Perpetua Resources Corp. · TSX:PPTA
Perpetua Resources — Investor Presentation (July 2025)
41 slides from Perpetua Resources's investor presentation, July 2025
Slide 1: Investor Presentation – July 2025
Investor Presentation – July 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: 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. 4
Slide 5: 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 6: Leading Perpetua Forward
LEADING PERPETUA FORWARD Leader Biography Experience & Expertise • 30+ years of experience developing mining projects, including extensive permitting ✓ U.S. Permitting Jon Cherry experience in the U.S. President, ✓ Stakeholder Relations CEO & Director • Most recently served as Chairman, President an
Slide 7: Key Development Team Leaders
KEY DEVELOPMENT TEAM LEADERS Team lead Prior Experience Experience & Expertise Travis Walker Kışladağ/Eldorado Gold - Process Manager, Mansourah Massarah/Ma'aden - Process Manager, ✓ Mine operations Operations Peñasquito/Newmont - Superintendent Process Operations, Pueblo Viejo/Barrick - General Sup
Slide 8: Largest Independent U.S. Gold Reserve
1 LARGEST INDEPENDENT U.S. GOLD RESERVE Independent Gold Project Mineral Reserves1 2 3 Source: Latest available company materials as of June 2025. 1. Independent refers to gold projects as not owned by Barrick or Newmont; Independent projects shown are from the lower 48 states in the U.S. 2. Based o
Slide 9: Highest Grade Open Pit Gold Deposit
* HIGHEST GRADE OPEN PIT GOLD DEPOSIT Independent Open Pit Gold Deposits1 2 3 2 Source: Latest available company materials as of June 2025. *Based on Independent open pit gold project in lower 48 U.S. 1. Independent refers to gold projects as not owned by Barrick or Newmont; Independent projects sho
Slide 10: Poised to Be Largest Independent U.S. Gold Producer
1 POISED TO BE LARGEST INDEPENDENT U.S. GOLD PRODUCER Independent Projects and Producing Gold Mines1 3 3 4 * * * * *Comparable projects not yet in production Source: Latest available company materials as of June 2025. 1. Independent refers to gold projects as not owned by Barrick or Newmont; Indepen
Slide 11: Lowest All-in Sustaining Costs
LOWEST ALL-IN SUSTAINING COSTS 1 Gold Projects with >250,000 production in Tier 1 Jurisdiction2 All-in Sustaining Costs ($/oz)1,2 $1,750 $1,500 $1,250 $1,000 $750 $500 $250 $- Stibnite (Yrs 1-4) Stibnite (LOM) Blackwater Project Greenstone (Hardrock) Back River Project Detour Lake Hemi Project Kanow
Slide 12: Extensive Exploration Upside
EXTENSIVE EXPLORATION UPSIDE EXISTING DEPOSITS: S T I B N I T E G O L D P R OJ EC T M I N E R A L E N D OW M E N T * * 10.0 Million gold ounces • Northeast of Yellow Pine Deposit 9.0 • Below Hangar Flats pit & Old Defense Minerals Exploration Act (DMEA) working area 8.0 1.2 • West End along strike a
Slide 13: Known High Grade Mineralization Near Yellow Pine Pit
KNOWN HIGH GRADE MINERALIZATION NEAR YELLOW PINE PIT • Yellow Pine deposit open* to northeast; • Intercepts outside pit include: 163ft (49m) @5.42g/t Au 112ft (34m) @2.82g/t Au • Excellent near pit target to existing Yellow Pine Pit Source: SGP 2021 FS, Figure 16-7, p. 16-9 *Some of the prospects ar
Slide 14: Substantial High Grade Resources Near Hangar Flats Pit
