board of Directors of the Company effective March 14, 2024 and to retire effective April 1, 2025 after seven years of leading the Company through the permitting process. The Board of Directors has appointed Jon Cherry to succeed Laurel Sayer as President and CEO of Perpetua Resources and as a member of the Board of Directors effective March 14, 2024. The Board of Directors has also appointed Jessica Largent, the CFO of Perpetua Resources, as a member of the Board of Directors. Ms. Sayer will serve as Senior Advisor to the CEO through March 2025.
“I joined Perpetua with the goal of securing a Record of Decision for the Stibnite Gold Project. Now, with our final Record of Decision expected in 2024, it’s time to pass the baton to the leader who will take Perpetua into our next phase of development,” said Laurel Sayer. “Leading the Perpetua Resources team has been the greatest accomplishment of my career, and over the next year, I remain committed to securing our Record of Decision and working hand-in-hand with Jon to sustain Perpetua’s vision, culture, and commitments well into the future.”
Jon Cherry joins Perpetua Resources with over 33 years of extensive mining industry experience including permitting, capital raising, project development, joint venture formation, and operations. He most recently served as Chairman, President, and CEO of PolyMet Mining. During his tenure at PolyMet, the NorthMet project received the highest rating the Environmental Protection Agency has ever given to a mining project. Additionally, Mr. Cherry played a leading role in negotiating a joint venture with Teck Resources before PolyMet’s sale to Glencore. Before Polymet, Mr. Cherry served as a senior leader for the multi-billion dollar Resolution Copper JV Project (owned by Rio Tinto and BHP), General Manager of Rio Tinto’s Eagle Mine (the United States of America’s only primary nickel-copper mine) and Senior Project Engineer at Rio Tinto Kennecott Utah Copper. Mr. Cherry will lead the Perpetua Resources team as the Stibnite Gold Project completes permitting and transitions into development and operations.
“One of the primary reasons I was drawn to Perpetua Resources is that the team has clearly focused on doing business the right way,” said Mr. Cherry. “I look forward to advancing Perpetua’s vision to restore an abandoned legacy mine site, responsibly develop one of the highest grade open-pit gold mines in the United States and support national security and the energy transition by becoming the only domestically mined source of the critical mineral antimony. I believe that progressing this unparalleled asset toward development is key to unlocking value for all of Perpetua’s stakeholders and I’m excited to continue the work of building trust with our communities as we turn the Stibnite Gold Project into reality.”
Board Changes:
In connection with the leadership transition, the Board of Directors appointed Mr. Cherry to fill the vacancy left by Ms. Sayer’s retirement, effective March 14, 2024. To further support the transition to the development and financing stage of the Project, the Board of Directors appointed Perpetua Resources’ Chief Financial Officer Jessica Largent as a Director, effective March 14, 2024. The addition of Ms. Largent brings operational finance experience to the Board as the Company prepares for its next phase. Ms. Largent was appointed Chief Financial Officer in April 2022 after joining the Perpetua team in February 2021 as Vice President, Finance and Investor Relations.
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 the lowest carbon emissions grid 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 up to $59.4 million in DPA 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
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 including 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; reduction of the Project footprint and the anticipated benefits and other effects thereof; our ability to successfully implement the Project and the occurrence of the expected benefits from the Project, including contributions to the workforce, national security and clean energy transition; and our and Ambri Inc.'s ability to perform under the supply agreement, which agreement is subject to certain conditions, including identification of one or more refiners to transform our antimony concentrate into antimony metal, and 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 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; that we will be able to discharge our liabilities as they become due and continue as a going concern; that we will be able to obtain sufficient funding to finance permitting, pre-construction and construction of the Project and that all requisite information will be available in a timely manner. Forward-Looking Information involves 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, changes in laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may result in unforeseen results in the permitting process; uncertainty surrounding input to be received from regulators and community stakeholders; risks related to dependence on key personnel; risks related to unforeseen delays in the review process including availability of personnel from the State of Idaho and other state, federal and local agencies and regulatory bodies (including, but not limited to, potential future U.S. government shutdowns); 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, and that we will be able to continue as a going concern; 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 16, 2023 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 Receives up to an Additional $34.6 Million Under the Defense Production Act
Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) announced today that its wholly owned subsidiary, Perpetua Resources Idaho, Inc. (collectively, “Perpetua Resources” or “Perpetua” or the “Company”), was conditionally awarded up to $34.6 million in additional funding under the existing Technology Investment Agreement (“TIA”) through Title III of the Defense Production Act (“DPA”).
