U.S. EXIM's Board Advances Proposed $2.7 Billion Loan to Congressional Notice & Perpetua Announces Improved Project Economics

Updated Project Economics demonstrate Stibnite as a premier gold-antimony asset with base case after-tax NPV_5% of $3.5 billion at $3,250/oz gold, increasing to $6.1 billion NPV_5% at $4,500/oz gold¹

Cash balance of $714 million at year-end together with proposed $2.2 billion direct loan, if approved, would fund all estimated direct capital costs, ongoing exploration & corporate costs

BOISE, ID, March 31, 2026 /CNW/ - Perpetua Resources Corp. (NASDAQ:PPTA) (TSX:PPTA) ("Perpetua Resources" or "Perpetua" or the "Company") announced today the Board of the Export-Import Bank of the United States ("U.S. EXIM") unanimously agreed to notify Congress of a proposed $2.7 billion senior secured long-term loan for development of Perpetua's Stibnite Gold Project ("Stibnite" or "Project"). The proposed total comprises a direct loan of approximately $2.2 billion and the remainder for capitalized interest and fees. The proposed loan directly supports the goals and objectives of U.S. EXIM's Make More in America ("MMIA") program.

This decision triggers a 25-day notice period to Congress and is the last formal step before U.S. EXIM's Board will vote on final approval, which Perpetua anticipates shortly after the notice period ends. If the proposed loan is approved, the Company would have sufficient capital, together with the $714 million of cash on hand at year end, to finance the estimated capital cost of $2,576 million to build the Project per the updated Technical Report Summary ("TRS") as of December 31, 2025.²

"Today's decision marks the final phase of EXIM approval," said Jon Cherry, President & CEO of Perpetua Resources. "We've worked diligently with U.S. EXIM for over two years on a financing solution aimed at strengthening America's supply chains, creating jobs right here at home, and fortifying national security. This puts Perpetua on track for a Final Investment Decision later this year. We are also pleased to publish updated project economics reflecting current commodity prices as well as capital and operating cost estimates as of the end of 2025. Assuming a $4,500/oz gold price, the updated model reports Stibnite's unlevered, after-tax project NPV of $6.1 billion and after-tax IRR of 32.3% reaffirming Stibnite as a premier gold-antimony project."

Perpetua advises the notification to Congress of the proposed loan does not represent a financing commitment from U.S. EXIM. A final funding commitment, if any, is conditional upon the satisfaction of certain conditions, including final approval by the U.S. EXIM Board following the notification period to Congress. The loan, if approved, is expected to be comprised of a direct loan of approximately $2.2 billion for construction of the Project, financial assurance and certain discretionary corporate and exploration costs, with the remainder representing capitalized interest and fees. Based on the Congressional review timeline and U.S. EXIM process, the Company anticipates a final vote on the loan by the Board of U.S. EXIM shortly after the notice period ends. Funding under the loan would be subject to finalization of definitive loan documents and satisfaction of all conditions to closing and drawdown, which the Company anticipates could occur in the second half of 2026.

Technical Report Summary (TRS) Updated to December 31, 2025

In connection with the filing of the Company's 2025 Annual Report on Form 10-K with the U.S. Securities Exchange Commission, Perpetua Resources published an updated TRS, which reflects current commodity pricing as well as capital and operating cost estimates for the Project as of December 31, 2025. The Company previously published a Technical Report Summary, dated as of December 31, 2021, and amended as of June 6, 2022 (the "2022 TRS"). The economic information in the 2022 TRS was supplemented by an updated cash flow model published by the Company on February 13, 2025 ("Financial Update"). The TRS updates and replaces, as of December 31, 2025, the 2022 TRS and Financial Update.

Since announcing the Financial Update in February 2025, Perpetua has advanced project engineering and has made significant progress in financing the future development of the Stibnite Gold Project. Key achievements include obtaining all permits to commence early-works construction, posting construction stage financial assurance with federal and state agencies, commencing early works construction in October 2025, welcoming significant new strategic investors (Agnico Eagle Mines Limited & JPMorganChase) and strengthening the Company's management and operations team.

The most notable updates from the 2022 TRS and the Financial Update include the following:

• The TRS incorporates engineering designs developed during the basic engineering phase completed in 2025, including design improvements to the mineral processing plant, site infrastructure, and tailings management. Perpetua estimates overall project engineering was approximately 45% complete as of December 31, 2025.
• The TRS incorporates updates derived from recent and ongoing environmental baseline studies, permitting application submittals and authorizations, and other environmental compliance and regulatory activities. The study also integrates cost and technical data derived from signed contracts (including Hatch, ATCO) and active contract negotiations across construction, professional services, and capital equipment procurement as of December 31, 2025.
• The TRS presents revised operating costs, capital costs, taxes and various long-term metal price assumptions based on consensus estimates provided by a survey of international investments banks. The economic analysis reflects cost estimates for construction and operations, as well as current and consensus commodity pricing for sales, each as of December 31, 2025.
• The TRS does not revise any of the Mineral Reserves or Mineral Resources reported in the 2022 TRS and no material changes were made to the Company's proposed mine plan as reported in the 2022 TRS and approved in the U.S. Forest Service's 2025 Final Record of Decision.
• The economic model in the TRS has been prepared using consistent methodology as previously presented in the Financial Update.

