BOISE,
Idaho, Aug. 9, 2024 /PRNewswire/ - 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
June 30, 2024 were filed. For
details, please see the Company's filings available on EDGAR and
SEDAR.
Perpetua Resources' vision is to provide the U.S. with a
domestic source of the critical mineral antimony, develop one of
the largest and highest-grade open pit gold mines in the country
and restore an abandoned brownfield site. Perpetua Resources is
focused on advancing the permitting for the Stibnite Gold Project
("Stibnite Gold Project" or "Project") through the National
Environmental Policy Act ("NEPA") process and construction
readiness for the Project.
Second Quarter 2024 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").
- Received indication for up to $1.8
billion financing from Export-Import Bank of the United States for the Stibnite Gold
Project.
- Published 2023 Sustainability Report, the Company's eleventh
annual sustainability report.
"Perpetua Resources' progress in the second quarter of 2024 to
advance the permitting and construction readiness for the Stibnite
Gold Project was further complemented by the $1.8 billion letter of interest we received from
the Export-Import Bank of the United
States in April," said Jon
Cherry, President and CEO of Perpetua Resources.
"Stibnite is a world-class gold project with a strategic and
valuable by-product in antimony, and we look forward to building on
our momentum. We are excited about the important milestones ahead
and continuing to unlock value for our stakeholders."
Permitting and Construction Readiness Activities
Update:
On January 1, 2024, the United
States Forest Service ("USFS") released an updated schedule for the
Project that stated the USFS expected to publish a FEIS and a Draft
Record of Decision 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 complete
and both documents are completing final consultations and reviews
in Washington D.C. As a result,
management anticipates the publication of a FEIS and Draft Record
of Decision in the third quarter of 2024 and a Final Record of
Decision ("ROD") in the fourth quarter of 2024.
Perpetua continued to advance work on several ancillary permits
which are being progressed in parallel with the NEPA process.
Recent updates include:
- The U.S. Army Corps of Engineers continues to process the
Company's 404 permit application and Compensatory Mitigation Plan
after the public comment period ended in October 2023.
- The USFS Biological Assessment was deemed acceptable to begin
formal Endangered Species Act Section 7 consultation by the U.S.
Fish and Wildlife Service and the National Marine Fisheries Service
in April 2024.
- In May 2024, Idaho Department of
Environmental Quality issued its final 401 Water Quality
Certification for the Project.
Perpetua is also advancing construction readiness activities in
parallel with the permitting process and these activities are
reimbursable under the DPA funding. Recent updates include:
- Appointed mining veteran Jonathan
Cherry as new President and CEO,
- Appointed Vice President of Projects to lead the Stibnite Gold
Project,
- Executed construction manager general contractor contract with
Ames Construction, while advancing constructability reviews, value
engineering studies, and detailed engineering for the Burntlog
Route, the Company's proposed access route, with Ames and the road
design consultants,
- Continued power line detailed scoping and engineering with
Idaho Power, who has now engaged Kiewit, and identified long-lead
items required for power line construction,
- Ausenco was awarded Basic and Value Engineering Scope for the
Stibnite Gold Project,
- Hired key subject matter experts for the Owner's Team to guide
Basic Engineering and overall construction readiness, and
- Ausenco and supporting consultants progressed basic and value
engineering for their respective work streams.
About Perpetua Resources and the Stibnite Gold
Project
Perpetua Resources Corp., through its wholly owned subsidiaries,
is focused on the exploration, site restoration and redevelopment
of gold-antimony-silver deposits in the Stibnite-Yellow Pine
district of central Idaho that are
encompassed by the Stibnite Gold Project. The Project is one
of the highest-grade, open pit gold deposits in the United States and is designed to apply a
modern, responsible mining approach to restore an abandoned mine
site and produce both gold and the only mined source of antimony in
the United States. Further
advancing Perpetua Resources' ESG and sustainable mining goals, the
Project will be powered by one of the lowest carbon emissions grids
in the nation and a portion of the antimony produced from the
Project will be supplied to Ambri, a U.S.-based company
commercializing a low-cost liquid metal battery essential for the
low-carbon energy transition. Perpetua Resources has been awarded a
TIA of $59.2 million in DPA 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. Investors should also be aware that the
publication of the permitting schedule does not indicate any
commitments on the part of the USFS regarding the content or timing
of a final decision. In developing the FEIS, the USFS may select an
action based on components of 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.
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.
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SOURCE Perpetua Resources Corp.