Midas Gold changes its name to Perpetua Resources Corp.
Midas Gold, a Canadian mining company, has changed its name to Perpetua Resources Corp. and the company’s common shares have been approved for listing on the Nasdaq Stock Market, Perpetua said in a news release. The stock will begin trading “on or around” Feb. 18 under the stock symbol PPTA.
“Today’s approval to list on the Nasdaq points to our growth and readiness to enter the next chapter of bringing the Stibnite Gold Project vision to life,” Laurel Sayer of Boise, the president and CEO, said in a news release. “Our listing … will allow us greater access to capital, which will help our team move the Stibnite Gold Project from permitting into production.”
The new name “Perpetua Resources” is inspired by Idaho’s motto, Esto Perpetua, translated to mean “let it be perpetual,” and a reflection of the company’s commitment to doing its part to protect the state of Idaho’s vast resources for generations to come. Midas Gold Idaho, Inc., the company’s wholly owned subsidiary, has also updated its name to “Perpetua Resources Idaho, Inc.”
“We have always been more than a gold mining company, but you wouldn’t have known it by our name,” said Sayer. “The name Perpetua Resources better reflects our plan to restore an abandoned mining site, to responsibly develop the critical resources our country needs for a more secure and sustainable future and to be guided by a commitment to Idaho’s resources and people. We are proud to enter our next chapter with a name that helps communicate our values and the sustainable future we are working to create for all of us.”
Perpetua is preparing to reopen and expand an openpit gold mine that operated for a century, including during World War II, about 64 km (40 miles) east of McCall near Yellow Pine. The company has estimated that it may be able to recover as much as 141 t (5 million oz) of gold, 198 t (7 million oz) of silver and 91 kt (200 million lbs) of antimony over 20 years.
Perpetua says the mine is one of the highest-grade gold deposits in the nation and would provide the only mined source of antimony in the U.S. Mining revenue will pay for the cleanup work, the company says.
The mining would create a promised 500 jobs on average for up to 25 years.
Midas has insisted that it will clean up pollution left by past mining. It hired Sayer — whose credentials include 10 years as U.S. Rep. Mike Simpson’s natural-resources director and three years as executive director of the Idaho Coalition of Land Trusts — to help give its environmental efforts credibility.
Midas disclosed last month that it was relocating its corporate headquarters from Vancouver, British Columbia, to Boise, and was exploring becoming an American company.