Perpetua Resources Corp 2025年度报告

Responsible Mining. Critical Resources. Clean Future. 2025 and Recent Highlights Received conditional Notice toProceed from the U.S. Forest Serviceand broke ground on early worksconstruction at the Stibnite GoldProject on October 21, 2025. Zero lost time incidents or reportableenvironmental spills. Held 2025 Annual General Meetingand shareholders voted in favor of allproposals. As part of early works, postedapproximately $135 million ofconstruction phase financial assurancewith federal and state agencies Stibnite Gold Project selected as aWhite House Transparency Project inApril 2025, underscoring the Project'sstrategic national importance. U.S. EXIM Board unanimously agreedto notify Congress of a proposed $2.7billion senior secured long-term loanfor the Stibnite Gold Project — thefinal formal step before Board vote onfull approval. U.S. Army Corps of Engineers issuedthe Section 404 Clean Water Actpermit for the Stibnite Gold Project. U.S. Forest Service approved thePlan of Operations for the Project,enabling construction to advance. Raised over $850 million in equityincluding, $255 million in strategicequity investments from Agnico EagleMines Limited and JPMorganChase,strengthening the Company's capitalposition and reducing financing risk. Appointed Hatch Ltd. as EPCMcontractor in December 2025 tomanage key project componentsincluding the processing plant,pressure oxidation facility, and relatedinfrastructure. Progressed detailed engineeringthroughout 2025 and advancingcomprehensive project financing planin anticipation of a full constructionsanction decision. Announced partnership with IdahoNational Laboratory to conduct pilot-scale testing to produce antimonytrisulfide for domestic defense andindustrial uses. COMPANY OVERVIEW About Perpetua Resources and the Stibnite Gold Project Perpetua Resources Corp., through its wholly owned subsidiaries,is focused on the exploration, site restoration and redevelopmentof gold-antimony-silver deposits in the Stibnite-Yellow Pine districtof central Idaho. The Stibnite Gold Project is one of the highest-grade, open pit gold deposits in the United States and holds theonly identified domestic reserve of the critical mineral antimony,which is essential to the defense, energy and manufacturingsectors. The Project is designed to apply a modern, responsiblemining approach to restore an abandoned mine site and provideuplift to water quality, improve fish habitat access, and invest inriver restoration while supporting local economic development inrural Idaho. LETTER FROM OUR CEO Jon Cherry, President & CEO DEAR FELLOW SHAREHOLDERS, 2025 was the most important year in the history of Perpetua Resources. Themilestones we achieved in permitting, financing, engineering, and constructiontransformed the Stibnite Gold Project (Stibnite) from an opportunity into aproject of national significance that is permitted for construction. On behalfof the entire Perpetua team, I am proud to report on what we accomplishedtogether and to share our outlook for the critical year ahead. A Year of Historic Milestones On January 3, the U.S. Forest Service issued the Final Record of Decision approving our mine plan — the mostsignificant regulatory milestone in our company's history, and the culmination of years of rigorous environmentalreview and responsible mine design. In April, the White House designated Stibnite a Transparency Project, highlighting its economic significanceand its role in reducing America's dependence on foreign adversaries for critical minerals. Stibnite hosts oneof the highest-grade open-pit gold deposits in the United States and is poised to become the nation's onlydomestic mined source of antimony, a mineral long sourced from hostile nations and now subject to Chineseexport restrictions. Given antimony's key role in defense and industrial applications, the urgency of bringingStibnite into production has never been greater. With approvals from the U.S. Forest Service and other federal & state agencies, we proceeded to post over$135 million of financial assurance and broke ground on October 21. This was a historic moment for ourshareholders, our workforce, and the state of Idaho. To support that milestone and fund construction readiness,we raised over $850 million in equity during 2025 which is a clear testament to the quality of our asset and theconfidence institutional investors place in our team. This included $255 million in strategic investments fromAgnico Eagle Mines and JPMorganChase, investments that bring not only capital but technical expertise andcredibility to our development program. With approximately $714 million in cash on hand at year-end, no debt, and all our federal construction permitssecured, Perpetua entered 2026 in the strongest financial and regulatory position in its history. In parallel, weadvanced a key partnership with the Export-Import Bank of the United States (EXIM) with the objective ofarranging a senior secured loan to fin