BOISE,
Idaho, March 27, 2024 /PRNewswire/ - 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."
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.
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SOURCE Perpetua Resources Corp.