Perpetua Resources Corp. · TSX:PPTA
Perpetua Resources — Investor Presentation (June 2025)
34 slides from Perpetua Resources's investor presentation, June 2025
Slide 1: Perpetua Resources Investor Presentation
Investor Presentation – June 2025 N A S DAQ :P P TA T S X : P P TA Perpetua Resources Responsible Mining. Critical Resources. Clean Future.
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Information and statements contained in this presentation that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the
Slide 3: Cautionary Note & Technical Disclosure
CAUTIONARY NOTE & TECHNICAL DISCLOSURE The presentation has been prepared by Perpetua Resources management and does not represent a recommendation to buy or sell these securities. Investors should always consult their investment advisors prior to making any investment decisions. All references to “d
Slide 4: Why Perpetua Resources?
NASDAQ:PPTA TSX:PPTA WHY PERPETUA RESOURCES? World class gold-antimony project and national strategic asset World Class Gold Project1 Lowest Quartile Costs1,2 Restoring Brownfield Site Idaho: A Premier 4.8 Moz reserve Low strip ratio Environmental solutions integrated Mining Jurisdiction into plan o
Slide 5: The Stibnite Gold Project
THE STIBNITE GOLD PROJECT Our goal is to transform an area abandoned after 100 years of mining activity into a national strategic asset for critical mineral and gold production through responsible mining and a sustainable approach to restore the environment for the benefit of all stakeholders. 5
Slide 6: Perpetua's Competitive Advantage
1 PERPETUA’S COMPETITIVE ADVANTAGE The Stibnite Gold Project can deliver long term solutions and sustained value for all stakeholders • 148 million pounds of Antimony Reserves Only reserve of • Stibnite district supplied ~90% of US antimony during WWII antimony in U.S. • Perpetua’s plan involves Rem
Slide 7: Largest Independent U.S. Gold Reserve
LARGEST INDEPENDENT U.S. GOLD RESERVE 1 Independent Gold Project Mineral Reserves1 2 Perpetua (Stibnite) 4.8 Castle Mountain 4.2 Marigold 2.9 Round Mountain 2.0 Haile3 1.8 DeLamar 1.8 Railroad-Pinion 1.6 Goldfield 1.3 Rochester 1.2 North Bullfrog 1.0 Florida Canyon 0.9 Wharf 0.8 0.0 1.0 2.0 3.0 4.0
Slide 8: High-Grade, Open Pit Gold Deposit
HIGH-GRADE, OPEN PIT GOLD DEPOSIT Independent Open Pit Gold Deposits1 2 Perpetua (Stibnite) Years 1-4 2.2 Haile3 1.6 2 Perpetua (Stibnite) Yrs LOM 1.4 Goldfield 1.0 Wharf 1.0 Round Mountain 0.8 Railroad-Pinion 0.8 Hasbrouck 0.6 Marigold 0.5 Castle Mountain 0.5 Bald Mountain 0.5 Mesquite 0.5 DeLamar
Slide 9: Poised to Be One of Largest U.S. Gold Mines
POISED TO BE ONE OF LARGEST U.S. GOLD MINES Independent Projects and Producing Gold Mines1 Perpetua (Stibnite) Years 1-4 3 463 3 Perpetua (Stibnite) Yrs LOM 296 Marigold 278 Round Mountain 236 Haile4 163 Bald Mountain 158 Railroad-Pinion * 124 Wharf 94 Mesquite 88 * Goldfield 77 Florida Canyon 71 De
Slide 10: Industry Leading All-in Sustaining Costs
INDUSTRY LEADING ALL-IN SUSTAINING COSTS 1 $1,750 Gold Projects with >250,000 production in Tier 1 Jurisdiction2 All-in Sustaining Costs ($/oz)1,2 $1,500 $1,250 $1,000 $756 $750 $500 $435 $250 $0 Stibnite (Yrs 1-4) Stibnite (LOM) Blackwater Project Mount Magnet (Hill 50) Cortez (& Goldrush) Hardrock
Slide 11: Deep Discount and Leverage to Gold Price
DEEP DISCOUNT AND LEVERAGE TO GOLD PRICE 1,2 TRADING AT DEEP DISCOUNT TO PROJECT NET PRESENT VALUE After-Tax Net Present Value (NPV) 5%1 ($M) $4,500 $4,117 $4,000 $3,650 $3,500 $3,288 $3,000 $2,662 $2,500 $2,031 $2,000 Market Cap $1,500 $1,391 $1,008 $1,000 72% 50% 38% 31% 28% 24% $500 Market cap as
Slide 12: Restoring an Abandoned Brownfields Site
