Michael Wright
further strengthens management team as Stibnite Gold Project
advances towards a construction decision
BOISE,
Idaho, Aug. 14, 2023 /PRNewswire/ - Perpetua
Resources Corp. (NASDAQ: PPTA) (TSX: PPTA) ("Perpetua
Resources" or "Perpetua" or the "Company") announced today that
Michael Wright has been appointed
Vice President, Projects for Perpetua Resources and will lead the
Stibnite Gold Project (the "Project") joining Perpetua's executive
team effective immediately. Mr. Wright will lead the construction
readiness activities currently underway for the Project as the
Company continues to advance permitting. The Stibnite Gold Project
is one of the highest-grade open pit gold projects in the U.S., is
designed to apply a responsible mining approach to restore an
abandoned mine site and is positioned to be the only domestic mined
source of the critical mineral antimony.
"We are pleased to welcome Michael
Wright to Perpetua Resources as we advance toward a
construction decision for the Stibnite Gold Project," said
Laurel Sayer, Chief Executive
Officer of Perpetua Resources. "As a key member of our executive
team, Michael will report to me and oversee all Engineering,
Procurement and Construction Management activities from selection,
engineering, pre-construction planning to construction and
commissioning. Michael brings a strong technical background and
significant project experience which complement our diverse
leadership team and we are thrilled to welcome another Idahoan to
our team."
Michael Wright is an accomplished
mining project development professional with 20 years of experience
and has a proven track record of developing complex,
multi-billion-dollar projects around the world. He holds a Bachelor
of Science degree from the University of
Idaho and a Master of Science in Construction Management
from the University of Washington. Mr.
Wright has worked on owners' teams and on Engineering, Procurement
and Construction Management teams in the Americas, Europe, Africa and Asia. He has held project and construction
leadership roles with Bechtel Corporation, Ausenco Limited, Fluor
Corporation and Newmont Corporation and, most recently, Teck
Resources Ltd.
"As an Idahoan myself, I am excited to join the Perpetua
Resources team and help bring the Stibnite Gold Project back into
operation and restore the site after a decade of study and
regulatory review," said Michael
Wright. "I have always emphasized driving productivity while
maintaining the highest safety and environmental standards, and I
look forward to leading the development of this world class
gold-antimony deposit and supporting responsible economic growth
for Idaho."
Perpetua anticipates a Final Environmental Impact Statement
("FEIS") and Draft Record of Decision ("DROD") for the Stibnite
Gold Project by the end of 2023 and a Final Record of Decision
("ROD") in early 2024 based on the latest schedule from the U.S.
Forest Service ("USFS"). The Company
received a Critical Minerals Award from the Department of Defense,
under the Defense Production Act Title III program, to advance
permitting and begin construction readiness for the Project.
Preconstruction activities are underway now to be construction
ready as early as the summer of 2024.
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' environmental, social and governance
("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.
Forward-Looking Information and Cautionary Note
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; our ability to successfully implement and
fund the Project and the occurrence of the expected 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 regarding improvements to environmental conditions
at the site; our ability to achieve our environmental, social and
governance ("ESG") goals; 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 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 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 National
Environmental Policy Act (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 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 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, future US government shutdowns);
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, 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.
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SOURCE Perpetua Resources Corp.