Perpetua Resources Announces Second Quarter 2024 and Recent Highlights
405 S 8th Street #201, Boise, ID 83702
Responsible Mining. Critical Resources. Clean Future.
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NEWS RELEASE
August 9, 2024
Perpetua Resources Announces Second Quarter 2024 and Recent 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 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 focus ed 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.
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• 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.
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 min ing 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.
Responsible Mining. Critical Resources. Clean Future.
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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 mo nitoring, 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 t he 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 a nalyzed 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 Stibnit e 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 take n 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 agreemen t 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 mat erial 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", "expec t" "plan",
"likely", "believe", "in tend", "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 condit ions and
operations of the Company will be sustained . Forward -Looking Inform ation 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 regulati ons 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; ri sks
related to unforeseen delays in the review pr ocess 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 Projec t; 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 P erpetua
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 state ments. 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 require d 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 even ts.