Perpetua Resources Announces Full Year 2024 and Recent Highlights

Rhea-AI Summary

Perpetua Resources (NASDAQ: PPTA) released its 2024 Annual Report highlighting significant progress on the Stibnite Gold Project. Key achievements include receiving up to $34.4 million in Defense Production Act funding and securing indication for up to $1.8 billion financing from U.S. EXIM Bank.

The company completed several major milestones in 2024, including: zero lost time incidents, successful Annual General Meeting, publication of their 11th Sustainability Report, and appointment of Jonathan Cherry as President and CEO. The company also closed a $33.6M equity financing and established agreements with Sunshine Silver and U.S. Antimony for domestic antimony supply chain development.

In early 2025, the United States Forest Service issued the Final Record of Decision for the Project. The company also completed Basic Engineering, published a Financial Update, and initiated procurement with Idaho Power for power line equipment. The project aims to develop one of the largest open-pit gold mines in the U.S. while providing domestic antimony supply and restoring a brownfield site.

Positive

• Secured significant funding: $34.4M from Defense Production Act and up to $1.8B indication from U.S. EXIM Bank
• Received Final Record of Decision from USFS, marking major permitting milestone
• Successfully raised $33.6M through equity financing
• Established strategic partnerships for domestic antimony supply chain
• Perfect safety record with zero incidents and environmental spills

Negative

• Additional equity financing may lead to shareholder dilution

Insights

Financial Analyst

Perpetua Resources has achieved several critical milestones advancing the Stibnite Gold Project toward a construction decision. The Final Record of Decision from the USFS represents the culmination of the federal environmental review process, removing a significant regulatory hurdle for project development.

The company has substantially strengthened its financial position through multiple funding channels: $34.4 million in additional Defense Production Act funding, an indication for up to $1.8 billion in financing from U.S. EXIM, and a closed $33.6 million equity financing round. This multi-faceted funding approach demonstrates both government and private sector confidence in the project's strategic importance.

The agreements with Sunshine Silver and U.S. Antimony further validate Perpetua's critical role in developing a domestic antimony supply chain, which has national security implications given antimony's designation as a critical mineral by the U.S. government. The successful completion of Basic Engineering and publication of the Financial Update indicates the project is progressing through technical development stages toward construction readiness.

While this news reveals significant progress on permitting, financing, and strategic partnerships, investors should note that additional state permits and final investment decisions remain before construction begins. Nevertheless, the regulatory milestone achievement, substantial funding developments, and continued safety performance (zero incidents) represent material positive developments that meaningfully de-risk several aspects of this mining development project.

Mining Industry Expert

The USFS Final Record of Decision for the Stibnite Gold Project marks a decisive regulatory achievement that typically represents years of environmental assessment work. This federal approval signifies the project has satisfied rigorous environmental review requirements and can proceed with implementation subject to specified conditions.

The completion of Basic Engineering is a particularly significant technical milestone that finalizes critical design elements, improves cost certainty, and prepares the project for detailed engineering and construction. This phase typically produces a more refined capital expenditure estimate and project economics model, reducing technical risk substantially.

Perpetua's agreements with Sunshine Silver and U.S. Antimony to advance the domestic antimony supply chain represent strategic vertical integration efforts. Antimony, used in flame retardants, batteries, and defense applications, currently has minimal domestic production, making Perpetua's deposit strategically valuable to reduce foreign dependency.

The procurement contract with Idaho Power to begin payments on long-lead power infrastructure items indicates the company is taking concrete steps toward construction readiness while maintaining its exemplary safety record with zero lost time incidents. These developments collectively demonstrate systematic progression through the mining project development sequence with multiple de-risking achievements across regulatory, financial, and technical fronts. The project's dual purpose of producing both gold and antimony while remediating a brownfield site creates a compelling value proposition that has attracted both government and private funding support.

