Grants will be used to evaluate if antimony samples from the Stibnite Gold Project can meet military specifications for U.S. ammunition supply chain.
405 S 8th Street #201, Boise, ID 83702
Responsible Mining. Critical Resources. Clean Future.
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NEWS RELEASE
September 19, 2022
Perpetua Resources Awarded Department of Defense Funding to Study
Antimony from Stibnite Gold Project
Global conflict and fractured supply chains have strained U.S. ammunition supplies.
Grants will be used to evaluate if antimony samples from the Stibnite Gold Project can meet military
specifications for U.S. ammunition supply chain.
The Stibnite Gold Project is expected to be the only mined source of the critical mineral antimony in the
United States.
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua”
or the “Company”) announced today the Company was awarded two funding grants from the U.S.
Department of Defense (“DOD”) Defense Logistics Agency (“DLA”) to study the domestic production of
military-grade antimony trisulfide, an essential component in ammunition and dozens of other defense
materials. Perpetua will receive $200,000 in total to evaluate whether antimony from the Stibnite Gold
Project (“Project”) can meet military specifications (“Mil -Spec”) to help secure America’s defense and
commercial ammunition supply chain while also evaluating alternate methods for purifying antimony
trisulfide.
“Antimony from the Stibnite Gold Project site served our national defens e needs during World War II
(“WWII”) and Perpetua is confident we can be part of the solution again,” said Laurel Sayer, President
and CEO of Perpetua Resources. “We are grateful for this opportunity to work with the Department of
Defense to demonstrate that our Pr oject can develop reliable and domestically sourced antimony
trisulfide for defense and commercial ammunition. It would be a great honor to support the
independence of our country’s defense supply chains and the brave men and women who serve our
country.”
Perpetua submitted two proposals to DLA’s “Production of Energetic Materials and Associated
Precursors” Small Business Innovation Research (“SBIR”) grant solicitation. As described in the grant’s
objective, the program is focused on reducing “foreign relia nce and single points of failure for the
domestic manufacturing of energetic materials” through the development of a domestic source. After a
competitive review process, Perpetua was awarded SBIR Phase 1 funding of $100,000 for both
programs. Each study is expected to be completed within the next six to 12 months.
The first program will test existing samples of antimony trisulfide ore from the Project for development
into antimony trisulfide to Mil-Spec. The second program will study alternative processing opportunities
to develop Mil -Spec antimony trisulfide from high purity antimony metal. After the completion of the
proposed programs, Phase 2 funding could be made available for more advanced stage pilot -scale
testing within the next year. Together, the Phase 1 and Phase 2 programs could confirm the Project’s
ability to provide the domestic antimony source needed to meet the defense procurement demand and
support commercial markets.
Responsible Mining. Critical Resources. Clean Future.
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Antimony trisulfide is produced from high purity antimony ore feedstock and is used in small and
medium caliber munitions, mortars, artillery, mines, flares, grenades, shoulder launched munitions and
missiles. Currently, China, Russia, and Tajikistan control approximately 90% of the world’s antimo ny
supply and the United States has no domestically mined source of the critical mineral. Perpetua’s
proposed Stibnite Gold Project hosts one of the largest antimony deposits in the world independent of
China, Russia and their interests.
Recent global conflict and supply chain instability has impacted access to the high purity antimony ore
feedstock required to produce Mil -Spec antimony trisulfide. In June 2022, the House Armed Services
Committee reported that Chinese and Russian geopolitical dynamics coul d “accelerate supply chain
disruptions, particularly for antimony” and directed the Manager of the National Defense Stockpile to
brief the committee on the five-year outlook for the antimony stockpile and supply chain.
The Stibnite Gold Project, located in central Idaho, is advancing through the sixth year of review under
the National Environmental Policy Act. The Project is designed to restore environmental conditions in
the historical Stibnite mining district while responsibly developing one of the highest-grade open pit
gold resources in the United States and becoming the only domestically mined source of the critical
mineral antimony. Mining activity first started in the district in the early 20th century for gold and silver.
During WWII and the Korean War , the U.S. Government commissioned antimony and tungsten
production from Stibnite under the authority of the Strategic Metals Act of 1939. The site produced over
90% of the antimony used by the U.S. during WWII and was influent ial in establishing M il-Spec for
antimony trisulfide.
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. 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.
Responsible Mining. Critical Resources. Clean Future.
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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 Li tigation 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 USFS, the State of Idaho and other government
agencies and regulatory bodies and the expected results of their review; plans with respect to the issuance of an
SDEIS and an y designations thereunder; the anticipated timing for release of the SDEIS; predictions regarding
improvements to environmental conditions at the site; reduction of the Project footprint and the anticipated benefits
and other effects thereof; our and Ambr i, 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: our ability to
develop antimony to Mil -Spec; and the anticipated timing and results of the DLA funded studies will be successful
and as expected.. In certain cases, Forward -Looking Information can be identified by the u se 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 th e
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 we will be able to develop antimony to Mil -Spec in connection with this testing and in the future;
that we and Ambri will be able to agree on the terms of the Ambri agreement; that the 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 the review process under the NEPA (including the revie w process involving the
USFS, any review process by the State of Idaho and other agencies and regulatory bodies and consultation with
Idaho tribes) as well as the public review process and SDEIS will proceed in a timely manner and as expected; 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 those factors discussed in Perpetua Resources' publ ic 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, 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.