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Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) is a renowned mineral exploration company focused on the redevelopment and restoration of the historic Stibnite Gold Project in central Idaho's Stibnite-Yellow Pine mining district. The project consolidates ownership of this past-producing gold district under a single entity for the first time in history.
Perpetua Resources aims to bring a modern, responsible mining approach to one of the highest-grade open-pit gold deposits in the United States. The company is committed to restoring the abandoned mine site while producing both gold and antimony— an essential mineral for national defense and clean energy applications. Their exploration includes gold, antimony, and silver deposits.
Currently, Perpetua Resources is advancing the permitting process through the National Environmental Policy Act (NEPA) and preparing for construction readiness. The company received significant funding, including a $15.5 million award from the Department of Defense and recent additional funding of up to $34.6 million under the Technology Investment Agreement (TIA) through the Defense Production Act (DPA).
In recent developments, Perpetua announced several milestones:
- Appointment of Michael Wright as Vice President of Projects.
- A settlement agreement with the Nez Perce Tribe.
- Continued cleanup activities of legacy waste.
- Receipt of a Letter of Interest from the Export-Import Bank of the United States for potential debt financing of up to $1.8 billion.
- Completion of a royalty agreement with Franco-Nevada Corporation for future payable silver production.
Perpetua Resources' commitment to ESG (Environmental, Social, and Governance) principles is evident in their efforts to minimize carbon emissions and supply antimony to Ambri, a US-based company developing low-cost liquid metal batteries. The company's initiatives include using the lowest carbon emissions grid in the nation.
Despite advancements, the company faces challenges such as dependency on key personnel, permitting delays, and financial uncertainties. As of their latest filings, Perpetua also explores various funding opportunities to support development and maintain liquidity.
For more information, visit the company’s filings on EDGAR and SEDAR.
Perpetua Resources (Nasdaq: PPTA) has announced a collaboration with U.S. Antimony (NYSE: UAMY) to conduct metallurgical testing of antimony concentrate samples from the Stibnite Gold Project. The project contains an antimony reserve of 148 million pounds, representing the only U.S. domestic reserve and one of the largest reserves outside Chinese influence.
The Stibnite Gold Project is projected to supply approximately 35% of total U.S. antimony demand during its first six years of operations, according to the 2023 USGS antimony commodity summary. USAC's Montana-based facility has potential capabilities to process certain quantities of antimony concentrate from the project, supporting efforts to establish a fully domestic antimony supply chain.
Perpetua Resources (PPTA) has signed a non-binding MOU with Sunshine Silver to explore antimony processing opportunities at the Sunshine Mine Complex in Idaho. The collaboration aims to evaluate processing antimony from Perpetua's Stibnite Gold Project, which holds the only U.S. domestic antimony reserve of 148 million pounds.
The partnership could potentially supply up to 40% of U.S. antimony demand, with Perpetua contributing 35% and Sunshine Silver adding 5%. This development comes as China recently enhanced its ban on antimony exports to the U.S. The Stibnite Gold Project, which received its Final Environmental Impact Statement and Draft Record of Decision in September 2024, awaits its Final Record of Decision expected by the end of 2024.
Perpetua Resources (Nasdaq: PPTA) has priced its public offering of 3,439,465 common shares at US$10.17 per share, expecting to raise approximately $35 million in gross proceeds. The company has granted underwriters a 30-day option to purchase up to additional 515,919 shares, which could increase proceeds to $40 million. BMO Capital Markets and National Bank of Canada Financial Markets are acting as joint lead book-running managers. The proceeds will fund down payments on long lead time materials, detailed engineering for the Stibnite Gold Project, and general corporate purposes. The offering is expected to close around November 20, 2024.
Perpetua Resources (Nasdaq: PPTA) announced a public offering of 3,439,465 common shares in the United States. The company plans to use proceeds for down payments on long lead time materials and detailed engineering for its Stibnite Gold Project. BMO Capital Markets and National Bank of Canada Financial Markets are acting as joint lead book-running managers, with RBC Capital Markets and Cantor as joint book-running managers. The underwriters have a 30-day option to purchase up to additional 515,919 shares (15% of the offering).
