Schedule Update Shows Project On Track for
Final Environmental Impact Statement and Draft Record of Decision
by Year-End 2023
United States Department of Defense Funding
Supports Perpetua's Work Toward a Final Record of Decision
Recent Achievements and Permitting Timeline
Strengthen Project's Strategic Value to U.S. Critical Mineral
Development
BOISE,
Idaho, March 31, 2023 /PRNewswire/ - Perpetua
Resources Corp. (NASDAQ: PPTA) (TSX: PPTA) ("Perpetua
Resources" or "Perpetua" or the "Company") today announced that the
United States Forest Service ("USFS") has updated the National
Environmental Policy Act ("NEPA") permitting schedule for the
Stibnite Gold Project ("Project") with a Final Environmental Impact
Statement ("FEIS") and draft Record of Decision ("DROD") expected
by the end of 2023 and a final Record of Decision ("ROD")
anticipated in early 2024.
"We are pleased to have reached this critical juncture, which
provides clarity on the path and timeline to a Final EIS and Draft
Record of Decision after a successful comment period on our
improved project plan and the U.S. Forest
Service identifying our project as the Preferred
Alternative," said Laurel Sayer,
President & CEO of Perpetua Resources. "Recognizing the
critical role of domestic antimony to national security, our eyes
are firmly set on these key milestones and our readiness to develop
the Stibnite Gold Project as a national strategic asset and
opportunity to restore this abandoned site."
In January 2023, the U.S.
Forest Service completed a 75-day
public comment period on the Supplemental Draft Environmental
Impact Statement ("SDEIS"). The SDEIS identified Perpetua's
Modified Mine Plan as the Preferred Alternative and concluded that
the plan provides a net increase in available fish habitat, greatly
reduces the volume and duration of long-term water treatment
required, provides measurable improvements to existing water
quality conditions, and improves stream temperatures across the
majority of the abandoned mine site as compared to the earlier
project design. Under NEPA, a "Preferred Alternative" is identified
by a federal agency in a Draft Environmental Impact Statement to
let the public know which action the agency is leaning toward
selecting as final.
To finalize the FEIS and DROD by the end of 2023, the U.S.
Forest Service is preparing
responses to the letters received on the SDEIS and coordinating
with state and federal agencies to conclude remaining environmental
modeling and impact analysis. Once published, the FEIS and DROD
will reflect seven years of inter-agency NEPA analysis which
includes 195 days of formal public review and comment, over 29,000
public letters, and analysis for 6 action alternatives. During
these seven years, Perpetua has demonstrated unwavering dedication
to engaging the community and other stakeholders in the process and
plans, including independently hosting 79 webinars, 64 office
hours, and 760 sessions with the public to gather feedback, make
improvements, and answer questions on the Project.
Perpetua's work toward a final Record of Decision in early 2024
is supported with funding received through the U.S. Department of
Defense from a Defense Production Act ("DPA") Title III award of
up-to $24.8 million directed by the
Department of Defense to ensure the timely development of a
domestic source of antimony trisulfide for the production of small
arms, medium caliber cartridges and many other missile and munition
items. Antimony from the Stibnite Gold Project is the sole domestic
geologic reserve of antimony that can meet Department of Defense
requirements.
The Stibnite Gold Project is designed to responsibly redevelop
and restore an abandoned mine site as a world-class gold mine and
only domestic mined source of antimony while contributing to the
economic success of Idaho.
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 the lowest carbon emissions grid in the
nation and a portion of the antimony produced from the Project will
be supplied to Ambri, a US-based company commercializing a low-cost
liquid metal battery essential for the low-carbon energy
transition. Perpetua Resources has received up to $24.8 million in Defense Production Act 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 publication of the SDEIS
and the permitting schedule, and the identification by the USFS of
the Modified Mine Plan as the Preferred Alternative in the SDEIS,
does not indicate any commitments on the part of the USFS with
regard to the content or timing of a final decision. In developing
the Final Environmental Impact Statement ("FEIS"), the next phase
of the NEPA planning process, the USFS may select various actions
based on the Modified Mine Plan or each of the alternatives
analyzed in the SDEIS. Furthermore, the USFS is not bound by
the permitting schedule and anticipated milestones may be delayed
materially or not be satisfied. In addition, 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
environmental clean up actions by us and our contractors; our
ability to comply with and obtain permits related to the Stibnite
Gold Project; actions to be taken by the USFS, the State of Idaho and other government agencies
and regulatory bodies; the timing of updates from the USFS related
to the Stibnite Gold Project, including with respect to the FEIS,
DROD and ROD; predictions regarding improvements to water quality,
water temperature, and fish habitats and other environmental
conditions at the site, including with respect to process and
timing of such improvements; reduction of the Project footprint and
the anticipated benefits and other effects thereof; our ability to
successfully implement the Project and the occurrence of the
expected benefits from the Project, including contributions to the
workforce, national security and clean energy transition; 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 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 general business and
economic conditions will not change in a materially adverse manner
and that permitting and operations costs will not materially
increase; the 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 FEIS will proceed in a
timely manner and as expected; 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. Forward-Looking Information
involves 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
stated, federal and local agencies and regulatory bodies
(including, but not limited to, future US 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; 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, 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 16, 2023, 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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content:https://www.prnewswire.com/news-releases/us-forest-service-sets-final-stage-of-permitting-for-stibnite-gold-project-301787483.html
SOURCE Perpetua Resources Corp.