Perpetua Resources Receives Notice to Proceed from U.S. Forest Service Authorizing Project Development

Rhea-AI Summary

Perpetua Resources (Nasdaq: PPTA) has received a conditional Notice to Proceed from the U.S. Forest Service for its Stibnite Gold Project, marking a crucial milestone after 8 years of permitting review and over $400 million in investments. The project can begin construction once the company posts the required joint financial assurance bonding.

The Stibnite Gold Project aims to become America's only mined source of antimony, a critical mineral essential for defense systems and munitions. The project combines mineral production with environmental restoration, including cleanup of legacy contamination and restoration of fish habitats. The final mine plan, which underwent extensive environmental review since 2016, features a 13% reduced footprint and received over 23,000 supporting public comments.

Positive

• Received conditional Notice to Proceed from U.S. Forest Service, clearing path for construction
• Will become America's only mined source of antimony, a critical defense mineral
• Project received strong public support with over 23,000 supporting letters
• Reduced project footprint by 13% from original design
• Secured FAST-41 Program status for streamlined permitting

Negative

• Still requires posting of financial assurance bonds before construction can begin
• Significant capital investment of over $400 million already spent on permitting process
• Extended 8-year permitting review process indicates project complexity and regulatory hurdles

Insights

Mining Industry Expert

Perpetua's receipt of Notice to Proceed enables construction of the strategic Stibnite Gold Project following 8-year permitting process.

This regulatory milestone represents the culmination of Perpetua Resources' 8-year permitting journey for the Stibnite Gold Project, with the U.S. Forest Service authorizing construction to begin once financial assurance bonds are posted. The company expects to meet this final requirement within weeks, allowing early construction work to commence this fall.

The significance of this development cannot be overstated. The project aims to produce antimony, designated as a critical mineral for national security applications including munitions and defense systems. This would establish the only domestic mined source of antimony in the United States, addressing a strategic vulnerability in the defense supply chain.

What makes this project particularly unique is its dual focus on resource extraction and environmental restoration. The mine plan incorporates remediation of legacy contamination from historical mining activities, habitat restoration, and reopening fish migration routes. This integrated approach helped secure broad public support, with over 23,000 supportive letters submitted during the comment periods.

The project's advancement benefited from its designation under the FAST-41 Program aimed at streamlining permitting for critical mineral projects. With $400 million already invested and all regulatory hurdles now cleared pending only financial assurance placement, Perpetua is positioned to transform this historical mining site into a productive asset generating hundreds of jobs while addressing environmental damage from previous mining operations.

This approval represents a significant de-risking event for Perpetua, removing the uncertainty of the federal permitting process that has been the primary obstacle to project advancement for nearly a decade.

U.S. Forest Service Notice to Proceed indicates Record of Decision requirements have been satisfied and initial construction can commence with placement of financial assurance.

Early works project construction expected to begin this fall.

BOISE, Idaho, Sept. 19, 2025 /PRNewswire/ - Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or "Perpetua" or the "Company"), received its conditional Notice to Proceed ("Notice") from the U.S. Forest Service ("USFS") for the Stibnite Gold Project (the "Project"), which stated the Project has satisfied all requirements outlined in the January 2025 Record of Decision ("ROD") and that the Project may begin construction conditioned only on the Company posting the joint financial assurance bonding agreed to by USFS, Idaho Department of Lands ("IDL"), and U.S. Army Corps of Engineers ("USACE") for the Project.

"After 8 years of extensive permitting review and over $400 million invested, it is finally time for the Stibnite Gold Project to deliver for America," said Jon Cherry, President & CEO of Perpetua Resources. "A united vision to produce critical resources urgently needed for national security and to restore an abandoned site, along with the feedback from our communities, have guided us to this monumental milestone. With the U.S. Forest Service's Notice to Proceed and the joint financial assurance package approved, we are ready to begin to bring Stibnite back to life as a national strategic asset." 

The Stibnite Gold Project plans to produce America's only mined resource of the critical mineral antimony, a key component in munitions and advanced defense systems, and seeks to clean up legacy contamination at the historical mine site, reconnect fish to their native spawning grounds, restore habitat, and provide hundreds of family-wage jobs.

In 2025, the Trump Administration placed the Stibnite Gold Project on the Transparency Projects list under the FAST-41 Program, which is intended to support increased domestic mineral production through streamlined and focused permitting.