SUBSTANTIAL HIGH GRADE RESOURCES NEAR HANGAR FLATS PIT • Hangar Flats open at depth and along strike*; • Intercepts outside pit include: 348ft (106m) at 3.16g/t Au and 0.08% Sb 249ft (75m) at 2.82g/t Au and 2.14% Sb 247ft (75m) at 4.69g/t Au and 0.2% Sb 144ft (43m) at 3.51g/t Au and 1.8% Sb Source:
Slide 15: Previously Drilled Holes Validate Priority Exploration Targets
PREVIOUSLY DRILLED HOLES VALIDATE PRIORITY EXPLORATION TARGETS OUTSIDE OF RESOURCES • Scout: 396ft (120m) at 1.2g/t Au and 0.5% Sb 20ft (6m) at 6.0 g/t Au and 6.0% Sb 247ft (75m) at 4.69g/t Au and 0.2% Sb 144ft (43m) at 3.51g/t Au and 1.8% Sb • Upper Midnight: 100ft (30m) at 6.72g/t Au 75ft (22m) at
Slide 16: Only U.S. Reserve of Antimony
ONLY U.S. RESERVE OF ANTIMONY1 ANTIMONY - IT’ ITI World Antimony 2024 Production (USGS) Turkey 1.6% ✓ Antimony is essential to industrial and national defense Bolivia 3.7% Burma 4.5% ✓ The United States has no domestic mined production Australia 2.0% ✓ China & Russia dominate the world supply (>70%)
Slide 17: Antimony Is Essential to U.S. Industrial Base and DoD
ANTIMONY IS ESSENTIAL TO THE U.S. INDUSTRIAL BASE AND THE DEPARTMENT OF DEFENSE 17
Slide 18: Funding Plan for Stibnite Gold Project Development
FUNDING PLAN FOR STIBNITE GOLD PROJECT DEVELOPMENT Stibnite Gold Project Anticipated Capital Sources Financial Financing Component Equity Royalty/Stream Assurance U.S. EXIM Loan Guarantee $459M1 $200-$250M2 Amount (net proceeds) (net proceeds) $155M2 Up to $2B3 Formal loan Status ✓ Secured In progre
Slide 19: Illustrative Equity Valuation Once in Production
ILLUSTRATIVE EQUITY VALUATION ONCE IN PRODUCTION Illustrative Equity Valuation as of Year 1 of Operations* $8.0 +290% Illustrative Equity Valuation as of +194% year 1 of operations ($B) $6.0 +96% $5.0 $4.0 $3.8 $2.5 $2.0 $1.3 $- PPTA Market Cap $2,500/oz $3,000/oz $3,500/oz Gold Price Assumption ($/
Slide 20: Antimony: Valuable By-Product Credit Provides Further Optionality
ANTIMONY: VALUABLE BY-PRODUCT CREDIT PROVIDES FURTHER OPTIONALITY TO HIGHER PRICES Stibnite Gold Project Base Case Price Spot Price2 Cash Flow Model Sensitivities1 Assumption Antimony price ($/lb) $10 $15 $20 $25 By-Product Credit ($ per gold ounce) $220 $329 $437 $545 Illustrative after-tax net pre
Slide 21: Overall Engineering Nearly 50% Complete
OVERALL ENGINEERING NEARLY 50% COMPLETE SCOPE STATUS (% COMPLETE) Tailings Storage Facility (TSF) 99% Burntlog Route (BLR) 95% EFSFR Diversion Tunnel 60% Sanitary Wastewater Treatment 60% Construction Water Treatment 40% Worker Housing Facility 40% Process Plant 35% Transmission Powerline 35% 21
Slide 22: 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 2026 2029 Close EXIM debt Commercial Operations Q3 2025 Early Works financing Construction Decision Summer 2025 Post Financial Assurance Summer 2025 Close royalt
Slide 23: Gaining Momentum with Near-Term Catalysts
1,2 GAINING MOMENTUM WITH NEAR-TERM CATALYSTS 2024 – 2025 HIGHLIGHTS: ✓ Final EIS (Sep 2024), Final Record of Decision (Jan 2025) Permitting & Development ✓ Idaho passed SPEED Act to streamline permitting and support critical Milestones: projects (Jan 2025) ✓ Completed basic engineering, power contr
Slide 24: Unlocking Value Through Development
UNLOCKING VALUE THROUGH DEVELOPMENT ARTEMIS SHARE PRICE PERFORMANCE G MINING SHARE PRICE PERFORMANCE SKEENA SHARE PRICE PERFORMANCE $30.00 C$/share $20.00 C$/share $25.00 C$/share $18.65 $26.71 $18.00 $25.00 +233% +301% $16.00 +548% $20.00 $19.49 $21.19 $14.00 $20.00 $12.00 $15.00 $15.03 $10.16 $15.
