Perpetua Resources Corp. · TSX:PPTA
Perpetua Resources — Investor Presentation (September 2026)
34 slides from Perpetua Resources's investor presentation, September 2026
Slide 1: Perpetua Resources Investor Presentation
I nve s to r P r e s e ntat i o n - S e p te m b er 2 0 2 6 N A S DAQ : P P TA T S X : P P TA PERPETUA RESOURCES Re s p o n s i b l e M i n i n g . C r i t i c a l Re s o u rc e s . Re s i l i en t Fu t u re . www.perpet uaresources.com
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 Cautionary Statement Regarding Reserve and Technical Information The material scientific and technical information in respect of the Stibnite Gold Project in this presentation, unless otherwise indicated, is based upon information contained in the technical rep
Slide 4: Perpetua Resources Poised for Success
NASDAQ:PPTA TSX:PPTA PERPETUA RESOURCES POISED FOR SUCCESS Stibnite Gold Project: 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
Slide 5: Supportive Shareholder Base
SUPPORTIVE SHAREHOLDER BASE CAPITAL STRUCTURE 1 SHAREHOLDERS 2 RESEARCH COVERAGE Tidal Investments, 3.9% ❖ Issued & Outstanding 125.1 Million Agnico Eagle, 6.4% BlackRock, 3.7% ❖ BMO – Brian Quast JPMorganChase, ❖ Share Units 1.1 Million 2.6% ❖ B. Riley Financial – Nick Giles Capital Group, 2.2% ❖ W
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) ✓ Rich history >100 years of mining Golden Chest (Idaho Strategic) Sunshine Mine (Sunshine Silver) Galena Complex (Americas Gold and Silver) ✓ Well-defined
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 Perpetua (Stibnite) 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 0.8
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 LOM 2 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
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 Perpetua (Stibnite) Years 1-4 463 3 Perpetua (Stibnite) Yrs LOM 296 Castle Mountain * 220 Bald Mountain 179 Marigold 154 Round Mountain 143 4 Haile 110 Railroad-Pinion * 104 Wharf 97 DeLamar * 91 M
Slide 11: Lowest All-In Sustaining Costs
LOWEST ALL-IN SUSTAINING COSTS 1 Gold Projects with >150,000 ounce annual production in Tier 1 Jurisdiction2 All-In Sustaining Costs ($/oz)1,2 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 o
Slide 12: Mine Sequencing and Production Profile
MINE SEQUENCING AND PRODUCTION PROFILE Gold Production and All-in Sustaining Costs 600 Supplementing Production via Exploration* $2,000 $/oz Gold Production, Koz 500 $1,542 $1,511 $1,500 400 $1,281 $1,338 $1,170 Gold Production (Koz) 300 $972 $1,000 556 $883 Stockpile 512 All-in Sustaining Costs 447
Slide 13: Stibnite Gold Project Financial Highlights
STIBNITE GOLD PROJECT FINANCIAL HIGHLIGHTS1,2 1. For additional information regarding the Technical Report Summary, including underlying Early Production Life-of-Mine assumptions and risks, see the Technical Report Summary and Form 10-K filed on March 31, 2026. Years 1-4 Years 1-15 2. The economic a
Slide 14: Stibnite Gold Project Cost Summary
STIBNITE GOLD PROJECT COST SUMMARY1 Early Production Life of Mine Capital Operating Years 1-4 Years 1-15 Initial Sustaining Closure Costs Total CAPEX Costs CAPEX2 CAPEX CAPEX3 (US$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 $295 Direct Costs - Mi
Slide 15: Stibnite Gold Project Site Update
STIBNITE GOLD PROJECT SITE UPDATE Worker Housing Facility Exploration core sampling Pioneering Burntlog Route Scheelite at CTFZ Service Facility Foundations 15
Slide 16: Perpetua Has Only U.S. Reserve of Antimony
1 PERPETUA HAS ONLY U.S. RESERVE OF ANTIMONY, WITH 149 Mlbs ANTIMONY - IT’S CRITICAL World Antimony 2025 Production (USGS)2 ✓ Antimony is essential to industrial and national defense Australia 1.2% Turkey 2.7% Rest of World 2.0% ✓ The United States has no large-scale domestic mined production Burma
Slide 17: Proven Domestic Source of Antimony and Tungsten
PROVEN DOMESTIC SOURCE OF ANTIMONY AND TUNGSTEN AT STIBNITE MINE FOR THE U.S. GOVERNMENT • During World War II, tungsten mined at Stibnite mine in 1942 was critical to the Allied war effort and the production of ammunition. Testimony in the 1956 Congressional Record noted the Munitions Board believe
Slide 18: Antimony: Valuable By-Product Credit