BOISE, Idaho, March 20, 2025 /PRNewswire/ - Perpetua Resources Corp. (NASDAQ: PPTA) (TSX: PPTA) ("Perpetua Resources" or "Perpetua" or the "Company"), announced today that its Annual Report on Form 10-K for the year ended December 31, 2024, which includes its audited consolidated financial results for the period ended December 31, 2024, was 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 Stibnite Gold Project ("Stibnite Gold Project" or "Project") towards a construction decision, including finalizing the remaining federal and state permits and securing project financing.

Full Year 2024 Highlights:

• Zero lost time incidents or reportable environmental spills.
• Held 2024 Annual General Meeting and shareholders voted in favor of all proposals.
• Published 2023 Sustainability Report, the Company's eleventh annual sustainability report.
• Appointed mining industry veteran Jonathan Cherry as new President and CEO, and as a Director.
• Awarded additional funding of up to $34.4 million under the Technology Investment Agreement ("TIA") under Title III of the Defense Production Act ("DPA").
• Received indication for up to $1.8 billion financing from the Export-Import Bank of the United States ("U.S. EXIM") for the Project.
• United States Forest Service ("USFS") published the Final Environmental Impact Statement and issued a Draft Record of Decision for the Project.
• Closed $33.6M equity financing in November.
• Announced agreements with Sunshine Silver and U.S. Antimony in December to advance domestic antimony supply chain.

Recent Highlights:

• USFS issued the Final Record of Decision for the Project on January 3, 2025.
• Successful completion of Basic Engineering and publication of 2024 Financial Update ("Financial Update") for the Stibnite Gold Project.
• Executed procurement contract with Idaho Power to begin down payments on several critical long-lead power line items.

"Perpetua Resources started 2025 with strong momentum after achieving significant permitting milestones and advancing the Stibnite Gold Project towards a construction decision with the support of government funding," said Jon Cherry, President and CEO of Perpetua Resources. "I am proud of our team for accomplishing our goals safely in 2024, and I look forward to building on this as we begin the next phase of growth. The Stibnite Gold Project is uniquely positioned to produce gold and the critical mineral antimony, and to restore a brownfield site through the production of these valuable and strategic resources."

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 TIA of $59.2 million in 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

Investors should be aware that the U.S. EXIM 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.

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; ongoing funding and anticipated liquidity; our ability to comply with and obtain permits related to the Stibnite Gold Project; the prospects of successfully securing financing from EXIM or from other sources on acceptable terms, or at all; 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 described in this news release, which agreement is subject to certain conditions, including 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 underlying the  basic engineering work and the Financial Update; that the remaining permits will be issued in a timely manner and as expected; that the Company will be able to raise sufficient financing on acceptable terms to fund construction and operations; that the current exploration, development, environmental and other objectives concerning the Stibnite Gold Project can be achieved; that its other corporate activities will proceed as expected; and the assumptions described in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record.

Forward-Looking Information 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 others, environmental risks, including changes in environmental laws and regulations and changes in the application of standards pursuant to existing US federal and Idaho rules and regulations; estimates used in financial models, budgeting and financial statements proving to be incorrect; risks related to opposition to the Project; risks related to increased or unexpected costs or delays 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 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 event.

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SOURCE Perpetua Resources Corp.

FAQ

What major funding did Perpetua Resources (PPTA) secure for the Stibnite Gold Project in 2024?

PPTA secured up to $34.4M under the Defense Production Act and received indication for up to $1.8B financing from U.S. EXIM Bank in 2024.

When did the U.S. Forest Service issue the Final Record of Decision for PPTA's Stibnite Gold Project?

The USFS issued the Final Record of Decision for the Stibnite Gold Project on January 3, 2025.

How much equity financing did Perpetua Resources (PPTA) raise in November 2024?

Perpetua Resources closed a $33.6M equity financing in November 2024.

What safety and environmental record did PPTA achieve in 2024?

PPTA reported zero lost time incidents and no reportable environmental spills throughout 2024.

What strategic partnerships did Perpetua Resources establish for antimony supply in 2024?

PPTA announced agreements with Sunshine Silver and U.S. Antimony in December 2024 to advance domestic antimony supply chain.