Slide 25: Perpetua Resources Poised for Success
NASDAQ:PPTA TSX:PPTA PERPETUA RESOURCES POISED FOR SUCCESS World class gold-antimony project and national strategic asset Superb Economics1,2 Exploration Upside1 Critical Mineral Milestones & Catalysts Large reserve 4.8 Moz gold reserves Only U.S. reserve of ✓ Jan ‘ – Final Record of Decision High g
Slide 26: Appendix
Perpetua Resources Appendix
Slide 27: Experienced Board of Directors Governing and Providing Guidance
EXPERIENCED BOARD OF DIRECTORS GOVERNING AND PROVIDING GUIDANCE Board of Directors Background Experience & Expertise • Joined Perpetua as Director in and became Chair in . Partner at Paulson & Co., Perpetua’s largest investor. ✓ Executive Leadership Marcelo Kim • Oversees Paulson & Co.’s global macr
Slide 28: Stibnite Gold Project Site Layout
STIBNITE GOLD PROJECT SITE LAYOUT • Three open pits (Yellow Pine, Hangar Flats, West End) and reprocessing of historical tailings • Tunnel to manage fish and water around Yellow Pine Pit • Ore stockpiling to bring high-grade ore forward while increasing mineral reserves and mine life • Centrally loc
Slide 29: 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 30: 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 31: 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 32: 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 33: 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 $2.0 billion to the Export-Import research, construction engagement an
Slide 34: Permitting – Next Steps
PERMITTING – NEXT STEPS NOA for DEIS In Federal EIS Project Alternatives & Register Submittal Administrative Pre-work Initiation & Environmental Prepare of PRO Approval & Planning Public Scoping Analysis Draft EIS DEIS Comment Period Engineering & Design Public Objection ROD Publish NOA for FEIS & P
Slide 35: Mineral Resources & Reserves
MINERAL RESOURCES & RESERVES 1 Proven & Probable Mineral Reserves2: Measured & Indicated Mineral Resources3: 4.8 Mozs Gold @1.43 g/t 6.0 Mozs Gold @1.42g/t 148 Mlbs antimony at 0.06% contained in 104 Mt 206 Mlbs antimony at 0.07% contained in 132 Mt 3,500 Gold M&I Mineral Resource Gold (thousands ou
Slide 36: Financial Highlights
FINANCIAL HIGHLIGHTS1,2 1. For additional information regarding the Financial Update, including underlying assumptions and Early Production Life-of-Mine risks, see the Financial Update included in the Current Report. Years 1-4 Years 1-15 2. The Financial Update assumes 100% equity financing. 3. Anti
Slide 37: Stibnite Gold Project Cost Summary
STIBNITE GOLD PROJECT COST SUMMARY1 Early Production Life of Mine Capital Operating Years 1-4 Years 1-15 Initial Sustaining Closure Total CAPEX Costs Costs CAPEX2 CAPEX CAPEX3 (US$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 38: Annual After-Tax Cash Flow (@ $2,100 Gold Price)
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 39: Supportive Shareholder Base
SUPPORTIVE SHAREHOLDER BASE CAPITAL STRUCTURE* SHAREHOLDERS2 RESEARCH COVERAGE ❖ Issued & Outstanding1 107.57 Million ❖ B. Riley Financial – Nick Giles ❖ Options1 0.59 Million Other public ❖ Cantor Fitzgerald – Mike Kozak float, 69.0% Paulson, 31.0% ❖ Share Units1 1.89 Million Institutional ❖ H.C. W
Slide 40: 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 41: 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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