Perpetua Resources Corp. · TSX:PPTA
Perpetua Resources — Investor Presentation (July 2026)
34 slides from Perpetua Resources's investor presentation, July 2026
Slide 1: Perpetua Resources Investor Presentation July 2026
I nve st or Pre sent at io n – Ju ly 2 0 2 6 NAS DAQ : PP TA T SX: P P TA Perpetua Resources Re sp on sib le Minin g. Critica l Resou rces. Clean Fu tu re.
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 Investors should be aware that the U.S. EXIM notification to Congress does not represent a financing commitment from U.S. EXIM and is subject to approval of the proposed loan by the U.S. EXIM board following the 25-day notice period. There can be no assurance t
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 Exploration Upside Critical Minerals Idaho: A Premier High grade open-pit & large 4.8 Moz gold reserves Only U.S. reserve of antimo
Slide 5: Supportive Shareholder Base
SUPPORTIVE SHAREHOLDER BASE CAPITAL STRUCTURE 1 SHAREHOLDERS 2 RESEARCH COVERAGE JP Morgan Chase, 2.6% ❖ Issued & Outstanding 125.1 Million ❖ BMO – Brian Quast Agnico Eagle, 6.4% ❖ Share Units 1.1 Million ❖ B. Riley Financial – Nick Giles ❖ Warrants 4.8 Million Paulso ❖ Cantor Fitzgerald – Mike Koza
Slide 6: Idaho: A Premier Mining Jurisdiction
IDAHO: A PREMIER MINING JURISDICTION IDAHO ✓ Tier 1 Jurisdiction with low geopolitical risk Idaho silver belt Lucky Friday (Hecla) Coeur d’Alene ✓ Well-defined permitting process Golden Chest (Idaho Strategic) Sunshine Mine (Sunshine Silver) Galena Complex (Americas Gold and Silver) ✓ Strong 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 2 1 Perpetua (Stibnite) Reserves 4.8 Castle Mountain 4.1 Marigold 3 2.8 Round Mountain 1.9 Railroad-Pinion 1.5 Rochester 1.3 DeLamar 1.3 Wharf 1.3 Bald Mountain 1.2 North Bullfrog 1.1 3 Haile 0.9 Florida Canyon 0.8 Hasbrouck 0.
Slide 9: Highest Grade Open Pit Gold Deposit
1 HIGHEST GRADE OPEN PIT GOLD DEPOSIT Independent Open Pit Gold Deposits1 Perpetua (Stibnite) Years 1-42 2.2 Haile 3 1.6 Perpetua (Stibnite) Yrs LOM2 1.4 Round Mountain 1.3 Railroad-Pinion 0.7 Wharf 0.7 Goldfield 0.7 Hasbrouck 0.6 Bald Mountain 0.6 Marigold 3 0.5 Castle Mountain 0.5 North Bullfrog 0
Slide 10: Poised to Be Largest Independent U.S. Gold Producer
POISED TO BE LARGEST INDEPENDENT U.S. GOLD PRODUCER 1 Independent Projects and Producing Gold Perpetua (Stibnite) Years 1-4 3 Mines1 463 3 Perpetua (Stibnite) Yrs LOM 296 Castle Mountain * 220 Bald Mountain 179 Marigold 154 Round Mountain 143 Haile4 110 Railroad-Pinion * 104 Wharf 97 DeLamar * 91 Me
Slide 11: Lowest All-in Sustaining Costs
LOWEST ALL-IN SUSTAINING COSTS All-in Sustaining Costs ($/oz)1,2 1 Gold Projects with >150,000 annual production in Tier 1 Jurisdiction2 Valuable antimony by-product credit of $222/oz over life of mine (assumes $10/lb antimony) Source: Peer data based on latest available company materials as of Marc
Slide 12: Mine Sequencing and Production Profile
MINE SEQUENCING AND PRODUCTION PROFILE Gold Production and All-in Sustaining 600 Costs Supplementing Production via $2,000 $/oz Exploration Gold Production, Koz 500 $1,542 $1,511 $1,500 400 $1,281 $1,338 $1,170 Gold Production (Koz) 300 $972 $1,000 512 556 $883 Stockpile 447 396 All-in Sustaining Co
Slide 13: Financial Highlights
FINANCIAL HIGHLIGHTS 1,2 Early 1. For additional information regarding the Technical Report Summary, including underlying Life-of-Mine assumptions and risks, see the Technical Report Summary and Form 10-K filed on March Production 31, 2026. Years 1-15 Years 1-4 2. The economic analysis assumes 100%
Slide 14: Stibnite Gold Project Cost Summary
STIBNITE GOLD PROJECT COST SUMMARY1 Early Production Life of Mine Capital Operating Years 1-4 Years 1-15 Initial Sustainin Closure Total Costs Costs CAPEX2 g CAPEX CAPEX3 CAPEX (US$M) (US$M) (US$M) (US$M) US$/st US$/oz US$/st US$/oz milled Au milled Au Mining $14.13 $248 $10.78 $295 Direct Costs - M
Slide 15: Only U.S. Reserve of Antimony, with 149 Mlbs
ONLY U.S. RESERVE OF ANTIMONY, WITH 149 Mlbs 1 ANTIMONY - IT’S CRITICAL World Antimony 2025 Production ✓ Antimony is essential to industrial and national defense (USGS) Australia 1.2% 2 Turkey 2.7% Rest of World 2.0% ✓ The United States has no large-scale domestic mined Burma 4.1% production Bolivia
Slide 16: Proven Domestic Source of Antimony and Tungsten for the U.S. Government
PROVEN DOMESTIC SOURCE OF ANTIMONY AND TUNGSTEN FOR THE U.S. GOVERNMENT • During World War II, tungsten mined at Stibnite in 1942 was critical to the Allied war effort and the production of ammunition • According to testimony in the 1956 Congressional Record, the Munitions Board believed the discove