The TRS includes a revised capital cost estimate of $2.576 billion as of December 31, 2025, as well as certain increases in sustaining capex and operating costs in response to industry-wide inflationary pressures including increased input costs, geopolitical uncertainty and potential tariffs. The Company notes the revised project capital budget excludes pre-production revenues anticipated prior to the declaration of commercial production. Engineering, contracting and early works construction activities are ongoing, and may result in revisions to the costs, figures, methods and assumptions presented in the TRS as they progress.

Despite the increased costs, the Company's base case economics have improved due to higher gold price assumptions. Incorporating both updated metal price assumptions and updated capital and operating cost estimates, the Project exhibits compelling project economics across a range of different gold price scenarios. Using long-term consensus pricing of $3,250/oz gold, $10/lb antimony and $40/oz silver, the base case reported a $3.5 billion unlevered, after-tax NPV_5% and 23.5% project IRR. Assuming a $4,500/oz gold price, the TRS presents an unlevered after tax NPV_5% of $6.1 billion and IRR of 32.3%.  

Summarized results are presented below for reference:

ECONOMIC HIGHLIGHTS^1,2

Annual Report 2025 Highlights and 2026 Outlook

On March 31, 2026, Perpetua filed its annual report for 2025 reporting on a year of critical permitting, financing and development milestones. These included the U.S. Forest Service's issuance of the Final Record of Decision and approval of the Plan of Operations for the Project, over $850 million of equity financing raised, posting of approximately $160 million of construction phase financial assurance with federal and state agencies, and commencement of early works construction at Stibnite on October 21, 2025.  Perpetua completed basic engineering in January 2025 and progressed detailed engineering for the Project throughout 2025, appointing Hatch Ltd. as the EPCM contractor in December to manage key project components including the processing plant, pressure oxidation facility, and certain other in-scope infrastructure, utilities and facilities. Perpetua executed key contracts to progress engineering and construction readiness during the year, including a procurement contract with Idaho Power for critical long-lead power line items and a contract with ATCO for the design, construction and installation of camp housing.

Looking ahead to 2026, the Company's highest priority near-term key objective remains closing the proposed senior secured loan with U.S. EXIM to finance the construction and development of the Project. Meanwhile, detailed engineering, contracting, and procurement continue as the Company plans to be construction-ready in the second half of 2026. Expanding in-house expertise through additions to management and the operational team will further support construction and operational readiness.

Key priorities outside of construction are focused on advancing downstream antimony processing and offtake discussions and ramping up Project-wide exploration. While many exploration targets represent opportunities to expand current gold and antimony resources and reserves, Perpetua is also seeking to validate potential tungsten opportunities at the Project given extensive historical production. Additional environmental review and permitting may be required to proceed with certain opportunities, if they are available and depending on their scope. Additional information on 2026 goals and objectives can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the Securities and Exchange Commission and with Canadian securities regulators on March 31, 2026.

About Perpetua Resources and the Stibnite Gold Project

Perpetua Resources Corp., 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 mined source of antimony in the United States. Antimony trisulfide from Stibnite is the only known domestic reserve of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types.

FORWARD-LOOKING INFORMATION 

Investors should be aware that the U.S. EXIM notification to Congress does not represent a financing commitment from U.S. EXIM and is subject to approval of the proposed loan by the U.S. EXIM board following the 25-day notice period.  There can be no assurance that the board of U.S. EXIM will approve the proposed loan after the notice period, or at all, that we will be able to successfully negotiate definitive loan documents to close the loan or that, if closed, any funding provided by U.S. EXIM will be sufficient for us to construct the Project.  Further, release of funding under any such commitment would be subject to the satisfaction of certain conditions and covenants by the Company. 

