See How Analysts Rate Co. With Only Antimony Reserve in US
Analyst Consensus Report

1. Perpetua Resources Corp is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Perpetua Resources Corp. and Agnico Eagle Mines Ltd.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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1. Street Smart Average Price Target Formula

Street Smart Consulting has attained an average price target and rating for this company from our system's formula. The system calculates an average of all analyst target prices, which are originally in Canadian or U.S. dollars, then converts them to both dollar amounts. For the recommendation, it selects whichever rating (Buy, Sell, Hold, etc.) appears most frequently among analysts. When there's a tie for the most common recommendation, all tied ratings are included.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Disclosures for National Bank of Canada Capital Markets, Perpetua Resources Corp., April 8, 2026:

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 Amex Exploration Inc. 2, 4, 7 Artemis Gold Inc. 2, 3, 4, 6, 7, 10, 374, 406 Liberty Gold Corp. Montage Gold Corp. 421 NOVAGOLD Resources Inc. 2, 3, 4, 7, 384 New Found Gold Corp. 10 Rupert Resources Ltd. 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 374 An NBF analyst attended a tour of Artemis Gold’s Blackwater Mine in British Columbia on May 30, 2025. A portion of the analyst's expenses were paid by the issuer. 406 An NBCM analyst attended a tour of Artemis Gold's Blackwater Mine near Prince George, B.C. on October 6 and 7, 2025. A portion of the analyst's expenses were paid by the issuer. 421 An NBCM analyst attended a tour of Montage Gold's Koné Gold Project in Northwest Côte d'Ivoire from November 20-21, 2025. A portion of the analyst's expenses were paid by the issuer. 384 An NBF Associate Analyst attended a tour of NOVAGOLD's Donlin Gold project in Southwest Alaska, US on June 18, 2025. A portion of the expenses were paid by the issuer.

DISCLOSURES GENERAL: This Report was prepared by National Bank Financial Inc. (NBF), a Canadian investment dealer, a dealer member of the Canadian Investment Regulatory Organization (CIRO) and an indirect wholly owned subsidiary of National Bank of Canada. National Bank of Canada is a public company listed on the Toronto Stock Exchange. The particulars contained herein were obtained from sources which we believe to be reliable but are not guaranteed by us and may be incomplete and may be subject to change without notice. The information is current as of the date of this document. Neither the author nor NBF assumes any obligation to update the information or advise on further developments relating to the topics or securities discussed. The opinions expressed are not to be construed as a solicitation or offer to buy or sell the securities mentioned herein, and nothing in this report constitutes a representation that any investment strategy or recommendation contained herein is suitable or appropriate to a recipient’s individual circumstances. In all cases, investors should conduct their own investigation and analysis of such information before taking or omitting to take any action in relation to securities or markets that are analyzed in this report. The report alone is not intended to form the basis for an investment decision, or to replace any due diligence or analytical work required by you or your advisers, if needed, in making an investment decision. The value of investments, and the income derived from them, can go down as well as up and you may not get back the amount invested. Neither past performance nor forecasts are a reliable guide to future performance. If an investment is denominated in a foreign currency, rates of exchange may have an adverse effect on the value of the investment. Investments which are illiquid may be difficult to sell or realize; it may also be difficult to obtain reliable information about their value or the extent of the risks to which they are exposed. Certain transactions, including those involving futures, swaps, and other derivatives, give rise to substantial risk and are not suitable for all investors. NBF makes no representation as to the proper characterization of the investments for legal, regulatory or tax purposes, or as to the ability of a particular investor to invest or transact in the investments under applicable legal restrictions. Differences in the legal and regulatory regimes in different jurisdictions may significantly impact the legal and regulatory risks affecting the investment sector and / or investment. It is your responsibility to assess any such differences and associated risks. This report is for distribution only under such circumstances as may be permitted by applicable law. This report is not directed at you if NBF or any affiliate distributing this report is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. National Bank of Canada Capital Markets is a trade name used by National Bank Financial Inc. and National Bank of Canada Financial Inc. CANADIAN RESIDENTS: NBF or its affiliates may engage in any trading strategies described herein for their own account or on a discretionary basis on behalf of certain clients and, as market conditions change, may amend or change investment strategy including full and complete divestment. The trading interests of NBF and its affiliates may also be contrary to any opinions expressed in this report. NBF or its affiliates often act as financial advisor, agent, lender or underwriter or provides trading related services for certain issuers mentioned herein and may receive remuneration for its services. NBF is a member of the Canadian Investor Protection Fund.

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HK RESIDENTS: With respect to the distribution of this report in Hong Kong by NBC Financial Markets Asia Limited (NBCFMA) which is licensed by the Securities and Futures Commission (SFC) to conduct Type 1 (dealing in securities) and Type 3 (leveraged foreign exchange trading) regulated activities, the contents of this report are solely for informational purposes. It has not been approved by, reviewed by, verified by or filed with any regulator in Hong Kong. Nothing herein is a recommendation, advice, offer or solicitation to buy or sell a product or service, nor an official confirmation of any transaction. None of the products issuers, NBCFMA or its affiliates or other persons or entities named herein are obliged to notify you of changes to any information and none of the foregoing assume any loss suffered by you in reliance of such information. The content of this report may contain information about investment products which are not authorized by SFC for offering to the public in Hong Kong and such information will only be available to those persons who are Professional Investors (as defined in the Securities and Futures Ordinance of Hong Kong (SFO)). If you are in any doubt as to your status you should consult a financial adviser or contact us. This material is not meant to be marketing materials and is not intended for public distribution. Please note that neither this material nor the product referred to is authorized for sale by SFC. Please refer to product prospectus for full details. There may be conflicts of interest relating to NBCFMA or its affiliates’ businesses. These activities and interests include potential multiple advisory, transactional and financial and other interests in securities and instruments that may be purchased or sold by NBCFMA or its affiliates, or in other investment vehicles which are managed by NBCFMA or its affiliates that may purchase or sell such securities and instruments. No other entity within the National Bank of Canada group, including National Bank of Canada and National Bank Financial Inc., is licensed or registered with the SFC. Accordingly, such entities and their employees are not permitted and do not intend to: (i) carry on a business in any regulated activity in Hong Kong; (ii) hold themselves out as carrying on a business in any regulated activity in Hong Kong; or (iii) actively market their services to the Hong Kong public. EU RESIDENTS: With respect to the distribution of this report in the member states of the European Union (EU) and the European Economic Area (EEA) by NBC Paris, the contents of this report are for information purposes only and do not constitute investment advice, investment research, financial analysis or other forms of general recommendation relating to transactions in financial instruments within the meaning of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 (MiFID 2). This report is intended only for professional investors and eligible counterparties within the meaning of MiFID 2 and its contents have not been reviewed or approved by any EU/EEA authority. NBC Paris is an investment firm authorized by the French Prudential Control and Resolution Authority (ACPR) to provide investment services in France and has passported its investment services throughout the EU/EEA under the freedom to provide services and has its registered office at 8 avenue Percier, 75008 Paris, France. “NBC Capital Markets, a subsidiary of National Bank of Canada” is a trade name used by NBC Paris S.A. NBF is not authorized to provide investment services in the EU/EEA.