Perpetua Resources (PPTA) announced key developments in Q3 2024 for its Stibnite Gold Project. The U.S. Forest Service published the Final Environmental Impact Statement and issued a Draft Record of Decision, marking significant progress in the permitting process. The company received Final Biological Opinions from both the U.S. Fish and Wildlife Service and National Marine Fisheries Service. RBC Capital Markets and Endeavour Financial were engaged to evaluate strategic opportunities and support the $1.8 billion U.S. EXIM Letter of Interest. The project's final Record of Decision is anticipated by end of 2024, following the completion of a 45-day resolution period expected to end around December 5, 2024.
Perpetua Resources (Nasdaq: PPTA) announced that the U.S. Forest Service will publish the Final Environmental Impact Statement and a favorable Draft Record of Decision for the Stibnite Gold Project. This decision authorizes the project, which aims to become a world-class gold mine and the only U.S. mined source of antimony, a critical mineral. The project is expected to produce over 450,000 ounces of gold annually in the first four years and has a reserve of 148 million pounds of antimony. The decision comes just before China's antimony export restrictions take effect, highlighting the project's strategic importance for U.S. national security and clean energy applications.
China's new export controls on critical minerals, set to take effect on September 15, 2024, are raising concerns about global supply chain implications. The changes directly impact the tungsten market and could signal potential future restrictions. This comes as the United States needs to increase its critical mineral usage tenfold for clean energy transition.
In response, mining companies are working to improve critical mineral production outside China:
- Troy Minerals Inc. (CSE: TROY) acquired two high-purity silica assets and is developing vanadium and rare earth element projects.
- United States Antimony (NYSE: UAMY) acquired Alaskan mining claims with high copper values.
- Perpetua Resources Corp. (NASDAQ: PPTA) is advancing its Stibnite Gold Project, which would be the only mined source of antimony in the US.
- Electra Battery Materials (NASDAQ: ELBM) is developing North America's only cobalt sulfate refinery.
- MP Materials Corp. (NYSE: MP) operates America's only scaled rare earth production source at Mountain Pass.
Perpetua Resources (Nasdaq: PPTA) announced key highlights for Q2 2024 and recent developments. The company, focused on advancing the Stibnite Gold Project in Idaho, reported zero lost time incidents and no environmental spills. Notably, Perpetua secured $34.4 million in additional funding through a modified Technology Investment Agreement under the Defense Production Act and received an indication for up to $1.8 billion in financing from the Export-Import Bank of the United States.
The company anticipates the publication of a Final Environmental Impact Statement (FEIS) and Draft Record of Decision in Q3 2024, with a Final Record of Decision expected in Q4 2024. Perpetua continues to progress on ancillary permits and construction readiness activities, including appointing new leadership, executing contracts, and advancing engineering work.
Perpetua Resources, trading under the symbol PPTA on Nasdaq and TSX, released its 2023 Sustainability Report that highlights the company's progress in environmental, social, and governance (ESG) goals. The report, aligning with the Sustainability Accounting Standards Board (SASB) framework for the Metals and Mining Industry, marks the company's 11th annual disclosure. Key achievements include 142 months with no reportable spills, 97 months with no lost time incidents, and significant community engagement with $8 million spent in Idaho in 2023 and over $100 million since 2014. The company also emphasized its efforts in early cleanup of legacy water contamination and solar energy production, with 4,129 kWh generated on-site in 2023. The report underscores Perpetua's commitment to responsible mineral production, including being the sole U.S. mined source of antimony and developing a high-grade open pit gold mine, while restoring a brownfield site.
On May 17, 2024, Perpetua Resources announced the results of its 2024 annual general meeting held online on May 16, 2024. A total of 47,342,353 common shares, representing 73.83% of the outstanding shares, were voted. All nominated directors were elected, with notable votes for Marcelo Kim (98.05%), Chris Robison (99.79%), and Andrew Cole (99.90%). Shareholders approved setting the number of directors at ten and ratified PricewaterhouseCoopers LLP as the independent registered public accounting firm. Additionally, a proposal to amend the Omnibus Incentive Plan to increase available shares for awards was approved (84.28%). Detailed voting results can be found on EDGAR.
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