Perpetua Resources Corp. · TSX:PPTA
Perpetua Resources — Investor Presentation (February 2026)
34 slides from Perpetua Resources's investor presentation, February 2026
Slide 1: Investor Presentation – February 2026
Investor Presentation – Februar y 2026 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: Perpetua Resources Poised for Success
NASDAQ:PPTA TSX:PPTA PERPETUA RESOURCES POISED FOR SUCCESS World class gold-antimony project and national strategic asset with robust investor support Superb Economics1,2 Exploration Upside1 Critical Mineral Idaho: A Premier High grade open-pit & large 4.8 Moz gold reserves Only U.S. reserve of anti
Slide 5: Supportive Shareholder Base
SUPPORTIVE SHAREHOLDER BASE CAPITAL STRUCTURE 1 SHAREHOLDERS 2 RESEARCH COVERAGE ❖ Issued & Outstanding 124.5 Million JP Morgan Chase, 2.6% ❖ BMO – Brian Quast Agnico Eagle, 6.4% ❖ Share Units 1.7 Million ❖ B. Riley Financial – Nick Giles ❖ Warrants 4.8 Million Paulson, ❖ Cantor Fitzgerald – Mike Ko
Slide 6: Idaho: A Premier Mining Jurisdiction
IDAHO: A PREMIER MINING JURISDICTION IDAHO ✓ Tier 1 Jurisdiction with low geopolitical risk Idaho silver belt Coeur d’Alene Lucky Friday (Hecla) ✓ Well-defined permitting process Golden Chest (Idaho Strategic) Sunshine Mine (Sunshine Silver) Galena Complex (Americas Gold and Silver) ✓ Robust communi
Slide 7: Stibnite Gold Project Site Layout
STIBNITE GOLD PROJECT SITE LAYOUT • Three open pits (Yellow Pine, Hangar Flats, West End) and reprocessing of historical tailings • Highest grades sequenced at beginning of mine plan to boost project economics • Centrally located ore processing plant • Geosynthetic-lined tailings storage facility wi
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 January 2026. 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. Base
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 January 2026. *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
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 Source: Latest available company materials as of January 2026. 1. Independent refers to gold projects as not owned by Barrick or Newmont; Independent projects shown are from the lower 48 states
Slide 11: Lowest All-In Sustaining Costs
LOWEST ALL-IN SUSTAINING COSTS 1 Gold Projects with >150,000 annual production in Tier 1 Jurisdiction2 All-in Sustaining Costs ($/oz)1,2 $1,500 $1,250 $1,000 $750 $500 $250 $- Stibnite (Yrs 1-4) Stibnite (LOM) Blackwater Project Hemi Project Red Mountain Project Island Kirkland Lake (Macassa) Getche
Slide 12: Mine Sequencing and Production Profile
MINE SEQUENCING AND PRODUCTION PROFILE Gold Production and All-in Sustaining Costs 600 $1,500 $1,435 $/oz $1,407 Gold Production, Koz 500 $1,241 $1,250 $1,181 $1,085 400 $1,000 $889 Supplementing Production via Exploration $815 Gold Production (Koz) 300 $750 556 Stockpile 512 All-in Sustaining Costs
Slide 13: Financial Highlights
FINANCIAL HIGHLIGHTS1,2 1. For additional information regarding the Financial Update, including underlying assumptions and Early Production Life-of-Mine risks, see the Financial Update included in the Current Report. Years 1-4 Years 1-15 2. The Financial Update assumes 100% equity financing. 3. Anti
Slide 14: Stibnite Gold Project Cost Summary
STIBNITE GOLD PROJECT COST SUMMARY1 Early Production Life of Mine Capital Operating Years 1-4 Years 1-15 Initial Sustaining Closure Total CAPEX Costs Costs CAPEX2 CAPEX CAPEX3 (US$M) (US$M) (US$M) (US$M) US$/t US$/oz US$/t US$/oz milled Au milled Au Direct Costs - Mine Costs 183.6 215.4 -- 399.0 Min
Slide 15: Only U.S. Reserve of Antimony with 148 Mlbs
ONLY U.S. RESERVE OF ANTIMONY WITH 148 Mlbs 1,2 ANTIMONY - IT’ ITI World Antimony 2025 Production (USGS) ✓ Antimony is essential to industrial and national defense Australia 1.2% Turkey 2.7% Rest of World 2.0% ✓ The United States has no large-scale domestic mined production Burma 4.1% Bolivia 4.5% ✓
Slide 16: Antimony: Valuable By-Product Credit Provides Further Optionality
