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Perpetua Resources Receives up to an Additional $34.6 Million Under the Defense Production Act

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Perpetua Resources Receives up to an Additional $34.6 Million Under the Defense Production Act






U.S. Department of Defense conditionally awards up to $34.6 million in additional funding to Perpetua Resources, bringing total Defense Production Act Title III funding to $59.4 million.


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.


The Stibnite Gold Project is poised to be the only domestically mined source of the critical mineral antimony, which is essential for national defense.


Perpetua Resources Corp. (Nasdaq: PPTA ) (TSX: PPTA) announced today that its wholly owned subsidiary, Perpetua Resources Idaho, Inc. was conditionally awarded up to $34.6 million in additional funding under the existing Technology Investment Agreement through Title III of the Defense Production Act. Full funding of the additional award is conditioned on modifying the existing TIA to expand the in-scope work for advancing permits and construction readiness. The modification is anticipated to be completed in the first quarter of 2024.


Antimony trisulfide is essential to national defense as a key component for munitions, yet no domestic mined supply currently exists. China, Russia, and Tajikistan control 90 percent of the global antimony supply chain.


Perpetua’s proposed Stibnite Gold Project is designed to re-establish a U.S. source of the critical mineral antimony as a by-product of one of the highest-grade open pit gold resources in the United States. The additional funding will allow the Company to continue advancing the construction readiness of the Stibnite Gold Project and support the environmental and technical studies related to the Project’s progress through the National Environmental Policy Act review process, led by the United States Forest Service.


Under the modified TIA, Perpetua may request reimbursement for certain costs incurred through June 30, 2025 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 NEPA review.


“This latest award from the Department of Defense brings us a step closer to realizing our vision for the Stibnite Gold Project,” said Laurel Sayer, President and CEO of Perpetua Resources. “Establishing a domestic source of the critical mineral antimony is more important than ever, and we stand ready to responsibly produce critical resources here at home and help strengthen America’s national and economic security.”


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 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 up to $59.4 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.


Posted February 12, 2024

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