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1. Lithium Americas for gold and U.S. critical antimony.

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• Antimony: A critical mineral vital for defense applications, renewable energy technologies, and various industrial uses.
• Gold: A precious metal primarily valued for investment, jewelry, and its use in electronics and other industrial applications.

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• Precious Metal Refiners and Dealers: These companies purchase raw or semi-processed gold to refine it into investment-grade bullion, for industrial applications (electronics, dentistry), or for use in jewelry manufacturing. Examples include large, established refiners and bullion dealers that supply global markets.
• Specialty Chemical and Industrial Manufacturers: For antimony, potential customers would include companies that manufacture flame retardants (a primary use for antimony trioxide), catalysts, plastics, and various alloys. These are typically large industrial chemical or materials companies.
• Battery Manufacturers and Defense Contractors: Antimony is a critical mineral with applications in lead-acid batteries and, increasingly, in advanced battery technologies. It is also used in defense applications, such as in alloys for ammunition. Government entities or their contractors, particularly in the United States, could be significant buyers for strategic reserves or defense-related manufacturing.

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The key risks to Perpetua Resources (PPTA) are primarily concentrated around the successful development and financing of its Stibnite Gold Project.

1. Project Financing and Execution Risk: Perpetua Resources is currently a pre-revenue, development-stage company, making it highly dependent on external capital to advance its Stibnite Gold Project. The project, with an estimated capital cost of approximately $2.2 billion, requires substantial funding that is not yet fully secured. Although the company has obtained significant equity investments and a preliminary, non-binding letter for up to $2.0 billion in debt financing from the U.S. Export-Import Bank (EXIM), this debt financing is conditional and not guaranteed. Delays in securing final financing, potential cost overruns, or challenges in effectively deploying such a large capital package pose significant execution risks and could lead to liquidity issues. The company has reported ongoing net losses and continues to rely on external financing for its cash flow.

2. Permitting, Regulatory, and Environmental Risks: The Stibnite Gold Project faces considerable opposition from conservation groups due to concerns about its potential environmental impact on public health, water quality, wildlife, and public lands. Legal challenges have already been filed against the U.S. Forest Service's approval of the project, which could lead to unforeseen delays and increased costs in the permitting process. The company must also secure a substantial financial assurance bond and navigate complex regulatory changes to obtain necessary licenses and permits for the project.

3. Commodity Price Fluctuations: As a mining company focused on gold and antimony, Perpetua Resources is inherently exposed to the volatility of commodity prices. Significant downward swings in the market prices of gold and antimony could negatively impact the project's profitability and overall financial viability, affecting future revenue streams once the mine becomes operational.

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Perpetua Resources (symbol: PPTA) is primarily focused on the extraction of gold and antimony from its Stibnite Gold Project in central Idaho.

Addressable Markets

Gold

• The global gold market size was valued at approximately USD 291.68 billion in 2024. This market is projected to reach around USD 457.91 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 5.80% during the forecast period.

Antimony

• The global antimony market size was estimated at USD 2.5 billion in 2024 and is projected to grow to USD 4.83 billion by 2033, demonstrating a CAGR of 7.9% during the forecast period. Other estimates place the global antimony market at USD 1.01 billion in 2023, with projections to reach USD 1.78 billion by 2032. Another report states the global market was valued at USD 1.23 billion in 2024 and is anticipated to reach USD 2.18 billion by 2033.
• For the U.S. market, the antimony market is projected to reach an estimated value of USD 106.57 million by 2032. Perpetua Resources' Stibnite project could supply about 35% of U.S. antimony demand during its initial six years of operation.

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Perpetua Resources (PPTA) is a development-stage company with no current revenue. Therefore, its future revenue growth over the next 2-3 years is entirely dependent on the successful advancement and eventual operation of its Stibnite Gold Project. The primary drivers of future revenue growth are:

1. Commencement of Gold Production from the Stibnite Gold Project: The Stibnite Gold Project is anticipated to become one of the highest-grade open-pit gold mines in the United States, with estimated reserves of approximately 4.8 million ounces. The company expects to produce around 450,000 ounces of gold annually during its first four years of production. First production is expected in 2028.

2. Commencement of Antimony Production from the Stibnite Gold Project: The project contains the only identified antimony reserve in the U.S. and is a critical mineral for national security and defense applications. Once operational, it could fulfill approximately 35% of U.S. antimony demand during its initial six years of production. Antimony production is also projected to commence around 2028.

3. Successful Project Financing and Construction: While not a direct revenue generator, the securing of substantial financing and the timely completion of construction are critical enablers for future revenue. Perpetua has achieved key milestones, including obtaining all necessary federal permits, such as the Clean Water Act Section 404 permit and the Record of Decision from the U.S. Forest Service. The company has also secured significant equity investments and is pursuing up to $2.0 billion in project debt financing from the U.S. Export-Import Bank. These financial and operational advancements de-risk the project and are essential for reaching the production phase that will generate revenue.

4. Favorable Commodity Price Environment (Gold and Antimony): The revenue generated from the Stibnite Gold Project will be directly influenced by the market prices of gold and antimony. Positive trends in these commodity prices would enhance the project's profitability and overall revenue.

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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 a US$325 million public offering of 24,622,000 common shares at US$13.20 per share, alongside a US$100 million private placement of 7,575,757 common shares to Paulson & Co. Inc.
• In October 2025, the company priced a public offering of 2,938,000 common shares at US$24.25 per share, expected to generate approximately US$71.2 million in gross proceeds. Agnico Eagle Mines Limited indicated intent to participate in a concurrent private placement for an additional US$7.0 million (288,200 shares).
• In February 2025, Perpetua was in the process of issuing new common shares through a public offering of over 3.4 million common shares, anticipated to raise between US$45 million and US$50 million.

Inbound Investments

• In October 2025, Perpetua Resources secured a US$255 million strategic equity investment, with US$180 million from Agnico Eagle Mines Limited and US$75 million from JPMorganChase, at a price of US$23.30 per share.
• The company submitted a formal application in May 2025 to the Export-Import Bank of the United States (EXIM) for potential debt financing of up to US$2 billion for the Stibnite Gold Project. This followed a non-binding Letter of Interest from EXIM in April 2024 for up to US$1.8 billion.
• Perpetua Resources was awarded a Technology Investment Agreement of US$59.2 million in Defense Production Act Title III funding to advance construction readiness and permitting of the Stibnite Gold Project.

Capital Expenditures

• The total initial capital cost estimate for the Stibnite Gold Project was approximately US$2,215 million as of December 31, 2024.
• Capital expenditures have increased, with US$0.52 million in 2020, US$0.03 million in 2021, US$0.47 million in 2022, US$0.45 million in 2023, and US$2.47 million in 2024.
• The primary focus of capital expenditures is the development and construction of the Stibnite Gold Project in central Idaho, which aims to produce gold and the only mined source of antimony in the United States, along with environmental restoration.