Perpetua Resources (PPTA) Status Update summary

Strategic financing and project advancement

• Secured $100 million equity commitment from the largest shareholder, enabling 100% project ownership and eliminating the need for a partner.

• Aggregate available capital expected to reach up to $2.8 billion, covering project capital, working capital, and financial assurance, with funding plan including $412M in equity, $200–$250M in royalty/stream, $155M in financial assurance, and up to $2B in U.S. EXIM loan.

• Final federal permit received; final state permits and financial assurance targeted for 2025, with construction to follow.

• Project capital requirements updated to $2.2 billion, with additional funds for contingencies and exploration.

• Key 2025 milestones include closing of royalty/stream and EXIM debt financing, and an early works construction decision in Q3 2025.

Project economics and resource potential

• Project NPV at $3,000/oz gold is $6.4 billion, with implied equity value of $3.8 billion, or 2.7x current market cap; illustrative equity valuation as of year 1 of operations ranges from $1.4B to $8.0B depending on gold price.

• 4.8 million ounces of gold reserves, with total endowment exceeding 7 million ounces including resources; positioned as the largest independent U.S. gold reserve and highest-grade open pit gold deposit in the lower 48 states.

• High-grade open-pit operation with average grades of 2.2 g/t in early years and significant antimony byproduct; all-in sustaining costs projected at $435/oz for first four years, among the lowest for large gold projects, potentially negative if antimony prices remain high.

• Extensive exploration targets exist near current deposits, with high-grade mineralization identified near Yellow Pine and Hangar Flats pits; exploration program planned to convert resources to reserves and extend mine life.

• Previously drilled holes validate priority targets outside current resources, supporting further resource expansion potential.

Operational and technical execution

• Detailed engineering at 50% completion, with early works on roads, power, and tailings storage to de-risk schedule; key infrastructure such as the tailings storage facility and access route nearing completion.

• Construction peak in 2027-2028, with commercial operations targeted for 2029.

• Contracting strategy focuses on large-scope contracts to reduce interface points and ensure capital efficiency.

• Experienced team assembled, including leaders from major mining companies with deep experience in U.S. permitting, project development, and mine operations.

• Project execution risks mitigated by integrated management, early involvement of operations team, and expertise in mine operations, processing, engineering, and exploration.