Perpetua Resources Corp. · TSX:PPTA
Perpetua Resources — Investor Presentation (November 2025)
34 slides from Perpetua Resources's investor presentation, Nov 24, 2025
Slide 1: Perpetua Resources Investor Presentation – November 2025
Perpetua Resources Responsible Mining. Critical Resources. Clean Future. Investor Presentation – November 2025 N ASDAQ:PPTA TSX:PPTA
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
4 PERPETUA RESOURCES POISED FOR SUCCESS Superb Economics1,2 High grade open-pit & large gold reserve in U.S. Attractive production and AISC cost profiles Restoring Brownfield Site Environmental restoration integrated into plan of operations Re-establish fish migration and improve habitat conditions
Slide 5: Capital Structure, Shareholders and Research Coverage
❖ Issued & Outstanding 122.9 Million ❖ Options 0.3 Million ❖ Share Units 1.6 Million ❖ Warrants 4.4 Million ❖ Fully Diluted 129.3 Million ❖ Cash Balance ~$720 Million Paulson, 26.3% Other public float, 64.5% Agnico Eagle, 6.5% JP Morgan Chase, 2.6% SUPPORTIVE SHAREHOLDER BASE 1 Issued and outstandin
Slide 6: Idaho: A Premier Mining Jurisdiction
IDAHO: A PREMIER MINING JURISDICTION Stibnite Gold Project (Au-Sb) 100% Perpetua Resources Coeur d’Alene Cascade BOISE McCall 6 ✓ Tier 1 Jurisdiction with low geopolitical risk ✓ Well-defined permitting process ✓ Robust community and political support ✓ Excellent infrastructure including roads and l
Slide 7: Stibnite Gold Project Site Layout
7 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-line tailings storage facility w
Slide 8: Largest Independent U.S. Gold Reserve
LARGEST INDEPENDENT U.S. GOLD RESERVE1 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 on the FS, which is intended to be read as a whol
Slide 9: Highest Grade Open Pit Gold Deposit
HIGHEST GRADE OPEN PIT GOLD DEPOSIT * 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 shown are from the lower 48 states in the U.S
Slide 10: Poised to Be Largest Independent U.S. Gold Producer
POISED TO BE LARGEST INDEPENDENT U.S. GOLD PRODUCER1 Independent Projects and Producing Gold Mines1 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.
Slide 11: Lowest All-In Sustaining Costs
LOWEST ALL-IN SUSTAINING COSTS1 1. All-in Sustaining Cost (“AISC”) is a non-GAAP measure. See “Non-GAAP measures” at the end of this presentation. 2. Based on a comprehensive list of gold projects in the United States, Canada and Australia with over 250,000 ounces of gold production expected in 2025
Slide 12: Mine Sequencing and Production Profile
12 MINE SEQUENCING AND PRODUCTION PROFILE Note: Based on the 2020 Feasibility Study (FS) and the 2024 Financial Update, which are intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusio
Slide 13: Financial Highlights
FINANCIAL HIGHLIGHTS1,2 Early Production Years 1-4 Life-of-Mine Years 1-15 Recovered Gold Total 1,852 koz 4,223 koz Recovered Antimony3 Total 69 Mlbs 107 Mlbs Average Annual Recovered Gold 463 koz/yr 296 koz/yr Cash Costs Net of By-Product Credits4 ($/oz gold) $217/koz $537/koz Total Cash Costs Net
Slide 14: Stibnite Gold Project Cost Summary
Notes: 1. Cash costs, Total Cash Costs, and All-in Sustaining Costs are non-GAAP measures. See “Non-GAAP measures” at the end of this presentation. 2. Initial Capital (“Initial CAPEX”) includes capitalized preproduction and is presented net of pre-production revenue assuming a price of $2,100/oz gol
Slide 15: Only U.S. Reserve of Antimony with 148 Mlbs
China 60.0% Russia 13.0% Tajikistan 17.0% Australia 2.0% Burma 4.5% Bolivia 3.7% Turkey 1.6% ONLY U.S. RESERVE OF ANTIMONY WITH 148 Mlbs1,2 ✓ Antimony is essential to industrial and national defense ✓ The United States has no domestic mined production ✓ China & Russia dominate the world supply (>70%
Slide 16: Antimony: Valuable By-Product Credit Provides Further Optionality
16 ANTIMONY: VALUABLE BY-PRODUCT CREDIT PROVIDES FURTHER OPTIONALITY TO HIGHER PRICES $943M incremental NPV at Spot Antimony Prices compared to Base Case assumptions1,2 Stibnite Gold Project Cash Flow Model Sensitivities1 Antimony price ($/lb) $10 $15 $20 $25 By-Product Credit ($ per gold ounce) $22
Slide 17: Extensive Exploration Upside
4.8 1.2 1.2 Reserves M&I Resources Inferred Resources Exploration Targets 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 EXTENSIVE EXPLORATION UPSIDE WI T HI N EX I ST I NG DEPOS I TS : • Northeast of Yellow Pine Deposit • Below Hangar Flats pit & Old Defense Minerals Exploration Act (DMEA) working ar
Slide 18: Known High Grade Mineralization Near Yellow Pine Pit
