Perpetua Resources Receives Final Federal Permit for Stibnite Gold Project U.S. Army Corps of Engineers issues Section 404 Clean Water Act (“CWA”) Permit for Stibnite Gold Project CWA permit is the final federal permit needed to advance construction decision
405 S 8th Street #201, Boise, ID 83702
NEWS RELEASE
May 19, 2025
Perpetua Resources Receives Final Federal Permit for Stibnite Gold Project
U.S. Army Corps of Engineers issues Section 404 Clean Water Act (“CWA”) Permit for Stibnite Gold
Project
CWA permit is the final federal permit needed to advance construction decision
Project poised to supply the only domestically produced source of antimony and is designed to provide
national security, environmental, and community benefits
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua”
or the “Company”) today announced that the United States Army Corps of Engineers (" Army Corps" or
“USACE”) has issued Perpetua’s Clean Water Act Section 404 permit for the Stibnite Gold Project ( the
"Project"). This decision comes after eight years of rigorous interagency federal permitting, and was the
last federal permit required to progress towards construction. With receipt of this permit, Perpetua
Resources is focused on finalizing the remaining state permits and securing project financing needed to
begin construction.
"Today’s final federal permit from the Army Corps marks the culmination of eight years of permitting,
scientific study, project refinement, and lots of hard work ," said Jon Cherry, President and CEO of
Perpetua Resources. “We are immensely proud to achieve this milestone. It’s time to move forward and
take the Stibnite Gold Project into a new and exciting phase of development ."
The Stibnite Gold Project is positioned to deliver significant environmental and economic benefits to
rural Idaho while enhancing U.S. national security. It is expected to bring significant investment and
create an average of approximately 550 jobs in the region during operations. The Project is projected
to be one of the highest -grade open -pit gold mines in the United States, with gold reserves of
approximately 4.8 million ounces, and is expected to produc e approximately 450,000 ounces of gold
annually over its first four years of production. Additionally, the Project holds an estimated 148 -million-
pound antimony reserve — the only identified antimony reserve in the U.S. and one of the largest reserves
outside of Chinese control. It is estimated the Project could meet about 35% of U.S. antimony demand
during its initial six years of production, based on the 2023 USGS antimony commodity summary.
Antimony is classified as a critical mineral essential for technology, defense, and energy applications. In
late 2024, China, which accounts for nearly half of global antimony production, cut off global antimony
exports, including to the United States. Developing a domestic source of antimony through the Stibnite
Gold Project can help bolster America’s strategic mineral security and independence.
The Stibnite Gold Project is designed to redevelop the historical Stibnite Mining District for gold, silver
and antimony, while conducting environmental restoration to rehabilitate the abandoned site.
Perpetua’s vision to “Restore the Site” is a central tenet of the approved mine plan. The Project is
designed to:
• Remove, reprocess, and safely store legacy tailings and waste to improve water quality;
Responsible Mining. Critical Resources. Clean Future.
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• Restore the natural flow of the headwaters of the Salmon River and reopen fish passage to miles of
critical spawning habitat that have been blocked for over 80 years;
• Provide a net increase in wetland acres and an uplift in wetlands quality.
Perpetua Resources began the formal permitting process under the National Environmental Policy Act
(“NEPA”) in 2016. As the lead permitting agency, t he U.S. Forest Service issued a Draft Environmental
Impact Statement in 2020, a Supplemental Draft Environmental Impact Statement in 2022, a Final
Environmental Impact Statement and Draft Record of Decision in September of 2024, and a Final Record
of Decision in January 2025 . During the public comment periods, over 23,000 letters were submitted
supporting the Project.
In April 2025, the Stibnite Gold Project was selected by the Trump Administration as a Transparency
Project in response to President Donald Trump’s March 2025 Executive Order to bolster American
mineral production and was included on the Federal Permitting Improvement Steering Council
(“Permitting Council”) FAST-41 dashboard. The FAST-41 Transparency Projects dashboard is designed
to enhance interagency accountability and transparency for review of projects selected by the Permitting
Council under the March 2025 Executive Order.
“As we celebrate receiving the final federal permit for the Stibnite Gold Project, we applaud the National
Energy Dominance Council and the Permitting Council’s efforts to streamline permitting and propel
critical mining projects nationwide,” Cherry continued. “We believe this administration’s commitment to
boosting efficiency without compromising rigorous environmental standards can have a
transformational impact on American mining."
As a cooperating agency, the U.S. Army Corps has been involved in the interagency permitting review
of the Stibnite Gold Project since 201 7. It began formally evaluating Perpetua Resources’ Section 404
Clean Water Act permit application in 2023. The permit was delivered on time and in accordance with
the Army Corps’ anticipated Q2 2025 decision timetable and the timeline set forth on the FAST -41
dashboard.
