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Perpetua Resources Announces Second Quarter 2025 and Recent Highlights

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Perpetua Resources (Nasdaq: PPTA) reported significant progress in Q2 2025 for its Stibnite Gold Project. The company secured its final federal permit from the U.S. Army Corps of Engineers and successfully raised $474 million through equity financing. Perpetua submitted an application to U.S. EXIM for potential project debt financing of up to $2.0 billion.

The company maintained a strong safety record with zero lost time incidents and received validation of its air permit from the Idaho Board of Environmental Quality. Perpetua aims to begin early works construction in fall 2025, with full construction planned for spring 2026. The project will provide the U.S. with domestic antimony supply and develop one of the country's largest open-pit gold mines while restoring a brownfield site.

Perpetua Resources (Nasdaq: PPTA) ha registrato importanti progressi nel secondo trimestre 2025 per il suo Stibnite Gold Project. L'azienda ha ottenuto il permesso federale finale dal U.S. Army Corps of Engineers e ha raccolto con successo $474 milioni tramite finanziamento in equity. Perpetua ha presentato a U.S. EXIM una richiesta per un possibile finanziamento del progetto tramite debito fino a $2,0 miliardi.

La società ha mantenuto un solido record di sicurezza, senza infortuni con assenza dal lavoro, e ha ricevuto la convalida del permesso atmosferico dall'Idaho Board of Environmental Quality. Perpetua prevede di avviare i lavori preliminari in autunno 2025 e la costruzione completa in primavera 2026. Il progetto garantirà agli Stati Uniti una fornitura nazionale di antimonio e svilupperà una delle più grandi miniere d'oro a cielo aperto del paese, recuperando al contempo un'area industriale dismessa (brownfield).

Perpetua Resources (Nasdaq: PPTA) informó avances significativos en el segundo trimestre de 2025 en su Stibnite Gold Project. La compañía obtuvo el permiso federal final del U.S. Army Corps of Engineers y logró recaudar con éxito $474 millones mediante financiamiento de capital. Perpetua presentó una solicitud a U.S. EXIM para un posible financiamiento de deuda del proyecto de hasta $2.0 mil millones.

La empresa mantuvo un sólido registro de seguridad, sin incidentes con pérdida de jornada laboral, y obtuvo la validación de su permiso de emisiones por parte del Idaho Board of Environmental Quality. Perpetua tiene previsto iniciar los trabajos preliminares en el otoño de 2025 y la construcción completa en la primavera de 2026. El proyecto proporcionará a EE. UU. suministro nacional de antimonio y desarrollará una de las mayores minas de oro a cielo abierto del país, recuperando a la vez un sitio industrial abandonado (brownfield).

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회사ëŠ� 근무중단ì� 초래í•� 사고가 없는 안전 기ë¡ì� 유지했으ë©�, ì•„ì´ë‹¤í˜¸ 환경품질위ì›íš�(Idaho Board of Environmental Quality)로부í„� 대ê¸� 허가 ìœ íš¨ì„±ë„ í™•ì¸ë°›ì•˜ìŠµë‹ˆë‹�. PerpetuaëŠ� 2025ë…� ê°€ì„ì— ì´ˆê¸° 공사ë¥� 시작하고 2026ë…� ë´„ì— ë³¸ê²©ì ì¸ 건설ì� ì§„í–‰í•� 계íšìž…니ë‹�. ì� 프로ì íЏëŠ� 미국ì—� êµ­ë‚´ì‚� 안티ëª� 공급ì� 제공하고, êµ­ê°€ ë‚� ê°€ìž� í� 노천 금광 ì¤� 하나ë¥� 개발하면ì„� 오염ë� 산업부지(브ë¼ìš´í•„ë“�)ë¥� ë³µì›í•� 것입니다.

Perpetua Resources (Nasdaq: PPTA) a annoncé des progrès significatifs au deuxième trimestre 2025 pour son Stibnite Gold Project. La société a obtenu son autorisation fédérale finale du U.S. Army Corps of Engineers et a levé avec succès 474 millions de dollars via un financement en capital. Perpetua a soumis une demande à U.S. EXIM pour un éventuel financement par dette du projet pouvant atteindre 2,0 milliards de dollars.

La société a conservé un solide bilan en matière de sécurité, sans incident entraînant une perte de temps de travail, et a obtenu la validation de son permis atmosphérique par l'Idaho Board of Environmental Quality. Perpetua vise à démarrer les travaux préliminaires à l'automne 2025 et la construction complète au printemps 2026. Le projet offrira aux États-Unis une fourniture nationale d'antimoine et développera l'une des plus grandes mines d'or à ciel ouvert du pays, tout en réhabilitant un site industriel abandonné (brownfield).

