U.S. EXIM’s Board Advances Proposed $2.7 Billion Loan to Congressional Notice & Perpetua Announces Improved Project Economics Updated Project Economics demonstrate Stibnite as a premier gold-antimony asset with base case after-tax NPV5% of $3.5 billion at $3,250/oz gold, increasing to $6.1 billion N
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NEWS RELEASE
March 31, 2026
U.S. EXIM’s Board Advances Proposed $2.7 Billion Loan to Congressional Notice &
Perpetua Announces Improved Project Economics
Updated Project Economics demonstrate Stibnite as a premier gold-antimony asset with base
case after-tax NPV5% of $3.5 billion at $3,250/oz gold, increasing to $6.1 billion NPV5% at
$4,500/oz gold1
Cash balance of $714 million at year-end together with proposed $2.2 billion direct loan, if
approved, would fund all estimated direct capital costs, ongoing exploration & corporate costs
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or
“Perpetua” or the “Company”) announced today the Board of the Export-Import Bank of the
United States (“U.S. EXIM”) unanimously agreed to notify Congress of a proposed $2.7 billion
senior secured long-term loan for development of Perpetua’s Stibnite Gold Project (“Stibnite”
or “Project”). The proposed total comprises a direct loan of approximately $2.2 billion and the
remainder for capitalized interest and fees. The proposed loan directly supports the goals and
objectives of U.S. EXIM’s Make More in America (“MMIA”) program.
This decision triggers a 25-day notice period to Congress and is the last formal step before U.S.
EXIM’s Board will vote on final approval , which Perpetua anticipates shortly after the notice
period ends . If the proposed loan is approved , the Company would have sufficient capital,
together with the $714 million of cash on hand at year end , to finance the estimated capital
cost of $2,576 million to build the Project per the updated Technical Report Summary (“TRS”)
as of December 31, 2025. 2
“Today’s decision marks the final phase of EXIM approval ,” said Jon Cherry, President & CEO
of Perpetua Resources . “We’ve worked diligently with U.S. EXIM for over two years on a
financing solution aimed at strengthening America’s supply chains, creating jobs right here at
home, and fortifying national security . This puts Perpetua on track for a Final Investment
Decision later this year. We are also pleased to publish updated project economics reflecting
current commodity prices as well as capital and operating cost estimates as of the end of 2025.
Assuming a $4,500/oz gold price, the updated model reports Stibnite’s unlevered, after-tax
project NPV of $6.1 billion and after-tax IRR of 32.3% reaffirming Stibnite as a premier gold-
antimony project.”
1 Net Present Value (NPV) is defined as the present value of future after-tax cash flows of the project discounted at
an annual rate of 5%. All NPV calculations reflect antimony and silver pricing of $10/lb and $40/oz, respectively.
Please refer to Technical Report Summary section below for additional information.
2 TRS filed as exhibit 96.1 to the Company’s annual report on Form 10-K for the year ended December 31, 2025.
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Perpetua advises the notification to Congress of the proposed loan does not represent a
financing commitment from U.S. EXIM. A final funding commitment, if any, is conditional upon
the satisfaction of certain conditions, including final approval by the U.S. EXIM Board following
the notification period to Congress. The loan, if approved, is expected to be comprised of a
direct loan of approximately $2.2 billion for construction of the Project, financial assurance and
certain discretionary corporat e and exploration costs , with the remainder representing
capitalized interest and fees. Based on the Congressional review timeline and U.S. EXIM
process, the Company anticipates a final vote on the loan by the Board of U.S. EXIM shortly
after the notice period ends . Funding under the loan would be subject to finalization of
definitive loan documents and satisfaction of all conditions to closing and drawdown, which
the Company anticipates could occur in the second half of 2026.
Technical Report Summary (TRS) Updated to December 31, 2025
In connection with the filing of the Company’s 2025 Annual Report on Form 10-K with the U.S.
