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Here are 1-3 brief analogies for Perpetua Resources (PPTA):

1. Think of them as a gold mine 'under construction,' aiming to become a producer like Barrick Gold or Newmont.

2. Similar to an early-stage Barrick Gold or Newmont, focused solely on developing its flagship Stibnite gold project.

3. A gold mine developer, akin to a major infrastructure company building a new highway or port, but for precious metals.

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• Gold: A precious metal that Perpetua Resources primarily explores for at its Stibnite Gold Project.
• Silver: Another precious metal that is part of the mineral exploration focus of Perpetua Resources.
• Antimony: A critical mineral also explored by Perpetua Resources, often found alongside gold deposits.

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Perpetua Resources Corp. (PPTA) is a mineral exploration and development company. Its primary activity involves exploring for and developing mineral resources, specifically its Stibnite gold project. As an exploration and development company, Perpetua Resources does not currently have "major customers" that purchase gold, silver, or antimony from them. They are in the process of advancing their project towards potential production, and their "revenue" or funding primarily comes from capital raises and investments rather than from sales of mined commodities.

Therefore, Perpetua Resources does not sell primarily to other companies or individuals in the traditional sense of having customers for their metals.

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Jon Cherry, President, CEO & Director

Mr. Cherry was appointed President and CEO of Perpetua Resources on March 14, 2024. He brings over 33 years of extensive mining industry experience, including permitting, capital raising, project development, joint venture formation, and operations. Prior to joining Perpetua Resources, he served as Chairman, President, and CEO of PolyMet Mining, where the NorthMet project achieved the highest rating from the Environmental Protection Agency for a mining project. Mr. Cherry also played a key role in negotiating a joint venture with Teck Resources before PolyMet's sale to Glencore. His previous experience includes senior leadership roles at the Resolution Copper JV project (Rio Tinto and BHP), General Manager of Rio Tinto's Eagle mine, and Senior Project Engineer at Rio Tinto Kennecott Utah Copper.

Mark Murchison, Chief Financial Officer

Mr. Murchison was appointed Chief Financial Officer of Perpetua Resources, effective October 1, 2025. He possesses over 25 years of experience in the metals and mining industry. His background includes seven years as Chief Financial Officer of Alacer Gold and 12 years in various financial leadership roles at Rio Tinto. Most recently, he served as Chief Financial Officer and Corporate Secretary at US Vanadium, a private vanadium producer, since 2022. Mr. Murchison has significant experience in capital project management, including raising project finance and managing capital allocation and planning for a $750-million autoclave expansion at the Alacer mine in Turkey. He also helped achieve a total shareholder return exceeding 300% at Alacer, which culminated in its merger with SSR Mining.

Jim Norine, Senior Vice President, Projects

Mr. Norine has over 25 years of experience in project construction and engineering, with a history of delivering large-scale projects both in the United States and internationally. He has a proven track record of successfully delivering multiple mining and processing projects. Before joining Perpetua Resources, Mr. Norine was the Regional Director, Metals, Western (USA) at Hatch Engineering, Ltd., a global multidisciplinary management, engineering, and development consultancy firm.

Tim Kahl, Senior Vice President Technical Services

Mr. Kahl joined Perpetua Resources in December 2025 as Senior Vice President Technical Services, following nearly two years as a consultant to the company. He brings over 30 years of experience in the design, construction, commissioning, and operation of complex mining and process operations. Throughout his career in North and South America, Mr. Kahl has guided projects through construction, commissioning, and into operations, providing valuable operational readiness experience in both precious and base metals operations. His prior roles include General Manager Operations for Peñasquito (Newmont) in Mexico and Process Manager for Pueblo Viejo (Barrick) in the Dominican Republic.

