Mr. Jon Cherry reports

PERPETUA RESOURCES ANNOUNCES SALE OF SILVER ROYALTY FOR $8.5 MILLION IN PROCEEDS

Perpetua Resources Corp. today entered into a royalty agreement with a wholly owned subsidiary of Franco-Nevada Corp. pursuant to which Perpetua, through its subsidiaries, sold Franco-Nevada a royalty on the future payable silver production from the Stibnite gold project in exchange for a cash payment of $8.5-million (the upfront payment).

"This transaction allows Perpetua to monetize a non-strategic by-product from the Stibnite gold project and enhance our liquidity to cover a majority of our near-term priorities that are not covered by the funding we've received from the Department of Defense to advance permitting and construction readiness," said Jon Cherry, president and chief executive officer of Perpetua Resources. "Establishing a domestic source of the critical mineral antimony is more important than ever, and we stand ready to responsibly produce critical resources here at home and help strengthen America's national and economic security."

Highlights of the transaction:

• $8.5-million upfront cash payment to Perpetua upon closing of the transaction;
• Franco-Nevada will receive all of the payable silver byproduct revenue over the life of mine, subject to the terms of the agreement;
• Silver represents less than 0.3 per cent of projected life-of-mine revenue in the 2020 feasibility study;
• The additional liquidity provided from the upfront payment complements the funding that the company has secured through the U.S. Department of Defense;
• Perpetua intends to use the proceeds for general corporate purposes.

"We appreciate Franco-Nevada's continued confidence and support of the Stibnite gold project," said Jessica Largent, chief financial officer of Perpetua Resources. "We have been focused on minimizing equity dilution and this transaction combined with the full anticipated amount of Department of Defense funding represents over $80-million in non-dilutive capital. Moving forward, we will continue to evaluate various financing options that unlock shareholder value as we receive permits for our world-class project and transition towards construction."

Perpetua's proposed Stibnite gold project is designed to re-establish a United States source of the critical mineral antimony as a by-product of one of the highest-grade open pit gold resources in the United States. The additional funding will allow the company to continue advancing the construction readiness of the Stibnite gold project and support general corporate expenses related to the project's progress through the National Environmental Policy Act (NEPA) review process, led by the United States Forest Service (USFS).

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 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 U.S.-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 (TIA) of up to $59.4-million in DPA 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 has adopted formal ESG commitments.

We seek Safe Harbor.