COPYRIGHT: This Report may not be reproduced in whole or in part, or further distributed or published or referred to in any manner whatsoever, nor may the information, opinions or conclusions contained in it be referred to without in each case the prior express written consent of NBF. RESEARCH ANALYSTS: All of the views expressed in this research report accurately reflect the research analyst’s personal views regarding any and all of the subject securities or issuers. No part of the analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. The analyst responsible for the production of this report certifies that the views expressed herein reflect his or her accurate personal and technical judgment at the moment of publication. NBF compensates its research analysts from a variety of sources. The Research Department is a cost centre and is funded by the business activities of NBF including Institutional Equity Sales and Trading, Retail Sales, the correspondent clearing business, and Corporate and Investment Banking. Since the revenues from these businesses vary, the funds for research compensation vary. No one business line has a greater influence than any other for research analyst compensation. Ratings And What They Mean: PRIMARY STOCK RATING: NBF has a three-tiered rating system that is relative to the coverage universe of the particular analyst. Here is a brief description of each: Outperform (OP) – The stock is expected to outperform the analyst’s coverage universe over the next 12 months; Sector Perform (SP) – The stock is projected to perform in line with the sector over the next 12 months; Underperform (UP) – The stock is expected to underperform the sector over the next 12 months. SECONDARY STOCK RATING: Under Review (UR) − Our analyst has withdrawn the rating because of insufficient information and is awaiting more information and/or clarification; Tender (T) − Our analyst is recommending that investors tender to a specific offering for the company’s stock; Restricted (R) − Because of ongoing investment banking transactions or because of other circumstances, NBF policy and/or laws or regulations preclude our analyst from rating a company’s stock. INDUSTRY RATING: NBF has an Industry Weighting system that reflects the view of our Economics & Strategy Group, using its sector rotation strategy. The three-tiered system rates industries as Overweight, Market Weight and Underweight, depending on the sector’s projected performance against broader market averages over the next 12 months. RISK RATING: As of June 30, 2020, National Bank Financial discontinued its Below Average, Average and Above Average risk ratings. We continue to use the Speculative risk rating which reflects higher financial and/or operational risk. DISSEMINATION POLICY: Please click on this link to access NBF's Research Dissemination Policy. COMPANY RELATED DISCLOSURES: Please click on this link to access Company Related Disclosures.

Disclosures for H.C.Wainwright & Co., Perpetua Resources Corp., April 7, 2026:

This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to unsubscribe@hcwresearch.com and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet. H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility. RETURN ASSESSMENT Market Outperform (Buy): The common stock of the company is expected to outperform a passive index comprised of all the common stock of companies within the same sector. Market Perform (Neutral): The common stock of the company is expected to mimic the performance of a passive index comprised of all the common stock of companies within the same sector. Market Underperform (Sell): The common stock of the company is expected to underperform a passive index comprised of all the common stock of companies within the same sector. Rating and Price Target History for: Perpetua Resources Corp. (PPTA-US) as of 02-04-2026 40 35 30 25 20 15 10 5 0 2023 Q1 Q2 Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 2026 Q1 BUY:$8.50 08/04/22 BUY:$9.00 03/20/23 BUY:$10.25 06/27/23 BUY:$10.00 09/26/23 BUY:$10.50 03/28/24 BUY:$13.25 05/14/24 BUY:$22.00 11/15/24 BUY:$25.00 01/07/25 BUY:$28.00 03/21/25 BUY:$27.50 05/13/25 BUY:$30.00 08/15/25 Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months. Distribution of Ratings Table as of February 4, 2026 IB Service/Past 12 Months Ratings Count Percent Count Percent Buy 577 87.42% 145 25.13% Neutral 58 8.79% 10 17.24% Sell 1 0.15% 0 0.00% Under Review 24 3.64% 4 16.67% H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Heiko F. Ihle, CFA , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Perpetua Resources Corp. (including, without limitation, any option, right, warrant, future, long or short position). As of January 31, 2026 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Perpetua Resources Corp.. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report.

The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The Firm or its affiliates did receive compensation from Perpetua Resources Corp. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Perpetua Resources Corp. during the past 12 months. The Firm does not make a market in Perpetua Resources Corp. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

Disclosures for B. Riley Securities, Perpetua Resources Corp., April 1, 2026:

Important Information This report has been prepared by B. Riley Securities, Inc. (“B. Riley Securities”) and may be distributed by its affiliates and subsidiaries as third-party research pursuant to FINRA Rule 2241. B. Riley Wealth Management, Inc. (“B. Riley Wealth”) is a subsidiary of B. Riley Financial, Inc., which is the parent company to B. Riley Wealth and majority shareholder of B. Riley Securities, Inc. As such, B. Riley Wealth may distribute B. Riley Securities research pursuant to Rule 2241 and by mutual agreement. B. Riley Securities, B. Riley Wealth are broker-dealers registered with the SEC and are members of FINRA, SIPC, and the NASDAQ stock market. The principal business address of B. Riley Securities is 11100 Santa Monica Blvd., Ste. 800 Los Angeles, CA 90025. Company-Specific Disclosures B. Riley Securities, Inc. or any of its affiliates, has received compensation for investment banking services from Perpetua Resources Corp. in the past 12 months. Perpetua Resources Corp. currently is, or within the past 12 months was, a client of B. Riley Securities, Inc. The services provided were Investment Banking Services. B. Riley Securities, Inc. or any of its affiliates, has managed or co-managed a public offering of securities for Perpetua Resources Corp. and has received compensation for investment banking services from Perpetua Resources Corp. in the past 12 months. B. Riley Securities, Inc. acts as a market maker or liquidity provider for Perpetua Resources Corp.'s securities. For up-to-date B. Riley Securities, Inc. company disclosures, please click on the following link or paste the URL in a web browser: https://brileysecurities.bluematrix.com/sellside/Disclosures.action. General Disclosures Information about the Research Analyst Responsible for this report: The primary analyst(s) covering the issuer(s), Nick Giles, certifies (certify) that the views expressed herein accurately reflect the analyst's personal views as to the subject securities and issuers and further certifies that no part of such analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the analyst in the report. The analyst(s) responsible for this research report has received and is eligible to receive compensation, including bonus compensation, based on B. Riley Securities, Inc.’s overall operating revenues, including revenues generated by its investment banking activities.

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Disclosures for BMO Capital Markets, Perpetua Resources Corp., April 1, 2026:

IMPORTANT DISCLOSURES Analyst's Certification I, Brian Quast, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients. Analysts employed by BMO Nesbitt Burns Inc. and/or BMO Capital Markets Limited are not registered as research analysts with FINRA. These analysts may not be associated persons of BMO Capital Markets Corp. and therefore may not be subject to the FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Company Specific Disclosures Disclosure 1: BMO Capital Markets has undertaken an underwriting liability with respect to Perpetua Resources within the past 12 months. Disclosure 2: BMO Capital Markets has provided investment banking services for remuneration with respect to Perpetua Resources within the past 12 months. Disclosure 3: BMO Capital Markets has managed or co-managed a public offering of securities with respect to Perpetua Resources within the past 12 months. Disclosure 4: BMO Capital Markets or an affiliate has received compensation for investment banking services from Perpetua Resources within the past 12 months. Disclosure 6A: Perpetua Resources is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets Limited or an affiliate within the past 12 months: A) Investment Banking Services Disclosure 16: A research analyst has extensively viewed the material operations of Perpetua Resources. Disclosure 17: Perpetua Resources has provided at its expense some or all of the itinerant travel for the research analyst related to facilitating a material site visit. Methodology and Risks to Target Price/Valuation for Perpetua Resources (PPTA-TSX) Methodology: Target prices for exploration- and development-stage companies covered by BMO are based on a 100% weighting given to a P/NPV multiple (5% discount rate, BMO metal prices). Risks: Risks to the BMO Research target price include commodity/currency, technical/operating, and litigation/political risks inherent to mining operations, as well as financing, engineering, construction, ramping up production, as well as budget and time constraints related to development of the Stibnite project.

Other Important Disclosures For Important Disclosures on the stocks discussed in this report, please go to https://research.bmo.com/public/disclosure_statements or write to Editorial Department, BMO Capital Markets, 151 West 42nd St, 33rd Floor, New York, NY 10036 or Editorial Department, BMO Capital Markets, 1 First Canadian Place, Toronto, Ontario, M5X 1H3. Dissemination of Research Dissemination of fundamental BMO Capital Markets Equity Research is available via our website https://research.bmo.com. Institutional clients may also simultaneously receive our fundamental research via email and/or via services such as Refinitiv, Bloomberg, FactSet, Visible Alpha, and S&P Capital IQ. BMO Capital Markets issues a variety of research products in addition to fundamental research. Institutional clients may request notification when additional research content is made available on our website. BMO Capital Markets may use proprietary models in the preparation of reports. Material information about such models may be obtained by contacting the research analyst directly. There is no planned frequency of model updates. The analyst(s) named in this report may discuss trading strategies that reference a catalyst or event that may have a near or long term impact on the market price of the equity securities discussed. In some cases, the impact may directionally counter the analyst’s published 12 month target price and rating. Any such trading or alternative strategies can be based on differing time horizons, methodologies, or otherwise and are distinct from and do not affect the analysts' fundamental equity rating in the report. Research coverage of licensed cannabis producers and other cannabis-related companies is made available only to eligible approved North American, Australian, and EU-based BMO Nesbitt Burns Inc., BMO Capital Markets Limited, Bank of Montreal Europe Plc and BMO Capital Markets Corp. clients via email, our website and select third party platforms. ~ Research distribution and approval times are provided on the cover of each report. Times are approximations as system and distribution processes are not exact and can vary based on the sender and recipients’ services. Unless otherwise noted, times are Eastern Standard and when two times are provided, the approval time precedes the distribution time. For recommendations disseminated during the preceding 12-month period, please visit: https://research.bmo.com/public/disclosure_statements. For current ESG related material, please visit: https://research.bmo.com/esg/esg.

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All information contained in this report is factual information and does not reflect any opinion or judgement of BMO Capital Markets. The information contained in this report should not be construed as offer, marketing, solicitation or investment advice with respect to financial investment products in this report.