"Completing federal permitting for Perpetua Resources' Stibnite Gold Project is a major step towards unlocking America's critical minerals resources. By redeveloping this historic mining site, we can both restore the environment and secure a domestic supply chain that is essential to our nation's future," said Emily Domenech, Federal Permitting Improvement Council Executive Director.

Earlier this week, state and federal agencies agreed on a joint financial assurance package requiring bonding for the Project construction period. In the Notice, the USFS specified to Perpetua that it will sign the Company's Plan of Operation once financial assurance bonds are placed and that initial construction can begin thereafter. The Company anticipates having the financial assurance posted in the coming weeks.

"The Stibnite Gold Project is poised to once again produce minerals critical to national security and defense, just as it did during World War II," said Cherry. "We believe this administration's commitment to boosting efficiency without compromising rigorous environmental standards will have a transformational impact on American mining."

Perpetua Resources began the formal permitting process under the National Environmental Policy Act ("NEPA") nearly a decade ago in 2016. As the lead permitting agency, the U.S. Forest Service issued a Draft Environmental Impact Statement in 2020, a Supplemental Draft Environmental Impact Statement in 2022, a Final Environmental Impact Statement and Draft Record of Decision in September of 2024, and a Final ROD in January 2025. During the public comment periods, over 23,000 letters were submitted supporting the Project. The final mine plan is designed with the intent to:

• Provide restoration of legacy impacts early and concurrent with mining
• Open miles of habitat for migrating fish
• Reduce the project footprint by 13% over the original design
• Uplift wetlands quality and stream habitat quality over existing conditions
• Improve water temperature to be at, or below, existing conditions

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 Stibnite Gold 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. Antimony trisulfide from Stibnite is the only known domestic reserve of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types.

FORWARD-LOOKING INFORMATION

Investors should be aware that the Company has not entered into any arrangement with respect to the joint financial assurance bonding and may not be able to enter into such arrangements on the anticipated terms and timeline, or at all. In addition, such arrangement, when entered into, may not be sufficient to satisfy the financial assurance conditions required to commence construction as set forth in the Notice.

Investors should be aware that the Stibnite Gold Project's designation as a Transparency Project and inclusion in the FAST-41 Program does not imply endorsement of, or support for, the Stibnite Gold Project by the federal government, or create a presumption that the Stibnite Gold Project will be approved, favorably reviewed by any agency or receive federal funding. The designation of a project as a Transparency Project and inclusion in the FAST-41 Program may be reconsidered based on updated 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, the Company's ability to satisfy financial assurance requirements under applicable federal and state law on acceptable terms and on anticipated timelines, if at all; the Company's ability, in connection with efforts to satisfy financial assurance requirements applicable to the Stibnite Gold Project and to provide additional financing, to enter into an arrangement on acceptable terms and on the anticipated timeline, if at all; and the occurrence of the expected benefits from the Stibnite Gold Project, including providing a domestic source of antimony, national defense benefits, creation of jobs and environmental benefits... 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, that the Company will be able to satisfy all conditions provided in various federal and state permits that must be met to commence construction; that the Company will be able to satisfy financial assurance requirements applicable under applicable federal and state law; that the Company's proposed financing package will be sufficient to finance permitting, pre-construction and construction of the Stibnite Gold Project or that the Company will be able to secure alternate financing if necessary; and that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected. 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, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Stibnite Gold 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, 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, 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.sedarplus.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.

FAQ

What is the significance of the U.S. Forest Service Notice to Proceed for PPTA stock?

The Notice to Proceed is a crucial milestone that allows Perpetua Resources to begin construction of the Stibnite Gold Project once financial assurance bonds are posted, bringing the project closer to production.

How will Perpetua Resources' Stibnite Gold Project impact US antimony production?

The project will become America's only mined source of antimony, a critical mineral essential for defense systems and munitions, strengthening domestic supply chains.

What environmental improvements are planned for the Stibnite Gold Project?

The project will clean up legacy contamination, restore fish habitats, improve water temperature conditions, and enhance wetlands quality while reducing the project footprint by 13% compared to the original design.

When will construction begin on Perpetua Resources' Stibnite Gold Project?

Construction is expected to begin in fall 2025, following the posting of required financial assurance bonds in the coming weeks.

How long did the permitting process take for PPTA's Stibnite Gold Project?

The formal permitting process under NEPA began in 2016 and took 8 years to complete, including multiple environmental impact statements and public comment periods.