Ms. Laurel Sayer reports

PERPETUA RESOURCES ANNOUNCES FIRST QUARTER 2023 HIGHLIGHTS

Perpetua Resources Corp. has released its unaudited condensed consolidated financial results for the period ended March 31, 2023. For details, please see the company's filings available on EDGAR and SEDAR.

Perpetua Resources' vision is to provide the United States with a domestic source of the critical mineral antimony, develop one of the largest and highest-grade open pit gold mines in the country and restore an abandoned brownfield site. Perpetua Resources is focused on advancing the permitting for the Stibnite gold project through the National Environmental Policy Act (NEPA) process.

First quarter 2023 and recent highlights:

• Zero lost-time incidents or reportable environmental spills;
• Continued productive mediation discussions with the Nez Perce Tribe;
• The 75-day comment period on the supplemental draft environmental impact statement (SDEIS) for the Stibnite gold project concluded with more than 15,000 letters submitted in support of the project;
• The United Stated Forest Service (USFS) updated the permitting schedule for the project with a final environmental impact statement (FEIS) and draft record of decision (DROD) expected by the end of 2023 and a final record of decision (ROD) anticipated in early 2024;
• Selected Native American owned Iron Woman Construction to conduct environmental improvements in the historical Stibnite mining district in 2023;
• Received $2,059,661 in reimbursements in the first quarter of 2023 from the Department of Defense under the technology investment agreement signed in December, 2022.

"Perpetua Resources began 2023 with positive momentum starting with the robust support we received for our project through the SDEIS public comment period and the USFS providing further clarity on the path and timeline to a final EIS and draft record of decision, which are expected late this year," said Laurel Sayer, president and chief executive officer of Perpetua Resources. "We also started to receive reimbursements from the Department of Defense for certain expenses as we continue through the permitting process and advance construction readiness for our project. We are excited to develop the Stibnite gold project, the only domestic antimony reserve, to protect our national security and support America's clean energy transition, restore an abandoned mine site, and provide hundreds of well-paying jobs to Idahoans."

Permitting update

After nearly two years of review of the modified mine plan by the USFS and other agencies, the SDEIS was published on Oct. 28, 2022, for a 75-day public comment period. In the SDEIS, the USFS highlights the net positive environmental outcomes that the Stibnite gold project can provide to the abandoned mine site based on the results of comprehensive scientific analysis conducted over the last six years. The USFS identified Perpetua Resources' proposed action, the modified mine plan, as the preferred alternative and also concluded the preferred alternative would reasonably accomplish the purpose and need for consideration of approval of the Stibnite gold project, while giving consideration to environmental, economic and technical factors. Under NEPA, a preferred alternative is identified by a federal agency in a DEIS to let the public know which action the agency is leaning toward selecting as final.

The SDEIS public review period closed on Jan. 10, 2023. Following completion of the comment period and analysis, the USFS updated the permitting schedule for the project with a FEIS and DROD expected by the end of 2023 and a final ROD anticipated in early 2024. To finalize the FEIS and DROD by the end of 2023, the USFS is preparing responses to the letters received on the SDEIS and co-ordinating with state and federal agencies to conclude remaining environmental modelling and impact analysis. The company also advanced work on several ancillary permits in the first quarter of 2023, which are being progressed in parallel with the NEPA process.

About Perpetua Resources Corp. and the Stibnite gold project

Perpetua Resources, through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite gold project. The 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. Further advancing Perpetua Resources' ESG (environmental, social, governance) and sustainable mining goals, the project will be powered by the lowest carbon emissions grid in the nation and a portion of the antimony produced from the project will be supplied to Ambri, a United States-based company commercializing a low-cost liquid metal battery essential for the low-carbon energy transition. Perpetua Resources has received up to $24.8-million in Defense Production Act Title III funding to advance construction readiness and permitting of the project. Antimony trisulphide from Stibnite is the only known domestic source of antimony that can meet U.S. defence needs for many small arms, munitions and missile types. In addition to the company's commitments to transparency, accountability, environmental stewardship, safety and community engagement, Perpetua Resources adopted formal ESG commitments.

We seek Safe Harbor.