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the review process, anticipated timing and potential outcome of the Company's U.S. EXIM financing application and notification to Congress; the amount of potential debt financing available to the Company through U.S. EXIM or otherwise; timing of anticipated milestones related to the Project and financing; ongoing funding and anticipated liquidity; our ability to comply with, obtain and defend permits related to the Project; the expected outcomes of the Project, including our mineral reserves and mineral resources; environmental clean-up actions by us and our contractors; the expected commercial demand for antimony and the Company's ability to supply it; our ability to successfully implement and fund the Project; the occurrence of the expected benefits from the Project; the realization of benefits from strategic partnerships; the timing and results of future exploration and material sampling by the Company, including with respect to tungsten; plans for the design and construction of the Project; the viability of the Project; expected construction, development and operating costs in the event that a production decision is made; planned exploration and development of properties and the results thereof; and development of any additional resources and reserves and the permitting requirements with respect to any such additional resources and reserves. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, the U.S. EXIM financing application will close and fund within the expected timeframe at the amount equal to or higher than the current indicative amount; that the U.S. EXIM board will approve the proposed loan on substantially the terms initially indicated by the U.S. EXIM board and that the Company will be able to satisfy the conditions to signing and closing of the U.S. EXIM loan and to receive committed funds when needed; that the Company's proposed financing package will be sufficient to finance permitting, pre-construction and construction of the Stibnite Gold Project or that the Company will be able to secure alternate financing if necessary; that the Company will be able to maintain compliance with covenants contained in its financing agreements or that may be contained in future financing agreements; that the Company will be able to satisfy additional bonding or financial assurance requirements in the future; that no pending or future litigation will result in the loss of any permits or material delay to the Project schedule or a material increase to Project costs; and that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that its other  corporate activities will proceed as expected. Forward-Looking Information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in construction, operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedarplus.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. 

Cautionary Statement Regarding Reserve and Technical Information 

The reserves information in respect of the Stibnite Gold Project in this news release is based upon information contained in the technical report titled "Stibnite Gold Project, S-K 1300 Technical Report Summary, Valley County, Idaho, USA," dated as of December 31, 2025 (the "TRS"), developed for the Stibnite Gold Project in accordance with the mining property disclosure rules specified in Regulation S-K subpart 1300 ("S-K 1300") promulgated by the SEC and published on March 31, 2026. Such information is as of December 31, 2025 and is subject to the assumptions, exclusions and qualifications set forth in the TRS. For additional information regarding the TRS, investors are encouraged to refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026. Data regarding domestic antimony reserves based on U.S. Geological Survey, Mineral Commodity Summaries, dated as of January 2026. 

Qualified Persons: The technical information in this press release has been reviewed and approved by Christopher Dail, AIPG CPG #10596, Exploration Manager for Perpetua Resources Idaho, Inc. and James Norine, P.E., Senior Vice President, Projects for Perpetua Resources Idaho, Inc. and each meet the definition of a "qualified person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and in S-K 1300. Mr. Dail and Mr. Norine are not responsible for statements attributed to officers and directors of the Company or third parties, or other non-technical information in this press release. 

Non-GAAP Measures

This news release includes disclosure of certain non-GAAP financial measures or ratios, including expected Cash Costs, Total Cash Costs, All-In Sustaining Costs (AISC), Average Annual EBITDA and Annual Average Free Cash Flow (FCF) with respect to the expected results of the Project. The Company uses these measures to evaluate the Company's future operating performance and provide visibility into the economics of our future mining operations. We believe the projected non-GAAP financial measures included in this news release provide readers with additional meaningful comparisons between the Company's Project and its peer companies. These projected non-GAAP financial measures are not historical measures of financial performance and are not presented in accordance with GAAP. They may exclude items that will be significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative or superior to GAAP measures. You should be aware that these measures have no standardized meaning under GAAP and may not be comparable to similarly-titled measures used by other companies.

We define "Cash Costs" as the sum of mining costs, processing costs, mine-level G&A and by-product credits; we define "Total Cash Costs" as the sum of Cash Costs, royalty costs, treatment costs, refining costs, and transportation costs; we define "All-In Sustaining Costs" as the sum of Total Cash Costs and sustaining capital costs (all costs required to sustain operations); we define earnings before interest, taxes and depreciation and amortization (EBITDA) as total revenue minus operating costs, offsite charges and royalties; we define "Free Cash Flow" as EBITDA as adjusted for changes in net working capital, all capital expenditures (initial, sustaining, and closure capital expenditures), and salvage value; and we define After-Tax FCF as FCF less taxes payable. FCF does not entirely represent cash available for discretionary expenditures due to the fact that the measure does not deduct payments required for debt service and other items. Annual averages of non-GAAP measures represent the total value of the non-GAAP measure divided by the number of years during the forecast period.

As the Project is not in production, the prospective non-GAAP financial measures are based on the estimated revenues, costs and other metrics set forth in the TRS, and are subject to the assumptions, qualifications and exceptions set forth in the TRS. The economic analysis in the TRS is not a true cash flow model as defined by financial accounting standards but rather a representation of Project economics at a level of detail appropriate for a pre-feasibility study level of engineering and design. As such, the projected non-GAAP measures included in this news release cannot be reconciled to comparable GAAP measures without unreasonable effort.

The non-GAAP financial measures included in this news release are forward-looking statements and remain subject to the risks and uncertainties set forth in the section titled "Forward-Looking Information" in this news release.

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SOURCE Perpetua Resources Corp.

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