RESTORING AN ABANDONED BROWNFIELDS SITE ENVIRONMENTAL SOLUTIONS FUNDED THROUGH MINE DEVELOPMENT SEDIMENTATION METAL LEACHING BLOCKED FISH MIGRATION Early repair of the largest Pick up, reprocess, reuse and Re-establish fish migration and provide source of sedimentation safely store 10.5M tons of tem
Slide 13: Establishing a National Strategic Asset
ESTABLISHING A NATIONAL STRATEGIC ASSET ANTIMONY - IT’S CRITICAL ✓ Essential to economic and national security USES FOR ANTIMONY ✓ U.S. has no domestic mined production ✓ Clean energy & national defense applications ✓ China & Russia dominate the world supply (>70%) Energy ✓ China to begin antimony e
Slide 14: Expected to Average ~35% of U.S. Demand
EXPECTED TO AVERAGE ~35% OF U.S. DEMAND 1,2 Stibnite Gold Project Recovered Antimony2 60 2024 U.S. Annual Consumption1 50 Antimony (lbs) Millions 40 30 55% 47% 20 36% 35% 22% 10 16% - Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Perpetua Resources plans to re-establish domestic antimony production, pro
Slide 15: Whole of Government Approach
WHOLE OF GOVERNMENT APPROACH $2.0 +$80 8+ Billion1 Million2 Years Perpetua Resources submitted a Critical minerals awards, Interagency permitting review formal application for combined, to advance antimony with robust stakeholder $2.0 billion to the Export-Import research, construction engagement an
Slide 16: Path Forward for the Stibnite Gold Project
PATH FORWARD FOR THE STIBNITE GOLD PROJECT * Remaining Ancillary Permits, Project Financing and Development Activities Anticipated in 2025 2025 Ancillary Permits, 2028 May 2025 Financing & Construction Commence operations Final Federal Permit Decision and ongoing restoration Received January 2025 Fi
Slide 17: Gaining Momentum with Near-Term Catalysts
1,2 GAINING MOMENTUM WITH NEAR-TERM CATALYSTS 2024 – 2025 HIGHLIGHTS: ✓ Awarded additional $34.4 million under the DPA (May 2024) Permitting & Development ✓ China announced export controls on antimony (Aug, Dec 2024) Milestones: ✓ Final EIS (Sep 2024), Final Record of Decision (Jan 2025) ✓ ❑ Final R
Slide 18: Valuation Expected to Increase Through Next Phase
VALUATION EXPECTED TO INCREASE THROUGH NEXT PHASE 1.3x 1.2x 1.0x 1.0x 3,4 Price-to-NAV 0.8x 0.5x 0.5x 0.3x 0.3x 0.3x 0.2x 0.0x NovaGold Perpetua1,2 Osisko Skeena Artemis Osisko Development Mining 1. Perpetua Resources market cap based on fully diluted market cap using closing price as of May 21, 202
Slide 19: A Unique American Opportunity
A UNIQUE AMERICAN OPPORTUNITY ✓ Redeveloping one of largest, highest grade, and lowest cost gold projects in the U.S.* ✓ Superior project economics with ~15 year reserve life and ~3 year payback period * ✓ Establishing a national strategic asset with a critical mineral essential for national defense
Slide 20: Appendix
Perpetua Resources Appendix
Slide 21: Right Leadership for the Next Phase
RIGHT LEADERSHIP FOR THE NEXT PHASE EXECUTIVE TEAM Jon Cherry Jessica Largent Mckinsey Lyon Alan Haslam Michael Wright Board Director & CEO Board Director & CFO VP, External Affairs VP, Permitting VP, Projects CORPORATE BOARD Marcelo Kim Andy Cole Bob Dean Laura Dove Rich Haddock Jeff Malmen Chris R
Slide 22: Idaho: A Premier Mining Jurisdiction
IDAHO: A PREMIER IDAHO Lucky Friday Mine MINING JURISDICTION Golden Chest Mine Idaho Strategic Resources Coeur d’Alene Hecla Mining Galena Complex Sunshine Mine Americas Gold and Silver Sunshine Silver Stibnite Gold • Well-defined permitting process Project (Au-Sb) Perpetua Resources Beartrack-Arnet
Slide 23: Department of Defense Awards
DEPARTMENT OF DEFENSE AWARDS Critical minerals awards over $80 million* combined to advance antimony research, construction readiness, permitting, and engineering. Advance permitting & construction Demonstrate mil-spec antimony trisulfide readiness SBIR DOTC DPA Title III Small Business Innovation R