U.S. Department of Defense conditionally awards up to $34.6 million in additional funding to Perpetua Resources, bringing total Defense Production Act Title III funding to $59.4 million.
Defense Production Act Title III funding is designed to support construction readiness activities and environmental studies as the Stibnite Gold Project continues through the permitting process.
The Stibnite Gold Project is poised to be the only domestically mined source of the critical mineral antimony, which is essential for national defense.
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) announced today that its wholly owned subsidiary, Perpetua Resources Idaho, Inc. (collectively, “Perpetua Resources” or “Perpetua” or the “Company”), was conditionally awarded up to $34.6 million in additional funding under the existing Technology Investment Agreement (“TIA”) through Title III of the Defense Production Act (“DPA”). Full funding of the additional award is conditioned on modifying the existing TIA to expand the in-scope work for advancing permits and construction readiness. The modification is anticipated to be completed in the first quarter of 2024.
Antimony trisulfide is essential to national defense as a key component for munitions, yet no domestic mined supply currently exists. China, Russia, and Tajikistan control 90 percent of the global antimony supply chain.
Perpetua’s proposed Stibnite Gold Project (the “Project”) is designed to re-establish a U.S. source of the critical mineral antimony as a by-product of one of the highest-grade open pit gold resources in the United States. The additional funding will allow the Company to continue advancing the construction readiness of the Stibnite Gold Project and support the environmental and technical studies related to the Project’s progress through the National Environmental Policy Act (“NEPA”) review process, led by the United States Forest Service (“USFS”).
Under the modified TIA, Perpetua may request reimbursement for certain costs incurred through June 30, 2025 related to environmental baseline data monitoring, environmental and technical studies and other activities related to advancing Perpetua’s construction readiness and permitting process for the Stibnite Gold Project. The DPA funding does not interrupt the ongoing NEPA review.
“This latest award from the Department of Defense brings us a step closer to realizing our vision for the Stibnite Gold Project,” said Laurel Sayer, President and CEO of Perpetua Resources. “Establishing a domestic source of the critical mineral antimony is more important than ever, and we stand ready to responsibly produce critical resources here at home and help strengthen America’s national and economic security.”
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 the lowest carbon emissions grid 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 up to $59.4 million in DPA 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 full funding under the modified DPA TIA is subject to negotiation of the additional in-scope work and final availability of funds. Until the agreement is amended, the additional $34.6 million in funding will be unavailable. While Perpetua expects to enter into the modification in the first quarter of 2024, there is no assurance that we will be able to finalize the amendment on the expected timeline or at all. 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 possible events, next steps and courses of action including environmental clean up actions by us and our contractors; ongoing funding and anticipated liquidity; our ability to comply with and obtain permits related to the Stibnite Gold Project; actions to be taken by the Department of Defense, USFS, the State of Idaho and other government agencies and regulatory bodies; negotiation of the definitized agreement and anticipated approval of reimbursement requests; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project; our and Ambri Inc.'s ability to perform under the supply agreement, which agreement is subject to certain conditions, including identification of one or more refiners to transform our antimony concentrate into antimony metal, and 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 that we will successfully negotiate a definitized agreement and that the full amount of the DPA award will be funded on the expected timeline; 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; that the review process under the NEPA (including any joint review process involving the USFS, the State of Idaho and other agencies and regulatory bodies) as well as the public review process and supplemental draft environmental impact statement will proceed in a timely manner and as expected; that we will be able to discharge our liabilities as they become due and continue as a going concern; that we will be able to obtain sufficient funding to finance permitting, pre-construction and construction of the Project 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, changes in laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may result in unforeseen results in the permitting process; uncertainty surrounding input to be received from regulators and community stakeholders; risks related to dependence on key personnel; risks related to unforeseen delays in the review process including availability of personnel from the USFS, State of Idaho and other stated, federal and local agencies and regulatory bodies (including, but not limited to, future U.S. government shutdowns); 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, and that we will be able to continue as a going concern; 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.