Securities Exchange Commission , Perpetua Resources publish ed an updated TRS, which
reflects current commodity p ricing as well as capital and operating cost estimates for the
Project as of December 31, 2025 . The Company previously published a Technical Report
Summary, dated as of December 31, 2021, and amended as of June 6, 2022 (the “2022 TRS”).
The economic information in the 2022 TRS was supplemented by an updated cash flow model
published by the Company on February 13, 2025 (“Financial Update”). The TRS updates and
replaces, as of December 31, 2025, the 2022 TRS and Financial Update.
Since announcing the Financial Update in February 2025, Perpetua has advanced project
engineering and has made significant progress in financing the future development of the
Stibnite Gold Project . Key achievements include obtaining all permits to commence early-
works construction, posting construction stage financial assurance with federal and state
agencies, commencing early works construction in October 2025, welcoming significant new
strategic investors (Agnico Eagle Mines Limited & JPMorganChase) and strengthening the
Company’s management and operations team.
The most notable updates from the 2022 TRS and the Financial Update include the following:
• The TRS incorporates engineering designs developed during the basic engineering phase
completed in 2025, including design improvements to the mineral processing plant, site
infrastructure, and tailings management. Perpetua estimates overall project engineering
was approximately 45% complete as of December 31, 2025.
• The TRS incorporates updates derived from recent and ongoing environmental baseline
studies, permitting application submittals and authorizations, and other environmental
compliance and regulatory activities. The study also integrates cost and technical data
derived from signed contracts (including Hatch, ATCO) and active contract negotiations
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across construction, professional services, and capital equipment procurement as of
December 31, 2025.
• The TRS presents revised operating costs, capital costs, taxes and various long-term metal
price assumptions based on consensus estimates provided by a survey of international
investments banks. The economic analysis reflects cost estimates for construction and
operations, as well as current and consensus commodity pricing for sales , each as of
December 31, 2025.
• The TRS does not revise any of the Mineral Reserves or Mineral Resources reported in the
2022 TRS and no material changes were made to the Company’s proposed mine plan as
reported in the 2022 TRS and approved in the U.S. Forest Service’s 2025 Final Record of
Decision.
• The economic model in the TRS has been prepared using consistent methodology as
previously presented in the Financial Update.
The TRS includes a revised capital cost estimate of $2.576 billion as of December 31, 2025, as
well as certain increases in sustaining capex and operating costs in response to industry-wide
inflationary pressures including increased input costs, geopolitical uncertainty and potential
tariffs. The Company notes the revised project capital budget excludes pre -production
revenues anticipated prior to the declaration of commercial production. Engineering,
contracting and early works construction activities are ongoing, and may result in revisions to
the costs, figures, methods and assumptions presented in the TRS as they progress.
Despite the increased costs, the Company’s base case economics have improved due to higher
gold price assumptions. Incorporating both updated metal price assumptions and updated
capital and operating cost estimates, the Project exhibits compelling project economics across
a range of different gold price scenarios. Using long-term consensus pricing of $3,250/oz gold,
$10/lb antimony and $4 0/oz silver, the base case reported a $3.5 billion unlevered, after-tax
NPV5% and 23.5% project IRR. Assuming a $4,500/oz gold price, the TRS presents an unlevered
after tax NPV5% of $6.1 billion and IRR of 32.3%.
