Early Construction Kicks Off at Au-Sb Project
Research Report

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Disclosures for National Bank of Canada's Capital Markets,  Perpetua Resources Corp., October 22, 2025

Disclosures PRICE, RATING AND TARGET HISTORY: I = Initiation, OP = Outperform, SP = Sector Perform, UP = Underperform, UR = Under Review, R = Restricted; T = Tender (Source: Factset, NBF) Perpetua Resources Corp. Rating History as of 10/21/2025 Price (CAD) 40 35 30 25 20 15 10 5 0 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Jan 25 Apr 25 Jul 25 Oct 25 I:OP:$19.00 09/05/2024 OP:$22.00 10/09/2024 R:NM 11/18/2024 OP:$22.00 12/03/2024 OP:$22.50 01/08/2025 OP:$20.00 02/19/2025 OP:$24.00 04/01/2025 R:NM 06/11/2025 OP:$29.00 06/17/2025 OP:$37.00 09/23/2025 OP:$50.00 10/14/2025 Closing Price RISKS: Commodity Price Risk. Once producing, Perpetua would have the majority of its revenues tied to the sale of gold. Any decline in the price of gold may materially affect the company’s development and mining activities in the future. Other commodity price risks include antimony, although at a much lower significance vs. gold. Regulation Risk. The mining, processing, development and mineral exploration activities of Perpetua are subject to various laws governing prospecting, development, production, taxes, labour standards and occupational health, mine safety, toxic substances, land use, water use, land claim of local people and other matters. Permitting/Environmental Risk. The Stibnite project is subject to environmental regulation in the state of Idaho as well as regulations at a U.S. Federal level. These regulations require the project to operate within certain levels to maintain permits and advance the project. These regulations mandate the maintenance of air and water quality standards and land reclamation. The site requires a substantial cleanup of prior mining activities and an extensive 25-year reclamation plan. As the project is yet to achieve a fully permitted status, delays could occur in the granting of the final permits and or outright refusal to grant one or more of the final permits without more work carried out by the company to meet additional requirements and/or address new concerns raised by the permitting issuing government departments. Financial Risk. We assume that financing required to fund the development of Stibnite should come in the form of mostly debt, with the bulk of it assumed to be granted by EXIM at competitive interest rates, which is not guaranteed to be achieved on both the scale granted and the interest rate. Assuming this level of debt is granted, a portion of Perpetua’s future cash flows will be required to service this debt. ADDITIONAL COMPANY RELATED DISCLOSURES Perpetua Resources Corp. 2, 3, 4, 7 LEGEND FOR COMPANY RELATED DISCLOSURES: 2. NBF has provided investment banking services for this issuer within the past 12 months. 3. NBF or an affiliate has managed or co-managed a public offering of securities with respect to this issuer within the past 12 months. 4. NBF or an affiliate has received compensation for investment banking services from this issuer in the past 12 months. 5. The research analyst responsible for the report received compensation within the prior 12 months that was based upon NBF’s investment banking revenues. 6. NBF or an affiliate has a non-investment banking services related relationship during the past 12 months. 7. The issuer is a client, or was a client, of NBF or an affiliate within the past 12 months. 8. NBF or its affiliates expects to receive or intends to seek compensation for investment banking services from this issuer in the next 3 months. 9. As of the end of the month prior to the issuance date of this research report (or as of the end of the second most recent month if the report issuance date is less than 10 days after the end of the prior month), NBF or its affiliates beneficially own 1% or more of any class of common equity securities of this issuer. 10. NBF makes a market in the securities of this issuer at the time this report was published. 11. A partner, director, officer of NBF or the research analyst involved in the preparation of this report has, during the preceding 12 months, provided services to this issuer for remuneration other than services provided in the normal course of investment advisory or trade execution services. 12. A research analyst, its associate or any person directly involved in the preparation of this report holds or is short any of the issuer’s securities, directly or indirectly. 13. is a partner, director, officer, employee or agent of NBF and is a partner, an officer, director, or employee of, or serves in any advisory capacity to Perpetua Resources Corp.. 14. The research analyst or an associated person of NBF with the ability to influence the content of a research report knows or has reason to know any other material conflict of interest at the time of the publication or distribution of this report. 15. A redacted draft version of this report has been shown to the issuer for fact checking purposes and changes may have been made to the report before publication

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Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) commenced early construction at its Stibnite gold-antimony project in Idaho, reported Rabi Nizami, analyst at National Bank of Canada's Capital Markets (NBCCM) division, in an Oct. 22 research note. This work is to include preparing the construction camp and roads so the mining company may move to full construction quickly once full financing is in place.