Distribution A. Approved for Public Release AFRL-2023-5431 [26 Oct 2023]
Perpetua Resources Progressing Towards Next Phase
Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) announced today that the Company is making progress as it continues to advance the Stibnite Gold Project (“Stibnite Gold Project” or “Project”) through the regulatory process and toward a construction decision. As Perpetua prepares for the next phase, the appointment of Andrew Cole to the Board of Directors enhances Perpetua’s operational expertise and further strengthens its deep bench of experienced leaders.
Andrew Cole appointed to Board of Directors bringing extensive projects and operational expertise
2023 Milestones Further Strengthen Project’s Strategic Value to U.S. Critical Mineral Development
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) announced today that the Company is making progress as it continues to advance the Stibnite Gold Project (“Stibnite Gold Project” or “Project”) through the regulatory process and toward a construction decision. As Perpetua prepares for the next phase, the appointment of Andrew Cole to the Board of Directors enhances Perpetua’s operational expertise and further strengthens its deep bench of experienced leaders.
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 through the National Environmental Policy Act (“NEPA”) process and construction readiness for the Project.
Board of Directors Strengthened with Appointment of Andrew Cole:
Andrew Cole was appointed to the Company’s Board of Directors effective immediately. He brings over 35 years of experience in the metals and mining industry including substantial expertise in the processing of refractory ore having been General Manager at Barrick Gold’s Goldstrike Mine. Mr. Cole currently leads a consulting practice and most recently supported an emerging gold producer through the successful development of its processing strategy and the restart of its autoclave facility in Nevada. Mr. Cole previously served as General Manager of the Donlin Gold Project in Alaska, where he secured the Project’s major permits, including its Final Record of Decision. Prior to that, he served as Executive Director of Barrick Gold’s United States Operations. Mr. Cole holds a Bachelor of Science Degree in Material Sciences and Engineering from the University of Arizona and received his MBA from the University of Nevada. He is a member of the Society of Mining Engineers (“SME”) and in 2019 was honored as the SME’s Miner of the Year.
2023 Milestones and Recent Highlights:
Zero lost time incidents or reportable environmental spills.
The 75-day public comment period on the Supplemental Draft Environmental Impact Statement concluded with more than 15,000 letters submitted in support of the Project.
Signed Definitized Agreement for Critical Minerals Award of $24.8 million through Department of Defense (“DOD”) under the Defense Production Act.
Awarded up to $15.5 million in DOD funding to demonstrate a fully domestic antimony trisulfide supply chain.
Appointed Vice President of Projects to lead development of the Stibnite Gold Project.
Reached Clean Water Act (“CWA”) Settlement Agreement with the Nez Perce Tribe and approval from U.S. District Court.
Completed the majority of the early action restoration work at site.
Completed pre-construction planning and scheduling for the Project.
“Perpetua Resources accomplished several significant milestones in 2023 as we progress towards the next phase for the Stibnite Gold Project,” said Laurel Sayer, President and CEO of Perpetua Resources. “We secured additional funding through the Department of Defense, completed pre-construction planning and scheduling for the Project, strengthened our Board and leadership team, and continued to advance our environmental goals. I believe our recent achievements further strengthen the Stibnite Gold Project’s strategic value to U.S. critical mineral development, and we look forward to a Record of Decision in 2024.”
