BOISE,
ID, May 13, 2024 /CNW/ - Perpetua Resources
Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or
"Perpetua" or the "Company") announced today that its unaudited
condensed consolidated financial results for the period ended
March 31, 2024 were filed. For
details, please see the Company's filings available on EDGAR and
SEDAR.
Perpetua Resources' vision is to provide the U.S. with a
domestic source of the critical mineral antimony, develop one of
the largest and highest-grade open pit gold mines in the country
and restore an abandoned brownfield site. Perpetua Resources is
focused on advancing the permitting for the Stibnite Gold Project
("Stibnite Gold Project" or "Project") through the National
Environmental Policy Act ("NEPA") process and construction
readiness for the Project.
First Quarter 2024 and other Recent Highlights:
- Zero lost time incidents or reportable environmental
spills.
- Awarded additional funding of $34.4
million through modified Technology Investment Agreement
("TIA") under Title III of the Defense Production Act ("DPA").
- Appointed mining veteran Jonathan
Cherry as new President and CEO and as a Director.
- Appointed Jessica Largent, Chief
Financial Officer, as a Director.
- Received $8.5 million in cash
from Franco-Nevada Idaho Corporation through a new royalty
agreement for net smelter return royalty on future payable silver
production from the Project properties.
- Received indication for up to $1.8
billion financing from Export-Import Bank of the United States for the Stibnite Gold
Project.
- Advanced constructability reviews, value engineering studies,
and detailed engineering for the Burntlog Route, the Company's
proposed access route.
- Continued power line detailed scoping and engineering with
Idaho Power.
- Awarded Basic and Value Engineering Scope for the Stibnite Gold
Project.
"Perpetua Resources' accomplishments in the first quarter of
2024 demonstrate continued momentum as we advance the Stibnite Gold
Project," said Jon Cherry, President
and CEO of Perpetua Resources. "We recently were awarded additional
funding of $34.4 million under the
Defense Production Act as Perpetua continues to progress permitting
and construction readiness activities. We complimented the
additional funding through the monetization of our non-core future
payable silver, and we received an indication for up to
$1.8 billion in financing from U.S.
EXIM. Looking forward, we are excited about the forthcoming Final
Environmental Impact Statement and Draft Record of Decision, while
we continue to focus on unlocking value for our stakeholders."
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 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 $59.2
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.
Forward-Looking Information and Cautionary Note
Investors should be aware that the Letter of Interest is
non-binding and conditional, and does not represent a financing
commitment. A funding commitment is conditional upon completing the
application, due diligence and underwriting process and receiving
all required Project approvals. Additionally, funding under the DPA
TIA is available only for the specified costs related to
permitting, environmental baseline data monitoring, environmental
and technical studies, and advancing construction readiness and is
not available to fund the Company's costs under its Administrative
Settlement and Order on Consent obligations and certain corporate
expenses. 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 our plans to submit a financing
application to EXIM; the prospects of successfully securing
financing from EXIM on acceptable terms, or at all; the expected
timing of, and benefits to the Stibnite Gold Project of, securing
such financing from EXIM; environmental clean up actions by us and
our contractors; ongoing funding and anticipated liquidity; 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 definitized agreement; our ability
to successfully implement and fund the Project and the occurrence
of the expected benefits from the Project; 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 we
will successfully complete the EXIM application process and secure
project financing on acceptable terms, or at all; as to production
rates, operating cost, recovery and metal costs; that any
additional financing needed will be available when needed on
reasonable terms; 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 the formal 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 environmental impact
statements will proceed in a timely manner and as expected; that
the Project will receive necessary permits and approvals; 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;
that the current price and demand for gold and
other metals will be sustained or will improve; that general
business and economic conditions will not change in a materially
adverse manner; that all necessary governmental approvals for the
planned exploration, development and environmental protection
activities on the Project will be obtained in a timely manner and
on acceptable terms; and that the continuity of economic and
political conditions and operations of the Company will be
sustained. 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, 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 state, federal and
local agencies and regulatory bodies (including, but not limited
to, potential future U.S. 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, and that we will be able to continue as a going concern;
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 26, 2024 and subsequent
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.