Summarized results are presented below for reference:
ECONOMIC HIGHLIGHTS1,2
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Production & Cost Highlights Early Production
Years 1-4
Life-of-Mine
Years 1-15
Recovered Gold Total (Koz) 1,852 4,223
Recovered Antimony3 Total (Mlbs) 69.1 106.5
Recovered Gold Annual Average (Koz) 463 296
Cash Costs (net of by-product credits, $/gold oz)4 $250 $581
Total Cash Costs (net of by-product credits, $/gold oz)5 $311 $650
All-in Sustaining Costs (net of by-product credits, $/gold oz)6 $498 $833
Initial Capital, including contingency ($M)7 $2,576
Early Production
Years 1-4
Life-of-Mine
Years 1-15
Assumptions: ($3,250/oz Au, $10.00/lb Sb, $40/oz Ag) – Base Case8
After-tax Net Present Value 5%9 $3.5 billion
Annual Average EBITDA10 $1,347 million $766 million
Annual Average After-Tax Free Cash Flow (FCF) 11 $1,111 million $607 million
Internal Rate of Return (After-tax)12 23.5%
Payback Period in Years (After-tax) 2.4 years
Assumptions: ($4,000/oz Au, $10.00/lb Sb, $40/oz Ag)
After-tax Net Present Value 5%9 $5.0 billion
Annual Average EBITDA10 $1,685 million $983 million
Annual Average After-Tax Free Cash Flow (FCF) 11 $1,373 million $775 million
Internal Rate of Return (After-tax)12 29.0%
Payback Period in Years (After-tax) 2.1 years
Assumptions: ($4,500/oz Au, $10.00/lb Sb, $40/oz Ag)
After-tax Net Present Value 5%9 $6.1 billion
Annual Average EBITDA10 $1,910 million $1,128 million
Annual Average After-Tax Free Cash Flow (FCF) 11 $1,547million $887million
Internal Rate of Return (After-tax)12 32.3%
Payback Period in Years (After-tax) 1.9 years
Assumptions: ($5,000/oz Au, $10.00/lb Sb, $40/oz Ag)8
After-tax Net Present Value 5%9 $7.1 billion
Annual Average EBITDA10 $2,136 million $1,273 million
Annual Average After-Tax Free Cash Flow (FCF) 11 $1,722 million $999 million
Internal Rate of Return (After-tax)12 35.3%
Payback Period in Years (After-tax) 1.8 years
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(1) For additional information regarding the updated TRS, including underlying assumptions and risks, see the TRS and
Annual Report on Form 10-K for the year ended December 31, 2025, filed March 31, 2026.
(2) Assumes 100% equity financing.
(3) Antimony is a chemical element included on the U.S. Interior Department’s list of Critical Minerals.
(4) Cash Costs consist of mining costs, processing costs, mine -level G&A and by -product credits. By-product credits
calculated based on flat $10/lb Sb and $40/oz Ag pricing. Cash Costs are a non -GAAP measure. See Non -GAAP
Measures at the end of this release.
(5) Total Cash Costs consist of Cash Costs, royalty costs, treatment costs, refining costs, and transportation costs. By -
product credits calculated based on flat $10/lb Sb and $40/oz Ag pricing. Total Cash Costs is a non -GAAP measure.
See Non-GAAP Measures at the end of this release
(6) AISC includes Total Cash Costs plus sustaining capital costs. By-product credits calculated based on flat $10/lb Sb
and $40/oz Ag pricing. AISC is a non-GAAP measure. See Non-GAAP Measures at the end of this release.
(7) Initial Capital, reflects estimated total capital expenditures of $2,576 million as of December 31, 2025, including a
contingency of $191.9 million, but exclusive of pre-production revenue.
(8) Base Case corresponds to long-term average metal price forecast of global investment banks as of December 31,
2025, and long-term average price forecasts for silver and antimony.
(9) Net Present Value (NPV) is defined as the present value of future after-tax cash flows of the project discounted at an
annual rate of 5%. Assumes a combined state and federal effective tax rate of approximately 26.45%.
(10) EBITDA consists of total revenue minus operating costs, offsite charges and royalties. EBTIDA is a non -GAAP
measure. See Non-GAAP Measures at the end of this release.
(11) After-Tax Free Cash Flow consists of EBITDA as adjusted for changes in net working capital, all capital expenditures
(initial, sustaining, and closure capital expenditures), and salvage value, less taxes payable. Free Cash Flow is a non -
GAAP measure. See Non-GAAP Measures at the end of this release.
(12) Internal rate of return (IRR) is defined as the after -tax discount rate at which the NPV of the Project reaches zero.
Assumes a combined state & federal effective tax rate of approximately 26.45%.
