2025 Annual Report

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# 2025 Annual Report

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# 2025 Annual Report
2025 ANNUAL REPORT
Responsible Mining. Critical Resources. Clean Future.
W W W. P E R P E T U A R E S O U R C E S . C O M
2025 and Recent Highlights
Zero lost time incidents or reportable Received conditional Notice to
environmental spills. Proceed from the U.S. Forest Service
and broke ground on early works
construction at the Stibnite Gold
Held 2025 Annual General Meeting Project on October 21, 2025.
and shareholders voted in favor of all
proposals.
As part of early works, posted
approximately $135 million of
Stibnite Gold Project selected as a construction phase financial assurance
White House Transparency Project in with federal and state agencies
April 2025, underscoring the Project's
strategic national importance.
U.S. EXIM Board unanimously agreed
to notify Congress of a proposed $2.7
U.S. Army Corps of Engineers issued billion senior secured long-term loan
the Section 404 Clean Water Act for the Stibnite Gold Project — the
permit for the Stibnite Gold Project. final formal step before Board vote on
full approval.
U.S. Forest Service approved the
Plan of Operations for the Project, Raised over $850 million in equity
enabling construction to advance. including, $255 million in strategic
equity investments from Agnico Eagle
Mines Limited and JPMorganChase,
Appointed Hatch Ltd. as EPCM strengthening the Company's capital
contractor in December 2025 to position and reducing financing risk.
manage key project components
including the processing plant,
pressure oxidation facility, and related Progressed detailed engineering
infrastructure. throughout 2025 and advancing
comprehensive project financing plan
in anticipation of a full construction
Announced partnership with Idaho sanction decision.
National Laboratory to conduct pilot-
scale testing to produce antimony
trisulfide for domestic defense and
industrial uses.
Pg. 2
COMPANY OVERVIEW
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries,
is focused on the exploration, site restoration and redevelopment
of gold-antimony-silver deposits in the Stibnite-Yellow Pine district
of central Idaho. The Stibnite Gold Project is one of the highest-
grade, open pit gold deposits in the United States and holds the
only identified domestic reserve of the critical mineral antimony,
which is essential to the defense, energy and manufacturing
sectors. The Project is designed to apply a modern, responsible
mining approach to restore an abandoned mine site and provide
uplift to water quality, improve fish habitat access, and invest in
river restoration while supporting local economic development in
rural Idaho.
Pg. 3
LETTER FROM OUR CEO
Jon Cherry, President & CEO
DEAR FELLOW SHAREHOLDERS,
2025 was the most important year in the history of Perpetua Resources. The
milestones we achieved in permitting, financing, engineering, and construction
transformed the Stibnite Gold Project (Stibnite) from an opportunity into a
project of national significance that is permitted for construction. On behalf
of the entire Perpetua team, I am proud to report on what we accomplished
together and to share our outlook for the critical year ahead.
A Year of Historic Milestones
On January 3, the U.S. Forest Service issued the Final Record of Decision approving our mine plan — the most
significant regulatory milestone in our company's history, and the culmination of years of rigorous environmental
review and responsible mine design.
In April, the White House designated Stibnite a Transparency Project, highlighting its economic significance
and its role in reducing America's dependence on foreign adversaries for critical minerals. Stibnite hosts one
of the highest-grade open-pit gold deposits in the United States and is poised to become the nation's only
domestic mined source of antimony, a mineral long sourced from hostile nations and now subject to Chinese
export restrictions. Given antimony's key role in defense and industrial applications, the urgency of bringing
Stibnite into production has never been greater.
With approvals from the U.S. Forest Service and other federal & state agencies, we proceeded to post over
$135 million of financial assurance and broke ground on October 21. This was a historic moment for our
shareholders, our workforce, and the state of Idaho. To support that milestone and fund construction readiness,
we raised over $850 million in equity during 2025 which is a clear testament to the quality of our asset and the
confidence institutional investors place in our team. This included $255 million in strategic investments from
Agnico Eagle Mines and JPMorganChase, investments that bring not only capital but technical expertise and
credibility to our development program.
With approximately $714 million in cash on hand at year-end, no debt, and all our federal construction permits
secured, Perpetua entered 2026 in the strongest financial and regulatory position in its history. In parallel, we
advanced a key partnership with the Export-Import Bank of the United States (EXIM) with the objective of
arranging a senior secured loan to finance construction of Stibnite.
We completed basic engineering in January and progressed detailed engineering through year-end. In
December, we appointed Hatch Ltd. as our Engineering, Procurement, and Construction Management (EPCM)
contractor to manage key components of the processing plant, pressure oxidation facility, and associated
Pg. 4
LETTER FROM OUR CEO
Jon Cherry, President & CEO
infrastructure, and executed critical contracts with Idaho Power and ATCO
in support of construction readiness.
Looking Ahead: 2026 Catalysts
