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Perpetua Resources signs $85M cost-share agreement with U.S. Army for tungsten exploration at Stibnite
PPTAPerpetua Resources Corp.
Perpetua Resources announced that its subsidiary, Perpetua Resources Idaho, Inc., entered into an Ordnance Technology Initiative Agreement with the U.S. Army’s Defense Ordnance Technology Consortium to evaluate the technical and economic feasibility of producing tungsten concentrate at the historical Stibnite Mining District. The initiative provides for a total estimated cost and cost-share of up to approximately $85 million and $45 million, respectively, over a performance period extending through October 19, 2029. The U.S. Army will contribute $40 million, with Perpetua matching this amount in the joint investment. The initial 18-month phase is expected to cost approximately $18 million and be shared equally between both parties. Additionally, the company amended outstanding warrants exercisable for an aggregate of 1,607,802 common shares, extending their expiry dates by up to six months. Perpetua Resources Corp. operates in the mining industry, focusing on the development of critical mineral projects.