OTC Markets Group Welcomes Goldgroup Mining Inc. to OTCQX
Goldgroup Mining Inc. begins trading today on OTCQX under the symbol 'GGAZF.' U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
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Cision Canada
6 minutes ago
- Cision Canada
SPARTAN DELTA CORP. ANNOUNCES SECOND QUARTER 2025 RESULTS AND OPERATIONS UPDATE
CALGARY, AB, Aug. 6, 2025 /CNW/ - Spartan Delta Corp. (" Spartan" or the " Company") (TSX: SDE) is pleased to report its unaudited financial and operating results for the three and six months ended June 30, 2025. Selected financial and operational information is set out below and should be read in conjunction with Spartan's unaudited interim financial statements and related management's discussion and analysis (" MD&A") for the three and six months ended June 30, 2025, and 2024, which are filed on SEDAR+ at and are available on the Company's website at The highlights reported in this press release include certain non-GAAP financial measures and ratios which have been identified using capital letters. The reader is cautioned that these measures may not be directly comparable to other issuers; please refer to additional information under the heading "Reader Advisories – Non-GAAP Measures and Ratios". OPERATIONS UPDATE Spartan successfully completed its first half 2025 capital program, highlighting strong execution and operational discipline across its West Shale Basin Duvernay (the " Duvernay") and Deep Basin assets. In H1 2025, Spartan ran a four rig capital program, drilling 21.0 (17.1 net) wells, completing 15.0 (11.4 net) wells, and bringing on-stream 11.0 (8.6 net) wells. During the second quarter, the Company drilled 8.0 (7.3 net) wells, completed 10.0 (7.5 net) wells, and brought on-stream 6.0 (4.7 net) wells. Spartan is on course to meet its 2025 guidance of 40,000 BOE/d and is well-positioned for continued operational momentum entering the second half of 2025. With a strong balance sheet, disciplined capital allocation, significant liquids growth, and a deep inventory of locations, Spartan is committed to delivering significant value for shareholders while maintaining a responsible and sustainable development strategy. In the Duvernay, the Company contracted two rigs and drilled 12.0 (9.6 net) wells, completed 7.0 (4.9 net wells), and brought on-stream 3.0 (2.1 net) wells during H1 2025. In Q2 2025, Spartan drilled 6.0 (5.4 net) wells, completed 7.0 (4.9 net) wells, and brought on-stream 3.0 (2.1 net) wells, wine-racking in both the upper and lower Duvernay benches. The utilization of wine-racking well designs has the potential to significantly increase recoveries on the Company's acreage. 06-04-043-03W5 Pad Initial production results from 3.0 (2.1 net) wells have averaged IP30 rates of 1,261 BOE/d and 86% liquids per well (1,042 BBL/d of crude oil, 49 BBL/d of NGLs, and 1.0 MMcf/d of natural gas). 02-22-042-03W5 Pad Initial results from the Company's most recent 4.0 (2.8 net) wells are encouraging as production rates exceed internal expectations. Current field production estimates for the first 15 days are averaging greater than 1,600 BOE/d with more than 1,300 BBL/d of crude oil and NGLs per well. 07-15-044-03W5 Pad Spartan has commenced completions on 4.0 (4.0 net) wells. 04-20-041-03W5 Pad Spartan has begun drilling operations. In the second half of 2025, the Company anticipates drilling 5.0 (5.0 net) wells, completing 10.0 (10.0 net) wells, and bringing on-stream 14.0 (12.8 net) wells. Spartan's 2025 Duvernay program has benefited from a strong focus on reducing costs. These improvements stem from decreasing drilling and completion times, consistent frac placements, optimizing proppant tonnage, and reducing water usage. The Company is motivated to further reduce drilling and completion costs as it continues to build scale. Spartan's Duvernay results have exceeded internal expectations to date, underscoring the productivity and consistency of its acreage. Current Duvernay field production estimates are greater than 9,000 BOE/d (77% liquids), a 400% increase in production in twelve months. DEEP BASIN In the Deep Basin, the Company drilled 9.0 (7.5 net) wells and completed and brought on-stream 8.0 (6.5 net) wells during H1 2025. In Q2 2025, Spartan drilled 2.0 (1.9 net) wells and completed and brought on-stream 3.0 (2.6 net) wells. 