Perpetua Resources (Nasdaq: PPTA) meldete im zweiten Quartal 2025 bedeutende Fortschritte bei seinem Stibnite Gold Project. Das Unternehmen sicherte sich die endgültige Bundesgenehmigung vom U.S. Army Corps of Engineers und sammelte erfolgreich $474 Millionen durch Eigenkapitalfinanzierung ein. Perpetua reichte bei U.S. EXIM einen Antrag für eine mögliche Projektfinanzierung in Form von Fremdkapital von bis zu $2,0 Milliarden ein.

Die Gesellschaft wies eine starke Sicherheitsbilanz ohne Arbeitsausfallunfälle auf und erhielt die Bestätigung ihrer Luftemissionsgenehmigung durch das Idaho Board of Environmental Quality. Perpetua plant, die Vorarbeiten im Herbst 2025 zu beginnen und den vollständigen Bau im Frühjahr 2026 zu starten. Das Projekt wird den USA eine heimische Antimonversorgung bieten und eine der größten Tagebauminen des Landes entwickeln, während ein brachliegendes Industrieareal wiederhergestellt wird.

Positive
  • Successfully raised $474 million through equity financing
  • Secured final federal permit (Section 404) for the Stibnite Gold Project
  • Applied for potential $2.0 billion debt financing from U.S. EXIM
  • Maintained perfect safety record with zero lost time incidents
  • Air permit to construct upheld by Idaho Board of Environmental Quality
Negative
  • Project still requires final state permits before construction can begin
  • Financing plan not yet complete, pending royalty/stream arrangement

Insights

Perpetua secured final federal permits, raised $474M, and submitted for $2B debt financing, positioning their critical antimony/gold project for construction.

Perpetua Resources has achieved critical milestones that substantially de-risk their Stibnite Gold Project development timeline. The Section 404 permit issued by the U.S. Army Corps of Engineers represents the final federal permit needed after an eight-year regulatory review process, eliminating a major project hurdle. This regulatory achievement coincides with their successful $474 million equity raise, providing significant capital for initial development activities.

The company's financing strategy appears to be unfolding methodically, with three key components: the completed equity raise, an application to U.S. EXIM for up to $2 billion in potential debt financing, and ongoing work to secure a royalty or stream arrangement this summer. This comprehensive approach addresses the substantial capital requirements typical of large-scale mining projects.

Perpetua's fall 2025 early works construction target now has both regulatory clearance and initial funding support. The Idaho Board of Environmental Quality's rejection of challenges to the air permit further solidifies their regulatory position. With their focus on a domestic source of antimony (classified as a critical mineral by the U.S. government) alongside gold production, the project aligns with strategic resource security interests.

The company's clear articulation of project milestones signals confidence in their development timeline, with full construction sanction targeted for spring 2026 contingent on completing remaining state permits, securing additional financing components, and advancing detailed engineering.

BOISE, Idaho, Aug. 14, 2025 /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, 2025 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 finalizing remaining permits for the Stibnite Gold Project ("Project") to support early works construction expected to start in the fall of 2025, advancing detailed engineering, long lead procurement and execution planning to be full sanction construction ready in the spring of 2026 and finalizing project financing.

Second Quarter 2025 and Recent Highlights:

  • Zero lost time incidents or reportable environmental spills.
  • U.S. Army Corps of Engineers ("USACE" or the "Army Corps") issued the Section 404 permit for the Project.
  • Submitted formal application to U.S. EXIM for potential Project debt financing of up to $2.0 billion.
  • Closed $425 million in gross proceeds from equity financing and subsequently additional gross proceeds of $49 million upon full exercise of an underwriter option, for total aggregate gross proceeds of approximately $474 million.
  • Announced plan for comprehensive project financing plan for the Project.
  • Published 2024 Sustainability Report, the Company's twelfth annual sustainability report.
  • The Idaho Board of Environmental Quality issued a final order rejecting challenges by certain petitioners to the air permit to construct issued by the Idaho Department of Environmental Quality for the Project and upholding the permit in all respects.

"Perpetua Resources received its final federal permit for the Stibnite Gold Project in the second quarter of 2025, after eight years of rigorous interagency coordination and review," said Jon Cherry, President and CEO of Perpetua Resources. "Following the successful equity offering in June 2025, and with final state permits and authorizations needed to begin construction expected in the fall of 2025, Perpetua is focused on finalizing a potential royalty or stream arrangement with financial assurance guarantees which is expected to be complete this summer, while advancing the US EXIM debt financing."

