Perpetua Resources (PPTA) investor relations material

Executive summary

• Advanced project financing with $807 million in equity raised from June to October 2025, including strategic investments from Agnico Eagle and JPMorgan, and continued pursuit of up to $2 billion in U.S. EXIM debt financing for the Stibnite Gold Project.

• Broke ground on the Stibnite Gold Project on October 21, 2025, marking a major milestone for stakeholders and the state of Idaho.

• Commenced early works construction in October 2025 after posting $139 million in construction phase financial assurance and receiving regulatory clearance.

• Focus for the remainder of 2025 is on advancing project financing, detailed engineering, procurement, and expanding the management team.

• Focused on providing a domestic source of antimony and developing one of the largest open pit gold mines in the Americas.

Financial highlights

• Net loss for Q3 2025 was $25.8 million, up from $3.6 million in Q3 2024, mainly due to a $17.6 million increase in exploration expense and a $9.6 million decrease in grant income, partially offset by a $4.6 million increase in interest income.

• Cash and cash equivalents were $445.8 million as of September 30, 2025, increasing to approximately $720 million after subsequent equity financings in October 2025.

• Aggregate gross proceeds of $807 million raised from equity offerings between June and October 2025.

• Closed a $49 million equity offering in July 2025, $255 million from Agnico Eagle and JPMorgan, and $78 million from a registered offering and private placement in October 2025.

Outlook and guidance

• Anticipates full construction readiness by spring 2026, contingent on securing full project financing.

• U.S. EXIM Board consideration for $2.0 billion in debt financing expected by Spring 2026.

• Board-approved expenditures for 2025 total $210.2 million, with an additional $157.1 million for early works and construction readiness activities expected in Q1 2026.

• Sufficient cash on hand to cover obligations and planned expenditures for at least the next 12 months.

• Early works construction and exploration activities to continue, with focus on high-priority targets.