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Perpetua Resources Announces Second Quarter 2024 and Recent Highlights
BOISE, Idaho, Aug. 9, 2024 /PRNewswire/ - 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 June 30, 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.
Second Quarter 2024 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").
Received indication for up to $1.8 billion financing from Export-Import Bank of the United States for the Stibnite Gold Project.
Published 2023 Sustainability Report, the Company's eleventh annual sustainability report.
"Perpetua Resources' progress in the second quarter of 2024 to advance the permitting and construction readiness for the Stibnite Gold Project was further complemented by the $1.8 billion letter of interest we received from the Export-Import Bank of the United States in April," said Jon Cherry, President and CEO of Perpetua Resources. "Stibnite is a world-class gold project with a strategic and valuable by-product in antimony, and we look forward to building on our momentum. We are excited about the important milestones ahead and continuing to unlock value for our stakeholders."
Permitting and Construction Readiness Activities Update:
On January 1, 2024, the United States Forest Service ("USFS") released an updated schedule for the Project that stated the USFS expected to publish a FEIS and a Draft Record of Decision in the second quarter of 2024 and a Final Record of Decision ("ROD") in the fourth quarter of 2024. The USFS has confirmed that cooperating agency review of the FEIS is complete and both documents are completing final consultations and reviews in Washington D.C. As a result, management anticipates the publication of a FEIS and Draft Record of Decision in the third quarter of 2024 and a Final Record of Decision ("ROD") in the fourth quarter of 2024.
Perpetua continued to advance work on several ancillary permits which are being progressed in parallel with the NEPA process. Recent updates include:
The U.S. Army Corps of Engineers continues to process the Company's 404 permit application and Compensatory Mitigation Plan after the public comment period ended in October 2023.
The USFS Biological Assessment was deemed acceptable to begin formal Endangered Species Act Section 7 consultation by the U.S. Fish and Wildlife Service and the National Marine Fisheries Service in April 2024.
In May 2024, Idaho Department of Environmental Quality issued its final 401 Water Quality Certification for the Project.
Perpetua is also advancing construction readiness activities in parallel with the permitting process and these activities are reimbursable under the DPA funding. Recent updates include:
Appointed mining veteran Jonathan Cherry as new President and CEO,
Appointed Vice President of Projects to lead the Stibnite Gold Project,
Executed construction manager general contractor contract with Ames Construction, while advancing constructability reviews, value engineering studies, and detailed engineering for the Burntlog Route, the Company's proposed access route, with Ames and the road design consultants,
Continued power line detailed scoping and engineering with Idaho Power, ...