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 Stibnite Gold 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. Antimony trisulfide from Stibnite is the only known domestic reserves of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types.

Forward-Looking Information

Investors should be aware that the U.S. EXIM Letter of Interest ("LOI") is non-binding and conditional, and does not represent a financing commitment. A funding commitment, if any, is conditional upon successfully completing the due diligence and underwriting process, which may not be completed on the expected timeline, or at all. If the Company's application is approved, there can be no assurance that the U.S. EXIM financing will be for the full amount indicated in the LOI or the increased amount requested in the application, or that the approved U.S. EXIM financing will be sufficient for the Company to commence construction of the Project. Further, release of funding under any such commitment would be subject to the satisfaction of certain conditions and covenants by the Company. 

Investors should be aware that the Company has not entered into any definitive agreement with respect to a royalty, streaming or guarantee and may not be able to enter into such agreement on the anticipated terms and timeline, or at all. In addition, the outcomes from such agreement, when entered into, may not be sufficient to satisfy the aggregate obligations of the Company to provide construction phase financial assurance under applicable federal and state law prior to commencing construction. Securing the financial assurance does not guarantee the Company will receive the U.S. Forest Service ("USFS") notice to proceed under the approved plan of operation and consummating the royalty financing may not satisfy the financial assurance conditions of various federal and state permits required to commence construction. 

Investors should be aware that state regulators are not bound by permitting schedules and anticipated timelines may be delayed materially or not be satisfied.

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, our ability to comply with, obtain and defend permits related to the Project; the Company's ability to successfully secure financing from U.S. EXIM or other sources on acceptable terms, or at all, including the review process and potential outcome of the Company's U.S. EXIM financing application; the expected timing of, and benefits to the Project of, securing such financing from U.S. EXIM; the anticipated timing of the issuance of certain state permits or a USFS notice to proceed; the Company's ability to satisfy financial assurance requirements under applicable federal and state law on acceptable terms and on anticipated timelines, if at all; the Company's ability, in connection with efforts to satisfy financial assurance requirements applicable to the Project and to provide additional Project financing, to enter into a royalty or stream agreement on acceptable terms and on the anticipated timeline, if at all. 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 USFS will issue a Notice to Proceed for construction of the Project in a timely manner and as expected; the remaining state permits will be reviewed, issued in a timely manner and as expected; that the Company will be able to satisfy all conditions provided in various federal and state permits that must be met to commence construction; that the U.S EXIM application will be reviewed and approved within the expected timeframe at the amount equal to or higher than the amount indicated in the related letter of intent; that the Company will be able to satisfy the conditions to obtain a funding commitment from U.S. EXIM and to receive committed funds when needed; the ongoing royalty or streaming financing negotiations will proceed in a timely manner and result in a binding agreement on the terms anticipated; that the Company will be able to satisfy financial assurance requirements applicable under applicable federal and state law; that the Company's proposed financing package will be sufficient to finance permitting, pre-construction and construction of the Project or that the company will be able to secure alternate financing if necessary. Forward-Looking Information are based on certain material assumptions and involve 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, risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; 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, 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 and liquidity, 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, , which are available at and with the Canadian securities regulators, which are available at . 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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SOURCE Perpetua Resources Corp.

FAQ

What major permits did Perpetua Resources (PPTA) receive in Q2 2025?

Perpetua Resources received its final federal permit (Section 404) from the U.S. Army Corps of Engineers for the Stibnite Gold Project after eight years of review.

How much funding did Perpetua Resources (PPTA) raise in its equity financing?

Perpetua raised $474 million in total gross proceeds, consisting of $425 million initial equity financing plus $49 million from full exercise of an underwriter option.

When will Perpetua Resources (PPTA) begin construction of the Stibnite Gold Project?

Perpetua plans to start early works construction in fall 2025, with full sanction construction ready in spring 2026, pending final state permits and authorizations.

How much debt financing is Perpetua Resources (PPTA) seeking from U.S. EXIM?

Perpetua has submitted an application to U.S. EXIM for potential project debt financing of up to $2.0 billion.

What is the significance of the Stibnite Gold Project for the U.S.?

The project will provide the U.S. with a domestic source of critical mineral antimony and develop one of the largest and highest-grade open pit gold mines in the country while restoring an abandoned brownfield site.
Perpetua Resources Corp

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