Perpetua Announces Antimony Supply Agreement for Ambri Battery Production
405 S 8th Street #201, Boise, ID 83702
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NEWS RELEASE
August 9, 2021
Perpetua Announces Antimony Supply Agreement for Ambri Battery Production
Perpetua’s Antimony Will Power Ambri’s Low-Cost Battery for Long-Duration, Daily Cycling Energy
Storage
Committed Amount Sufficient to Generate Over 13 Gigawatt Hours of Storage, Equivalent to Over 8x
the Size of the Entire US Energy Storage Market in 2020
Solidifies Perpetua’s Standing as a Leading ESG-Focused Mining Company Enabling the Green Energy
Transition & Restoring the Environment
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or the
“Company”) has entered into an agreement (the “Agreement”) to supply a portion of antimony
production from the Stibnite Gold Project to Ambri Inc. (“Ambri”), establishing the foundation to help
facilitate the decarbonization of energy grids in the U.S. and around the world. Perpetua’s Stibnite Gold
Project, located in central Idaho, will provide Ambri with antimony from the onl y responsible and
domestically mined source of the critical mineral in the U.S.
Ambri, a U.S. company, has developed an antimony-based, low-cost liquid metal battery for the
stationary, long-duration, daily cycling energy storage market. Ambri batteries combine technological
innovation with commercial applications for low-cost, long lifespan and safe energy storage systems
that will increase the overall contribution from renewable sources to help enable the transition to green,
carbon-free power grids.
“This agreement is a meaningful step in support of the current administration’s goal of achieving 100%
clean electricity in the U.S., while prioritizing the domestic manufacturing of battery technology, ” said
Laurel Sayer, CEO of Perpetua Resources. “Perpetua continues to show how a modern mining company
can not only be an essential part of the clean energy value chain, but also be key to the solution to the
world’s climate challenges.”
The signing of the Agreement coincides with Ambri’s announcement that it secured $144 million in new
financing led by Reliance New Energy Solar Ltd. (a wholly owned subsidiary of Reliance Industries
Limited), Paulson & Co. Inc., Bill Gates, Fortistar and Goehring & Rozencwajg Associates. Additionally,
Reliance has been chosen as Ambri’s joint venture partner for battery development in India as part of its
broader plans to invest $10 billion to develop the Dhirubhai Ambani Green Energy Giga Complex. The
capital raise will be used to accelerate the commercialization of Ambri’s leading liquid metal battery
and build a domestic manufacturing facility to fundamentally change the way power grids operate.
“We are pleased to announce our partnership with Perpetua, which helps Ambri scale production of its
leading battery technology” said Dan Leff, Executive Chairman of Ambri. “Ambri is well positioned to
become the lowest cost producer of energy storage batteries, a critical building block enabling the
transition to an entirely renewable power grid. Ambri recognizes the strategic importance of antimony
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as a leading metal in the green energy transformation and supports the responsible production of
critical metals, especially within the United States.”
The Agreement contains certain standard commercial terms which contain options for treatment,
refining, transport, and tolling charges. The minimum commitment of Perpetua’s antimony production
for Ambri’s battery manufacturing is expected to power over 13 Gigawatt hours of battery capacity,
which is equivalent to over 8 times the total additions to the entire U.S. energy storage market in 2020.
The Agreement contains a provision for fixed pricing and higher volumes that can be mutually agreed
to by both parties. Perpetua and Ambri will also collaborate to identify opportunities to lower carbon
emissions in their respective operations with the use of renewable energy combined with battery
storage.
“Today’s agreement directly links the redevelopment of the Stibnite Gold Project – and the restoration
of the site - to a new battery manufacturing partner that is poised to play a critical role in reducing
carbon emissions,” said Sayer. “Our partnership with Ambri significantly increases the strategic and
long-term value of our project and breathes further life into our guiding ESG principles.”
Perpetua continues to engage with other potential end users of antimony and will provide updates as
they become available.
For further information about Perpetua Resources Corp., please contact:
Jessica Largent
Vice President Investor Relations and Finance
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. 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. 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.
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About Ambri
Ambri Inc. has developed and is commercializing a new, long-duration battery technology that will
enable widespread use of renewable energy sources, reduce electricity costs, and enable power
systems to operate more reliably and efficiently. The liquid metal battery project began at MIT in the lab
of Professor Donald Sadoway, and the company was formed in 2010 when the project achieved
significant technical breakthroughs.
Forward-Looking Information
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-
looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian
securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking
Information includes, but is not limited to, disclosure regarding possible events, next steps and courses of action
including the plans to supply a portion of the expected antimony production from the Stibnite Gold Project to
Ambri; and the anticipated benefits of the foregoing. 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 "anticipates",
"complete", "expected", "ensure", and "potential", in relation to certain actions, events or results "could", "may",
"will", "would", be achieved. 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 objectives
concerning the Stibnite Gold Project can be achieved and that its other corporate activities will proceed as expected;
that the parties will agree upon mutually acceptable volume and pricing terms; and that general business and
economic conditions will not change in a materially adverse 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 others, 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; risks related to dependence on key personnel; the risk that the
parties may not come to final agreement upon volume, pricing and/or other terms or conditions necessary in order
to complete the supply of antimony produced from the Stibnite Gold Project to Ambri on mutually acceptable
terms; risks of either party being unable to fulfill the terms of the Agreement by virtue of delays and/or other
hindrances to reaching production on the part of Perpetua Resources and/or commercialization on the part of
Ambri, as applicable; risks related to opposition to the Project; risks related to the outcome of litigation and potential
for delay of the Project, as well as those factors discussed in Perpetua Resources' public 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. 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.