Slide 17: Antimony: Valuable By-Product Credit Provides Further Optionality
ANTIMONY: VALUABLE BY-PRODUCT CREDIT PROVIDES FURTHER OPTIONALITY TO HIGHER PRICES Stibnite Gold Project Base Case Price Cash Flow Model Sensitivities* Assumption Antimony price ($/lb) $10 $15 $20 $25 By-Product Credit ($ per gold ounce) $222 $331 $439 $547 Illustrative after-tax net present value (
Slide 18: Extensive Exploration Upside
EXTENSIVE EXPLORATION UPSIDE1,3 W I TH I N EX IS TI N G D E P O S I TS : S TI B N I TE GO L D P R OJ EC T M IN E R A L E12.0 N DMillion OWM E Nounces gold T2 • Northeast of Yellow Pine Deposit • Below Hangar Flats pit & Old Defense 10.0 Minerals Exploration Act (DMEA) working area 8.0 1.6 • West End
Slide 19: 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 20: Additional High-Grade Resources Near Hangar Flats Pit
ADDITIONAL HIGH-GRADE RESOURCES NEAR • Hangar Flats remains open at HANGAR FLATS PIT 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 21: 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 • Garnet: 26ft (7m) at 10.7g/t Au • Upper Midnight: 100ft
Slide 22: Stibnite Gold Project Financing
STIBNITE GOLD PROJECT FINANCING Stibnite Gold Project Anticipated Capital Sources Strategic Investments Financing Component Cash1 Incl. Agnico Eagle and JP U.S. EXIM Senior Secured Loan Morgan Chase Amount $670M $172M2 ~$2.9B3 Approved ✓ On-hand as of • Outstanding Warrants • U.S. EXIM Board Approva
Slide 23: Illustrative Equity Valuation Once in Production
ILLUSTRATIVE EQUITY VALUATION ONCE IN PRODUCTION Illustrative Equity Valuation as of Year 1 of Operations* +284 $14.0 +231 % Illustrative Equity Valuation as of year 1 of operations $12.0 +178 % $10.0 % $9.0 $7.8 $8.0 $6.5 ($B) $6.0 $4.0 $2.3 $2.0 $0.0 PPTA Market Cap $4,000/oz $4,500/oz $5,000/oz G
Slide 24: Unlocking Value Through Development
UNLOCKING VALUE THROUGH DEVELOPMENT ARTEMIS SHARE PRICE PERFORMANCE G MINING SHARE PRICE PERFORMANCESKEENA SHARE PRICE PERFORMANC $35.00 C$/shar $35.00 C$/shar $30.00 C$/shar e $31.21 e e $26.66 $30.00 +369 $30.00 $29.52 +356 +925% $25.00 % $25.00 % $25.00 $20.00 $21.19 $20.00 $20.00 $15.00 $15.03 $
Slide 25: Gaining Momentum with Recent Catalysts
1,2 GAINING MOMENTUM WITH RECENT CATALYSTS RECENT HIGHLIGHTS: Key Company Catalysts: ✓ Completed basic engineering, power contract (Feb 2025) ✓ ❑ Final Record of Decision (Jan 2025) and Final Federal Permit (May 2025) ✓ Selected as Priority Project by White House (Apr 2025) ✓ ❑ Posted construction p
Slide 26: Appendix
Perpetua Resources Appendix
Slide 27: Leading Perpetua Forward
LEADING PERPETUA FORWARD Leader Biography Experience & Expertise • 30+ years of experience developing mining projects, including extensive U.S. permitting ✓ U.S. Permitting Jon Cherry experience President, ✓ Stakeholder Relations CEO & Director • Most recently served as Chairman, President and CEO o
Slide 28: 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., ✓ Project Development Jim Norine recent roles include Regional Director at Hatch (including Hermosa Project development), ✓ E
Slide 29: Experienced Board of Directors
EXPERIENCED BOARD OF DIRECTORS Board of Directors Prior Experience Experience & Expertise • Joined Perpetua as Director in 2016 and became Chair in 2020. Partner at Paulson & Co., Perpetua’s largest ✓ Executive Leadership Marcelo Kim investor. ✓ Financial Experience Chairman • Oversees Paulson & Co.
Slide 30: Mineral Resources & Reserves
MINERAL RESOURCES & RESERVES 1 Mineral Reserves2: Mineral Resources2: 4.8 Mozs Gold @1.43 g/t 6.3 Mozs Gold @1.33g/t 149 Mlbs antimony at 0.06% contained in 105 Mt 216 Mlbs antimony at 0.07% contained in 148 Mt 3,500 140,000 Gold Mineral Reserve Antimony Mineral Reserve 3,000 Gold Mineral Resource 1
Slide 31: Improving a Legacy
IMPROVING A LEGACY PL AN D E S IGN E D W IT H PO S T M IN I N G R ES TO R AT IO N GO ALS I N M IN D • Address historical impacts from legacy mining incl. sedimentation repair and reprocessing 10.5M tons of tailings • Support a self-sustaining natural environment • Reinvigorate fish and wildlife popu
Slide 32: Ore Processing
ORE PROCESSING Crushing, Process Area SAG & Ball FLOW SHEET Detail Milling High Sb Antimony Stibnite Flotation Sulfide Concentrate Low Sb Sulfide Pyrite Flotation Oxide Transition POX al Residuals Gold Leach Electrowinning Dore The information in this presentation is subject to the assumptions, excl
Slide 33: 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 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), All-In Costs (AIC), Average Annual EBITDA and Average Annual Free Cash Flow (FCF) with respect to the expected re
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