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Perpetua on path towards 2023 permitting decision for Stibnite

Perpetua Resources is hopeful of a final permitting decision in the first half of 2023 for its Stibnite gold project in Idaho.
Perpetua on path towards 2023 permitting decision for Stibnite Perpetua on path towards 2023 permitting decision for Stibnite Perpetua on path towards 2023 permitting decision for Stibnite Perpetua on path towards 2023 permitting decision for Stibnite Perpetua on path towards 2023 permitting decision for Stibnite

Perpetua Resources is pleased to be on a path towards permitting

Staff reporter

The company said last week the US Forest Service would focus on the company's modified proposal, ModPRO2 submitted in December, and planned to issue a supplemental draft environmental impact statement in the first quarter of 2022.

It indicated a final EIS and draft record of decision would be published in 2022 and a final ROD issued in the first half of 2023.

"We are pleased the USFS is advancing our proposed action forward and establishing a well-defined path towards a Record of Decision," president and CEO Laurel Sayer said.

The company said its "refined plan" incorporated feedback on the DEIS and was designed to reduce Stibnite's footprint and improve environmental outcomes, including eliminating the waste rock storage areas. 

Perpetua, which changed name from Midas Gold earlier this year, said the project aimed to use responsible mining to develop a world-class gold mine, restore an abandoned mine site, provide the US with the only domestic source of critical mineral antimony and contribute to the economic success of Idaho.

A presentation last week pointed to construction and legacy restoration starting in 2024 and achieving commercial production in 2027.

A 2020 feasibility study had estimated initial capex of US$1.3 billion for a 15-year mine producing an average annual 297,000 ounces of gold.

Perpetua's major shareholders are Paulson with 40.3%, Barrick Gold with 10.4% and Sun Valley Gold at 9.9%.

Perpetua shares (TSX: PPTA) have spanned C$6.90-$20.40 over the past year and closed up 1.1% on Friday to $9.18, valuing it about $477 million (US$386 million).