On January 1, 2024, the U.S. Forest Service (“USFS”) released an updated schedule for the Project. Based on the updated schedule, the Company anticipates that the USFS will publish a Final Environmental Impact Statement (“FEIS”) and a Draft Record of Decision (“DROD”) in the second quarter of 2024 and a Final Record of Decision (“ROD”) in the fourth quarter of 2024. The USFS has confirmed that cooperating agency review of the FEIS is nearing completion and is focused on progressing both documents towards final consultations and reviews in Washington D.C.
Perpetua also continues to advance work on several ancillary permits which are being progressed in parallel with the NEPA process.
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 the lowest carbon emissions grid in the nation and a portion of the antimony produced from the Project will be supplied to Ambri, a US-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 $24.8 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 of the SDEIS and the updated permitting schedule, and the identification by the USFS of the Modified Mine Plan as the Preferred Alternative in the SDEIS, does not indicate any commitments on the part of the USFS with regard to the content or timing of a final decision. In developing the Final Environmental Impact Statement ("FEIS"), the next phase of the NEPA planning process, the USFS may select various actions based on the Modified Mine Plan or each of the alternatives analyzed in the SDEIS. Furthermore, the USFS is not bound by the permitting schedule and anticipated milestones may be delayed materially or not be satisfied. In addition, as previously disclosed in the Company’s Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2023 (the “Q3 Report”), as of November 9, 2023, our expectation of incurring significant costs in the foreseeable future that are not eligible for DPA funding reimbursement and the need for additional funding to further support the development of our planned operations, raised substantial doubt regarding our ability to continue as a going concern for a period of one year after such date. The Company continues to explore various funding opportunities to support its liquidity during the permitting process, which may include the issuance of equity or debt, additional government funding and/or other financing opportunities. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in our Q3 Report for more 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 possible events, next steps and courses of action including environmental clean up actions by us and our contractors; our ability to comply with and obtain permits related to the Stibnite Gold Project; actions to be taken by the DOD, USFS, the State of Idaho and other government agencies and regulatory bodies; our ability to successfully implement and fund the Project and the occurrence of the expected benefits from the Project; the timing of updates from the USFS related to the Stibnite Gold Project, including with respect to the FEIS, DROD and ROD; predictions regarding improvements to water quality, water temperature, and fish habitats and other environmental conditions at the site, including with respect to process and timing of such improvements; reduction of the Project footprint and the anticipated benefits and other effects thereof; our ability to successfully implement the Project and the occurrence of the expected benefits from the Project, including contributions to the workforce, national security and clean energy transition; our and Ambri Inc.'s ability to perform under the supply agreement, which agreement is subject to certain conditions, including identification of one or more refiners to transform our antimony concentrate into antimony metal, and mutual agreement on certain material terms, including volume and pricing; good faith discussions between Perpetua Resources and the Nez Perce Tribe with respect to future permitting and activities at the Project and the anticipated source of funding of Perpetua Resources’ payments required under the CWA Settlement 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 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; the review process under the NEPA (including any joint review process involving the USFS, the State of Idaho and other agencies and regulatory bodies) as well as the FEIS will proceed in a timely manner and as expected; payment and other settlement conditions under the CWA Settlement Agreement will proceed on the anticipated timeline and terms; that we will be able to discharge our liabilities as they become due and continue as a going concern; that we will be able to obtain sufficient funding to finance permitting, pre-construction and construction of the Project and that all requisite information will be available in a timely manner. Forward-Looking Information involves 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, changes in laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may result in unforeseen results in the permitting process; uncertainty surrounding input to be received from regulators and community stakeholders; risks related to dependence on key personnel; risks related to unforeseen delays in the review process including availability of personnel from the USFS, State of Idaho and other stated, federal and local agencies and regulatory bodies (including, but not limited to, future U.S. government shutdowns); 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, and that we will be able to continue as a going concern; 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 16, 2023 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.