To Japan Residents: This report has not been reviewed by any regulatory authority in Japan. This report is provided for information purposes only and it should not be construed as an offer to sell, a solicitation to buy, or a recommendation for any security, or as an offer to provide investment management or advisory or other services in Japan. Securities may not be offered or sold in Japan by means of this report or any other document other than to Qualified Financial Institutions within the meaning of item (i) of Article 17-3 of the Government Ordinance to enforce the Financial Instruments and Exchange Act (Kinyu Shohin Torihiki Ho Sekou Rei). Unless specified otherwise, the securities that may be offered to you are not and will not be registered in Japan pursuant to the Financial Instruments and Exchange Acts. To Taiwanese Residents: This report is not intended to constitute investment advice nor a public offer for any investment products to investors in Taiwan. This report should only be accessed by investors in Taiwan that are qualified to invest in investment products pursuant to relevant Taiwanese laws and regulations, and subject to sales restrictions as set forth in the relevant Taiwanese laws and regulations. BMO Capital Markets has not and will not secure the required licenses in Taiwan for the offer of securities and investment services. Any offer of securities has not been and will not be registered or filed with or approved by the Financial Commission of Taiwan and/or other regulatory authority pursuant to relevant securities laws and regulations of Taiwan, and may not be issued, offered or sold within Taiwan through a public offering or in circumstances which constitute an offer that requires a registration, filing or approval of the Financial Supervisory Commission of Taiwan and/or other regulatory authority in Taiwan under relevant securities laws and regulations of Taiwan. No person or entity in Taiwan has been authorized to offer or sell the securities in Taiwan. To Singapore Residents: This report is intended for general circulation and does not and is not intended to constitute the provision of financial advisory services, whether directly or indirectly, to persons in Singapore. You should seek advice from a financial adviser regarding the suitability of the investment products, taking into account your specific investment objectives, financial situation or particular needs before you make a commitment to purchase the investment product. This report has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, it should not be circulated or distributed, nor may the securities described herein be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (a) to an institutional investor or a relevant person as defined in and pursuant to and in accordance with the conditions of the relevant provisions of the Securities and Futures Act of Singapore or (b) otherwise pursuant to and in accordance with the conditions of, any other applicable provision of the SFA. To Israeli residents: BMO Capital Markets is not licensed under the Israeli Law for the Regulation of Investment Advice, Investment Marketing and Portfolio Management of 1995 (the "Advice Law") nor does it carry insurance as required thereunder. This document is to be distributed solely to persons that are qualified clients (as defined under the Advice Law) and qualified investors under the Israeli Securities Law of 1968. This document represents the analysis of the analyst but there is no assurance that any assumption or estimation will materialize. These documents are provided to you on the express understanding that they must be held in complete confidence and not republished, retransmitted, distributed, disclosed, or otherwise made available, in whole or in part, directly or indirectly, in hard or soft copy, through any means, to any person, except with the prior written consent of BMO Capital Markets. Furthermore, you shall not use (nor enable or procure any third party to use) these materials, in whole or in part, for the development of any software program, model, algorithm, or generative artificial intelligence (AI) tool or any other derivative content, including, but not limited to, training or using these materials in connection with the development or operation of a machine learning or artificial intelligence (AI) system (including any use of these documents for training, fine tuning, or grounding the machine learning or AI system or as part of retrieval-augmented generation). Click here for data vendor disclosures when referenced within a BMO Capital Markets research document. For assistance with accessible formats of online content, please contact research@bmo.com.

Disclosures for Cantor Fitzgerald, Perpetua Resources Corp., March 31, 2026:

Disclaimers The opinions, estimates and projections contained in this report are those of Cantor Fitzgerald Canada Corporation. (“CFCC”) as of the date hereof and are subject to change without notice. Cantor makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; however, Cantor makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to Cantor that is not herein. This report is provided, for informational purposes only, to institutional investor clients of CFCC, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. This report is issued and approved for distribution in Canada, Cantor Fitzgerald Inc., a member of the Canadian Investment Regulatory Organization (“CIRO”), the Toronto Stock Exchange, the TSX Venture Exchange and the CIPF. This report has not been reviewed or approved by Cantor Fitzgerald & Co., a member of FINRA. This report is intended for distribution in the United States only to Major Institutional Investors (as such term is defined in SEC 15a-6 and Section 15 of the Securities Exchange Act of 1934, as amended) and is not intended for the use of any person or entity that is not a major institutional investor. Major Institutional Investors receiving this report should effect transactions in securities discussed in the report through Cantor Fitzgerald & Co. Non US Broker Dealer 15a-6 disclosure: This report is being distributed by (CF Canada/CF Europe/CF Hong Kong) in the United States and is intended for distribution in the United States solely to “major U.S. institutional investors” (as such term is defined in Rule15a-6 of the U.S. Securities Exchange Act of 1934 and applicable interpretations relating thereto) and is not intended for the use of any person or entity that is not a major institutional investor. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. It is prohibited for distribution to non-institutional clients including retail clients, private clients and individual investors. Major Institutional Investors receiving this report should effect transactions in securities discussed in this report through Cantor Fitzgerald & Co. This report has been prepared in whole or in part by research analysts employed by non-US affiliates of Cantor Fitzgerald & Co that are not registered as broker-dealers in the United States. These non-US research analysts are not registered as associated persons of Cantor Fitzgerald & Co. and are not licensed or qualified as research analysts with FINRA or any other US regulatory authority and, accordingly, may not be subject (among other things) to FINRA’s restrictions regarding communications by a research analyst with a subject company, public appearances by research analysts, and trading securities held by a research analyst account.

Potential conflicts of interest The author of this report is compensated based in part on the overall revenues of Cantor, a portion of which are generated by investment banking activities. Cantor may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Cantor and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although Cantor makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies. Disclosures as of March 31, 2026 Cantor has provided investment banking services or received investment banking related compensation from Perpetua Resources Corp. within the past 12 months. The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of Perpetua Resources Corp. The analyst responsible for this report has visited the material operations of Perpetua Resources Corp. No payment or reimbursement was received for related travel costs. Analyst certification The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein. Definitions of recommendations BUY: The stock is attractively priced relative to the company’s fundamentals and we expect it to appreciate significantly from the current price over the next 6 to 12 months. BUY (Speculative): The stock is attractively priced relative to the company’s fundamentals, however investment in the security carries a higher degree of risk. HOLD: The stock is fairly valued, lacks a near term catalyst, or its execution risk is such that we expect it to trade within a narrow range of the current price in the next 6 to 12 months. The longer term fundamental value of the company may be materially higher, but certain milestones/catalysts have yet to be fully realized. SELL: The stock is overpriced relative to the company’s fundamentals, and we expect it to decline from the current price over the next 6 to 12 months. TENDER: We believe the offer price by the acquirer is fair and thus recommend investors tender their shares to the offer. UNDER REVIEW: We are temporarily placing our recommendation under review until further information is disclosed. Member-Canadian Investor Protection Fund. Customers' accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of coverage is available upon request.