08-21-045-11W5 & 10-20-043-09W5 Initial Spirit River production results averaged IP30 rates of 1,657 BOE/d and 25% liquids per well and IP90 rates of 1,254 BOE/d and 24% liquids per well. 03-07-045-09W5 Pad Initial production results from 3.0 (3.0 net) Cardium wells averaged IP30 rates of 482 BOE/d and 43% liquids per well and IP90 rates of 566 BOE/d and 42% liquids per well. 14-08-044-08W5 Pad Initial production results from 3.0 (3.0 net) Cardium wells are exceeding internal expectations, averaging IP30 rates of 1,203 BOE/d and 40% liquids per well. 15-25-044-09W5 Spirit River well is significantly exceeding internal expectations, with the well onstream for less than 30 days. In the second half of 2025, the Company anticipates drilling 10.0 (9.2 net) wells and completing and bringing on-stream 9.0 (8.2 net) wells, focusing on drilling liquid-rich targets in the Cardium, Spirit River, Rock Creek, Viking, Belly River, and Wilrich formations. The Deep Basin maintains the optionality to increase capital and accelerate drilling to capture the contango forward curve in natural gas prices as the asset benefits from reduced cycle times. SECOND QUARTER 2025 HIGHLIGHTS Spartan reported production of 38,513 BOE/d (36% liquids) during the second quarter of 2025. Spartan achieved a 151% increase in crude oil production as compared to the second quarter of 2024 and a 12% increase as compared to the first quarter of 2025. The Company's operations generated oil and gas sales of $81.0 million and Adjusted Funds Flow of $47.9 million ($0.23 per share, diluted) in the second quarter of 2025, a 29% increase from the second quarter of 2024, and a 5% increase from the first quarter of 2025. The Company successfully executed a capital program of $83.5 million in the second quarter of 2025, of which approximately 85% was spent on drilling, completing, equipping, and tie-ins. In the Duvernay, Spartan drilled 6.0 (5.4 net) wells, completed 7.0 (4.9 net) wells, and brought on-stream 3.0 (2.1 net) wells. In the Deep Basin, Spartan drilled 2.0 (1.9 net) wells and completed and brought on-stream 3.0 (2.6 net) wells. Spartan has accumulated approximately 365,000 net acres (570 net sections) in the Duvernay, a 52% increase from the second quarter of 2024 and a 14% increase from the first quarter of 2025. Spartan continues to maintain a strong statement of financial position with Net Debt of $123.7 million resulting in a 0.7X Net Debt to Annualized Adjusted Funds Flow ratio. Despite volatile commodity prices, Spartan has hedges in place for the remainder of 2025 greater than current strip. As at June 30, 2025, the Company has hedged 91,065 GJ/d of its natural gas production at an average price of $2.25/GJ and has hedged 2,700 bbl/d of its crude oil and condensate production at an average price of $99.75/bbl. The following table summarizes the Company's financial and operating results for the three and six months ended June 30, 2025, and June 30, 2024. (1) Refer to "Share Capital" section of this press release. (2) "Adjusted Funds Flow", "Free Funds Flow", "Capital Expenditures before A&D", "Adjusted Net Capital A&D", "Net Debt" and "Operating Netbacks" do not have standardized meanings under IFRS Accounting Standards, refer to "Non-GAAP Measures and Ratios" section of this press release. (3) Condensate is a natural gas liquid as defined by NI 51-101. See "Other Measurements". ABOUT SPARTAN DELTA CORP. Spartan is committed to creating value for its shareholders, focused on sustainability in both operations and financial performance. The Company's culture is centered on generating Free Funds Flow through responsible oil and gas exploration and development. The Company has established a portfolio of high-quality production and development opportunities in the Deep Basin and the Duvernay. Spartan will continue to focus on the execution of the Company's organic drilling program across its portfolio, delivering operational synergies in a respectful and responsible manner in relation to the environment and communities it operates in. The Company is well positioned to continue pursuing optimization in the Deep Basin, participate in the consolidation of the Deep Basin fairway, and continue growing and developing its Duvernay asset. Spartan's corporate presentation, as of August 6, 2025, can be accessed on the Company's website at Non-GAAP Measures and Ratios This press release contains certain financial measures and ratios which do not have standardized meanings prescribed by International Financial Reporting Standards (" IFRS Accounting Standards") or Generally Accepted Accounting Principles (" GAAP"). As these non-GAAP financial measures and ratios are commonly used in the oil and gas industry, Spartan believes that their inclusion is useful to investors. The reader is cautioned that these amounts may not be directly comparable to measures for other companies where similar terminology is used. The non-GAAP measures and ratios used in this press release, represented by the capitalized and defined terms outlined below, are used by Spartan as key measures of financial performance, and are not intended to represent operating profits nor should they be viewed as an alternative to cash provided by operating activities, net income or other measures of financial performance calculated in accordance with IFRS Accounting Standards. The definitions below should be read in conjunction with the "Non-GAAP Measures and Ratios" section of the Company's MD&A dated August 6, 2025, which includes discussion of the purpose and composition of the specified financial measures and detailed reconciliations