U.S. Forest Service issues final Record of
Decision for
Stibnite Gold Project.
Project includes the only domestic reserve of
antimony, essential for national defense, energy,
and technology sectors.
The redevelopment of the abandoned mine site
is expected to provide environmental, economic, and
national security benefits.
BOISE,
Idaho, Jan. 6, 2025 /CNW/ - Perpetua
Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or
"Perpetua" or the "Company") today announced that the United States
Forest Service ("USFS") has issued the Final Record of Decision
("ROD") authorizing Perpetua's mine plan for the Stibnite Gold
Project ("Project"). This crucial permitting milestone comes after
8 years of thorough investigation, interagency analysis,
consultation, and extensive public feedback on the proposed mine
plan of operations. With receipt of the Final ROD, Perpetua
Resources is focused on advancing the Project towards a
construction decision, including finalizing the remaining federal
and state permits and securing project financing.
"We are thrilled to receive our Final Record of Decision from
the Forest Service," said Jon
Cherry, President and CEO of Perpetua Resources. "This
approval elevates the Stibnite Gold Project to an elite class of
projects in America that have cleared NEPA. The Stibnite Gold
Project can deliver decisive wins for our communities, the
environment, the economy, and our national security."
The Project is primed to deliver substantial environmental and
economic benefits to the region, and stronger security to the
nation. Locally, the Project is anticipated to provide more than
one billion investment dollars and an average of 550 jobs to rural
Idaho during operations.
Expected to be one of the highest-grade open pit gold mines in the
country, the Project contains an estimated 4.8-million-ounce gold
reserve and is anticipated to produce 450,000 ounces of gold
annually over the first four years of production. In addition, the
estimated 148-million-pound antimony reserve is the only identified
antimony reserve in the United
States and is expected to supply roughly 35% of U.S. demand
in the first six years of operations, based on 2022 US annual
consumption as set forth in the 2023 USGS antimony commodity
summary. Antimony is a listed critical mineral for its role in
technology, defense, and energy products. However, in a pair of
moves in late 2024, China — which
is responsible for nearly half of all mined antimony output
worldwide — cut off antimony exports globally, including to
the United States. By securing a
domestic mined antimony supply, the
United States can reduce its reliance on foreign antimony
producers and suppliers and strengthen its strategic mineral
security.
The Stibnite Gold Project is designed to redevelop the abandoned
Stibnite mine site in central Idaho for gold, silver and antimony, while
also providing environmental restoration to the dormant site. The
Company's vision to "Restore the Site" is embedded throughout the
approved mine plan. Perpetua's approved plan to leave the site
better than it is today includes:
- Removing legacy tailings and waste to improve water
quality;
- Restoring miles of river habitat and opening miles of native
fish habitat that have been blocked for over 80 years; and
- Providing a net benefit increase in wetland acres.
"Perpetua Resources has been part of our community for more than
a decade. During this time, they've shown us the type of company
they are. They've invited us to provide feedback, answered our
questions, supported causes that matter to our community and looked
for ways to partner with local businesses and provide well-paying
jobs for Valley County residents,"
said Cascade Mayor Judy Nissula.
"These are the type of companies we want in Cascade and we look
forward to Perpetua's next chapter in our community now that they
received a positive Final Record of Decision from the U.S. Forest
Service."
Perpetua Resources entered into the formal permitting process
under the National Environmental Policy Act ("NEPA") in 2016. The
USFS issued a Draft Environmental Impact Statement in 2020, a
Supplemental Draft Environmental Impact Statement in 2022, and a
Final Environmental Impact Statement and Draft Record of Decision
in September of 2024. During the public comment periods, over
23,000 letters were submitted supporting the Project.
"After years of work to make the Stibnite Gold Project the
strongest it can be, we are incredibly proud to have reached this
milestone," said Alan Haslam, Vice
President of Permitting for Perpetua Resources. "Obtaining the
Forest Service's approval for our plan has taken the combined
efforts and talents of so many people, and we are humbled to watch
it graduate to the next phase of development."
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 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
Technology Investment Agreement ("TIA") of $59.2 million in Defense Production Act Title III
("DPA") 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.
Forward-Looking Information
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 the content and timing of
additional permitting actions to be taken by the Department of
Defense, USFS, the State of Idaho
and other government agencies and regulatory bodies; the prospects
of successfully securing project financing on acceptable terms, or
at all; environmental clean up actions by us and our contractors;
that the Stibnite Gold Project results in the outcomes we expected,
including our reserves and resources and anticipated production and
costs; our ability to comply with and obtain permits related to the
Stibnite Gold Project; our ability to successfully implement and
fund the Project and the occurrence of the expected benefits from
the Project, including creation of jobs and environmental benefits;
and our and Ambri Inc.'s ability to perform under the supply
agreement. Statements concerning mineral resource and mineral
reserve estimates may also be deemed to constitute forward-looking
information to the extent that such statements involve estimates of
the mineralization that may be encountered if a property is
developed. 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", "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
remaining permits will be issued in a timely manner and as
expected; that we will be able to successfully secure financing to
finance permitting, pre-construction and construction of the
Project; 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; and that we will be
able to discharge our liabilities as they become due and continue
as a going concern. Forward-Looking Information 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, risks related to
unforeseen delays in the review and permitting process; risks
related to opposition to the Project; 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; 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
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, 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.
Cautionary Statement Regarding Reserve and Technical
Information
The reserves, production and cost information in respect of
the Stibnite Gold Project in this press release, is based upon
information contained in the technical report titled "Stibnite Gold
Project, Feasibility Study Technical Report, Valley County, Idaho" dated effective
December 22, 2020 and issued
January 27, 2021 (the "2020
Feasibility Study"), which is summarized in the Company's Technical
Report Summary ( "TRS"), dated as of December 31, 2021, and amended as of June 6, 2022. Such information is as of
December 30, 2020 and is subject to
the assumptions, exclusions and qualifications set forth in the
2020 Feasibility Study and the TRS. In particular, we have not
updated our capital cost estimates since 2020, and these cost
estimates may increase materially due to inflation, competition or
other unforeseen challenges at the Project site. The 2020
Feasibility Study was prepared in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
and the TRS was prepared in accordance with the mining property
disclosure rules specified in Subpart 1300 promulgated by the
SEC. The 2020 Feasibility Study and TRS are intended to be
read as a whole and sections should not be read or relied upon out
of context. Data regarding domestic antimony reserves based on U.S.
Geological Survey, Mineral Commodity Summaries, dated as of
January 2024.
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SOURCE Perpetua Resources Corp.