Mr. Jon Cherry reports

EXPORT IMPORT BANK OF THE UNITED STATES APPROVES $2.9 BILLION LOAN FOR DEVELOPMENT OF PERPETUA RESOURCES' STIBNITE GOLD PROJECT

The board of Export-Import Bank of the United States has unanimously approved a $2.9-billion senior secured long-term loan under the Make More in America initiative to support the development of Perpetua Resources Corp.'s Stibnite gold project. EXIM's approval comes after extensive technical, financial, environmental and social due diligence and a 25-day notice period to Congress.

"It is time to make more in America, and today marks not only a key milestone for Perpetua Resources, but a significant step in mineral security for our country," said Jon Cherry, president and chief executive officer of Perpetua Resources. "When the federal government and private industry work together on a shared national priority, big things are made possible. The $2.9-billion loan positions us to bring the Stibnite gold project to life and signals a new day in American mineral independence and responsible mining. We are immensely proud of our role in strengthening America's national security, creating hundreds of jobs in rural Idaho and reducing our dependence on foreign adversaries for a mineral we cannot do without."

The Stibnite gold project is an ideal candidate for U.S. EXIM financing as it sits at the nexus of EXIM's highest-priority mandates: strengthening America's industrial manufacturing supply chains, domestic job support and critical mineral independence to advance both national security and domestic industrial and commercial manufacturing needs.

EXIM's decision marks a landmark transaction under the MMIA initiative and advances American production and manufacturing to be more competitive on the world stage. As the only identified domestic reserve of antimony, EXIM's investment in the project advances American critical mineral independence for antimony.

"Idaho's abundant critical and rare earth minerals are essential to reducing U.S. dependence on foreign suppliers," said U.S. Senator for Idaho James Risch. "This investment will help expand our domestic critical mineral supply, create high-quality jobs in rural America and strengthen our national security."

"This investment strengthens America's economic and national security by advancing a reliable domestic supply of critical minerals essential to our manufacturing and defence industries," said U.S. Senator for Idaho Mike Crapo. "The Export-Import Bank's Make More in America initiative is helping secure the infrastructure needed to reduce our dependence on foreign adversaries, support American workers and reinforce our long-term industrial competitiveness. It is encouraging to see this effort moving forward in Idaho, where it has the potential to create hundreds of high-quality jobs, long-term economic competitiveness and supply chain security."

The EXIM financing package, combined with Perpetua's cash on hand, is expected to fully finance the direct construction of the Stibnite gold project based on the current capital cost estimates as reported in the company's technical report summary as of Dec. 31, 2025. Underpinned by robust economics from gold, the Stibnite gold project is designed to responsibly redevelop and restore the abandoned Stibnite mining district in Idaho to produce gold and the nation's only reported reserve of the critical mineral antimony. In doing so, the project would provide investments in environmental cleanup of the historical site, secure a source of antimony for American commercial and defence manufacturing, and create an average of over 700 direct jobs a year over the life of the mine and significant tax revenue for local communities and the State of Idaho.

"There is no better place to deploy U.S. EXIM's $2.9-billion investment than right here in the heart of Idaho," said Idaho Governor Brad Little. "The Stibnite gold project is exactly the kind of project America needs. It will create hundreds of family-wage jobs and break America's dependence on our adversaries for the antimony our military and manufacturers need. Thank you to EXIM for this vote of confidence in the gem state, and congratulations to Perpetua Resources on a milestone that strengthens Idaho and the nation."

To date, the Stibnite gold project has gone through rigorous scientific and public review, was identified as a transparency project under the FAST-41 program, and has received substantial support and partnership from the Department of War. Today's EXIM financing announcement illustrates a whole-of-government approach to advance this project toward production.

The loan will be available upon completion of definitive documentation and satisfaction of customary conditions precedent, which is expected to occur in the second half of 2026. The loan is to be structured as a 13-year senior secured credit facility of $2.9-billion, consisting of an upfront facility of $2.4-billion with the rest to cover capitalized interest during construction and EXIM's exposure fee. The increase in the principal amount of the loan compared with the initial EXIM board review primarily relates to adding an option to move certain planned equipment financing from a third party financing company into the EXIM loan.

Interest on the loan is to be set at the applicable long-dated U.S. treasury bond rate plus 100 basis points and will be fixed at the time of the first drawdown. Scheduled repayments are anticipated to commence in 2030.

The MMIA initiative is a Congressionally authorized financing program through EXIM designed to help companies make more in America -- especially in sectors critical to national security. The goal of the program is to help American producers obtain financing, compete on a global scale and, in the process, generate economic opportunities for hard-working Americans.

EXIM is an independent executive branch agency and the official export credit agency of the United States. EXIM's mission is to support American jobs by facilitating the export of U.S. goods and services. In 2024, Perpetua Resources submitted a letter of interest application to EXIM. After EXIM expressed interest in potential debt financing, Perpetua worked on its application for more than a year, officially submitting it in May, 2025. In September, 2025, the company received a preliminary project letter and indicative term sheet from EXIM for financing. Since that time, EXIM has conducted extensive due diligence and legal review, including its own environmental and social evaluation of the project. The final approval from EXIM's board of directors comes two years after the initial interest application was submitted and a year after Perpetua submitted its formal application.

Advisers

The company's transaction advisers for the loan include Endeavour Financial acting as financial adviser and Hunton Andrews Kurth LLP serving as legal counsel.

About Perpetua Resources and the Stibnite gold project

Perpetua, 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. The Stibnite gold project is one of the highest-grade, open-pit gold deposits in the United States and holds the only identified domestic reserve of the critical mineral antimony, which is essential to the defence, energy and manufacturing sectors. The project is designed to apply a modern, responsible mining approach to restore an abandoned mine site and provide uplift to water quality, improve fish habitat access and invest in river restoration while supporting local economic development in rural Idaho.

We seek Safe Harbor.