McKinsey Lyon, Senior Vice President of External Affairs

Ms. Lyon is responsible for leading direct advocacy and social license development for the Stibnite Gold Project. Before her tenure at Perpetua Resources, she was a partner at Gallatin Public Affairs, where she assisted clients in achieving business goals through integrated strategies across various platforms. She joined the Perpetua team in 2017, after consulting for the company for six years.

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The key risks to Perpetua Resources (PPTA) are primarily centered around its Stibnite Gold Project in Idaho, encompassing significant environmental, regulatory, and financial hurdles.

1. Regulatory and Legal Challenges, including Environmental Opposition: The Stibnite Gold Project faces substantial opposition from environmental groups and the Nez Perce Tribe, leading to ongoing lawsuits and appeals against its permits. Critics cite concerns about potential pollution from mercury, arsenic, and toxic dust, water quality impacts on the South Fork Salmon River, and harm to threatened wildlife and Indigenous treaty rights. For example, the Idaho Board of Environmental Quality invalidated Perpetua's air quality permit in May 2024 due to public health risks associated with arsenic-laden dust. These legal battles and appeals could cause significant delays, increase costs, or even halt the project. The U.S. Forest Service's Final Environmental Impact Statement (FEIS) for the project even concluded that a "No Action Alternative" would be environmentally preferable, highlighting the contentious nature of the project's environmental impact.
2. Financing and Capital Cost Overruns: As a pre-revenue company, Perpetua Resources is highly dependent on external capital to develop its Stibnite Gold Project. While the company has secured notable equity investments and a Preliminary Project Letter for up to $2.0 billion in debt financing from the U.S. Export-Import Bank (EXIM), this debt financing is not yet finalized and remains conditional on completing due diligence and underwriting. There is a risk that the EXIM financing may not be sufficient or secured on acceptable terms. Additionally, Perpetua has a history of significant capital cost increases, including a more than 75% jump in February 2025, adding an extra $952 million to the project's estimated cost, indicating a persistent risk of further cost inflation and overruns.
3. Execution Risk: Developing a large-scale open-pit mine like the Stibnite Gold Project presents inherent execution risks. These include potential delays in construction, operational inefficiencies, and the complex logistical and technical challenges of managing such a massive undertaking. The project involves excavating three open pits, producing roughly 400 million tons of mine waste, rerouting a river through a concrete tunnel, and burying pristine bull trout habitat. Successfully navigating these complex development and operational aspects while adhering to environmental and regulatory requirements is a significant challenge.

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Perpetua Resources Corp. engages in the exploration of gold, silver, and antimony. The addressable markets for these main products are substantial globally and within the United States.

Gold

• Globally, the gold market size was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030. Another estimate indicates the global gold market size was USD 354,004.4 million in 2024 and is estimated to grow to USD 594,021.5 million by 2030. In terms of volume, the global gold market stood at 4,890.0 Tons in 2025 and is expected to grow to 7,424.4 Tons by 2034.
• In the U.S., gold demand is expected to reach 343.7 tons in 2026. The U.S. precious metal market, which includes gold, generated a revenue of USD 30,277.7 million in 2024 and is expected to reach USD 48,432.4 million by 2030.

Silver

• The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033. Another valuation puts the global silver market size at USD 23.51 billion in 2025, with an expectation to reach USD 36.51 billion by 2035. In volume, the global silver market is expected to grow from 37.78 kilotons in 2025 to 49.54 kilotons by 2031.
• The U.S. silver market is expected to grow to a value of USD 4.2 billion by 2035.

Antimony

• The global antimony market size was estimated at USD 2.17 billion in 2023 and is projected to reach USD 3.30 billion by 2030. Other estimates show the global antimony market size at USD 1.15 billion in 2025, projected to grow to USD 2.01 billion by 2034. Another report states the market was USD 2.5 billion in 2025 and is estimated to reach USD 4.7 billion by 2035.
• In the U.S., the antimony market generated a revenue of USD 352.2 million in 2023 and is expected to reach USD 487.6 million by 2030. It is also projected to reach USD 106.57 million by 2032. The U.S. antimony market is expected to reach USD 550 million by 2035.

