Published: February 18, 2025 |

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Perpetua Resources has approved commencement of detailed engineering studies with Ausenco Engineering USA South and signed a procurement contract with Idaho Power Company for powerline materials for its Stibnite Gold Project.

“The Stibnite Gold Project is among an elite class of gold projects, with industry leading costs, a world-class reserve of 4.8 million gold ounces and annual production profile of approximately 300,000 ounces over a 15-year life,” said Jon Cherry, president and CEO of Perpetua Resources.

“With the final record of decision published and basic engineering complete, Perpetua looks forward to finalizing our few remaining ancillary permits, and securing financing to start construction in 2025 to become a reliable source of the critical mineral antimony for defense needs,” added Cherry.

As Perpetua advances towards a construction decision later this year, the company has signed a procurement contract with Idaho Power to begin down payments on several critical long-lead power line items.

“We’re pleased to partner with Perpetua Resources to power the country’s next major mineral resource project right here in Idaho,” said Lisa Grow, president and CEO of Idaho Power.

“This collaboration not only supports our nation’s economic growth but also strengthens our national security by ensuring a stable domestic supply of the critical mineral antimony. Our commitment to providing safe, reliable, affordable energy aligns with Perpetua’s mission to responsibly produce these essential minerals,” added Grow.

The company also released its 2024 financial update. The financial update is a key milestone to support Perpetua in formalizing its loan application process in connection with the U.S. Export-Import Bank (EXIM) $1.8 billion letter of interest received in April 2024. The company is well-advanced in its process to evaluate potential strategic and financing opportunities, supported by its financial advisors.

Perpetua Resources, 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 U.S.-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has been awarded a Technology Investment Agreement of $59.2 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.

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