Disclosures for RBC Capital Markets, Perpetua Resources, March 31, 2026:

Required disclosures Non-U.S. analyst disclosure One or more research analysts involved in the preparation of this report (i) may not be registered/qualified as research analysts with the NYSE and/or FINRA and (ii) may not be associated persons of the RBC Capital Markets, LLC and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Conflicts disclosures The analyst(s) responsible for preparing this research report received compensation that is based upon various factors, including total revenues of the member companies of RBC Capital Markets and its affiliates, a portion of which are or have been generated by investment banking activities of the member companies of RBC Capital Markets and its affiliates. With regard to the MAR investment recommendation requirements in relation to relevant securities, a member company of Royal Bank of Canada, together with its affiliates, may have a net long or short financial interest in excess of 0.5% of the total issued share capital of the entities mentioned in the investment recommendation. Information relating to this is available upon request from your RBC investment advisor or institutional salesperson. Please note that current conflicts disclosures may differ from those as of the publication date on, and as set forth in, this report. To access current conflicts disclosures, clients should refer to https://www.rbccm.com/GLDisclosure/PublicWeb/DisclosureLookup.aspx?entityId=1 or send a request to RBC CM Research Publishing, P.O. Box 50, 200 Bay Street, Royal Bank Plaza, 29th Floor, South Tower, Toronto, Ontario M5J 2W7. A member company of RBC Capital Markets or one of its affiliates managed or co-managed a public offering of securities for Perpetua Resources Corp. in the past 12 months. A member company of RBC Capital Markets or one of its affiliates received compensation for investment banking services from Perpetua Resources Corp. in the past 12 months. A member company of RBC Capital Markets or one of its affiliates expects to receive or intends to seek compensation for investment banking services from Perpetua Resources Corp. in the next three months. RBC Capital Markets, LLC makes a market in the securities of Perpetua Resources Corp. RBC Dominion Securities Inc. makes a market in the securities of Perpetua Resources Corp. A member company of RBC Capital Markets or one of its affiliates received compensation for products or services other than investment banking services from Perpetua Resources Corp. during the past 12 months. During this time, a member company of RBC Capital Markets or one of its affiliates provided non-securities services to Perpetua Resources Corp. RBC Capital Markets has provided Perpetua Resources Corp. with non-securities services in the past 12 months.

Equity valuation and risks. For valuation methods used to determine, and risks that may impede achievement of, price targets for covered companies, please see the most recent company-specific research report at www.rbcinsightresearch.com or send a request to RBC Capital Markets Research Publishing, P.O. Box 50, 200 Bay Street, Royal Bank Plaza, 29th Floor, South Tower, Toronto, Ontario M5J 2W7. Perpetua Resources Corp. Valuation Our US$42.00 price target reflects our 1.0x NAV target multiple to our Stibnite NPV8% estimate, inline with our average developer target multiple (~1.0x) reflecting completed permitting, project financing, and the tier 1 jurisdiction in Idaho. The implied return to our price target supports our Outperform, Speculative Risk rating. We have assigned a Speculative Risk qualifier to reflect the early-stage nature of the project and construction risk ahead. Risks to rating and price target • Permitting and Legal Risk: Despite securing the final ROD from the US Forest Service, legal challenges under NEPA, the Clean Water Act, or ESA could delay construction or trigger additional requirements. Such setbacks could extend timelines, increase costs, or undermine investor confidence in the project. • Financing Risk: While PPTA has a DoD off-take agreement and raised $475m for 2025, $200-250m in royalty sales and $2bn in EXIM bank debt remain critical. Unsecured funding or higher-than-expected costs could delay timelines or negatively impact valuation. • Technical and Execution Risk: Recovering refractory ore at Stibnite hinges on effective POX circuit operation. Construction delays, recovery shortfalls, or cost overruns could threaten project economics and stall payback periods, increasing financial and operational risks. • Commodity Price Risk: Gold and antimony price volatility significantly impacts project feasibility. Market sensitivity to Chinese antimony supply and unstable industrial demand could erode margins, challenging cash flow and financing opportunities. • Antimony Refining: With no US-based refining for antimony concentrate, domestic capacity must be established alongside Stibnite’s construction. Delays in refining agreements or capacity could harm payability and weaken overall project economics. • Jurisdictional and ESG Risk: Idaho is favorable for mining, but legacy contamination at Stibnite raises ESG concerns. Environmental scrutiny, public opposition, or unmet restoration targets could escalate costs, damage reputations, or delay development.

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StreetSmart Research™

Perpetua Resources Corp.

(PPTA:TSX - PPTA:NASDAQ)

Consensus Average Rating & Price Target

Price targets are based on the original currency and converted to US and/or CA using current exchange rates at the time of publication.

Rating: Buy / Outperform

Target: US $38.90 / CA $54.07

How Avg Analyst Ratings Are Calculated

04/08/2026

Rabi Nizami – National Bank of Canada

Price at Time of Rating: US $29.37 / CA $40.82

Rating: Outperform

Target Price: US $39.57 / CA $55.00

04/07/2026

Heiko Ihle – H.C. Wainwright & Co.

Price at Time of Rating: US $29.37 / CA $40.82

Rating: Buy

Target Price: US $41.00 / CA $56.99

04/01/2026

Brian Quast – BMO Capital Markets

Price at Time of Rating: US $28.20 / CA $39.20

Rating: Outperform

Target Price: US $33.81 / CA $47.00

04/01/2026

Nick Giles – B. Riley Securities

Price at Time of Rating: US $28.12 / CA $39.09

Rating: Buy

Target Price: US $40.00 / CA $55.60

03/31/2026

Mike Kozak – Cantor Fitzgerald

Price at Time of Rating: US $25.31 / CA $35.18

Rating: Buy

Target Price: US $37.00 / CA $51.43

03/31/2026

Josh Wolfson – RBC Capital Markets

Price at Time of Rating: US $28.12 / CA $39.09

Rating: Outperform

Target Price: US $42.00 / CA $58.38

The critical mineral antimony plays an essential role in contemporary industry, defense, and the burgeoning field of green technology. It is predominantly utilized as a flame retardant, in the manufacture of lead-acid batteries, and as an alloy strengthener.

