Perpetua Resources awarded up to $15.5M in DoD funding

Perpetua Resources announced that its wholly owned subsidiary, Perpetua Resources Idaho, was awarded an Ordnance Technology Initiative Agreement of up to $15.5M under the Prototype Other Transaction authority of the Department of Defense through the DoD Ordnance Technology Consortium. Managed by the U.S. Army Joint Center of Excellence for Guns and Ammunition at the Picatinny Arsenal in New Jersey, the objective of the OTIA is to demonstrate a fully domestic antimony trisulfide supply chain using ore from the Stibnite Gold Project site for use in munitions. To meet this objective, the company plans to obtain additional core samples from the Project site, conduct a pilot plant study to produce mil-spec antimony trisulfide from the samples, design a full-scale process circuit, and deliver a modular pilot plant for the DoD to use in further investigations. Under the OTIA, Perpetua will be reimbursed for these activities on a cost-plus fixed fee basis over the 24-month period of performance. The current estimated amount is $15.5M, which is subject to adjustment by the DOTC based on scope, costs, budget, or other factors as the program advances. Perpetua will be entitled to reimbursement for all costs incurred under the agreement.