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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (date of earliest event reported):
July 26, 2023
Perpetua Resources Corp.
(Exact name of registrant as specified in its charter)
| British Columbia |
001-39918 |
98-1040943 |
(State or other jurisdiction of
incorporation) |
(Commission File Number) |
(I.R.S. Employer
Identification No.) |
|
405 S. 8th Street, Ste. 201
Boise, Idaho |
|
83702 |
| (Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone
number, including area code: (208) 901-3060
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of
the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which
registered |
| Common Shares, without par value |
PPTA |
Nasdaq Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company x
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 1.01 | Entry into a Material Definitive Agreement. |
Effective December 16,
2022, Perpetua Resources Idaho, Inc. (“Perpetua”), a wholly owned subsidiary of Perpetua Resources Corp. (the “Company”),
entered into an undefinitized Technology Investment Agreement (“TIA”) with the United States Department of Defense, Air Force
Research Laboratory (“DOD”) for an award of up to $24,800,000 under Title III of the Defense Production Act (“DPA”).
The funding objective of the TIA is to complete environmental and engineering studies necessary to obtain a Final Environmental Impact
Statement, a Final Record of Decision, and other ancillary permits to sustain the domestic production of antimony trisulfide capability
for defense energetic materials at the Stibnite Gold Project. The DOD award is an expenditure-based TIA whereby Perpetua may request reimbursement
for certain costs incurred over the next 24 months related to environmental baseline data monitoring, environmental and technical studies
and other activities related to advancing Perpetua’s construction readiness and the permitting process for the Stibnite Gold Project.
The TIA contains customary terms and conditions for technology investment agreements, including ongoing reporting obligations.
On July 25, 2023, the
TIA was definitized with the DOD, establishing the full not-to-exceed amount of $24,812,062. The definitized TIA did not change any other
material terms of the undefinitized TIA, which was filed as Exhibit 10.2 to Perpetua’s Annual Report on Form 10-K for the year ended
December 31, 2022.
| Item 7.01 | Regulation FD Disclosure. |
On July 26, 2023, the
Company issued a press release announcing the definitization of the TIA. A copy of the press release is furnished as Exhibit 99.1 to this
Current Report and incorporated herein by reference.
The information contained
in this Item 7.01 and in the accompanying Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities
of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange
Act, unless expressly incorporated by specific reference in such filing.
| Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
PERPETUA RESOURCES CORP. |
| |
|
| Dated: July 26, 2023 |
By: |
/s/ Jessica Largent |
| |
|
Jessica Largent |
| |
|
Chief Financial Officer |
Exhibit 99.1
Exhibit 99.1 Press Release, dated July 26, 2023
NEWS RELEASE
July 26, 2023
Perpetua Resources Signs Definitized Agreement
for Critical Minerals Award of $24.8 million under the Defense Production Act
Definitized Technology Investment Agreement
between Perpetua Resources and U.S. Department of Defense establishes full not-to-exceed award amount of $24,812,062
Defense Production Act Title III funding is
designed to support construction readiness activities and environmental studies as the Stibnite Gold Project continues through the permitting
process
Stibnite Gold Project is poised to be the only
domestically mined source of the critical mineral antimony, which is essential for national defense
BOISE, ID – Perpetua Resources Corp. (Nasdaq:
PPTA / TSX: PPTA) announced today that its wholly owned subsidiary, Perpetua Resources Idaho, Inc. (collectively, “Perpetua Resources”
or “Perpetua” or the “Company”), definitized its previously announced Technology Investment Agreement (“TIA”)
of up to $24.8 million under Title III of the Defense Production Act (“DPA”). The funding objective of the TIA, issued by
the Air Force Research Laboratory, is to complete environmental and engineering studies necessary to obtain a Final Environmental Impact
Statement, a Final Record of Decision, and other ancillary permits to sustain the domestic production of antimony trisulfide capability
for defense energetic materials.
Antimony trisulfide is essential to national
defense as a key component for munitions yet there is no U.S. mined supply. Perpetua plans to re-establish a domestic supply of the critical
mineral antimony as a by-product of one of the highest-grade open pit gold resources in the United States. The DPA funding allows the
Company to advance the construction readiness of the Stibnite Gold Project while the Company continues through the ongoing permitting
process, led by the United States Forest Service (“USFS”).
Under the funding agreement, Perpetua may request
reimbursement for certain costs incurred over 24 months related to environmental baseline data monitoring, environmental and technical
studies and other activities related to advancing Perpetua’s construction readiness and permitting process for the Stibnite Gold
Project. The DPA funding does not interrupt the ongoing National Environmental Policy Act (“NEPA”) review process. On July
25, 2023, the TIA was definitized with the Department of Defense, establishing the full not-to-exceed amount of $24,812,062. The definitized
TIA did not change any other material terms of the undefinitized TIA between Perpetua and the Department of Defense, which was previously
announced by the Company on December 19, 2022.
“Perpetua is excited to have a definitized
agreement in place with the Department of Defense to support our continued advancement of the Stibnite Gold Project through permitting
and toward a construction decision,” said Laurel Sayer, President and CEO of Perpetua Resources. “Our vision remains unchanged,
which is to redevelop a world class gold deposit, provide the country with the critical mineral antimony, and restore an abandoned brownfield
site. Today, we continue to build momentum towards turning our vision into a reality.”
For further information about Perpetua Resources Corp., please contact:
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Info@perpetuacorp.us
Mckinsey Lyon
Vice President External Affairs
media@perpetua.us
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 US-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 of
$24.8 million in Defense Production Act 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
Investors should be aware that the publication
of the SDEIS and the permitting schedule, and the identification by the USFS of the Modified Mine Plan as the Preferred Alternative in
the SDEIS, does not indicate any commitments on the part of the USFS with regard to the content or timing of a final decision. In developing
the Final Environmental Impact Statement ("FEIS"), the next phase of the NEPA planning process, the USFS may select various
actions based on the Modified Mine Plan or each of the alternatives analyzed in the SDEIS. Furthermore, the USFS is not bound by the permitting
schedule and anticipated milestones may be delayed materially or not be satisfied.
Distribution A. Approved for Public Release AFRL-2023-0552
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 environmental clean up actions by us and our contractors; our ability to comply with and obtain permits related
to the Stibnite Gold Project; actions to be taken by the Department of Defense, USFS, the State of Idaho and other government agencies
and regulatory bodies; anticipated approval of reimbursement requests under the TIA; our ability to successfully implement and fund the
Project and the occurrence of the expected benefits from the Project; the timing of updates from the USFS related to the Stibnite Gold
Project, including with respect to the FEIS, DROD and ROD; predictions regarding improvements to water quality, water temperature, and
fish habitats and other environmental conditions at the site, including with respect to process and timing of such improvements; 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; 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 full amount
of the DPA award will be funded on the expected timeline; 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; the review process under the NEPA (including any joint review process involving the USFS, the State of Idaho
and other agencies and regulatory bodies) as well as the FEIS will proceed in a timely manner and as expected; 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
USFS, State of Idaho and other stated, federal and local agencies and regulatory bodies (including, but not limited to, future US 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; 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 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.
Distribution A. Approved for Public Release AFRL-2023-0552
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