Annual Report 2025 Highlights and 2026 Outlook
On March 31, 2026, Perpetua filed its annual report for 2025 reporting on a year of critical
permitting, financing and development milestones. These included the U.S. Forest Service’s
issuance of the Final Record of Decision and approval of the Plan of Operations for the Project,
over $850 million of equity financing raised , posting of approximately $160 million of
construction phase financial assurance with federal and state agencies, and commencement
of early works construction at Stibnite on October 21, 2025 . Perpetua completed basic
engineering in January 2025 and progressed detailed engineering for the Project throughout
2025, appointing Hatch Ltd. as the EPCM contractor in December to manage key project
components including the processing plant, pressure oxidation facility, and certain other in -
scope infrastructure, utilities and facilities. Perpetua e xecuted key contracts to progress
engineering and construction readiness during the year, including a procurement contract with
Idaho Power for critical long -lead power line items and a contract with ATCO for the design,
construction and installation of camp housing.
Looking ahead to 2026, the Company’s highest priority near-term key objective remains closing
the proposed senior secured loan with U.S. EXIM to finance the construction and development
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of the Project. Meanwhile, detailed engineering, contracting, and procurement continue as the
Company plans to be construction-ready in the second half of 2026. Expanding in -house
expertise through additions to management and the operational team will further support
construction and operational readiness.
Key priorities outside of construction are focused on advancing downstream antimony
processing and offtake discussions and ramping up Project-wide exploration. While many
exploration targets represent opportunities to expand current gold and antimony resource s
and reserves, Perpetua is also seeking to validate potential tungsten opportunities at the
Project given extensive historical production. Additional environmental review and permitting
may be required to proceed with certain opportunities, if they are available and depending on
their scope. Additional information on 2026 goals and objectives can be found in the
Company’s Annual Report on Form 10 -K for the year ended December 31, 2025, which was
filed with the Securities and Exchange Commission and with Canadian securities regulators on
March 31, 2026.
For further information about Perpetua Resources Corp., please contact:
Joe Fazzini, CPA, CA, CFA
Vice President, Investor Relations
Chris Fogg
Investor Relations Manager
Mckinsey Lyon
Senior Vice President, External Affairs
Website: www.perpetuaresources.com
About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the explora-
tion, site restoration and redevelopment of gold -antimony-silver deposits in the Stibnite -Yel-
low Pine district of central Idaho that are encompassed by the Stibnite G old Project. The Stib-
nite Gold Project is one of the highest -grade, open pit gold deposits in the United States and
is designed to apply a modern, responsible mining approach to restore an abandoned mine
site and produce both gold and the only mined source of antimony in the United States.
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Antimony trisulfide from Stibnite is the only known domestic reserve of antimony that can meet
U.S. defense needs for many small arms, munitions, and missile types.
FORWARD-LOOKING INFORMATION
Investors should be aware that the U.S. EXIM notification to Congress does not represent a fi-
nancing commitment from U.S. EXIM and is subject to approval of the proposed loan by the
U.S. EXIM board following the 25-day notice period. There can be no assurance that the board
of U.S. EXIM will approve the proposed loan after the notice period, or at all, that we will be able
to successfully negotiate definitive loan documents to close the loan or that, if closed, any fund-
ing provided by U.S. EXIM will be suf ficient for us to construct the Project. Further, release of
funding under any such commitment would be subject to the satisfaction of certain conditions
and covenants by the Company.
Statements contained in this news release that are not historical facts are "forward -looking in-
formation" or "forward-looking statements" (collectively, "Forward-Looking Information") within
the meaning of applicable Canadian securities legislation and the United States Private Securi-
ties Litigation Reform Act of 1995. Forward -Looking Information includes, but is not limited to,
disclosure regarding the review process, anticipated timing and potential outcome of the Com-
pany’s U.S. EXIM financing application and notification to Congress; the amount of potential
debt financing available to the Company through U.S. EXIM or otherwise; timing of anticipated
milestones related to the Project and financing; ongoing funding and anticipated liquidity; our
ability to comply with, obtain and defend permits related to the Project; the expected outcomes
of the Project, including our mineral reserves and mineral resources; environmental clean -up
actions by us and our contractors; the expected commercial demand for antimony and the Com-
pany’s ability to supply it; our ability to successfully implement and fund the Project; the occur-
rence of the expected benefits from the Project; the realization of benefits from strategic part-
nerships; the timing and results of future explora tion and material sampling by the Company,
including with respect to tungsten; plans for the design and construction of the Project; the
viability of the Project; expected construction, development and operating costs in the event
that a production decisio n is made; planned exploration and development of properties and
the results thereof; and development of any additional resources and reserves and the permit-
ting requirements with respect to any such additional resources and reserves . In certain cases,
Forward-Looking Information can be identified by the use of words and phrases or variations of
such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe",
"intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should".