to the most directly comparable GAAP financial measures. Operating Income and Operating Netback Operating Income, a non-GAAP financial measure, is a useful supplemental measure that provides an indication of the Company's ability to generate cash from field operations, prior to administrative overhead, financing, and other business expenses. " Operating Income, before hedging" is calculated by Spartan as oil and gas sales, net of royalties, plus processing and other revenue and net commodities purchased margin, less operating and transportation expenses. " Operating Income, after hedging" is calculated by adjusting Operating Income for realized gains or losses on derivative financial instruments. The Company refers to Operating Income expressed per unit of production as an " Operating Netback" and reports the Operating Netback before and after hedging, both of which are non-GAAP financial ratios. Spartan considers Operating Netback an important measure to evaluate its operational performance as it demonstrates its field level profitability relative to current commodity prices. Adjusted Funds Flow and Free Funds Flow Cash provided by operating activities is the most directly comparable measure to Adjusted Funds Flow. " Adjusted Funds Flow" is a non-GAAP financial measure reconciled to cash provided by operating activities by excluding changes in non-cash working capital, adding back transaction costs on acquisitions and dispositions, and deducting the principal portion of lease payments. Spartan utilizes Adjusted Funds Flow as a key performance measure in the Company's annual financial forecasts and public guidance. Transaction costs, which primarily include legal and financial advisory fees, regulatory and other expenses directly attributable to execution of acquisitions and dispositions, are added back because the Company's definition of Free Funds Flow excludes capital expenditures related to acquisitions and dispositions. For greater clarity, incremental overhead expenses related to restructuring following significant acquisition or divestitures are included in Spartan's general and administrative expenses. Lease liabilities are not included in Spartan's definition of Net Debt therefore lease payments are deducted in the period incurred to determine Adjusted Funds Flow. The Company refers to Adjusted Funds Flow expressed per unit of production as an " Adjusted Funds Flow Netback". " Free Funds Flow" is a non-GAAP financial measure calculated by Spartan as Adjusted Funds Flow less Capital Expenditures before A&D. Spartan believes Free Funds Flow provides an indication of the amount of funds the Company has available for future capital allocation decisions such as to repay current and long-term debt, reinvest in the business or return capital to shareholders. Adjusted Funds Flow per share Adjusted Funds Flow (" AFF") per share is a non-GAAP financial ratio used by the Company as a key performance indicator. AFF per share is calculated using the same methodology as net income per share (" EPS"), however the diluted weighted average common shares (" WA Shares") outstanding for AFF may differ from the diluted weighted average determined in accordance with IFRS Accounting Standards for purposes of calculating EPS due to non-cash items that impact net income only. The impact of stock options and share awards is more dilutive to AFF than EPS because the number of shares deemed to be repurchased under the treasury stock method is not adjusted for unrecognized share-based compensation expense as it is non-cash (see also, "Share Capital"). Capital Expenditures before A&D " Capital Expenditures before A&D" is a non-GAAP financial measure used by Spartan to measure its capital investment level compared to the Company's annual budgeted capital expenditures for its organic drilling program. It includes capital expenditures on exploration and evaluation assets and property, plant and equipment, before acquisitions and dispositions. The directly comparable GAAP measure to Capital Expenditures before A&D is cash used in investing activities. Adjusted Net Capital A&D " Adjusted Net Capital A&D" is a supplemental measure disclosed by Spartan which aggregates the total amount of cash, debt, and share consideration used to acquire crude oil and natural gas assets during the period, net of cash proceeds received on dispositions. The Company believes this is useful information because it is more representative of the total transaction value than the cash acquisition costs or total cash used in investing activities, determined in accordance with IFRS Accounting Standards. The most directly comparable GAAP measures are acquisition costs and disposition proceeds included as components of cash used in investing activities. Net Debt and Adjusted Working Capital References to " Net Debt" includes long-term debt under Spartan's revolving credit facility, net of Adjusted Working Capital. Net Debt and Adjusted Working Capital are both non-GAAP