Perpetua Resources Corp.'s (PPTA:TSX; PPTA:NASDAQ) Stibnite Gold Project holds the only identified reserve of antimony in the United States.

Material from Stibnite will be used in a pilot plant to produce antimony trisulfide concentrate, a crucial component in munitions and advanced military systems. The company has previously indicated that Stibnite could meet up to 35% of U.S. antimony demand during its initial years of operation.

In company materials, Perpetua Resources continues to highlight the Stibnite Gold Project as both a significant gold asset and a domestic source of antimony, a mineral deemed essential for national defense and industrial applications. The global supply of this mineral is predominantly concentrated in China and Russia. With an estimated 148 million pounds of antimony reserves, Stibnite is positioned as a significant potential contributor to U.S. supply resilience.

The project is situated in Idaho, a region known for its established permitting processes, skilled mining workforce, and dependable infrastructure. According to Perpetua's investor presentation, the project boasts 4.8 million ounces of gold in Proven and Probable reserves and 107 million pounds of recoverable antimony over its mine life.

The growing significance of antimony is linked to its applications in solar panel construction, semiconductor manufacturing, and the development of advanced liquid metal batteries, which are crucial for storing renewable energy.

¹From the following analysts' ratings, Street Smart came up with an average rating of Buy / Outperform, with an average target price of US$38.90 / CA$54.07.

Rabi Nizami — National Bank of Canada Capital Markets

Perpetua Resources recently shared several significant updates, including progress on securing a loan from the US Export-Import Bank (EXIM), filing an updated Technical Report Summary (TRS) with revised costs, and releasing their financial results for the fourth quarter of 2025, according to an updated research note on April 8 by Analyst Rabi Nizami for National Bank of Canada Capital Markets.

These developments are viewed positively and are expected to position Perpetua to outperform its peers as it moves closer to obtaining final approval from the EXIM board and making a construction decision within the year, Nizami said.

EXIM's board has informed Congress about a proposed US$2.2 billion senior secured loan facility intended for the development of the Stibnite Gold project. This notification triggers a 25-day review period, concluding around April 24, after which a final decision from the board is anticipated. This step follows earlier indications from the EXIM board minutes reviewed on March 20, suggesting that the loan was progressing towards approval. The confirmation of the notification to Congress reinforces confidence in the final approval of the loan, expected by late April or early May, potentially coinciding with EXIM's conference scheduled for April 29-30.

The proposed loan amount of US$2.2 billion (US$2.7 billion with capitalized interest and fees) exceeds the initial expectations of up to US$2 billion. Together with US$714 million in cash on hand, this funding is sufficient to cover the updated capital expenditure (capex) requirements of US$2.576 billion outlined in the TRS, marking a 15% increase from the previous estimate, the note said.

The capex aligns with our projections, and the updated operational expenditure (opex), which is 6% higher than the previous TRS, is more favorable than our anticipated 15% increase. The project's net present value (NPV) at a 5% discount rate is estimated at US$3.5 billion, slightly above our previous estimate of US$3.4 billion at aligned consensus prices.

In light of these developments, we have revised our financial model to include the anticipated US$2.2 billion loan, a budget of US$328 million for the first half of 2026, and an updated TRS assuming a conservative 5% inflation rate. We also anticipate a US$200 million fundraising effort to serve as a spending buffer. Consequently, our net asset value per share (NAVPS) has been adjusted slightly to CA$54.51 per share, a decrease of 2.3%, based on the long-term price deck of US$3,200 per ounce for gold and US$11 per pound for antimony. However, at current spot prices (US$4,800 per ounce for gold; US$12.4 per pound for antimony), the NAVPS could rise to CA$94 per share, Nizami noted.

Given these factors, the firm raised its target price for Perpetua Resources to CA$55 from CA$50, based on a valuation of 1x NAVPS, up from 0.9x. Currently, Perpetua trades at 0.75x using the long-term price deck and 0.43x at spot prices.

The firm rated the stock Outperform.

Nizami said the firm anticipates a steady re-rating of the NAV over the construction period, with the potential for a more significant re-rating based on EBITDA multiples in the later years of the build, or even an outright M&A acquisition. This is due to the project's large scale, strategic significance to the US military, and untapped exploration potential. A future production multiple of approximately 5x EV/EBITDA for the years 2030-2035 could imply a value exceeding CA$100 per share, the analyst wrote.

Heiko Ihle — H.C. Wainwright & Co.

On February 5, H.C. Wainwright analyst Heiko F. Ihle, CFA, issued a research report on Perpetua maintaining a Buy rating and increasing the price target from US$30 to US$41. This adjustment was largely influenced by an update to the firm's precious metal price forecasts, which now account for the sustained rise in gold spot prices.

According to Factset, that rating was reaffirmed on April 7.

The report also discussed a significant policy development reported by Bloomberg News on February 2, regarding the Trump Administration's plans to initiate Project Vault. This project involves a US$12 billion investment in a strategic stockpile of critical minerals to decrease U.S. reliance on Chinese supplies and mitigate risks from supply disruptions and geopolitical tensions. The analyst pointed out that growing conversations about Europe potentially collaborating with the U.S. to lessen dependence on Chinese supply chains could enhance access to critical minerals in Western markets.

The report underscored the strategic importance of the Stibnite project as a key domestic source of antimony, suggesting that a federally supported stockpile would enhance offtake visibility, reduce financing risks, and boost Perpetua's role as a vital asset in the Western supply chain. H.C. Wainwright revised its precious metal price forecasts effective January 1, 2026, to US$3,750/oz for gold, US$50/oz for silver, and US$5/pound for copper, reflecting macroeconomic factors that have driven up spot prices significantly over the past year. Since February 4, gold has surged 74.5% to US$4,962/ounce, silver has climbed 172.2% to US$87.99/ounce, and copper has increased 33.5% to US$5.94/pound.

