Ms. Laurel Sayer reports

PERPETUA RESOURCES ANNOUNCES SECOND QUARTER 2023 HIGHLIGHTS

Perpetua Resources Corp. has filed its unaudited condensed consolidated financial results for the period ended June 30, 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 and construction readiness for the project.

Second quarter 2023 and recent highlights:

• Zero lost-time incidents or reportable environmental spills;
• Successfully mobilized teams and equipment to site for the next round of voluntary legacy waste cleanup and water quality improvement actions in the historical Stibnite mining district;
• Added to the Russell 2000 Index and the broad-market Russell 3000 Index;
• Held 2023 annual general meeting and shareholders voted in favour of all proposals;
• Published 2022 sustainability report, the company's 10th annual sustainability report;
• Signed definitized agreement for critical minerals award of $24.8-million under the Defense Production Act (DPA);
• Filed Clean Water Act settlement agreement with the Nez Perce Tribe.

"Perpetua Resources had another strong quarter and we continued to advance the Stibnite gold project while showing that we can be a trusted partner and help leave a lasting legacy of positive benefits in our community," said Laurel Sayer, president and chief executive officer of Perpetua Resources. "We responded promptly to all information requests related to the federal permitting process, advanced several ancillary permits, and successfully mobilized teams and equipment for legacy waste cleanup activities this summer. We also continued to demonstrate a strong safety record with zero lost-time incidents or reportable spills."

Permitting and construction readiness activities update

Following completion of the public comment period and analysis on the supplemental draft environmental impact statement (SDEIS), the United States Forest Service updated the permitting schedule for the project with a final environmental impact statement (FEIS) and draft record of decision (ROD) expected by the end of 2023 and a final ROD anticipated in early 2024.

Perpetua advanced work on several ancillary permits which are being progressed in parallel with the NEPA process. Recent updates include:

• Submitted the 404 wetlands and compensatory mitigation plan application to the U.S. Army Corps of Engineers (USACE) in April, 2023, and USACE provided a 404 permit application completeness determination in July, 2023;
• Submitted the formal request to begin the 401 water quality certification process to Idaho Department of Environmental Quality (IDEQ) in May, 2023;
• Submitted tailings storage facility dam safety application to Idaho Department of Water Resources (IDWR) in July, 2023.

Perpetua is advancing construction readiness activities which are reimbursable under the DPA funding. In the second quarter of 2023, the company began project execution planning and scheduling, selected a construction manager general contractor to advance studies and detailed engineering for the road design, and began detailed scoping and engineering for the power line.

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 been awarded a technology investment agreement of $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.