What are recent milestones for Perpetua Resources in 2023 and 2024?

In September 2024, Perpetua Resources received its Final Environmental Impact Statement and the Draft Record of Decision authorizing the Stibnite gold project, and according to the US Forest Service schedule, Perpetua is on track to receive our Final Record of Decision by the end of 2024. The project is economically promising; the US military invested US$75 million. We also received a letter of interest from the US Export-Import Bank for up to US$1.8 billion to assist with capital costs. The US Export-Import Bank is now focusing on domestic investments through its new "Made in America" program, aiming to compete with international markets, particularly China.

We plan to produce approximately 148 million lb/y of antimony, which will supply about 35% of the US demand. My vision includes successfully and safely developing the project, fulfilling environmental commitments, and leveraging the economic benefits of gold production while contributing significantly to antimony supply. Why is antimony considered critical?

Antimony is vital for various applications, including semiconductors, night vision goggles, fire retardants, military munitions, solar panels, and new battery technologies for grid storage. Currently, about 90% of global antimony supply comes from China, Russia, and Tajikistan—countries that are not necessarily allies of the US. Given that China controls about 50% of the global supply and recently announced global export restrictions, the US needs to increase domestic production. Our site, once a major producer of antimony, presents a unique opportunity to reestablish domestic production. Can you discuss the socio-economic impacts the project will have on the state of Idaho?

During construction, we will peak at about 1,300 contractors working on the project, which will take around three years to complete. Once fully operational, the site will employ 500 to 600 full-time employees.

Idaho is rich in minerals and has a long history of mining, which is deeply embedded in the state’s culture. The presence of significant mineral resources and a multi-generational mining workforce makes Idaho a unique and advantageous location for mining activities. Can you provide an overview of the site restoration progress?

The site experienced mining activities on and off for over 100 years, impacting the natural habitat with waste rock and tailings. We have already invested US$17 million in cleanup efforts even before obtaining our permits. We plan to continue this restoration as part of our overall mine plan, including developing a fish tunnel to allow migrating fish access to 20 miles of habitat that has been inaccessible for decades.

Modern mining involves designing the mine with the end vision in mind, using advanced technology and detailed planning to ensure environmental and economic objectives are met. Is there a specific technology utilized for the project?

The project will use advanced technologies and sophisticated modeling to measure and monitor various aspects of site during operations, as well as to design the post-mine landscape. We will employ cutting-edge monitoring technologies to measure ground movement and topographical changes, reflecting the rapid advancements in the mining industry. How does Perpetua Resources approach community relations?

Our approach to community relations involves earning the trust of the local communities through ongoing outreach and engagement. We have established the Stibnite Advisory Council, consisting of representatives from surrounding communities who meet regularly to discuss the project and provide feedback. We set up a charitable foundation called the Stibnite Foundation with seed money to ensure a lasting positive impact on the community even after the mine's life ends. This foundation will grow over time and support long-term contributions to the area. Can you outline the upcoming catalysts for the project?

Now with our Final Environmental Impact Statement and Draft Record of Decision in hand, we are looking forward to achieving our Final Record of Decision by year-end. We are advancing preconstruction engineering and aim to start construction by next summer. The project’s unique aspects include being a gold mine with antimony as a byproduct and having the potential to be the only US supply of antimony. With gold prices at an all-time high of US$2,500 per ounce, the project’s economics are promising. The mine plan will provide a net environmental benefit through proper implementation and reclamation.