Perpetua Resources Announces Third Quarter 2023 Highlights
405 S 8th Street #201, Boise, ID 83702
Responsible Mining. Critical Resources. Clean Future.
1
NEWS RELEASE
November 13, 2023
Perpetua Resources Announces Third Quarter 2023 Highlights
BOISE, ID – 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 September 30, 2023 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 focus ed on advancing the permitting for the Stibnite Gold Project
(“Stibnite Gold Project” or the “Project”) through the National Environmental Policy Act (“NEPA”) process
and construction readiness for the Project.
Third Quarter 2023 and Recent Highlights:
• Zero lost time incidents or reportable environmental spills.
• Signed definitized Technology Investment Agreement (“ TIA”) for U.S. Department of Defense
(“DOD”) critical minerals award of $24.8 million under the Defense Production Act (“DPA”).
• Clean Water Act (“CWA”) Settlement Agreement with the Nez Perce Tribe filed in U.S. District Court.
• 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.
“Perpetua Resources successfully advanced several goals in the third quarter that I believe further position
the Stibnite Gold Project as an emerging national strategic asset,” said Laurel Sayer, President and CEO of
Perpetua Resources. “We received a new award of up to $15.5 million in Department of Defense funding,
welcomed Michael Wright as our Vice President of Projects, filed a settlement agreement with the Nez Perce
Tribe, and continued legacy waste cleanup activities. I am proud of our team for its c ontinued dedication
to making our vision a reality, while doing so safely with zero lost time incidents or reportable spills.”
Permitting and Construction Readiness Activities Update:
Following completion of the public comment period and analysis on the Supplemental Draft Environmental
Impact St atement (“SDEIS”), the U nited States Forest Service updated the permitting schedule for the
Project with a Final Environmental Impact Statement (“FEIS”) and draft Record of Decision (“ROD”) expected
by the end of 2023 and a final ROD anticipated in early 2024.
Perpetua continued to advance work on several ancillary permits which are being progressed in parallel
with the NEPA process. Recent updates include:
Responsible Mining. Critical Resources. Clean Future.
2
• Submitted the 404 Wetlands & Compensatory Mitigation Plan application to the U.S. Army Corps
of Engineers (“USACE”) in April 2023 and USACE provided a 404 permit application completeness
determination in July 2023.
• Submitted the formal request to begin the 401 Water Quality Certification process to Idaho
Department of Environmental Quality (“IDEQ”) in May 2023.
• Submitted Tailings Storage Facility (“TSF”) dam safety application to Idaho Department of Water
Resources (“IDWR”) in July 2023. IDWR sent a letter of conditional approval for the Company’s
Stage 1 TSF in October 2023.
• Submitted cyanidation permit application i n August 2023 to IDEQ. The Company expects to
resubmit an updated permit application in the fourth quarter of 2023 following a letter of
incompleteness issued by IDEQ in September 2023.
• A Final Point of Compliance determination was issued in August 2023 and the Company submitted
the required groundwater sampling and well installation plans in October 2023.
Perpetua is advancing construction readiness activities which are reimbursable under the DPA funding. In
the third quarter of 2023, the Company appointed a Vice President of Projects to lead the Stibnite Gold
Project and continued project execution planning and scheduling, construction manager general
contractor contract negotiations, and detailed engineering and design work for the Project’s planned road
and power lines.
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. Perpetua Resources has been awarded a Technology
Investment Agreement of $24.8 million in Defense Production Act 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.
Responsible Mining. Critical Resources. Clean Future.
3
Forward-Looking Information and Cautionary Note
Investors should be aware that the publication of the SDEIS and the permitting schedule, and the identification by the USFS o f the
Modified Mine Plan as the Preferred Alternative in the SDEIS, does not indicate any commitments on the part of the USFS with regard
to the content or timing of a final decision. In developing the Final Environmental Impact Statement ("FEIS"), the next phase of the NEPA
planning process, the USFS may select various actions based on the Modified Mine Plan or each of the alternativ es 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 environmental clean up actions by us and our contractors; our abi lity to
comply with and obtain permits related to the Stibnite Gold Project; actions to be taken by the DOD, USFS, the State of Idaho and other
government agencies and regulatory bodies; our ability to successfully implement and fund the Project and the occurrence of the
expected benefits from the Project; the timing of updates from the USFS related to the Stibnite Gold Project, including with respect to
the FEIS, DROD and ROD; predictions regarding improvements to water quality, water temperature, and fish habitats and other
environmental conditions at the site, including with respect to process and timing of s uch improvements; reduction of the Project
footprint and the anticipated benefits and other effects thereof; our ability to successfully implement the Project and the o ccurrence of
the expected benefits from the Project, including contributions to the workforce, national security and clean energy transition; our and
Ambri Inc.'s ability to perform under the supply agreement, which agreement is subject to certain conditions, including ident ification
of one or more refiners to transform our antimony concentra te into antimony metal, and mutual agreement on certain material terms,
including volume and pricing ; good faith discussions between Perpetua Resources and the Nez Perce Tribe with respect to future
permitting and activities at the Project and the anticipated source of funding of Perpetua Resources’ payments required under the CWA
Settlement Agreement. 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", "pr oject",
"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 the current explorat ion,
development, environmental and other objectives concerning the Stibnite Gold Project can be achieved and that its other corpo rate
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; 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 FEIS wi ll proceed in a timely manner
and as expected; payment and other settlement conditions under the CWA Settlement Agreement will proceed on the anticipated
timeline and terms ; 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 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 other things, changes in laws and regulations and changes in the application of s tandards
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 stated, federal and
local agencies and regulatory bodies (including, but not limited to, future US government shutdowns); risks related to opposition to the
Project; risks related to increased or unexpected costs in operations or the permitting process; ri sks that necessary financing will be
unavailable when needed on acceptable terms, or at all; 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 t he 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 diffe r 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 b e 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 wit h the
SEC, including Perpetua’s Annual Re port on Form 10 -K filed with the SEC on March 16, 2023 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.