First exploratory drilling in nearly a decade at Perpetua’s Idaho properties returned significant, high-grade gold, antimony & tungsten results, including intercepts of 21.3 meters @ 3.2 g/t gold & 0.9% tungsten and 6.4 meters @ 16.2 g/t gold & 1.7% antimony at Yellow-Pine and 3.0 meters @ 14.5 g/t gold at Hangar Flats

New gold-tungsten intercepts, alongside historic tungsten drill results and past production at Stibnite, establish tungsten as a new exploration focus and a potential second critical mineral at the Project

Company submits tungsten exploration funding proposal to U.S. Government Agencies to supplement its current 10,000-meter drilling program focused on growing gold, antimony and tungsten

Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) is pleased to report drilling results and provide an update on its 2026 exploration program in Valley County, Idaho. The exploration plan was approved by the U.S. Forest Service in 2025.

“Our focus is on drilling areas that align with our currently planned mining sequence with potential to directly add value,” said Jon Cherry, President and CEO of Perpetua. “Our priority is testing higher-grade gold and antimony targets within our three permitted pits that could supplement our existing Stibnite Gold Project (the “Project”) mine plan with the aim of sustaining or exceeding our estimated annual average production level of 463,000¹ gold ounces beyond our first four years of production. We have also identified gold and antimony exploration targets with the potential to allow for extensions of the existing permitted pits within the Project and are evaluating opportunities to expand our overall resource base beyond the existing Project scope. This includes identifying potential sources of tungsten that could enhance the value of Perpetua’s broader land package. These targets are based on previous drilling, historic mining activities and recently defined prospects across the broader, highly prospective land package. Any activity outside the scope of the currently permitted project may require additional regulatory review.”

Recent drilling between the currently permitted Yellow Pine and West End reserve pits continues to reveal compelling new mineralization, including multiple high-grade gold intervals and a new gold-tungsten discovery. Significant high-grade gold intercepts, including a gold-tungsten intercept, have been identified in the Clark Tunnel Fault Zone located along the southeastern edge of the proposed Yellow Pine pit. Additional occurrences of scheelite, a tungsten-bearing mineral, have been observed in ongoing drilling in the CTFZ. In addition, widely spaced drilling and surface sampling at the Huckleberry Fault Zone returned broad intervals of gold mineralization. Lying immediately adjacent to the Yellow Pine reserve pit limits, the HFZ spans over 100 meters in width and has been traced across 0.5km of strike length, with historic data indicating higher-grade lenses can occur. At the Hangar Flats deposit, drilling at the NDMEA zone encountered additional high-grade gold, while critical mineral-focused drilling at Hangar Flats returned significant antimony-tungsten intercepts. These results collectively demonstrate further opportunities to grow and unlock the 3.1 million ounces of indicated and inferred gold resources and 99.8 million pounds of antimony resources that are located outside current reserves.

Exploration drilling is currently underway with 4 rigs and approximately 5,800 meters of new drilling complete to date. The results presented below are from recently completed drill programs totaling 8,340 meters, which was split between geotechnical drilling and exploration. Notable new intercepts include:

Yellow Pine Clark Tunnel Fault Zone Discovery²

• Hole SB597: 21.3 meters of 3.2 g/t gold and 0.9% tungsten from 24 meter depth, incl. 7.0 meters grading 7.1 g/t gold and 0.3% tungsten from 34 meter depth
• Hole SB580: 6.4 meters of 16.2 g/t gold and 1.7% antimony from surface
• Hole SB582: 15.0 meters of 6.3 g/t gold and 0.8% antimony from 11 meter depth
• Hole SB581: 5.5 meters of 14.2 g/t gold and 1.2% antimony from 8 meter depth
• Hole SB579: 4.6 meters of 10.0 g/t gold and 0.6% antimony from 9 meter depth
• Hole SB578: 4.9 meters of 9.3 g/t gold and 0.7% antimony from 7 meter depth
• Hole SB576: 3.4 meters of 9.6 g/t gold and 0.4% antimony from 7 meter depth
• Hole SB577: 3.0 meters of 9.4 g/t gold and 0.9% antimony from 9 meter depth

