Perpetua Resources Corp.

Perpetua Resources Corp. is a junior gold development company headquartered in Boise, United Kingdom, operating primarily in USA. The company's portfolio consists of 1 development project. Key assets include Stibnite. Perpetua Resources is a development-stage company focused on the redevelopment, restoration, and operation of a formerly abandoned, brownfield site. The business model uniquely integrates mineral extraction with a comprehensive environmental restoration program designed to address legacy impacts from historical activities. Operational plans contemplate conventional open-pit mining methods and processing technologies to produce both doré and a concentrate of a critical mineral. A core component of the operational plan involves the recovery and reprocessing of historical tailings, restoration of aquatic passage, relocation of historical mining wastes to engineered storage facilities, and extensive reforestation. The organization's competitive positioning is partly derived from its control of the only domestic reserves of a specific critical mineral, aligning its objectives with national strategic interests. The enterprise is subject to extensive environmental regulations and has voluntarily entered into an Administrative Settlement Agreement and Order on Consent with federal agencies to undertake time-critical removal actions aimed at improving water quality, demonstrating a proactive approach to managing historical environmental liabilities. This integrated model of concurrent resource development and environmental remediation distinguishes the company's operational philosophy.

Strategic priorities are centered on advancing its single material project to a construction decision in 2025 by securing final permits and project financing. A key component of the financing strategy involves submitting a formal application to the U.S. EXIM for up to $1.8 billion in debt financing, supported by financial advisors RBC Capital Markets and Endeavour Financial who are also evaluating other strategic opportunities. The organization is concurrently advancing construction readiness through detailed engineering with Ausenco and has executed early contractor involvement contracts with Ames, Ledcor, and Sundt. This includes initiating procurement of long-lead items, such as power line equipment, through an agreement with Idaho Power Company. The strategy leverages government funding from the Department of Defense through a Technology Investment Agreement and an Ordnance Technology Initiative Agreement to de-risk the project by funding key studies and advancing construction readiness. Furthermore, the company is actively developing a domestic supply chain for a critical mineral through strategic agreements with Sunshine Silver and U.S. Antimony. The long-term vision is to establish a domestic source for this critical mineral while redeveloping a large-scale mineral deposit and restoring a legacy industrial site.

Executive leadership was strengthened in 2024 with the appointment of Jonathan Cherry, a mining industry veteran, as President and CEO. The management team also includes a dedicated Vice President of Projects to lead development. A key aspect of corporate governance is the significant influence of its largest shareholder, Paulson & Co. Inc., which holds approximately 34.8% of outstanding shares and possesses the right to designate 2 members to the Board of Directors, including the Chairman. This concentration of ownership provides a stable, long-term investor perspective but also centralizes influence over corporate direction and transactions. The organization maintains a lean internal staff and strategically relies on a network of outside consultants and technical experts to provide critical services for permitting, engineering, and environmental studies. The Board of Directors oversees governance through an Audit Committee, a Compensation Committee, and a Corporate Governance and Nominating Committee. The company has established a Code of Conduct and Ethics Policy to guide its directors, officers, and employees.

The company's sustainability approach is fundamentally integrated into its core business model of redeveloping and restoring a legacy brownfield site. A central initiative is the comprehensive environmental cleanup program designed to address historical impacts, which includes the recovery and reprocessing of historical tailings, restoration of fish passage blocked for decades, relocation of historical mining wastes to engineered storage facilities, and extensive reforestation. The organization voluntarily entered into an Administrative Settlement Agreement and Order on Consent with the U.S. Environmental Protection Agency and the U.S. Department of Agriculture to conduct time-critical removal actions to improve water quality. A 2023 settlement agreement with the Nez Perce Tribe established a $4.0 million fund to support water quality enhancement projects within the local watershed. The approved mine plan mandates progressive and concurrent remediation and reclamation activities throughout the project lifecycle. Water management systems are designed to protect and improve water quality by separating contact and non-contact water and treating water for discharge. The company has published an annual sustainability report for 11 consecutive years, outlining its ESG policies and performance.

The corporate structure consists of the parent entity, Perpetua Resources Corp., with 2 wholly-owned subsidiaries: Perpetua Resources Idaho, Inc., which serves as the designated operating entity, and Idaho Gold Resources Company, LLC, the property-holding entity. Idaho Gold Resources Company, LLC became the sole property holder following a merger with Stibnite Gold Company in June 2021. A significant structural element is the ownership concentration, with Paulson & Co. Inc. holding approximately 34.8% of outstanding shares as of March 2025, granting it substantial influence and board representation. The project is encumbered by royalty agreements with Franco-Nevada, which holds a 1.7% net smelter return royalty on future gold production and a 100% net smelter return royalty on future payable silver production. In 2024, the company entered into strategic agreements with Sunshine Silver and U.S. Antimony to advance a domestic supply chain for a critical mineral. The company also holds an option to purchase 27 patented lode claims from the J.J. Oberbillig Estate, which represents a potential future expansion of its holdings.