Perpetua Resources (PPTA) Investor presentation summary

Project overview and strategic positioning

• Stibnite Gold Project is a large-scale, high-grade open-pit gold and antimony operation in Idaho, recognized as a national strategic asset with robust investor support and government endorsements.

• Holds the largest independent U.S. gold reserve (4.8 Moz) and the only U.S. reserve of antimony (148 Mlbs), a critical mineral for defense and clean energy.

• Project integrates environmental restoration, including re-establishing fish migration and improving habitat conditions.

• Idaho offers a premier mining jurisdiction with low geopolitical risk, strong infrastructure, and community support.

Financial highlights and economics

• Early production (years 1-4) targets 463 koz gold/year at $435/oz AISC; life-of-mine (15 years) averages 296 koz/year at $756/oz AISC.

• After-tax NPV (5%) is $3.65B (base case) and $4.12B (spot prices); IRR ranges from 27.1% to 29% with a payback period of just over 2 years.

• Initial capital requirement is $2.2B, with total capital expenditures estimated at $3.1B.

• Antimony by-product credits significantly reduce gold production costs, with potential NPV uplift at higher antimony prices.

Production profile and cost competitiveness

• Project poised to be the largest independent U.S. gold producer, with peak annual output of 556 koz.

• Features the highest-grade open-pit gold deposit among independent U.S. projects and among the lowest all-in sustaining costs for projects with >150,000 oz annual production.

• Mine sequencing prioritizes high-grade ore in early years to maximize project economics.