financial measures. " Adjusted Working Capital" is calculated as current assets less current liabilities, excluding derivative financial instrument assets and liabilities, lease liabilities, and current debt (if applicable). The Adjusted Working Capital deficit includes cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and deposits, accounts payable and accrued liabilities, dividends payable, and the current portion of decommissioning obligations. Spartan uses Net Debt as a key performance measure to manage the Company's targeted debt levels. The Company believes its presentation of Adjusted Working Capital and Net Debt are useful as supplemental measures because lease liabilities and derivative financial instrument assets and liabilities relate to contractual obligations for future production periods. Lease payments and cash receipts or settlements on derivative financial instruments are included in Spartan's reported Adjusted Funds Flow in the production month to which the obligation relates. Net Debt to Adjusted Funds Flow Ratio The Company monitors its capital structure using a " Net Debt to Adjusted Funds Flow Ratio", which is a non-GAAP financial ratio calculated as the ratio of the Company's Net Debt to its " Annualized Adjusted Funds Flow". Annualized Adjusted Funds Flow is calculated by multiplying Adjusted Funds Flow for the most recently completed quarter, normalized for significant non-recurring items, by a factor of four. OTHER MEASUREMENTS All dollar figures included herein are presented in Canadian dollars, unless otherwise noted. This press release contains various references to the abbreviation " BOE" which means barrels of oil equivalent. Where amounts are expressed on a BOE basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet (mcf) per barrel (bbl). The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead and is significantly different than the value ratio based on the current price of crude oil and natural gas. This conversion factor is an industry accepted norm and is not based on either energy content or current prices. References to "oil" in this press release include light crude oil and medium crude oil, combined. National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) includes condensate within the product type of "natural gas liquids". References to "natural gas liquids" or "NGLs" include pentane, butane, propane, and ethane. References to "gas" or "natural gas" relates to conventional natural gas. References to "liquids" includes crude oil, condensate and NGLs. The Company has disclosed condensate as combined with crude oil and/or separately from other natural gas liquids in this press release since the price of condensate as compared to other natural gas liquids is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results. SHARE CAPITAL Spartan's common shares are listed on the Toronto Stock Exchange (" TSX") and trade under the symbol "SDE". The volume weighted average trading price of Spartan's common shares on the TSX was $3.12 for the three months ended June 30, 2025. Spartan's closing share price was $3.81 on June 30, 2025, compared to $3.45 on December 31, 2024. As of June 30, 2025, there were 200.1 million common shares outstanding. There are no preferred shares or special preferred shares outstanding. The table below summarizes the weighted average number of common shares outstanding (000s) used in the calculation of diluted EPS and diluted AFF per share: (1) AFF per share does not have a standardized meaning under IFRS Accounting Standards, refer to "Non-GAAP Measures and Ratios". FORWARD-LOOKING AND CAUTIONARY STATEMENTS Certain statements contained within this press release constitute forward-looking statements within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "outlook", "anticipate", "budget", "plan", "endeavor", "continue", "estimate", "evaluate", "expect", "forecast", "monitor", "may", "will", "can", "able", "potential", "target", "intend", "consider", "focus", "identify", "use", "utilize", "manage", "maintain", "remain", "result", "cultivate", "could", "should", "believe" and similar expressions (or grammatical variations or negatives thereof). Spartan believes that the expectations reflected in such forward-looking statements are reasonable as of the date hereof, but no assurance can be given that such expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Without limitation, this press release contains forward-looking statements pertaining to: the business plan, objectives, strategy of Spartan; continued optimization of its Deep Basin asset, participation in the consolidation of the Deep Basin fairway and advancing and accelerating its Duvernay strategy; the Company's drilling strategy in the Deep Basin; expected drilling and completions in the Duvernay; expectations that the utilization of wine-racking well designs will significantly increase recoveries on the Company's acreage; further reductions to drilling and completion costs as Spartan continues