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Perpetua Resources Corp. (PPTA), a company currently in the development stage, is focused on advancing its Stibnite Gold Project in Idaho, which is expected to be a significant future source of gold and the critical mineral antimony. As such, the drivers of future revenue growth over the next 2-3 years are tied to the successful progression and eventual production from this key asset.

The primary expected drivers of future revenue growth for Perpetua Resources over the next 2-3 years include:

1. Securing Full Construction Financing for the Stibnite Gold Project: A critical driver for Perpetua Resources is the finalization of its comprehensive financing plan. The company is actively pursuing over $2 billion in debt financing from the U.S. Export-Import Bank, with a final decision anticipated in spring 2026. Successful acquisition of this financing is essential to unlock the capital needed for full-scale construction of the Stibnite Gold Project.
2. Advancement of the Stibnite Gold Project into Full-Scale Construction: Perpetua Resources initiated early works construction at the Stibnite Gold Project in October 2025. A final investment decision for full construction is expected in spring 2026. Progressing through major construction milestones will be a significant indicator of future revenue potential, moving the company closer to its production phase.
3. Projected Future Gold Production from the Stibnite Gold Project: While commercial production is targeted for around 2029, the Stibnite project is projected to be one of the highest-grade open-pit gold mines in the United States, with an expected annual production of approximately 450,000 ounces of gold over its initial four years of operation once it becomes a producer. The continued advancement of the project within the next 2-3 years directly establishes the foundation for this substantial future gold revenue.
4. Projected Future Antimony Production and its Strategic Importance: The Stibnite project is uniquely positioned to become America's sole mined source of antimony, a critical mineral vital for defense systems and munitions. It is expected to supply approximately 35% of U.S. antimony demand during its first six years of operation. The strategic significance of this critical mineral could potentially accelerate the project's development and influence advantageous market positioning, thereby driving future revenue streams.

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Share Repurchases

• As of June 30, 2025, Perpetua Resources had US$6.2 million available under a share repurchase program.
• No shares were repurchased under the program during the three and six months ended June 30, 2025, or for the period ended June 30, 2024.

Share Issuance

• In June 2025, Perpetua Resources completed an upsized public offering, raising approximately US$325 million by issuing 24,622,000 common shares at US$13.20 each. Concurrently, a US$100 million private placement of 7,575,757 common shares was completed with Paulson & Co. Inc. at the same price.
• In October 2025, the company received $78 million in gross proceeds from a registered equity offering and a concurrent private placement of $7 million.
• In November 2024, Perpetua Resources closed a $33.6 million equity financing.

Inbound Investments

• In October 2025, Perpetua Resources secured US$255 million in strategic equity investments, with Agnico Eagle Mines Limited investing US$180 million and JPMorganChase investing US$75 million.
• The company has been awarded a Technology Investment Agreement (TIA) under Title III of the Defense Production Act, totaling up to US$59.2 million (or US$59.4 million) to advance construction readiness and permitting for the Stibnite Gold Project. This includes an initial US$24.8 million awarded in 2022 and definitized in July 2023, plus an additional US$34.4 million in 2024.
• In May 2025, Perpetua Resources submitted an application for up to US$2 billion in project financing from the Export-Import Bank of the United States (EXIM), following an indication for up to US$1.8 billion received in 2024, with the EXIM Board consideration anticipated by Spring 2026.

Outbound Investments

No information is available regarding Perpetua Resources making strategic investments in other companies over the last 3-5 years.

Capital Expenditures

• Perpetua Resources invested $176,000 in capital expenditures during fiscal year 2024.
• Capital expenditures were $283,000 in Q3 2025.
• The primary focus of capital expenditures is the development and permitting of the Stibnite Gold Project, including early works construction that began on October 21, 2025. The estimated construction costs for the project are approximately US$2.2 billion.