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
Mckinsey Lyon
Vice President External Affairs
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site
restoration and redevelopment of gold -antimony-silver deposits in the Stibnite -Yellow Pine district of
central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade,
open pit gold deposits in the United States and is designed to apply a modern, responsible mining
approach to restore an abandoned mine site and produce both gold and the only mined source of
antimony in the United States. Perpetua Resources has been awarded a Technology Investment
Agreement (“TIA”) of $59.2 million in Defense Production Act Title III (“DPA”) funding to advance
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construction readiness and permitting of the Project. Antimony trisulfide from Stibnite is the only known
domestic source of antimony that can meet U.S. defense needs for many small arms, munitions, and
missile types. In addition to the company’s commitments to transparency, accountability, environmental
stewardship, safety and community engagement, Perpetua Resources adopted formal ESG
commitments which can be found here.
FORWARD-LOOKING INFORMATION
Investors should be aware that the Project’s inclusion as a Transparency Project on the Permitting
Dashboard does not imply endorsement of or support for the project by the federal government, or
create a presumption that the Project will be approved, favorably reviewed by any agency, or receive
federal funding. The inclusion of a project on the Permitting Dashboard may be reconsidered based on
updated information. Additionally, investors should be aware that the Executive Order does not indicate
any commitments on the part of the government or any government agency with regard to the
applicability of any programs to the Project, or the timing or outcome of any such initiative that may be
applicable to the Project.
Statements contained in this news release that are not historical facts are "forward -looking information"
or "forward -looking statements" (collectively, "Forward -Looking Information") within the meaning of
applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act
of 1995. Forward-Looking Information includes, but is not limited to, the anticipated outcomes from the
Executive Order and the Transparency Projects list for the Company or the mining industry; our a bility to
comply with, obtain and defend permits related to the Project; our ability to successfully implement and
fund the Project; and the occurrence of the expected benefits from the Project, including creation of jobs
and environmental benefits. Statements concerning mineral resource and mineral reserve estimates may
also be deemed to constitute forward -looking information to the extent that such statements involve
estimates of the mineralization that may be encountered if a property is developed. In ce rtain 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", "pote ntial", "could", "may", "will", "would" or "should". In preparing the
Forward-Looking Information in this news release, Perpetua Resources has applied several material
assumptions, including, but not limited to, assumptions that that the remaining state pe rmits will be
reviewed, issued in a timely manner and as expected; that the initiatives outlined in the Executive Order,
and the intended goals of the Transparency Projects list, will be implemented as proposed; that we will
be able to successfully secure financing to finance permitting, pre -construction and construction of the
Project; that the current exploration, development, environmental and other objectives concerning the
Project can be achieved and that its other corporate activities will proceed as expected; that general
business and economic conditions will not change in a materially adverse manner and that permitting
and operations costs will not materially increase; and that we will be able to discharge our liabilities as
they become due and conti nue 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 m aterially different
from any future results, performance or achievements expressed or implied by the Forward -Looking
Information. Such risks and other factors include, among other things, risks related to unforeseen delays
in the review and permitting process, including as a result of legal challenges to the ROD or other permits;
risks related to opposition to the Project; risks related to increased or unexpected costs in operations or
the permitting process; risks that necessary financing will be unavailab le when needed on acceptable
terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the U.S.
Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua
Resources has attempted to identify important factors that could affect Perpetua Resources and may
cause actual actions, events or results to differ materially from those described in Forward -Looking
Information, there may be other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that Forward -Looking Information will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such
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statements. Accordingly, readers should not place undue reliance on Forward -Looking Information. For
further information on these and other risks and uncertainties that may affect the Company's business
and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" sections of the Company's filings with the SEC, which are available at
www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except
as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions
to Forward-Looking Information contained in this news release to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.
Cautionary Statement Regarding Reserve and Technical Information
The reserves information in respect of the Stibnite Gold Project in this news release is based upon
information contained in the technical report titled “Stibnite Gold Project, Feasibility Study Technical
Report, Valley County, Idaho” dated effective Decem ber 22, 2020 and issued January 27, 2021 (the
“2020 Feasibility Study”), which is summarized in the Company’s Technical Report Summary, dated as
of December 31, 2021, and amended as of June 6, 2022 (the “TRS”). Such information is as of December
30, 2020 and is subject to the assumptions, exclusions and qualifications set forth in the 2020 Feasibility
Study and the TRS. The 2020 Feasibility Study was prepared in accordance with National Instrument 43-
101 – Standards of Disclosure for Mineral Projects and th e TRS was prepared in accordance with the
mining property disclosure rules specified in Subpart 1300 promulgated by the SEC. For additional
information regarding the TRS and the 2020 Feasibility Study, as well as the Company’s 2025
supplemental financial u pdate, investors are encouraged to refer to the Company’s Form 10 -K for its
fiscal year 2024, filed with the SEC on March 19, 2025.