to build scale; Spartan's strategies to deliver strong, repeatable and economic operational performance and to generate significant shareholder returns; the ability of the Company to achieve drilling success consistent with management's expectations; being well positioned to take advantage of opportunities in the current business environment; risk management activities, including hedging; continuing to pursue immediate production optimization and responsible future growth with organic drilling, and continuing to execute on building an extensive position in the Duvernay. The forward-looking statements and information are based on certain key expectations and assumptions made by Spartan, including, but not limited to, expectations and assumptions concerning the business plan of Spartan, the timing of and success of future drilling, development and completion activities, the growth opportunities of Spartan's Duvernay acreage, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of Spartan's properties, the successful application of drilling, completion and seismic technology, the Company's ability to secure sufficient amounts of water, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, prevailing commodity prices, price volatility, future commodity prices, price differentials and the actual prices received for the Company's products (including pursuant to hedging arrangements), anticipated fluctuations in foreign exchange and interest rates, impact of inflation on costs, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners, general economic conditions, and the ability to source and complete acquisitions. Although Spartan believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Spartan can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, fluctuations and volatility in commodity prices; changes in industry regulations and legislation (including, but not limited to, tax laws, royalties, and environmental regulations); the risk that the U.S. administration (i) maintains tariffs on Canadian goods, including crude oil and natural gas, (ii) increases the rate or scope of previously announced tariffs, or (iii) imposes new tariffs on the import of goods from Canada; the risk that the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including crude oil and natural gas, and that such tariffs or other measures (and/or the Canadian government's response to such tariffs or other measures) adversely affect the Canadian, U.S., and global economies, and by extension the Canadian oil and natural gas industry and the Company; demand and/or market price for the Company's products and/or otherwise adversely affects the Company; changes in the political landscape both domestically and abroad, wars (including ongoing military actions in the Middle East and between Russia and Ukraine), hostilities, civil insurrections, foreign exchange or interest rates, increased operating and capital costs due to inflationary pressures (actual and anticipated), risks associated with the oil and gas industry in general, stock market and financial system volatility, impacts of pandemics, the retention of key management and employees, risks with respect to unplanned third-party pipeline outages and risks relating to inclement and severe weather events and natural disasters, including fire, drought, and flooding, including in respect of safety, asset integrity and shutting-in production. Please refer to Spartan's MD&A for the period ended June 30, 2025, and annual information form for the year ended December 31, 2024, for discussion of additional risk factors relating to the Company, which can be accessed either on Spartan's website at or under Spartan's SEDAR+ profile on Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Spartan undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. This press release contains future-oriented financial information and financial outlook information (collectively, " FOFI") about Spartan's 2025 guidance, including prospective results of operations and production (including 2025 guidance of 40,000 BOE/d), operating costs, organic growth, capital efficiency improvements and components thereof, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Spartan's future business operations. Spartan and its management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Spartan disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. Changes in forecast commodity prices, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in Spartan's guidance. The Company's actual results may differ materially from these estimates. References in this press release to peak rates, peak sales production, initial production rates, IP30s, IP90s, test rates, and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of Spartan. The Company cautions that such results should be considered preliminary. Peak rates are the highest average daily sales production rate for each well excluding clean-up and downtime. ABBREVIATIONS SOURCE Spartan Delta Corp.