As we enter 2026, Perpetua stands at the threshold of a full construction
decision, and the catalysts ahead are among the most significant.
On March 30, 2026, the Board of EXIM unanimously agreed to notify Congress of a proposed $2.7 billion
senior secured loan for the development of the Stibnite Gold project initiating the last formal step before
an EXIM Board vote on final approval. This proposed financing, structured under U.S. EXIM's Make More in
America program, reflects the Project's alignment with the highest priorities of U.S. industrial and national
security policy. If approved, this loan, combined with our existing cash position, would provide sufficient capital
to finance the Project's estimated $2.576 billion capital cost.
Following the 25-day Congressional notice period, we anticipate the final EXIM Board vote shortly thereafter,
which would position us to reach a Final Investment Decision later in 2026. Potential loan drawdowns are
anticipated for the second half of the year, subject to completion of definitive documentation and satisfaction
of conditions precedent.
In parallel, we are advancing antimony offtake negotiations, continuing early works construction activities, and
progressing exploration drilling on high-priority targets within our substantial land package. Our partnership
with Idaho National Laboratory to conduct pilot-scale testing of antimony trisulfide for domestic applications
further strengthens our position as a key domestic solution to America's antimony supply gap.
Our Stibnite Project is poised to create lasting employment in Idaho, restore an abandoned mine site, and
deliver gold and critical minerals to our nation's military and industrial base.
I am grateful for the continued support of our shareholders, our communities, our government partners, and
the exceptional team at Perpetua Resources. The work ahead is significant — and we are ready.
Thank you for your continued trust and support.
Sincerely,
Jon Cherry
President & CEO
Pg. 5
ESG OVERVIEW
Transparency and accountability drive us.
We believe Perpetua Resources and the Stibnite Gold Project are uniquely positioned to demonstrate an
industry-leading sustainability approach. The Project is designed to restore an abandoned mine area through
reprocessing and safely storing millions of tons of legacy mine tailings, restoring river habitat and fish migration
access, and improving wetlands.
From the start, Perpetua Resources has made ESG a priority. We believe the success for our people, project,
shareholders, and stakeholders relies on doing business the right way and in accordance with our guiding
principles.
OUR GUIDING PRINCIPLES
PURPOSE
Our goal is to leave the Project site better than we found it and to leave a lasting legacy of eco-
nomic benefits in our community.
RESPONSIBILITY
Responsible corporate behavior, with respect to environmental, social and governance factors, can
generally have a positive influence on long-term financial performance.
TRANSPARENCY
Disclosure can allow stakeholders and other interested parties to better understand, evaluate and
assess potential risk and return, including the potential impact of ESG factors on Perpetua Re-
sources’ performance.
DATA DRIVEN
Investment analysis should incorporate certain environment, social and governance factors to the
extent that they affect risk and return.
GOVERNANCE
Division of authority and responsibilities among shareholders, directors and managers are key to
good corporate governance.
Pg. 6
MILESTONES ACHIEVED
Our major sustainability milestones to date.
2016
Plan of Restoration + Operations submitted
2018
Community Agreement with eight local communities
2019
ESG Policy adopted
2021
Early Clean Up Agreement with EPA + Enhanced ESG Policy
2023
Clean Water Act Settlement Agreement with Nez Perce Tribe
2024
Final USFS Environmental Impact Statement and Draft Record of Decision
Published
Completed $20 Million investment in Early Clean Up Activities
2025
Final USFS Record of Decision and Posting of Initial Financial Assurance
Community Benefit Impact Agreement signed with Valley County
Grievance Policy Adopted
Pg. 7
Stibnite Gold Project - An Emerging
National Strategic Asset
Located in Central Idaho, a premier U.S. mining jurisdiction with extensive
mining, infrastructure as well as community and political support.
Perpetua Resources has been responsibly working to redevelop one of the
largest, highest grade and lowest cost gold projects in the U.S.
Alongside Stibnite’s 4.8 million oz gold reserves, our project also hosts the
only U.S. reserve of antimony (148 million lbs*) – and one of the largest
antimony reserves in the world.
Stibnite has a rich history of mining spanning over a century and produced
over 90% of the antimony and 50% of the tungsten used by the U.S. military
during WWII*.
Developing Stibnite would create significant new jobs and a national
strategic asset in Idaho with critical minerals essential for national defense
and the clean energy future.
With the goal of strengthening America’s supply chains and creating jobs
right here at home, Perpetua is working to arrange a $2.7 billion secured
loan with the U.S. EXIM bank under the Make More in America initiative.
March 2026 Technical Report Summary demonstrates compelling project
economics with ~15 year reserve life, <2 year payback period and $6.1
billion NPV at $4,500* gold.
Sustainable approach to restoring the environment, reestablishing fish
migration and improving habitat conditions while creating value for
stakeholders.
Pg. 8
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to __________
Commission File Number 001-39918
PERPETUA RESOURCES CORP.
(Exact name of Registrant as specified in its Chart

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