"The commencement of early works construction is on schedule (fall 2025) and clearly marks a derisking milestone for the project," Nizami wrote.

51% Return Implied

NBCCM maintained its CA$50 per share target price on the U.S.-based mining company, noted Nizami.

"We expect Perpetua to advance through a steady price:net asset value rerate over the near-term construction period, with the potential for a more significant valuation rerate towards the later years of the build, given the project's potential to generate over US$1 billion [in] annual EBITDA," the analyst wrote.

In comparison to the CA$50 target, the mining junior was trading at about CA$33.19 per share at the time of Nizami's report. From this price, the return to target is 51%.

Perpetua remains rated Outperform.

'A Prudent Move,' Analyst Says

Two recent events allowed Perpetua to begin early construction at Stibnite, Nizami reported. One was the company posting the required US$139 million (US$139M) construction financial assurance bond, and it used a temporary cash-backed facility to do so. The other was the U.S. Forest Service approving Perpetua's plan of operations for the project.

The analyst pointed out that Perpetua posting the bond using cash on hand was surprising but lauded its moving forward now. Previously the company had guided to using a noncash vehicle for the assurance, specifically a US$200–250M royalty or stream financing.

"The decision by the company to break ground now using the cash-backed financial assurance is a prudent move, as it allows for early construction to start immediately, before winter," Nizami wrote.

Details of Financial Assurance

Nizami explained how Perpetua covered the US$139M financial assurance, highlighting that it only paid out US$40.5M, in the form of a deposit. Two letters of credit supported the rest of the total. The mine developer intends to replace the current financial assurance with non-cash arrangements and do so at or before closing of the full project financing, according to its management.

For this temporary financial assurance, Perpetua jointly posted a reclamation performance bond with Endurance Assurance for US$139M and will pay a 1.5% annual premium, equivalent to about US$2M by NBCCM's estimate. The bond is to remain in force until Perpetua completes reclamation or posts a replacement assurance facility.

Perpetua must maintain US$200M or more in aggregate collateral cash and marketable securities. It may not incur more than US$35M in estimated reclamation tied to actual disturbance without prior surety consent or it risks having to pay up to 125% of the aggregate assurance total.

As collateral support for the financial assurance, Perpetua arranged a standby letter of credit from the Bank of Nova Scotia under a US$39.5M facility with a 1% annual fee and secured it with a US$40.5M cash deposit.

Along with the surety bond, on Oct. 20, the company posted a US$4.2M letter of credit with the U.S. Army Corps of Engineers. This constituted financial assurance for offsite mitigation, required under the Clean Water Act Section 404 permit.

What to Watch For

Nizami listed the many upcoming events that could catalyze Perpetua's stock, several of which relate to financing. One is the company securing a US$200–250M royalty or stream financing. Another is final consideration by the Export-Import Bank of the United States for US$2 billion in debt financing, expected in spring of next year, followed by a full construction decision.

"We would not be surprised to see Perpetua receive further U.S. government-backed funding," Nizami wrote. "Given recent precedents in the critical minerals space, direct equity participation by the U.S. is a possibility and would represent a strong catalyst."

Other potential positive catalysts include a development regarding the remaining state ancillary Idaho Pollutant Discharge Elimination System permit, such as a resolution or the start of a court proceeding; the start of exploration drilling coincident with early construction work; and updates on Perpetua's collaboration with the U.S. Department of War (formerly the U.S. Department of Defense) on high-purity antimony test work.