Cision Canada
6 minutes ago
- Cision Canada
Readout - Prime Minister Carney convenes First Ministers' Meeting Français
OTTAWA, ON, Aug. 6, 2025 /CNW/ - Today, the Prime Minister, Mark Carney, met virtually with provincial and territorial premiers to discuss Canada's co-ordinated economic response to ongoing U.S. trade measures. The Prime Minister updated the premiers on the status of trade negotiations with the U.S. He noted that, while Canada continues to negotiate with the United States on our trading relationship, the impacts of tariffs remain present across the Canadian economy. As such, First Ministers discussed concrete actions to support Canadian workers and businesses most impacted by these tariffs across various sectors, including the softwood lumber sector. To this end, the Prime Minister underscored the series of federal measures announced yesterday to help softwood lumber workers and industry remain competitive and seize new opportunities in Canadian and international markets. First Ministers agreed to accelerate efforts to mobilize capital and investment, diversify supply chains, and strengthen domestic production capacity. They were also unanimous in encouraging Canadian businesses to prioritize and leverage Canadian expertise, where possible, to help alleviate the short-term economic impacts of U.S. tariffs, reduce dependence on vulnerable trade flows, and build Canada's long-term economic resilience. The Prime Minister emphasized that the federal government remains determined to secure the best deal for Canadians. First Ministers affirmed their united and steadfast commitment to bolstering Canada's strength at home and building one Canadian economy.
Cision Canada
13 minutes ago
- Cision Canada
U.S. Secretary of Labor, Idaho Governor Visit Perpetua Resources to Discuss Stibnite Gold Project Importance to Securing U.S. Jobs and Critical Minerals
Stibnite Gold Project Listed as a White House Transparency Project Perpetua Anticipates 550+ Direct Jobs in Idaho during operations Perpetua Announces Stibnite Launch Scholarship with College of Western Idaho BOISE, Idaho, Aug. 6, 2025 /CNW/ - Today, U.S. Secretary of Labor Lori Chavez-DeRemer and Idaho Governor Brad Little met with Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or "Perpetua" or the "Company") in Valley County, Idaho to discuss the Stibnite Gold Project's strategic importance to the United States and Perpetua's plans to provide family-wage, in-demand jobs to rural Idaho during the construction and operations of the Stibnite Gold Project. During the visit, Perpetua Resources announced a new education and job training partnership with the College of Western Idaho (CWI). The Secretary's visit underscores the Trump administration's focus on domestic critical mineral projects that are essential to U.S. national security, like the Stibnite Gold Project. The Stibnite Gold Project is designed to restore the environment, provide family-wage jobs to rural Idaho, and produce gold and the critical mineral antimony. The Stibnite Gold Project, which was identified as a "Transparency Project" by the National Economic Development Council, is expected to provide the United States its only domestically mined source of the critical mineral antimony. Given antimony's essential role in hundreds of defense applications, the Department of Defense has granted Perpetua Resources more than $80 million to date to advance the Stibnite Gold Project. "Perpetua is committed to Idaho," said Jon Cherry, CEO of Perpetua Resources. "We want our project to benefit local communities, and one of the most tangible ways we can do that is by providing meaningful, well-paying careers. For years, we have been laying the foundation – providing internships, working with local schools and investing in career education for local students – and soon we intend to offer quality, family-wage jobs to hundreds of Idaho workers at the Stibnite Gold Project. It was a true honor to host U.S. Secretary of Labor Lori Chavez-DeRemer and Governor Brad Little and tell them about our efforts to bring jobs to rural Idaho." "The Stibnite Gold Project represents exactly the kind of American-led initiative we need to secure our critical mineral supply chains, strengthen national security, and create in-demand, mortgage-paying jobs," said Secretary Chavez-DeRemer. "Under President Trump's leadership, the U.S. Department of Labor is committed to working with employers like Perpetua to ensure they have the skilled workforce they need to ramp up domestic production. I'd like to thank Governor Little and Perpetua Resources for