Ms. Laurel Sayer reports

PERPETUA RESOURCES PROGRESSING TOWARDS NEXT PHASE

Perpetua Resources Corp. is making progress as it continues to advance the Stibnite gold project through the regulatory process and toward a construction decision. As Perpetua prepares for the next phase, the appointment of Andrew Cole to the board of directors enhances Perpetua's operational expertise and further strengthens its deep bench of experienced leaders.

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.

Board of directors strengthened with appointment of Mr. Cole

Mr. Cole was appointed to the company's board of directors effective immediately. He brings over 35 years of experience in the metals and mining industry, including substantial expertise in the processing of refractory ore, having been general manager at Barrick Gold's Goldstrike mine. Mr. Cole currently leads a consulting practice and most recently supported an emerging gold producer through the successful development of its processing strategy and the restart of its autoclave facility in Nevada. Mr. Cole previously served as general manager of the Donlin gold project in Alaska, where he secured the project's major permits, including its final record of decision. Prior to that, he served as executive director of Barrick Gold's United States operations. Mr. Cole holds a bachelor of science degree in material sciences and engineering from the University of Arizona, and received his MBA from the University of Nevada. He is a member of the Society of Mining Engineers (SME) and, in 2019, was honoured as the SME's Miner of the Year.

Two thousand twenty-three milestones and recent highlights:

• Zero lost-time incidents or reportable environmental spills;
• The 75-day public comment period on the supplemental draft environmental impact statement concluded with more than 15,000 letters submitted in support of the project;
• Signed definitized agreement for critical minerals award of $24.8-million through Department of Defence (DOD), under the Defence Production Act;
• Awarded up to $15.5-million in DOD funding to demonstrate a fully domestic antimony trisulphide supply chain;
• Appointed vice-president of projects to lead development of the Stibnite gold project;
• Reached Clean Water Act (CWA) settlement agreement with the Nez Perce Tribe and approval from United States District Court;
• Completed the majority of the early action restoration work at site;
• Completed preconstruction planning and scheduling for the project.

"Perpetua Resources accomplished several significant milestones in 2023 as we progress towards the next phase for the Stibnite gold project," said Laurel Sayer, president and chief executive officer of Perpetua Resources. "We secured additional funding through the Department of Defence, completed preconstruction planning and scheduling for the project, strengthened our board and leadership team, and continued to advance our environmental goals. I believe our recent achievements further strengthen the Stibnite gold project's strategic value to U.S. critical mineral development, and we look forward to a record of decision in 2024."

On Jan. 1, 2024, the U.S. Forest Service (USFS) released an updated schedule for the project. Based on the updated schedule, the company anticipates that the USFS will publish a final environmental impact statement (FEIS) and a draft record of decision (DROD) in the second quarter of 2024, and a final record of decision (ROD) in the fourth quarter of 2024. The USFS has confirmed that co-operating agency review of the FEIS is nearing completion, and is focused on progressing both documents toward final consultations and reviews in Washington, D.C.

Perpetua also continues to advance work on several ancillary permits which are being progressed in parallel with the NEPA process.

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.

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