Mr. Jon Cherry reports

PERPETUA ANNOUNCES NEW GOLD DISCOVERY AT STIBNITE GOLD PROJECT & CONTINUED HIGH GRADES FROM CLARK TUNNEL FAULT ZONE

Perpetua Resources Corp. has provided an update on exploration activities at the company's Stibnite gold project in central Idaho. The 2026 exploration drilling program is complete with over 16,000 metres of core drilling across the project. The program's objectives included upgrading in-pit and near-pit inferred resources, extending mineralization along strike, testing key underground targets, and following up on discoveries from the 2025-2026 drill program.

Initial assays from the Fiddle target returned 109.7 metres grading 3.2 grams per tonne gold and 1.1 per cent antimony in hole SB633, beginning at 189 metres downhole. SB633 represents one of the broadest continuous intervals of gold and antimony mineralization returned to date from Stibnite while also exhibiting grades more than double the project's life-of-mine average. Additional assays came from three holes: SB637, which extended mineralization 110 metres to the north, and SB643 and SB646, which were drilled from a pad to the north of SB633. An additional 21 holes were drilled along strike of SB633. Two subsequent holes, SB665 and SB671, were drilled to the south and are awaiting assay. Core logging identified both holes as having similar style mineralization to hole SB633, including abundant stibnite and sulphides within the mineralized zones.

Follow-up drilling from the Clark tunnel fault zone continued to demonstrate near-surface high grades including 25.4 metres of 4.5 grams per tonne gold from 13 metres downhole (SB606) and 25.0 metres of 2.3 g/t gold from 18 metres downhole (SB605). Antimony and tungsten assay results for these holes are currently pending. Recently identified high-grade gold-antimony mineralization in the CTFZ is partly within the permitted Yellow Pine pit and has the potential to supplement the existing production profile, with results detailed further below.

"Given their close proximity to the permitted Yellow Pine pit, Fiddle and the CTFZ were prioritized as key targets for the 2026 exploration program," said Jon Cherry, president and chief executive officer of Perpetua Resources. "At Fiddle, our initial hole returned broad, continuous mineralization at significant gold and antimony grades, which confirm it as an important new discovery. Meanwhile, drilling continues to reinforce the CTFZ as a near-surface, high-grade target on the eastern extent of the Yellow Pine pit. We're pleased with the results from our recent drilling, which align with our objectives of expanding our currently defined resource base and extending our compelling production profile."

Fiddle discovery

Fiddle's discovery hole, SB633, returned 109.7 metres grading 3.2 grams per tonne gold and 1.1 per cent antimony, among the most significant mineralized intercepts encountered at the project to date, underscoring the importance of the discovery. Located approximately 750 metres south of the permitted Yellow Pine pit along the Meadow Creek fault zone, Fiddle adds a new target area to the project's growing in-pit and near-pit resource base. The north-trending MCFZ is the district's main ore-controlling structure, which runs through both the Yellow Pine and Hangar Flats deposits and hosts intrusive-hosted mineralization along its flanks. To test the structural controls of the MCFZ, three holes were subsequently drilled at Fiddle. This included SB637, which extended mineralization to the north and returned 37.4 metres grading 0.7 g/t gold and 0.1 per cent antimony from 93.8 metres downhole.

Holes SB643 and SB646 were drilled from a pad located approximately 200 metres to the north of SB633 and in an easterly orientation to better define the geometry of the MCFZ. Assays from this drilling included 7.2 metres grading 1.7 g/t gold and 0.5 per cent antimony from 96.7 metres downhole (SB643), consistent with the structural interpretation noted above.

An additional 21 holes totalling 6,188 metres were subsequently drilled on strike to the north and south of SB633. Two subsequent holes, SB665 and SB671, were collared from pads south of SB633 and oriented west to target the core of the interpreted Fiddle structure. Core logging identified similar-style mineralization to those logged in hole SB633, including abundant stibnite and sulphides within the mineralized zones. While these visual and structural observations are encouraging, they are not a substitute for assay results, and there can be no assurance that subsequent holes will return grades or widths comparable with SB633. With significant drilling completed this season, company staff continues to process and log core ahead of assaying with a significant quantity of new results expected over the coming months.

