Appointment of experienced executive
Jon Cherry brings significant
project development and operational leadership as the Stibnite Gold
Project progresses towards a construction decision.
To facilitate a seamless transition,
Laurel Sayer will remain as Senior
Advisor until her April 2025
retirement.
Perpetua's Board of Directors appoints
Jon Cherry, President and Chief
Executive Officer and Jessica
Largent, Chief Financial Officer as Directors.
BOISE,
Idaho, March 14, 2024 /PRNewswire/ -
Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) ("Perpetua
Resources" or "Perpetua" or the "Company") announced today that
Perpetua Resources' President and CEO, Laurel Sayer, has notified the Board of
Directors of her intent to step down as President and CEO and a
member of the Board of Directors of the Company effective
March 14, 2024 and to retire
effective April 1, 2025 after seven
years of leading the Company through the permitting process. The
Board of Directors has appointed Jon
Cherry to succeed Laurel
Sayer as President and CEO of Perpetua Resources and as a
member of the Board of Directors effective March 14, 2024. The Board of Directors has also
appointed Jessica Largent, the CFO
of Perpetua Resources, as a member of the Board of Directors. Ms.
Sayer will serve as Senior Advisor to the CEO through March
2025.
"I joined Perpetua with the goal of securing a Record of
Decision for the Stibnite Gold Project. Now, with our final Record
of Decision expected in 2024, it's time to pass the baton to the
leader who will take Perpetua into our next phase of development,"
said Laurel Sayer. "Leading the
Perpetua Resources team has been the greatest accomplishment of my
career, and over the next year, I remain committed to securing our
Record of Decision and working hand-in-hand with Jon to sustain
Perpetua's vision, culture, and commitments well into the
future."
Jon Cherry joins Perpetua
Resources with over 33 years of extensive mining industry
experience including permitting, capital raising, project
development, joint venture formation, and operations. He most
recently served as Chairman, President, and CEO of PolyMet Mining.
During his tenure at PolyMet, the NorthMet project received the
highest rating the Environmental Protection Agency has ever given
to a mining project. Additionally, Mr. Cherry played a
leading role in negotiating a joint venture with Teck Resources
before PolyMet's sale to Glencore. Before Polymet, Mr. Cherry
served as a senior leader for the multi-billion dollar Resolution
Copper JV Project (owned by Rio Tinto and BHP), General Manager of
Rio Tinto's Eagle Mine (the United States
of America's only primary nickel-copper mine) and Senior
Project Engineer at Rio Tinto Kennecott Utah Copper. Mr. Cherry
will lead the Perpetua Resources team as the Stibnite Gold Project
completes permitting and transitions into development and
operations.
"One of the primary reasons I was drawn to Perpetua Resources is
that the team has clearly focused on doing business the right way,"
said Mr. Cherry. "I look forward to advancing Perpetua's vision to
restore an abandoned legacy mine site, responsibly develop one of
the highest grade open-pit gold mines in the United States and support national
security and the energy transition by becoming the only
domestically mined source of the critical mineral antimony. I
believe that progressing this unparalleled asset toward development
is key to unlocking value for all of Perpetua's stakeholders and
I'm excited to continue the work of building trust with our
communities as we turn the Stibnite Gold Project into reality."
Board Changes:
In connection with the leadership transition, the Board of
Directors appointed Mr. Cherry to fill the vacancy left by Ms.
Sayer's retirement, effective March 14,
2024. To further support the transition to the development
and financing stage of the Project, the Board of Directors
appointed Perpetua Resources' Chief Financial Officer Jessica Largent as a Director, effective
March 14, 2024. The addition of Ms.
Largent brings operational finance experience to the Board as the
Company prepares for its next phase. Ms. Largent was appointed
Chief Financial Officer in April 2022
after joining the Perpetua team in February
2021 as Vice President, Finance and Investor Relations.
Website: www.perpetuaresources.com
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 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 ("TIA") of up to $59.4 million in DPA 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. In
addition to the company's commitments to transparency,
accountability, environmental stewardship, safety and community
engagement, Perpetua Resources adopted formal
ESG commitments which can be found
here.
Forward-Looking Information and Cautionary
Note
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, disclosure regarding possible events, next steps
and courses of action including our ability to comply with
and obtain permits related to the Stibnite Gold Project; our
ability to successfully implement and fund the Project and the
occurrence of the expected benefits from the Project; reduction of
the Project footprint and the anticipated benefits and other
effects thereof; our ability to successfully implement the Project
and the occurrence of the expected benefits from the Project,
including contributions to the workforce, national security and
clean energy transition; and our and Ambri Inc.'s ability to
perform under the supply agreement, which agreement is subject to
certain conditions, including identification of one or more
refiners to transform our antimony concentrate into antimony metal,
and mutual agreement on certain material terms, including volume
and pricing. 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
current exploration, development, environmental and other
objectives concerning the Stibnite Gold Project can be achieved and
that its other corporate activities will proceed as expected; that
general business and economic conditions will not change in a
materially adverse manner and that permitting and operations costs
will not materially increase; that we will be able to
discharge our liabilities as they become due and continue as a
going concern; that we will be able to obtain sufficient funding to
finance permitting, pre-construction and construction of the
Project and that all requisite information will be available in a
timely manner. Forward-Looking Information involves 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, changes in laws and regulations and changes in the
application of standards pursuant to existing laws and regulations
which may result in unforeseen results in the permitting process;
uncertainty surrounding input to be received from regulators and
community stakeholders; risks related to dependence on key
personnel; risks related to unforeseen delays in the review process
including availability of personnel from the State of Idaho and other state, federal and
local agencies and regulatory bodies (including, but not limited
to, potential future U.S. government shutdowns); 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, and that we will be able to continue as a going concern;
risks related to the outcome of litigation and potential for delay
of the Project, 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,
including Perpetua's Annual Report on Form 10-K filed with the SEC
on March 16, 2023 and subsequent
Quarterly Reports on Form 10-Q filed with the SEC, which are
available at www.sec.gov and with the Canadian securities
regulators, which are available at www.sedar.com. 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.