Mr. Jon Cherry reports

PERPETUA RESOURCES PROVIDES CONSTRUCTION & EXPLORATION UPDATE

Perpetua Resources Corp. today provided an update on construction and exploration progress at its Stibnite gold project in central Idaho. With federal approvals secured in 2025 and early works and critical path construction activities continuing through the summer and into the fall, the company is pleased to share recent progress with stakeholders.

"We continue to make progress on multiple fronts, including construction of Burntlog route and worker housing, development of transmission line infrastructure, and expanding our drill program," said Jon Cherry, president and chief executive officer of Perpetua Resources. "This progress reflects the dedication of every member of the Perpetua Resources team and the partners working alongside us to explore, construct and restore the site while strengthening America's supply of critical minerals."

Recent highlights

Burntlog route advancing

Work on Burntlog Route, the year-round access road that will serve the project, ramped up through the summer field season. Crews advanced construction along the alignment, including removal of dead timber left by past wildfires ahead of earthworks.

Following this initial work, excavators and haul trucks advanced pioneer roadwork, cutting, and shaping the road surface and hauling excavated material to designated placement areas.

Once complete, Burntlog route will provide Perpetua with an expanded and upgraded road capable of handling larger loads and equipment.

Permanent worker housing continues to ramp-up

In late August, the worker housing facility civil works were completed, and foundation installation began in preparation for placement and erection of the camp modules.

Treated wood foundations are currently being installed to support the kitchen, dining and recreation modules, while the Triodetic metal foundation will support the dormitory buildings and the arctic corridor connecting the facility.

Powerline equipment deliveries continue

Powerline upgrades are important for project development, as the upgraded line will deliver the required grid power needed to run the project's processing facility and site operations. Working closely with its partners at Idaho Power Co., Perpetua is well advanced in procuring key equipment and materials. Long-lead power items such as substations and transformers have also been ordered to ensure timely delivery. Essential items such as power poles and ancillary equipment have been procured and delivered to Perpetua's laydown areas in Donnelly and Cascade, Idaho.

Exploration program surpasses 10,000-metre mark

Drilling continues at several targets at Stibnite, including the Clark Tunnel fault zone (CTFZ), Fiddle, Scout and Hangar Flats. Exploration success to date has warranted an expansion of the previously defined 10,000-metre program, which surpassed that mark in August and will continue into the fall season. To support the expanded program, Perpetua upgraded on-site core cutting and preparation facilities in the summer and has begun assaying completed drill holes.

Located on the northeastern limits of the Yellow Pine permitted pit, the CTFZ was prioritized for drilling after significant near-surface gold grades were encountered in initial drilling (see Aug. 6, 2026, press release). In addition to robust gold grades, the company also identified tungsten mineralization at the CTFZ, which further supports Perpetua's expanding critical mineral endowment. Follow-up drilling has focused on further defining this zone with five holes, or 1,900 metres completed at the end of August. As noted previously, the presence of scheelite, a tungsten-bearing mineral, continues to be observed in subsequent drill core. Simple testing for scheelite is performed using black lights, which cause scheelite to fluoresce.

On the southern end of the permitted Yellow Pine pit, stepout drilling continues to evaluate lateral and depth extensions of known mineralization. This work includes drill testing the Fiddle target, which Perpetua's induced polarization studies have identified as prospective for gold and antimony. In total, eight holes totalling 2,400 metres were completed by the end of August with an additional two holes in progress.

At the Scout target, 15 holes totalling 2,300 metres were completed through the end of August, with a total of 21 holes planned for the season. Scout was previously drilled in 2013, and assays identified significant gold-antimony mineralization. An exploration decline to access this trend was approved in the project's U.S. Forest Service Record of Decision.

Any future development of target exploration areas that are not approved for mining in the current plan of operations will require additional environmental review and permitting to be completed before mining could commence in these areas.

Momentum continues into the fall

Looking ahead, Perpetua will continue to advance critical path work through the fall, including bridge deliveries for Burntlog route, installation of the worker housing facility and continuing powerline procurement. Drilling will continue with four rigs before ramping down into the winter months, and the company expects to report additional assay results from the exploration program as they become available.

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. 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 a historic 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.