The new US$41 price target for Perpetua is derived from a discounted cash flow (DCF) analysis of the Stibnite operations, using a 10.0% discount rate, which Ihle believes aligns with similar assets in comparable jurisdictions with equivalent geopolitical risks. The DCF analysis estimates a combined valuation of US$4.45 billion, or US$34.84 per share. After accounting for pro forma cash and cash equivalents of US$720.0 million, a US$35.0 million valuation for key exploration targets, and subtracting debt, the total valuation reaches US$5.2 billion, or US$40.75 per share, rounded to a price target of US$41.

The report notes that the positive impact of the revised price deck is somewhat offset by a delay in the company's first production to the second half of 2029. Near-term catalysts for Perpetua include advancements in financing and future debt funding, with a decision expected this year. Ihle plans to monitor progress towards a Final Investment Decision, noting that Stibnite is poised to be highly profitable given the current commodity price environment.

Perpetua currently generates no revenue and reported a diluted EPS of (US$0.22) in 2024, with estimates of (US$0.38) for 2025 and (US$0.16) for 2026. Key risks include commodity price fluctuations, operational and technical challenges, financial uncertainties, and political risks. As of February 4, 2026, Perpetua's shares traded at US$28.47, suggesting a potential 44% upside to the US$41 target, with an enterprise value of approximately US$2.75 billion, a market capitalization of about US$3.47 billion, and pro forma cash of US$720 million following a recent equity raise. The 52-week trading range was US$7.81 to US$35.97.

Nick Giles — B. Riley Securities

On March 31, Perpetua highlighted its fourth quarter financial results for 2025, a Congressional notice by the EXIM Board regarding US$2.7 billion financing (including capitalized interest and fees of US$500 million), and updated economic assessments of the Stibnite project, according to an April 1 research note by Analyst Nick Giles for B. Riley Securities.

The stock saw an 11% increase in its value, outperforming the R2K's decline of 1.5%. Looking forward, several key events are expected to further boost Perpetua's performance. Firstly, the EXIM board's 25-day Congressional review is underway, with final approval of the US$2.2 billion funding anticipated soon, setting the stage for a construction decision in the second half of 2026. Secondly, updates to the Technical Report Summary have refined metal price assumptions and cost estimates, reflecting current inflation and potential tariff impacts, making them more realistic, Giles wrote.

The updated project economics show a net present value (NPV) of 5% at US$3.5 billion and an internal rate of return (IRR) of 23.5%, significantly improved from previous estimates. This shift from funding and permitting risks to a focus on execution indicates that Perpetua is ready to begin construction at Stibnite and engage in downstream antimony off-take agreements later this year. The stock currently trades at a spot price-to-net asset value (P/NAV) of 0.46x, and 0.69x based on the firm's metal price deck.

Key upcoming catalysts include securing the EXIM loan, advancing engineering and procurement for construction readiness, and initiating construction in the second half of 2026. Additionally, Perpetua is exploring potential tungsten opportunities at the site, given its historical production and the limited domestic supply, the analyst reported.

The EXIM Board has progressed to notifying Congress of the proposed US$2.7 billion senior secured long-term loan under the Make More in America program, initiating a 25-day review period. This is the final step before the board's final approval vote, with funding expected to close in the second half of 2026. The US$2.2 billion in funding, along with US$773 million in existing cash and equivalents, fully covers the initial US$2.6 billion capital required for Stibnite's construction, avoiding any potential equity dilution.

The updated Technical Report outlines an NPV5% of US$3.5 billion and a 23.5% IRR, using a base case gold price of US$3,250/oz, with antimony at US$10/pound and silver at $40/ounce. This represents a substantial increase from previous estimates, reflecting updated capital and operating costs due to inflation, geopolitical uncertainties, and potential tariffs. Contracts with key suppliers like Hatch, ATCO, and Idaho Power anchor these cost estimates.

In summary, the firm maintained a US$40 price target and Buy rating for PPTA, based on a detailed NAV analysis of the Stibnite Gold Project. The valuation incorporates updated production assumptions and a long-term gold price of $3,000/oz, applying a 0.90x P/NAV multiple to reach an estimated NAV of US$3.2 billion, while also accounting for potential exploration upside.

Brian Quast — BMO Capital Markets

In light of recent developments, the financial outlook for the Stibnite Gold Project has undergone significant revisions, wrote Analyst Brian Quast in an April 1 research note for BMO Capital Markets.

The initial capital estimate for the project has increased by approximately 15% to US$2.576 billion from the previous US$2.215 billion, and the life-of-mine all-in sustaining costs (AISC) have risen by about 10% to US$833 per ounce from US$756 per ounce, primarily due to inflationary pressures, noted Quast.

In response, the U.S. Export-Import Bank has demonstrated strong federal support for the project by unanimously deciding to notify Congress of a proposed US$2.7 billion senior secured long-term loan, an increase from the earlier guidance of up to US$2 billion. This move underscores the government's commitment to the project's success without necessitating shareholder dilution, despite the challenges of construction, the report said.

The Export-Import Bank's notification to Congress involves a direct loan of approximately US$2.2 billion with the remainder allocated for capitalized interest and fees. This notification commences a 25-day review period and represents the final procedural step before the EXIM Board's vote on final approval, expected shortly after this period concludes. The funding is contingent upon the finalization of definitive loan documents and the fulfillment of all closing and drawdown conditions, anticipated in the second half of 2026.

Perpetua Resources has also updated its Technical Report Summary, reflecting more conservative financial estimates due to inflation and detailed cost and technical data from signed contracts with companies such as Hatch and ATCO, as well as ongoing negotiations, according to Quast. This has led to the revised capital and AISC estimates. The company has incorporated additional conservatism into its financial modeling to account for the current challenging mining cost environment.

On the operational front, management has indicated that restrictions from voluntary stipulations with plaintiffs regarding early works construction activities are set to expire in April. This clearance will enable Perpetua to proceed with early works and prepare for full-scale construction slated for the latter half of 2026. While the timeline for first production remains targeted for 2029, the expected commencement has been adjusted to the end of that year, slightly later than initially planned.