Source: SGP 2021 FS, Figure 16-7, p. 16-9 18 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 i
Slide 19: Additional High-Grade Resources Near Hangar Flats Pit
ADDITIONAL HIGH-GRADE RESOURCES NEAR HANGAR FLATS PIT Source: SGP 2021 FS, Figure 9-17, p. 9-23 *Some of the prospects are conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated
Slide 20: Previously Drilled Holes Validate Priority Exploration Targets
PREVIOUSLY DRILLED HOLES VALIDATE PRIORITY EXPLORATION TARGETS OUTSIDE OF RESOURCES *Some of the prospects are conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral
Slide 21: Stibnite Gold Project Financing
21 STIBNITE GOLD PROJECT FINANCING Stibnite Gold Project Anticipated Capital Sources Financing Component Equity Strategic Equity Investments Incl. Agnico Eagle and JP Morgan Chase U.S. EXIM Loan Amount $527M1 $286M2 $156M3 Up to $2B4 Status ✓ Equity Complete ✓ Equity Complete Outstanding Warrants ✓
Slide 22: Illustrative Equity Valuation Once in Production
22 ILLUSTRATIVE EQUITY VALUATION ONCE IN PRODUCTION Illustrative Equity Valuation as of Year 1 of Operations* *Illustrative Net Present Values (5%) as of year 1 of operations (assumes sunk initial capital costs) with a valuation date a s of commencement of operations, less approximately $2 billion o
Slide 23: Unlocking Value Through Development
23 $2.60 $2.88 $10.16 $8.32 $28.20 $- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 Pre Financing (July 15, 2022) Financing Announced (July 18, 2022) First Gold Pour (July 9, 2024) Commercial Production (September 3, 2024) Current (Nov 20, 2025) $6.17 $5.85 $25.99 $- $5.00 $10.00 $15.00 $20.00 $25.00 $30
Slide 24: Gaining Momentum with Near-Term Catalysts
GAINING MOMENTUM WITH NEAR-TERM CATALYSTS1,2 ✓ Completed basic engineering, power contract, and 2024 Financial Update (Feb 2025) ✓ Selected as Priority Project by White House (Apr 2025) ✓ Received Preliminary Project Letter and Indicative Term Sheet from EXIM (Sept 2025) ✓ Announced Request for Prop
Slide 25: Appendix
Perpetua Resources Appendix
Slide 26: Leadership Team
26 Leader Biography Experience & Expertise Jon Cherry President, CEO & Director • 30+ years of experience developing mining projects, including extensive permitting experience in the U.S. • Most recently served as Chairman, President and CEO of PolyMet, with prior senior roles at the Resolution JV a
Slide 27: Operations Team
27 Team lead Prior Experience Experience & Expertise Travis Walker Operations General Manager Kışladağ/Eldorado Gold - Process Manager, Mansourah Massarah/Ma'aden - Process Manager, Peñasquito/Newmont - Superintendent Process Operations, Pueblo Viejo/Barrick - General Supervisor Operations, Bagdad/F
Slide 28: Board of Directors
28 Board of Directors Background Experience & Expertise Marcelo Kim Chairman • Joined Perpetua as Director in and became Chair in . Partner at Paulson & Co., Perpetua’s largest investor. • Oversees Paulson & Co.’s global macro-economic and natural resource investments; extensive experience in commod
Slide 29: Mineral Resources & Reserves
MINERAL RESOURCES & RESERVES1 206 Mlbs antimony at 0.07% contained in 132 Mt Measured & Indicated Mineral Resources3 : 6.0 Mozs Gold @1.42g/t 148 Mlbs antimony at 0.06% contained in 104 Mt Gold M&I Mineral Resource Gold P&P Mineral Reserve Antimony M&I Mineral Resource Antimony P&P Mineral Reserve Y
Slide 30: Improving a Legacy Plan Designed with Post Mining Restoration Goals
IMPROVING A LEGACY PLAN DESIGNED WITH POST MINING RESTORATION GOALS IN MIND • 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 wildlife population • Revegetation
Slide 31: Ore Processing Flow Sheet
Based on the FS, which is intended to be read as a whole, and sections should not be read or relied upon out of context. The information in this presentation is subject to the assumptions, exclusions and qualifications contained in the Technical Reports. See “Cautionary Note and Technical Disclosure
Slide 32: Department of Defense Awards
Advance permitting & construction readiness 32 DEPARTMENT OF DEFENSE AWARDS Critical minerals awards over $80 million* combined to advance antimony research, construction readiness, permitting, and engineering. SBIR DOTC DPA Title III Program Small Business Innovation Research Grant (SBIR) Defense O
Slide 33: Qualified Persons and Technical Reports
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 offsite infrastructure, cos
Slide 34: 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 as presented in t
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