Slide 24: Improving a Legacy
IMPROVING A LEGACY P L A N D ES I G N E D W I T H P O S T M I N I N G R ES TO R AT I O N G OA L S I N M I N D, I N C LU D I N G W I L D L I F E , F I S H E R I ES & D I S P E RS E D R EC R EAT I O N • Create a self-sustaining natural environment • Support healthy fish and wildlife population • Signi
Slide 25: Permitting – Next Steps
PERMITTING – NEXT STEPS NOA for DEIS In Federal EIS Project Alternatives & Register Submittal Administrative Pre-work Initiation & Environmental Prepare of PRO Approval & Planning Public Scoping Analysis Draft EIS DEIS Comment Period Engineering & Design Public Objection ROD Publish NOA for FEIS & P
Slide 26: Mineral Resources & Reserves
MINERAL RESOURCES & RESERVES 1 Proven & Probable Mineral Reserves2: Measured & Indicated Mineral Resources3: 4.8 Mozs Gold @1.43 g/t 6.0 Mozs Gold @1.42g/t 148 Mlbs antimony at 0.06% contained in 104 Mt 206 Mlbs antimony at 0.07% contained in 132 Mt 3.500 Gold M&I Mineral Resource Gold (thousands ou
Slide 27: Exploration Upside
EXPLORATION UPSIDE* EXPANSIVE LAND PACKAGE EXISTING DEPOSITS: • Northeast of Yellow Pine Deposit • Below Hangar Flats pit & Old Defense Minerals Exploration Act (DMEA) working area • West End along strike and at depth P R I O R I T Y E X P LO R AT I O N TA R G E T S : • High grade targets (Garnet, S
Slide 28: Ore Processing
ORE PROCESSING Crushing, SAG Process Area & Ball Milling FLOW SHEET Detail High Sb Antimony Stibnite Flotation Sulfide Concentrate Low Sb Sulfide Pyrite Flotation Oxide Transitional POX Residuals Gold Leach Electrowinning Dore Based on the FS, which is intended to be read as a whole, and sections sh
Slide 29: Financial Highlights
FINANCIAL HIGHLIGHTS1,2 1. For additional information regarding the Financial Update, including underlying assumptions and Early Production Life-of-Mine risks, see the Financial Update included in the Current Report. Years 1-4 Years 1-15 2. The Financial Update assumes 100% equity financing. 3. Anti
Slide 30: Stibnite Gold Project Cost Summary
STIBNITE GOLD PROJECT COST SUMMARY1 Early Production Life of Mine Capital Operating Years 1-4 Years 1-15 Initial Sustaining Closure Total CAPEX Costs Costs CAPEX2 CAPEX CAPEX3 (US$M) (US$M) (US$M) (US$M) US$/t US$/oz US$/t US$/oz milled Au milled Au Direct Costs - Mine Costs 183.6 215.4 -- 399.0 Min
Slide 31: Annual After-Tax Cash Flow
ANNUAL AFTER-TAX CASH FLOW (@ $2,100 GOLD PRICE) 1 $4,000 $3,000 $274 $56 $33 After-Tax Free Cash Flow (US$M) $234 ($36) ($98) $159 $154 $148 $2,000 $153 $517 $594 $1,000 $776 -- $854 ($378) $792 ($1,000) ($622) ($612) $394 ($2,000) ($606) ($3,000) -4 -3 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Slide 32: Supportive Shareholder Base
SUPPORTIVE SHAREHOLDER BASE SHAREHOLDERS** Kopernik, 1.5% Millennium, 1.7% Condire, 1.2% CAPITAL STRUCTURE* VanEck, 2.8% Krilogy, 1.1% RESEARCH COVERAGE Amundi, 2.8% ❖ Issued & Outstanding 71.29 Million BlackRock, 3.4% ❖ B. Riley Financial – Lucas Pipes Sun Valley Gold, 4.2% ❖ Options 0.59 Million P
Slide 33: Regulatory Information
REGULATORY INFORMATION The FS was compiled by M3 Engineering & Technology Corporation (“M3”) in accordance with NI 43-101 under the direction of independent qualified persons (as defined in NI 43-101) (“Independent QPs”). Independent QPs for the FS include: Richard Zimmerman, SME-RM (onsite and offs
Slide 34: Non-GAAP Measures
NON-GAAP MEASURES This presentation includes disclosure of certain non-GAAP financial measures or ratios, including expected Cash Costs, Total Cash Costs, All-In Sustaining Costs (AISC), Average Annual EBITDA and Average Annual Free Cash Flow (FCF) with respect to the expected results of the Project
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