Responsible Mining. Critical Resources. Clean Future. Distribution A. Approved for Public Release AFRL-2023-0552 1
405 S 8th Street #201, Boise, ID 83702
Responsible Mining. Critical Resources. Clean Future.
Distribution A. Approved for Public Release AFRL-2023-0552
1
NEWS RELEASE
July 26, 2023
Perpetua Resources Signs Definitized Agreement for Critical Minerals Award of
$24.8 million under the Defense Production Act
Definitized Technology Investment Agreement between Perpetua Resources and U.S. Department of
Defense establishes full not-to-exceed award amount of $24,812,062
Defense Production Act Title III funding is designed to support construction readiness activities and
environmental studies as the Stibnite Gold Project continues through the permitting process
Stibnite Gold Project is poised to be the only domestically mined source of the critical mineral antimony,
which is essential for national defense
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) announced today that its wholly owned
subsidiary, Perpetua Resources Idaho, Inc. ( collectively, “Perpetua Resources” or “Perpetua” or the
“Company”), definitized its previously announced Technology Investment Agreement (“TIA”) of up to $24.8
million under Title III of the Defense Production Act (“DPA”). The funding objective of the TIA, issued by the
Air Force Research Laboratory, is to complete environmental and engineering studies necessary to obtain
a Final Environmental Impact Statement, a Final Record of Decision, and other ancillary permits to sustain
the domestic production of antimony trisulfide capability for defense energetic materials.
Antimony trisulfide is essential to national defense as a key component for munitions yet there is no U.S.
mined supply. Perpetua plans to re-establish a domestic supply of the critical mineral antimony as a by -
product of one of the highest-grade open pit gold resources in the United States. The DPA funding allows
the Company to advance the construction readiness of the Stibnite Gold Project while the Company
continues through the ongoing permitting process, led by the United States Forest Service (“USFS”).
Under the funding agreement, Perpetua may request reimburse ment for certain costs incurred over 24
months related to environmental baseline data monitoring, environmental and technical studies and other
activities related to advancing Perpetua’s construction readiness and permitting process for the Stibnite
Gold Project. The DPA funding does not interrupt the ongoing National Environmental Policy Act (“NEPA”)
review process. On July 25, 2023, the TIA was definitized with the Department of Defense, establishing the
full not-to-exceed amount of $24,812,062. The definitized TIA did not change any other material terms of
the undefinitized TIA between Perpetua and the Department of Defense, which was previously announced
by the Company on December 19, 2022.
“Perpetua is excited to have a definitized agreement in place with the Department of Defense to support
our continued advancement of the Stibnite Gold Project through permitting and toward a construction
decision,” said Laurel Sayer, President and CEO of Perpetua Resources. “O ur vision remains unchanged ,
which is to redevelop a world class gold deposit, provide the country with the critical mineral antimony, and
restore an abandoned brownfield site. Today, we continue to build momentum towards turning our vision
into a reality.”
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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.
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Forward-Looking Information and Cautionary Note
Investors should be aware that the publicat ion of the SDEIS and the permitting schedule, and the identification by the USFS of 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 alternatives 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 ability to
comply with and obtain permits related to the Stibnite Gold Project; actions to be taken by the Department of Defense, USFS, the State
of Idaho and other government agencies and regulatory bodies; anticipated approval of reimbursement requests under the TIA; our
ability to successfully implement and fund the Project and the occurrence of the expect ed 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 reg arding
improvements to water quality, water temperature, and fish habitats and other en vironmental conditions at the site, including with
respect to process and timing of such improvements; reduction of the Project footprint and the anticipated benefits and other effects
thereof; our ability to successfully implement the Project and the occu rrence 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 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. In certain cas es,
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", "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 full amount of the DPA award will be funded on the expected
timeline; 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 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 will proceed in a timely manner and as expected; 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 ach ievements 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 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, futur e US
government shutdowns); risks related to opposition to the Project; risks related to increas ed or unexpected costs in operations or the
permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all; risks rela ted to the
outcome of litigation and potential for delay of the Project, 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 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, including Perpetua’s Annual Report on Form 10 -K filed with the SEC on
March 16, 2023 and 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.