Ms. Laurel Sayer reports

PERPETUA RESOURCES ANNOUNCES THIRD QUARTER 2023 HIGHLIGHTS

Perpetua Resources Corp. has filed its unaudited condensed consolidated financial results for the period ended Sept. 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.

Third quarter 2023 and recent highlights:

• Zero lost-time incidents or reportable environmental spills.
• Signed definitive technology investment agreement (TIA) for U.S. Department of Defense (DOD) critical minerals award of $24.8-million under the Defense Production Act (DPA).
• Clean Water Act (CWA) settlement agreement with the Nez Perce tribe filed in U.S. district court.
• Continued voluntary legacy waste cleanup and water quality improvement actions in historical Stibnite mining district.
• Appointed vice-president of projects to lead the Stibnite gold project.
• Awarded up to $15.5-million in DOD funding to demonstrate a fully domestic antimony trisulphide supply chain.

"Perpetua Resources successfully advanced several goals in the third quarter that I believe further position the Stibnite gold project as an emerging national strategic asset," said Laurel Sayer, president and chief executive officer of Perpetua Resources. "We received a new award of up to $15.5-million in Department of Defense funding, welcomed Michael Wright as our vice-president of projects, filed a settlement agreement with the Nez Perce tribe, and continued legacy waste cleanup activities. I am proud of our team for its continued dedication to making our vision a reality, while doing so safely, 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 continued to advance 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 the Idaho Department of Environmental Quality (IDEQ) in May, 2023.
• Submitted tailings storage facility (TSF) dam safety application to the Idaho Department of Water Resources (IDWR) in July, 2023. IDWR sent a letter of conditional approval for the company's stage 1 TSF in October, 2023.
• Submitted cyanidation permit application in August, 2023, to IDEQ. The company expects to resubmit an updated permit application in the fourth quarter of 2023, following a letter of incompleteness issued by IDEQ in September, 2023.
• A final point of compliance determination was issued in August, 2023, and the company submitted the required groundwater sampling and well installation plans in October, 2023.

Perpetua is advancing construction readiness activities which are reimbursable under the DPA funding. In the third quarter of 2023, the company appointed a vice-president of projects to lead the Stibnite gold project, and continued project execution planning and scheduling, construction manager general contractor contract negotiations, and detailed engineering and design work for the project's planned road and power lines.

About Perpetua Resources Corp.

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' environmental, social and governance and sustainable mining goals, the project will be powered by the lowest carbon emission 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.