Fiddle was among the key targets identified for testing under the company's 2026 exploration program. Combining historical drilling and sampling data from underground workings, Perpetua identified the Fiddle prospect as a highly prospective corridor with the potential to host stacked mineralized lenses akin to those defined at the Hangar Flats deposit on trend to the south. Located along the MCFZ, drilling to date has traced the mineralized structure along approximately 600 metres of strike length and across more than 300 metres of vertical extent, north and south of and beneath Fiddle.

Clark Tunnel fault zone follow-up drilling

The Yellow Pine pit is the highest-grade gold and antimony pit at Stibnite. The CTFZ is a zone located on the eastern end of the Yellow Pine permitted pit with current drilling testing areas within and around the pit limit. Given its combination of high-grade and near-surface location, the CTFZ has the potential to supplement the existing Yellow Pine production profile in the first years of production.

New results from the CTFZ continued to demonstrate near-surface, high-grade gold including 25.4 metres of 4.5 g/t from 13 metres downhole (SB606) and 25.0 metres of 2.3 g/t from 18 metres downhole (SB605). Both stibnite and scheelite, a tungsten-bearing mineral, were observed during core logging. Antimony and tungsten assay results for these holes are currently pending and will be reported once received. These high-grade results follow Perpetua's first holes in this zone, which were announced in August, 2026. Those included SB580 returning 6.4 metres of 16.2 g/t gold and 1.7 per cent antimony beginning at surface. Perpetua also defined a new gold-tungsten zone in hole SB597 with 21.3 metres of 3.2 g/t gold and 0.9 per cent tungsten beginning 24 metres downhole. Inclusive of new drilling, Perpetua has defined the CTFZ over a 200-metre strike length and down to 50 metres depth with an additional four holes drilled and pending assay.

About Perpetua Resources Corp.

Perpetua, through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-tungsten 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.

Cautionary statement regarding technical information

The technical information in this news release has been prepared in accordance with the mining property disclosure rules specified in Regulation S-K Subpart 1300 promulgated by the Securities and Exchange Commission and Canadian regulatory requirements set out in National Instrument 43-101, and has been reviewed and approved by Christopher Dail, CPG, director exploration, a qualified person. Mr. Dail is not independent of the issuer.

There can be no assurance that exploration activities will result in the discovery of additional resources or reserves, and isolated exploration results may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classified as a mineral resource. Exploration results are inherently uncertain and subject to numerous risks and uncertainties, including geological factors, market conditions and regulatory changes. Any development of additional resources or reserves discovered would be subject to applicable NEPA and permitting requirements.

Quality assurance

The exploration activities at the Stibnite gold project site were carried out under the supervision of Christopher Morgan, CPG, and Mr. Dail, CPG, both qualified persons as defined in National Instrument 43-101 and in S-K 1300.

Samples were handled and shipped by chain of custody procedures. Analyses were carried out by ALS Global Laboratories in its Reno and Elko, Nev., and Vancouver, B.C., laboratories and by MSA Laboratories in Elko, Nev., and Langley, B.C.

All gold assays were determined using photon assay techniques, which include a 0.015 g/t lower reporting limit. Antimony assays were determined using pressed pellet XRF and include a lower reporting limit of 0.04 per cent Sb and an upper reporting limit of 4 per cent Sb. Some intervals may not add or subtract correctly due to rounding, but differences are deemed insignificant.

Umpire samples are routinely submitted to third party labs, and blank and standard samples are inserted at appropriate intervals for quality assurance and quality control. A review of the results of analyses of blanks, standards and duplicates by the company's qualified person indicates values are within normal and acceptable ranges.

See the company's press release issued on Aug. 6, 2026, for technical information and quality assurance regarding the previously reported results of the drill program.

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