Perpetua Resources Accelerates Stibnite Gold Project with New Engineering Advances and Procurement Agreement

Advancing the Stibnite Gold Project: A Path to Sustainable Mining

Perpetua Resources Corp. has made significant strides in its ambitious Stibnite Gold Project, evolving from preliminary engineering to detailed studies, aimed at establishing one of the lowest cost gold mines in North America. The company has recently finished a thorough engineering review and cost analysis, successfully positioning the project as a world-class asset within a highly favorable jurisdiction.

The Stibnite Gold Project, located in central Idaho, is not only focused on gold extraction; it also represents a critical source of antimony—an essential element for national defense and various technological applications. This dual benefit underscores the importance of the project in contributing to domestic supply chains and the U.S. economy.

Economic Viability of the Project

According to the latest financial update from Perpetua Resources, the project boasts a staggering after-tax net present value (NPV) of $3.7 billion, with an internal rate of return (IRR) exceeding 27%. These figures are based on spot pricing conditions, revealing an impressive robustness even in fluctuating market environments. Notably, the analysis indicates that the average production costs will be around $435 per ounce of gold in the initial years, positioning Stibnite as a leader among low-cost gold projects across the United States and other Tier 1 regions.

Jon Cherry, the President and CEO of Perpetua, celebrates these developments, stating, "The Stibnite Gold Project is among an elite class of gold projects, with industry-leading costs and significant potential for long-term profit."

In addition to its financial prospects, the project is also poised to generate job opportunities, with expectations for over a 15% increase in employment, potentially enabling a larger scope for partnerships with institutions like the U.S. Export-Import Bank, which has already expressed $1.8 billion in interest.

Partnership with Idaho Power

To bolster the project's advancement, Perpetua has established a procurement agreement with Idaho Power for essential powerline materials. As stated by Idaho Power’s CEO Lisa Grow, this partnership not only supports the economic interests of the state but also fortifies national security by ensuring a reliable supply of antimony—crucial for various defense applications.

"This collaboration signifies our commitment to responsible and sustainable energy production, ensuring that we can support Perpetua’s ambitious mining efforts,"
Grow emphasized. The planned power supply will leverage low-cost hydroelectric energy, further reinforcing the project's sustainability.

Looking Towards Construction

With the core engineering now completed, Perpetua Resources is focused on obtaining the final required permits and securing financing to begin construction, tentatively slated for 2025. The company aims to become operational with a significant production profile, including the recovery of approximately 300,000 ounces of gold annually over the project's 15-year lifespan.

Conclusion

The progress made on the Stibnite Gold Project by Perpetua Resources highlights not only the potential for substantial economic returns but also the critical role such projects play in enhancing national security through the domestic supply of strategic minerals. As they move toward construction, Perpetua Resources stands ready to redefine sustainable mining practices while capitalizing on one of the richest and most promising mineral deposits in North America.