Based on the provided financial report, the title of the article is: "PERPETUA RESOURCES CORP. FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024

Perpetua Resources Advances Stibnite Gold Project Amid Permitting Progress and Funding Opportunities

Overview Perpetua Resources, formerly known as Midas Gold Corp., is focused on developing the Stibnite Gold Project, a mineral exploration and restoration project located in Idaho, USA. The company’s principal asset is 100% ownership of subsidiaries that control the Stibnite Gold Project. In 2024, Perpetua Resources achieved several key milestones, including zero lost time incidents or reportable environmental spills, receiving additional government funding, and advancing the project’s permitting process.

Permitting Progress A major focus for Perpetua Resources in 2024 was navigating the permitting process for the Stibnite Gold Project. The U.S. Forest Service (USFS) published the Final Environmental Impact Statement (FEIS) and issued a Draft Record of Decision (DROD) for the project in September 2024. On January 3, 2025, the USFS published the Final Record of Decision (ROD) and FEIS Errata, authorizing the Modified Mine Plan for the project.

However, claims were subsequently filed against the USFS, USDA, and other federal agencies in February 2025, alleging violations of the National Environmental Policy Act (NEPA) and other federal laws in the regulatory process. Perpetua has filed a motion to intervene in this lawsuit, and the company believes the federal permitting process was conducted thoroughly. Nonetheless, there is no assurance the ROD, FEIS, and other project approvals will be upheld upon judicial review.

The company’s Clean Water Act (CWA) Section 404 permit application and associated Compensatory Mitigation Plan remain under review by the Army Corps of Engineers. Perpetua expects this permit to be issued in the first half of 2025, which is the last remaining federal permit required prior to a construction decision.

On the state level, Perpetua has also made progress on various permits, including receiving a completeness determination from the Idaho Department of Environmental Quality (IDEQ) for the project’s cyanidation facility permit and a completeness determination from the Idaho Department of Lands for the project’s cyanidation facility Permanent Closure Plan. The company has also received other key state-level approvals, such as the Idaho Ground Water Management Final Point of Compliance determination and conditional approval for the Tailings Storage Facility dam safety application.

Funding and Liquidity Perpetua Resources has secured several sources of funding to advance the Stibnite Gold Project, including government grants and equity offerings. In December 2022, the company was awarded an undefinitized Technology Investment Agreement (TIA) of up to $24.8 million under Title III of the Defense Production Act (DPA). This TIA was later modified in May 2024 to provide an additional $34.4 million in funding, bringing the total available funding to $59.2 million.

The company also received an Ordnance Technology Initiative Agreement (OTIA) of up to $15.5 million from the Department of Defense Ordnance Technology Consortium in August 2023. These government grants have allowed Perpetua to advance environmental and engineering studies necessary for the permitting process.

In addition to the government funding, Perpetua raised $33.6 million through an equity offering in November 2024. The company also entered into a royalty agreement with Franco-Nevada in March 2024, receiving $8.5 million in exchange for a royalty on future payable silver production from the project.

Despite these funding sources, Perpetua’s latest liquidity forecast indicates that available cash resources for expenses not eligible for reimbursement under the DPA funding are expected to be exhausted in the third quarter of 2025. The company continues to explore various financing opportunities, including the potential for up to $1.8 billion in debt financing from the Export-Import Bank of the United States (U.S. EXIM), which issued a non-binding and conditional Letter of Interest in April 2024.

Financial Performance Perpetua Resources reported a net loss of $14.5 million for the year ended December 31, 2024, compared to a net loss of $18.8 million in the previous year. This decrease was primarily attributable to a $16.3 million increase in grant income, which offset a $15.4 million increase in exploration costs and a $0.7 million increase in corporate salaries and benefits.

The company’s exploration expenses, which relate to the Stibnite Gold Project, increased by $15.4 million, or 51.4%, compared to 2023. This was driven by a $13.4 million increase in engineering costs, a $1.9 million increase in consulting and labor costs, and a $1.2 million increase in field office and drilling support costs, partially offset by a $0.9 million decrease in permitting costs.

Corporate salaries and benefits increased by $0.7 million, or 37.1%, due to higher corporate salaries and increased share-based compensation. Directors’ fees also increased by $0.1 million, or 15.4%, primarily due to higher share-based compensation expense.

The company’s grant income increased by $16.3 million, reflecting the new and larger grants received from the Department of Defense in 2023 that continued in 2024. This grant income helped offset the increase in exploration and other expenses.

Outlook and Goals Perpetua Resources’ vision is to provide the United States with a domestic source of the critical mineral antimony, develop one of the largest and highest-grade open pit gold mines in the country, and restore an abandoned brownfield site. In 2025, the company is focused on receiving the final permits for the Stibnite Gold Project to support a construction decision and advancing execution planning to prepare the project to be construction-ready once all required permits are received.

The company is also continuing to advance construction readiness activities in parallel with the permitting process. This includes appointing key personnel, such as a new President and CEO and a Vice President of Projects, as well as executing contracts with construction and engineering firms to support detailed engineering and early works planning.

Perpetua Resources is evaluating various funding opportunities to support the development of the Stibnite Gold Project, including the potential $1.8 billion in debt financing from U.S. EXIM. The company has also engaged financial advisors to assist with the evaluation of strategic and financing options. Securing the necessary funding will be crucial for the company to make a construction decision and advance the project towards production.

Conclusion Perpetua Resources has made significant progress on the Stibnite Gold Project in 2024, advancing the permitting process and securing additional government funding and equity financing. However, the company faces ongoing challenges, including the recent legal challenges to the project’s federal approvals and the need to secure additional funding to support construction readiness activities and the project’s development.

The company’s vision to provide a domestic source of critical minerals, develop a large-scale gold mine, and restore an abandoned site aligns with broader national priorities. Perpetua’s ability to navigate the remaining permitting hurdles and secure the necessary financing will be crucial in determining the project’s future. Investors and stakeholders will closely monitor the company’s progress in 2025 as it works towards a construction decision and the realization of its ambitious goals.