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

Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) announced that its wholly owned subsidiary, Perpetua Resources Idaho, Inc. definitized its previously announced Technology Investment Agreement of up to $24.8 million under Title III of the Defense Production Act. 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.

Under the funding agreement, Perpetua may request reimbursement 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 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. “Our 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.”

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.