hosting me today and providing an update on this important project, which fulfills our mission to put American workers first." To advance Perpetua's commitment to hiring locally, during the Secretary and Governor's visit, Perpetua Resources announced the creation of the Stibnite Launch Scholarship to support CWI's Geosciences Department, helping prepare students with real-world, hands-on training for rewarding, high-skill jobs in Idaho's mining sector. Perpetua presented CWI with a $250,000 check to fund scholarships for 12 or more CWI Geosciences and Mining Technician students each year for the next three years and at least three students per year thereafter. "Partnerships like this between Idaho businesses and our higher education institutions mean we can keep jobs, economic benefits, and expertise right here in Idaho. I appreciate Perpetua Resources for its commitment to supporting students and families and strengthening rural Idaho," Governor Little said. Designed to complement the Idaho LAUNCH grant program, which provides students a one-time opportunity to have 80 percent of their tuition and fees covered at an eligible institution, the Stibnite Launch Scholarship can fund the remaining 20 percent of a CWI student recipient's tuition and fees, closing the funding gap and providing financial relief to [eligible students. "CWI is proud to be named the official education partner of Perpetua Resources," said CWI President Gordon Jones. "This partnership expands hands-on learning and workforce opportunities for our students, while also supporting the economic vitality of Idaho. By working together, we are preparing Idahoans for essential careers and ensuring our communities thrive for generations to come." Idaho LAUNCH was created by Governor Little in 2023 to help Idaho students receive the training they needed to fill rewarding, well-paying jobs in the state. To date, nearly 11,000 Idaho graduating high school seniors and over 10,000 adults have taken advantage of LAUNCH grants. During their visit, Secretary Chavez-DeRemer and Governor Little held a roundtable discussion with Perpetua Resources, project partners, and local education leaders to learn more about the opportunities mining is creating for Idahoans. Roundtable participants encouraged permitting reform to advance critical mining projects and pointed to LAUNCH as an essential program to advance Idaho's workforce readiness. Since her appointment as U.S. Secretary of Labor, Chavez-DeRemer has prioritized putting American workers first. As part of her "America at Work" listening tour, Secretary Chavez-DeRemer has traveled across the country to meet with American businesses and workers to identify the skills and training programs our country needs to power the economy. Her stop in Valley County, Idaho, demonstrates her ongoing commitment to understanding the labor needs of Idaho's rural workforce and underscores how the Stibnite Gold Project can fuel the region's economic success. 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 Stibnite Gold 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. Antimony trisulfide from Stibnite is the only known domestic reserves of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. FORWARD-LOOKING INFORMATION Investors should be aware that the Stibnite Gold Project's designation as a Transparency Project does not imply endorsement of or support for the project by the federal government, or create a presumption that the Project will be approved, favorably reviewed by any agency, or receive federal funding. The designation of a project as a Transparency Project may be reconsidered based on updated information. 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 expected benefits from the Project, including providing a domestic source of antimony, local employment opportunities, national defense benefits and environmental benefits; expected benefits from the Stibnite Launch Program and other educational and training initiatives; and the number and nature of jobs expected to be created. 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". Forward-Looking Information in this news release are based on certain material assumptions and involve, 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 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, 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 19, 2025 and subsequent filings on Form 10-Q and Form 8-K, which are available at and with the Canadian securities regulators, which are available at 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. SOURCE Perpetua Resources Corp.
