Conditional USFS green light moves Perpetua (NASDAQ: PPTA) Stibnite project toward construction

Rhea-AI Filing Summary

Perpetua Resources Corp. received a conditional Notice to Proceed from the U.S. Forest Service for its Stibnite Gold Project, confirming the project has satisfied the requirements in the January 2025 Record of Decision. Construction may begin once the Company posts joint financial assurance bonds agreed to by the U.S. Forest Service, Idaho Department of Lands, and U.S. Army Corps of Engineers. Perpetua expects to post this financial assurance in the coming weeks and to start early works construction in the fall of 2025. The Company also presented a $350,000 check to the Stibnite Foundation during a ceremony marking the project’s advancement to development.

Positive

• Major regulatory milestone for Stibnite Gold Project: The U.S. Forest Service issued a conditional Notice to Proceed confirming the project met Record of Decision requirements and allowing construction to begin once financial assurance bonds are posted.
• Clear path to initiate construction: The Notice states the USFS will sign the Company’s Plan of Operation after bonding is in place, enabling early works construction that Perpetua expects to start in fall 2025.
• Community support initiative: Perpetua presented a $350,000 check to the Stibnite Foundation, reflecting continued funding tied to its Community Agreement.

Negative

• Financing and bonding uncertainty: The Company warns it has not yet entered into any arrangement for the required joint financial assurance bonding and may be unable to do so on the expected terms or timeline, or at all.
• Risk that conditions to build may not be met: Even if a bonding arrangement is reached, the Company notes it may still be insufficient to satisfy the financial assurance conditions needed to commence construction under the Notice.

Insights

Mining project and regulatory risk analyst

Conditional federal approval advances Stibnite, but bonding remains critical hurdle.

Perpetua Resources has obtained a conditional Notice to Proceed from the U.S. Forest Service for the Stibnite Gold Project, indicating the project met requirements set out in the January 2025 Record of Decision. This is a key regulatory milestone because it states construction can begin once joint financial assurance bonds are posted with federal and state agencies.

The Company indicates it anticipates posting the required financial assurance in the coming weeks and expects to commence early works construction in the fall of 2025. However, it also cautions that it has not yet entered into any arrangement for the joint financial assurance bonding and may be unable to do so on the anticipated terms or timeline, or at all. The Company further notes any eventual arrangement may still be insufficient to satisfy the conditions required to start construction.

Alongside the regulatory update, Perpetua presented a $350,000 check to the Stibnite Foundation, formed under its Community Agreement, underscoring ongoing local engagement. Future outcomes for the project will depend on whether acceptable financial assurance arrangements are secured that satisfy the conditions outlined in the Notice.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of report (date of earliest event reported): September 19, 2025

Perpetua Resources Corp.

(Exact name of registrant as specified in its charter)

British Columbia	001-39918	98-1040943
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

405 S. 8th Street, Ste. 201 Boise, Idaho		83702
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (208) 901-3060  

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, without par value	PPTA	Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 8.01 Other Events.

On September 19, 2025, Perpetua Resources Corp. (“Perpetua” or the “Company”) announced that it had 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. Prior to issuing the Notice, state and federal agencies had 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 and expects to commence early works construction in the fall of 2025.

Further, on September 19, 2025, the Company hosted leaders from across the country at the historical Stibnite Mining District to celebrate the Project advancing to development. During the ceremony, Mr. Cherry presented a $350,000 check to the Stibnite Foundation, which was formed in 2019 as part of the Company’s Community Agreement.

Cautionary Statement

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.

Statements contained in this Current Report on Form 8-K (“Current Report”) 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 anticipated timing of the construction commencement of the Project; 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; and the Company’s ability, in connection with efforts to satisfy financial assurance requirements applicable to the Project and to provide additional financing, to enter into an arrangement on acceptable terms and on the anticipated timeline, if at all. 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 the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. For further information on these and other risks and uncertainties, see 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.ca. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this Current Report to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PERPETUA RESOURCES CORP.
Dated: September 22, 2025	By:	/s/ Jessica Largent
		Jessica Largent
		Chief Financial Officer

FAQ

What key development did Perpetua Resources (PPTA) report for the Stibnite Gold Project?

Perpetua Resources reported that the U.S. Forest Service issued a conditional Notice to Proceed for the Stibnite Gold Project, confirming all requirements in the January 2025 Record of Decision have been satisfied and that construction may begin once required financial assurance bonds are posted.

What conditions must Perpetua Resources (PPTA) meet before starting construction at Stibnite?

Construction can begin after Perpetua posts joint financial assurance bonding for the construction period, as agreed by the U.S. Forest Service, Idaho Department of Lands, and U.S. Army Corps of Engineers. The USFS stated it will sign the Company’s Plan of Operation once these bonds are in place.

When does Perpetua Resources expect to begin early works construction at Stibnite?

Perpetua Resources states that it anticipates having the financial assurance posted in the coming weeks and expects to commence early works construction in the fall of 2025, subject to satisfying the bonding conditions.

What risks did Perpetua Resources highlight regarding the financial assurance bonding?

The Company cautioned it has not entered into any arrangement for the joint financial assurance bonding and may not be able to do so on the anticipated terms and timeline, or at all. It also warned that any arrangement reached may not fully satisfy the financial assurance conditions needed to start construction.

What community initiative did Perpetua Resources announce alongside the project milestone?

During a ceremony at the historical Stibnite Mining District, Perpetua’s Mr. Cherry presented a $350,000 check to the Stibnite Foundation, which was formed in 2019 as part of the Company’s Community Agreement.

Does Perpetua’s 8-K include forward-looking statements about the Stibnite Gold Project?

Yes. The Company identifies forward-looking information regarding the anticipated timing of construction, its ability to meet financial assurance requirements under federal and state law on acceptable terms and timelines, and its ability to secure additional financing or arrangements to satisfy those requirements.