January 6, 2025
Perpetua Resources Secures Approval from US Forest Service for Stibnite Gold Project
U.S. Forest Service issues final Record of Decision for Stibnite Gold Project.
Project includes the only domestic reserve of antimony, essential for national defense, energy, and technology sectors.
The redevelopment of the abandoned mine site is expected to provide environmental, economic, and national security benefits.
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua” or the “Company”) today announced that the United States Forest Service ("USFS") has issued the Final Record of Decision ("ROD") authorizing Perpetua’s mine plan for the Stibnite Gold Project ("Project"). This crucial permitting milestone comes after 8 years of thorough investigation, interagency analysis, consultation, and extensive public feedback on the proposed mine plan of operations. With receipt of the Final ROD, Perpetua Resources is focused on advancing the Project towards a construction decision, including finalizing the remaining federal and state permits and securing project financing.
"We are thrilled to receive our Final Record of Decision from the Forest Service," said Jon Cherry, President and CEO of Perpetua Resources. “This approval elevates the Stibnite Gold Project to an elite class of projects in America that have cleared NEPA. The Stibnite Gold Project can deliver decisive wins for our communities, the environment, the economy, and our national security."
The Project is primed to deliver substantial environmental and economic benefits to the region, and stronger security to the nation. Locally, the Project is anticipated to provide more than one billion investment dollars and an average of 550 jobs to rural Idaho during operations. Expected to be one of the highest-grade open pit gold mines in the country, the Project contains an estimated 4.8-million-ounce gold reserve and is anticipated to produce 450,000 ounces of gold annually over the first four years of production. In addition, the estimated 148-million-pound antimony reserve is the only identified antimony reserve in the United States and is expected to supply roughly 35% of U.S. demand in the first six years of operations, based on 2022 US annual consumption as set forth in the 2023 USGS antimony commodity summary. Antimony is a listed critical mineral for its role in technology, defense, and energy products. However, in a pair of moves in late 2024, China — which is responsible for nearly half of all mined antimony output worldwide — cut off antimony exports globally, including to the United States. By securing a domestic mined antimony supply, the United States can reduce its reliance on foreign antimony producers and suppliers and strengthen its strategic mineral security.
The Stibnite Gold Project is designed to redevelop the abandoned Stibnite mine site in central Idaho for gold, silver and antimony, while also providing environmental restoration to the dormant site. The Company’s vision to “Restore the Site” is embedded throughout the approved mine plan. Perpetua’s approved plan to leave the site better than it is today includes:
Removing legacy tailings and waste to improve water quality;
Restoring miles of river habitat and opening miles of native fish habitat that have been blocked for over 80 years; and
Providing a net benefit increase in wetland acres.
“Perpetua Resources has been part of our community for more than a decade. During this time, they’ve shown us the type of company they are. They’ve invited us to provide feedback, answered our questions, supported causes that matter to our community and looked for ways to partner with local businesses and provide well-paying jobs for Valley County residents,” said Cascade Mayor Judy Nissula. “These are the type of companies we want in Cascade and we look forward to Perpetua’s next chapter in our community now that they received a positive Final Record of Decision from the U.S. Forest Service."
Perpetua Resources entered into the formal permitting process under the National Environmental Policy Act (“NEPA”) in 2016. The USFS issued a Draft Environmental Impact Statement in 2020, a Supplemental Draft Environmental Impact Statement in 2022, and a Final Environmental Impact Statement and Draft Record of Decision in September of 2024. During the public comment periods, over 23,000 letters were submitted supporting the Project.
“After years of work to make the Stibnite Gold Project the strongest it can be, we are incredibly proud to have reached this milestone,” said Alan Haslam, Vice President of Permitting for Perpetua Resources. “Obtaining the Forest Service’s approval for our plan has taken the combined efforts and talents of so many people, and we are humbled to watch it graduate to the next phase of development.”
https://www.investors.perpetuaresources.com/...-stibnite-gold-project
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