Mr. Jon Cherry reports

PERPETUA RESOURCES PARTNERS WITH THE IDAHO NATIONAL LABORATORY TO ADVANCE CRITICAL MINERAL PILOT PLANT

Perpetua Resources Corp. has entered an agreement with the Idaho National Laboratory (INL) through Battelle Energy Alliance LLC for the INL to host, commission and operate a flexible, modular pilot processing plant expected to be capable of recovering various critical and defence-related minerals, including antimony from the company's ores. This initiative is intended to demonstrate the feasibility of producing high-quality, military specification antimony trisulphide using material from Perpetua's Stibnite gold project. In addition, it will provide opportunities to advance domestic defence mineral processing capabilities and strengthen work force training in Idaho.

"We are proud to collaborate with Idaho National Laboratory to further strengthen America's defence capabilities and help secure a domestic source of antimony trisulphide," said Jon Cherry, president and chief executive officer of Perpetua Resources. "This partnership highlights Idaho's role in national security and demonstrates our ongoing commitment to responsible resource development, job creation and work force training in Idaho. The successful demonstration of this plant will contribute to sustained growth in American mineral independence and resilience."

Locating the pilot plant at INL leverages the lab's critical and strategic materials and defence programs. Trained operators and specialized staff members will commission and operate the plant, which will consist of several modular containers with the necessary equipment to conduct pilot-scale testing. Once installed, the pilot plant will receive samples of material from the Stibnite gold project and operators will conduct pilot-scale testing to produce antimony trisulphide concentrate needed for munitions and advanced systems used by U.S. military personnel.

This pilot plant initiative is part of a broader partnership between Perpetua Resources and the U.S. Army through the Defense Ordnance Technology Consortium (DOTC) to secure domestic sources of critical minerals. In May, 2025, Perpetua was awarded up to $6.9-million in additional DOTC funding, bringing the company's total DOTC awards up to $22.4-million. This extended award combines Perpetua's Idaho-based antimony resource with INL's world-class scientific research capabilities to support the U.S. Army's objective of establishing a fully domestic ground-to-round antimony trisulphide supply chain.

"This partnership brings together Perpetua's antimony resources with INL's expertise in materials processing to address a critical national security need," said John Wagner, INL director. "Establishing domestic production capabilities for antimony trisulphide essential for munitions and defence systems strengthens America's supply chain resilience while advancing Idaho's leadership in critical minerals and work force development."

Critical materials research at INL concentrates on the components essential for energy and national security. INL has expansive expertise, including cutting-edge research areas such as mineral characterization, geochemical modelling and material separation.

U.S. House Representative Mike Simpson (R-Idaho) applauded today's announcement, stating: "As a long-time supporter of the Idaho National Laboratory and Perpetua Resources' efforts in domestic antimony production, I am thrilled to see this partnership come together. Idaho has the potential to provide our country with a domestic source of critical minerals that are essential to our national security needs. This partnership is a win for Idaho, and I am pleased to see our great state once again play such a pivotal role on the world stage."

The Stibnite gold project is the only identified reserve of antimony in America. The company expects to supply up to 35 per cent of U.S. antimony demand during its first six years of operations while meeting long-term Department of War antimony needs. In addition to providing for American national security, the project will create hundreds of family-wage jobs, restore fish access to critical spawning habitat, address legacy environmental degradation and improve water quality at a historical abandoned mine site.

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 Stibnite gold 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 identified reserve of antimony in the United States. Antimony trisulphide from Stibnite is the only known domestic reserve of antimony that can meet U.S. defence needs for many small arms, munitions and missile types.

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