ANTIMONY: VALUABLE BY-PRODUCT CREDIT PROVIDES FURTHER OPTIONALITY TO HIGHER PRICES Stibnite Gold Project Base Case Price Cash Flow Model Sensitivities* Assumption Antimony price ($/lb) $10 $15 $20 $25 By-Product Credit ($ per gold ounce) $222 $331 $439 $547 Illustrative after-tax net present value (
Slide 19: Extensive Exploration Upside
EXTENSIVE EXPLORATION UPSIDE1 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 2 12.0 Million gold ounces • Northeast of Yellow Pine Deposit • Below Hangar Flats pit & Old Defense 10.0 Minerals Exploration Administration (DMEA) working area 8.0 1.6 • West
Slide 20: High Grade Mineralization Identified Near Yellow Pine Pit
HIGH GRADE MINERALIZATION IDENTIFIED NEAR YELLOW PINE PIT (CTFZ, HFZ) • Drill program focused on adding high grade feed to front end of mine plan to sustain high production years and expand gold and antimony production later in mine life • Recent drilling on Clark Tunnel Fault Zone (CTFZ) returned m
Slide 21: Additional High-Grade Resources Around Hangar Flats Pit
ADDITIONAL HIGH-GRADE RESOURCES AROUND HANGAR FLATS PIT IDENTIFIED • Hangar Flats remains open at depth and along strike and remains a key focus for the 2026 drill program • Recent drilling on Hangar Flats Extensions including: SB584: 3.0m @ 14.5 g/t Au* • Recent critical mineral-focused drilling**
Slide 22: Previously Drilled Holes Validate Priority Exploration Targets
PREVIOUSLY DRILLED HOLES VALIDATE PRIORITY EXPLORATION TARGETS OUTSIDE OF CURRENT RESOURCES Scout: 396ft (120m) @ 1.2g/t Au + 0.5% Sb 20ft (6m) @ 6.0 g/t Au + 6.0% Sb 247ft (75m) @ 4.69g/t Au + 0.2% Sb 144ft (43m) @ 3.51g/t Au + 1.8% Sb* Garnet: 26ft (7m) @ 10.7g/t Au* Upper Midnight: 100ft (30m) @
Slide 23: Stibnite Gold Project Financing
STIBNITE GOLD PROJECT FINANCING Stibnite Gold Project Construction Capital Sources Strategic Investor Warrants Financing Component Cash Incl. Agnico Eagle & U.S. EXIM Senior Secured Loan JPMorganChase $2.9B2 Approved Amount $574M $172M1 ($2.4B of Construction Capital & $0.5B Interest & Fees During C
Slide 24: Illustrative Equity Valuation Once in Production
ILLUSTRATIVE EQUITY VALUATION ONCE IN PRODUCTION Illustrative Equity Valuation as of Year 1 of Operations* +168% $14.0 +128% Illustrative Equity Valuation as of $12.0 +88% Year 1 of Operations ($B) $10.0 $8.2 $8.0 $7.0 $5.8 $6.0 $4.0 $3.1 $2.0 $0.0 PPTA Market Cap $4,000/oz $4,500/oz $5,000/oz Gold
Slide 25: Unlocking Value Through Development
UNLOCKING VALUE THROUGH DEVELOPMENT ARTEMIS SHARE PRICE PERFORMANCE G MINING SHARE PRICE PERFORMANCE SKEENA SHARE PRICE PERFORMANCE $45.00 C$/share $60.00 C$/share $50.00 C$/share $39.90 $44.44 $40.00 $50.53 $45.00 $35.00 +499% $50.00 +1,655% $40.00 +660% $35.00 $30.00 $40.00 $30.00 $25.00 $21.19 $3
Slide 26: Gaining Momentum with Recent Catalysts
1,2 GAINING MOMENTUM WITH RECENT CATALYSTS RECENT PERPETUA HIGHLIGHTS: KEY STIBNITE GOLD PROJECT 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) ✓ Po
Slide 27: Appendix
Appendix
Slide 28: Leading Perpetua Forward
LEADING PERPETUA FORWARD Leader Biography Experience & Expertise Jon Cherry • 35+ 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 29: 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 30: 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 investor. ✓ Executive Leadership Marcelo Kim • Oversees Paulson & Co.’s global macro-economic and nat
Slide 31: Improving a Legacy
IMPROVING A LEGACY PROJEC T M IN E PLA N D ES I GNED W I TH PO ST M IN ING R ESTO R ATIO N GOA L S IN M I N D • Address historical impacts from legacy mining incl. sedimentation repair and reprocessing 10.5M tons of tailings Blowout Creek Spent Ore & Tailings • Support a self-sustaining natural envi
Slide 32: Ore Processing - Gold & Antimony
ORE PROCESSING-GOLD & ANTIMONY 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 The information in this presentation is subject to the as
Slide 33: Department of War Awards to Perpetua
DEPARTMENT OF WAR AWARDS TO PERPETUA Critical minerals awards over $87 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 Innov
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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