In preparing the Forward-Looking Information in this news release, Perpetua Resources has ap-
plied several material assumptions, including, but not limited to, the U.S. EXIM financing appli-
cation will close and fund within the expected timeframe at the amount equal to or higher than
the current indicative amount; that the U.S. EXIM board will approve the proposed loan on sub-
stantially the terms initially indicated by the U.S. EXIM board and that the Company will be able
to satisfy the conditions to signing and closing of the U.S. EXIM loan and to receive committed
funds when needed; that the Company’s proposed financing package will be sufficient to fi-
nance permitting, pre -construction and construction of the Stibnite Gold Project or that the
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Company will be able to secure alternate financing if necessary; that the Company will be able
to maintain compliance with covenants contained in its financing agreements or that may be
contained in future financing agreements; that the Company will be able to satisfy additional
bonding or financial assurance requiremen ts in the future ; that no pending or future litigation
will result in the loss of any permits or material delay to the Project schedule or a material in-
crease to Project costs; and that the current exploration, development, environmental and other
objectives concerning the Project can be achieved and that its other corporate activities will
proceed as expected. Forward -Looking Information involve known and unknown risks, uncer-
tainties and other factors which may cause the actual results, performance or achievements of
Perpetua Resources to be materially different from any future results, performance or achieve-
ments expressed or implied by the Forward -Looking Information. Such risks and other f actors
include, among other things, risks related to unforeseen delays in the review and permitting
process, including as a result of legal challenges to the ROD or other permits; risks related to
opposition to the Project; risks related to increased or unexpected costs in construction, opera-
tions or the permitting process; risks that necessary financing will be unavailable when needed
on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public
filings with the U.S. Secu rities and Exchange Commission (the "SEC") and its Canadian disclo-
sure record. Although Perpetua Resources has attempted to identify important factors that
could affect Perpetua Resources and may cause actual actions, events or results to differ mate-
rially from those described in Forward -Looking Information, there may be other factors that
cause actions, events or results not to be as anticipated, estimated or intended. There can be
no assurance that Forward-Looking Information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on Forward -Looking Information. For further infor-
mation on these and other risks and uncertainties that may affect the Company's business, see
the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Re-
sults of Operations" sections of the Company's filings with the SEC, which are available at
www.sec.gov and with the Canadian securities regulators, which are available at www.sedar-
plus.com. Except as required by law, Perpetua Resources does not assume any obligation to
release publicly any revisions to Forward-Looking Information contained in this news release to
reflect events or circumstances after the date hereof or to reflect the occurrence of unantici-
pated events.
Cautionary Statement Regarding Reserve and Technical Information
The reserves information in respect of the Stibnite Gold Project in this news release is based
upon information contained in the technical report titled “Stibnite Gold Project, S-K 1300 Tech-
nical Report Summary, Valley County, Idaho, USA,” dated as of December 31, 2025 (the “TRS”),
developed for the Stibnite Gold Project in accordance with the mining property disclosure rules
specified in Regulation S-K subpart 1300 (“S-K 1300”) promulgated by the SEC and published
on March 31, 2026. Such information is as of December 31, 2025 and is subject to the assump-
tions, exclusions and qualifications set forth in the TRS. For additional information regarding the
TRS, investors are encouraged to refer to the Company’s Annual Report on Form 10 -K for the
year ended December 31, 2025, filed with the SEC on March 31, 2026. Data regarding domestic