Mr. Chris Fogg reports

PERPETUA RESOURCES ANNOUNCES $70 MILLION OFFERING OF COMMON SHARES

Perpetua Resources Corp. has arranged a $70-million public offering of common shares, no par value, of the company in the United States. Pursuant to the investor rights agreement, dated as of Oct. 28, 2025, between the company and Agnico Eagle Mines Ltd., Agnico has indicated that it intends to exercise its pro rata participation right with respect to the offering in a concurrent private placement at the public offering price of the offering.

The company expects to use the net proceeds of the offering and the concurrent private placement to finance the construction and development of the Stibnite gold project, working capital costs in excess of the project capital costs, continuing exploration and development activities, and restoration and reclamation work, and for general corporate purposes.

The common shares will be offered by the company with BMO Capital Markets Corp., National Bank of Canada Capital Markets and RBC Capital Markets acting as joint bookrunning managers.

In connection with the offering, an underwriting agreement will be entered into by and between Perpetua Resources and BMO Capital Markets as representative of the several underwriters.

The offering to the public in the United States is being made pursuant to the company's effective shelf registration statement on Form S-3, including a base prospectus, previously filed with the U.S. Securities and Exchange Commission (SEC). The offering in the United States will be made only by means of a prospectus and related prospectus supplement meeting the requirements of Section 10 of the Securities Act of 1933, as amended. You may obtain these documents for free by visiting EDGAR. Alternatively, copies of the preliminary prospectus supplement and the base prospectus may be obtained from BMO Capital Markets, attention: equity syndicate department, 151 42nd St. W (32nd floor), New York, N.Y., 10036. The offering may also be conducted in Canada and in offshore jurisdictions on a private placement basis in accordance with applicable securities laws. The company intends to rely on the exemption in Section 602.1 of the TSX company manual in respect of the offering and the concurrent private placement as an eligible interlisted issuer.

The consummation of the concurrent private placement is subject to customary closing conditions, including the completion of the offering, but the offering is not contingent upon the consummation of the concurrent private placement. The company cannot assure you that the concurrent private placement will be completed. The sale of the common shares under the concurrent private placement will not be registered under the Securities Act of 1933, as amended.

About Perpetua Resources Corp.

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, 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 mined source of antimony in the United States. 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.

We seek Safe Harbor.