Quast said the firm's valuation of Perpetua Resources remains optimistic with an Outperform rating on the stock and a target price of CA$47 based on a 1.4x price-to-net present value (P/NPV) multiple, using a 5% discount rate and BMO's metal price assumptions. Currently, Perpetua trades at 1.2x P/NPV, compared to an average of 0.9x among peer project developers.

In an upside scenario, where exploration success on Perpetua's land package leads to an extended mine life or higher ore grades, the potential value could soar to US$65, highlighting the significant growth prospects of the Stibnite Gold Project, Quast wrote.

Mike Kozak — Cantor Fitzgerald

The U.S. Export-Import Bank (EXIM) is progressing with a significant financial proposal, advancing a US$2.7 billion loan to support the development of Perpetua Resources' Stibnite gold-antimony project in Idaho, Analyst Mike Kozak of Cantor Fitzgerald wrote in a March 31 note.

This development is positively received as it triggers a 25-day notice period to Congress, after which the EXIM Board is expected to vote on final approval. The completion of this senior secured long-term loan, with undisclosed interest rate and tenor, is anticipated in the second half of 2026, he said.

Key details of the EXIM loan reveal an increase from the previously anticipated US$2 billion to US$2.7 billion. This loan includes US$2.2 billion directly allocated for project construction and an additional US$0.5 billion to cover capitalized interest and fees, ensuring full funding for the Stibnite project through to production.

Concurrently with the loan announcement, Perpetua Resources updated the economic projections for the Stibnite project, the analyst noted. These revisions reflect more realistic capital expenditures (CAPEX), operational expenditures (OPEX), and metal prices as of the end of the fourth quarter of 2025. The updated figures include an initial CAPEX of US$2.6 billion (previously US$2.2 billion), an all-in sustaining cost (AISC) net of by-products at US$833 per ounce (previously US$756 per ounce), and an after-tax net present value (NPV) at 5% of $5 billion assuming a gold price of US$4,000 per ounce (previously $4.1 billion at US$3,100 per ounce). Using a gold price of US$4,000 per ounce and adjusting for a 7.5% discount rate, the revised capital and operating costs result in an NPV of US$3.8 billion, compared to the previous US$4.4 billion.

In light of the advancing EXIM loan, Cantor Fitzgerald's target multiple has been adjusted from 0.9x to 1x net asset value per share (NAVPS) at a 7.5% discount rate, offsetting the reduction in project NPV caused by the increased capital and operating costs. We reiterate our Buy rating on Perpetua and continue to view the company as a highly likely candidate for a takeover.

Cantor Fitzgerald rates the stock a Buy with a US$49 per share target, a 46% return from when the note was written.

Josh Wolfson — RBC Capital Markets

Perpetua recently announced significant progress regarding its US$2.7 billion U.S. Export-Import Bank (EXIM) loan aimed at funding the development of the Stibnite project, Analyst Josh Wolfson noted in an update for RBC Capital Markets, also on March 31.

Alongside this, the company also provided an update on the project's economics. The developments are viewed as slightly positive, enhancing the likelihood of securing project funding and advancing construction in the second half of 2026. The updated economic projections reflect adjustments for inflation and higher metal price assumptions, with capital costs now estimated at US$2.6 billion, marking a 15% increase from 2025, and all-in sustaining costs (AISC) revised to US$650 per ounce, an 11% rise from the previous year. Under the base case scenario using metal prices of US$3,250 per ounce for gold, $US10 per pound for antimony, and US$40 per ounce for silver, the revised project estimates show a net present value (NPV) at a 5% discount rate of US$3.5 billion and an internal rate of return (IRR) of 23.5%.

In terms of funding, the EXIM Bank's board has unanimously decided to notify Congress of the proposed US$2.7 billion loan, which excludes capitalized interest and fees, setting off a 25-day notice period before the board votes on final approval, Wolfson said. A conclusive vote is expected shortly after this period, with the potential closing of the financing slated for the latter half of 2026. With the pending EXIM debt funding combined with US$714 million in cash, PPTA is well-positioned to fully fund the revised initial capital expenditure of US$2.6 billion, potentially leading to a positive final investment decision in 2026.

The updated economic study details initial capital costs of US$2.6 billion and revised operating costs due to ongoing industry inflation, without any changes to reserves, resources, or the mine plan from the 2022 study. The study also incorporates revised metal prices, resulting in a projected after-tax NPV of US$3.5 billion and an IRR of 23.5% under the base case scenario. At near-spot gold prices of US$4,500 per ounce, the projected NPV rises to US$6.1 billion with an IRR of 32.3%.

Regarding project readiness, engineering for the project is 45% complete as of the end of 2025. PPTA is on track to be construction-ready by the second half of 2026 and continues to advance discussions on antimony processing and off-take agreements, according to Wolfoson.

The firm rates the stock Outperform with a US$42 per share price target, an about 44% return from the price at time of writing.

Ownership and Share Structure¹

The company has 124.86 million shares issued and outstanding. On an undiluted basis, Paulson & Co. owns 25.91%, Agnico Eagle owns 6.41%, and JPMorganChase holds 2.23%.

About 45.73% is owned by institutions, and strategic investors own 6.47%. The rest is retail.

Agnico Eagle warrants: 2,861,229 total granted:
953,743 expiring on 10/28/2026 with an exercise price of US$31.46/share
953,743 expiring on 10/28/2027 with an exercise price of US$34.95/share
953,743 expiring on 10/28/2028 with an exercise price of US$38.45/share

JPMorgan Chase warrants: 1,192,179 total granted:
397,393 expiring on 10/28/2026 with an exercise price of US$31.46/share
397,393 expiring on 10/28/2027 with an exercise price of US$34.95/share
397,393 expiring on 10/28/2028 with an exercise price of US$38.45/share

November Private Placement warrants: 400,000 total granted:
133,333 expiring on 12/01/2026 with an exercise price of US$31.46/share
133,333 expiring on 10/28/2027 with an exercise price of US$34.95/share
133,334 expiring on 10/28/2028 with an exercise price of US$38.45/share

Its market cap is CA$5.2 billion. Its 52-week range is CA$13.85–CA$51.10 per share.