ANTIMONY: VALUABLE BY-PRODUCT CREDIT PROVIDES FURTHER OPTIONALITY TO HIGHER PRICES Stibnite Gold Project Base Case Price Cash Flow Model Sensitivities* Assumption Antimony price ($/lb) $10 $15 $20 $25 By-Product Credit ($ per gold ounce) $220 $329 $437 $545 Illustrative after-tax net present value (
Slide 17: Extensive Exploration Upside
EXTENSIVE EXPLORATION UPSIDE WITHIN 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 s
Slide 18: 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 • Step out drilling will continue to test these broad, high grade structures in 2026 exploration program • Focus on expandi
Slide 19: Additional High-Grade Resources Near Hangar Flats Pit
ADDITIONAL HIGH-GRADE RESOURCES NEAR HANGAR FLATS PIT • Hangar Flats remains 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 •
Slide 20: Previously Drilled Holes Validate Priority Exploration Targets Outside of Resources
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 • Garnet: 26ft (7m) at 10.7g/t Au • Upper Midnight: 100ft
Slide 21: Stibnite Gold Project Financing
STIBNITE GOLD PROJECT FINANCING Stibnite Gold Project Anticipated Capital Sources Strategic Equity Investments Incl. Financing Component Equity Agnico Eagle and JP Morgan Chase U.S. EXIM Loan Amount $527M1 $317M2 $172M3 Up to $2B4 ✓ Application Submitted ✓ Equity ✓ Equity Outstanding ✓ Preliminary P
Slide 22: Illustrative Equity Valuation Once in Production
ILLUSTRATIVE EQUITY VALUATION ONCE IN PRODUCTION Illustrative Equity Valuation as of Year 1 of Operations* +144% $14.0 +111% Illustrative Equity Valuation as of $12.0 +77% year 1 of operations ($B) $10.0 $9.0 $7.8 $8.0 $6.5 $6.0 $4.0 $3.7 $2.0 $- PPTA Market Cap $4,000/oz $4,500/oz $5,000/oz Gold Pr
Slide 23: Unlocking Value Through Development
UNLOCKING VALUE THROUGH DEVELOPMENT ARTEMIS SHARE PRICE PERFORMANCE G MINING SHARE PRICE PERFORMANCE SKEENA SHARE PRICE PERFORMANCE $40.00 C$/share $60.00 C$/share $50.00 C$/share $36.98 $45.00 $43.19 $35.00 $48.18 +455% $50.00 +1,573% $40.00 +638% $30.00 $35.00 $40.00 $25.00 $30.00 $21.19 $20.00 $3
Slide 24: Gaining Momentum with Near-Term Catalysts
1,2 GAINING MOMENTUM WITH NEAR-TERM CATALYSTS 2025 HIGHLIGHTS: Permitting & Development Milestones: ✓ Completed basic engineering, power contract, and 2024 Financial Update (Feb 2025) ✓ ❑ Final Record of Decision (Jan 2025) ✓ Selected as Priority Project by White House (Apr 2025) ✓ ❑ Final Federal P
Slide 25: Appendix
Perpetua Resources Appendix
Slide 26: Leading Perpetua Forward
LEADING PERPETUA FORWARD Leader Biography Experience & Expertise Jon Cherry • 30+ years of experience developing mining projects, including extensive U.S. permitting experience ✓ U.S. Permitting President, • Most recently served as Chairman, President and CEO of PolyMet, with prior senior roles at t
Slide 27: Key Development Team Leaders
KEY DEVELOPMENT TEAM LEADERS Team lead Prior Experience Experience & Expertise 25+ years of project construction and engineering, delivering large-scale projects in the U.S., recent roles ✓ Project Development Jim Norine Sr. VP, Projects include Regional Director at Hatch (including Hermosa Project
Slide 28: Experienced Board of Directors
EXPERIENCED BOARD OF DIRECTORS Board of Directors Prior Experience 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 macro-economic and natural resourc
Slide 29: 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 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 • Address historical impacts from legacy mining incl. sedimentation repair and reprocessing 10.5M tons of tailings • Create a self-sustaining natural environment • Support healthy fish and w
Slide 31: 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 32: Department of War Awards
DEPARTMENT OF WAR 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 Resea
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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