Perpetua Resources (PPTA) Investor presentation summary

Project overview and strategic positioning

• Stibnite Gold Project is positioned as a world-class gold-antimony asset with robust investor and government support, including over $80 million in Department of War awards and a $2.9 billion U.S. EXIM loan approval for construction and development.

• The project is located in Idaho, a premier U.S. mining jurisdiction with excellent infrastructure, low geopolitical risk, and strong community and political backing.

• Stibnite holds the largest independent U.S. gold reserve (4.8 Moz) and the only U.S. reserve of antimony (149 Mlbs), both critical for national defense and clean energy.

• Environmental restoration is integrated into operations, including reprocessing historical tailings, restoring fish migration, and long-term water treatment.

• Partnerships with Idaho National Laboratory and other agencies support critical mineral pilot plants and ongoing exploration.

Financial highlights and economics

• Initial capital requirement is $2.58 billion, with a projected after-tax NPV (5%) of $3.46 billion and IRR of 23.5% at $3,250/oz gold; higher gold prices significantly increase project value.

• Early production (years 1-4) targets 463 koz gold/year at $498/oz AISC, among the lowest in Tier 1 jurisdictions, aided by a valuable antimony by-product credit.

• Life-of-mine (15 years) averages 296 koz gold/year at $833/oz AISC, with total recovered gold of 4.2 Moz and 106 Mlbs antimony.

• Cash balance as of March 2026 is $670 million, with up to $3.74 billion in available capital including equity, warrants, and debt.

• Illustrative equity valuation could reach $7.8–$12 billion in year 1 of operations, depending on gold price scenarios.

Resource and production profile

• Stibnite is set to be the largest independent U.S. gold producer, with the highest-grade open pit gold deposit among peers and significant exploration upside.

• Mineral reserves stand at 4.8 Moz gold at 1.43 g/t and 149 Mlbs antimony at 0.06%, with resources of 6.3 Moz gold and 216 Mlbs antimony.

• Mine plan sequences highest grades early to maximize project economics, with three open pits and reprocessing of historical tailings.

• Exploration targets include high-grade and bulk tonnage prospects, with ongoing drilling to expand resources.

• Known high-grade mineralization remains open near Yellow Pine and Hangar Flats, with step-out drilling planned.