Yellow Pine Huckleberry Fault Zone²

• Hole SB588: 69.6 meters of 0.8 g/t gold from 61 meter depth (Lower Huckleberry)
• Hole SB595: 41.6 meters of 0.8 g/t gold from 131 meter depth (Upper Huckleberry), including 21.8 meters of 1.2 g/t gold from 148 meters depth

Hangar Flats Extensions²

• Hole SB584: 3.0 meters of 14.5 g/t gold from 82 meter depth
• Hole SB585: 5.5 meters of 1.1 g/t gold and 0.3% antimony from 108 meter depth

Hangar Flats Antimony and Tungsten Results (excluding gold assays)^2,3

• Hole SB519: 22.9 meters of 3.2% antimony and 1.2% tungsten from 330 meter depth, incl. 4.4 meters of 4.3% antimony and 3.3% tungsten from 334 meter depth and 1.8 meters of 8.3% antimony and 4.6% tungsten from 351 meter depth
• Hole SB522: 9.8 meters of 8.3% antimony and 4.6% tungsten from 260 meter depth
• Hole SB527: 3.4 meters of 10.6% antimony and 1.5% tungsten from 247 meter depth
• Hole SB524: 1.7 meters of 10.5% antimony and 1.8% tungsten from 256 meter depth

2026 Drilling Program Highlights:

• A minimum of 10,000 meters of core drilling is planned for 2026 using 4 drill rigs with the ability to expand the program if warranted, based on results. Perpetua estimates approximately 5,800 meters of the 2026 core drilling program have been completed and are in preparation for assay.
• Initial drilling was planned for potential expansion of the gold and antimony pits in the currently approved mine plan will test along strike and at depth within the Yellow Pine and Hangar Flats deposits. This includes follow-up drilling on the Clark Tunnel Fault Zone and Huckleberry Fault Zone
• Definition drilling within existing approved footprints is planned with the goal of upgrading inferred resources to measured and indicated categories. Additional testing is also planned for several known high-grade targets near the current pits and located close to planned future milling infrastructure
• Any future development of target exploration areas that are not approved for mining in the current plan of operations will require additional environmental review and permitting to be completed before mining could commence in these areas

Tungsten Emerges as Additional Strategic Opportunity at Stibnite

During the first half of 2026, Perpetua became aware of U.S. government-sponsored initiatives focused on tungsten. Based on the historical production of both antimony and tungsten at Stibnite and given that recent drilling confirmed areas in the Hangar Flats deposit host a combination of high-grade antimony (5-13%) and tungsten (1-6%) at varying widths of 1-10 meters, the Company has submitted proposals seeking U.S. grant funding to undertake drilling, sampling, metallurgical analysis, and resource evaluation. While there can be no assurance that the Company will obtain such grant funding or that economically accessible quantities of tungsten will be identified, Perpetua believes its broader claim package is uniquely positioned to help the U.S. government potentially secure a second critical mineral, in addition to antimony, from the Stibnite mining district. Any tungsten development will require separate public & environmental review and permitting outside the scope of the currently permitted project.

In its grant proposal, Perpetua proposed to embark on a program focused on drilling and metallurgical sampling beneath the Hangar Flats pit.  This work would serve a dual strategic purpose of enabling drilling to test known high-grade antimony-tungsten mineralization at depth while simultaneously providing additional testing of significant gold and antimony resources previously identified but not included in Perpetua’s current mine plan. Previously reported drill holes (listed below) indicate the promising potential for recovery of tungsten near areas in the existing mine plan.

Hangar Flats Previously Released Gold, Antimony and Tungsten Intercepts

• Hole SB21: 65.2 meters of 3.0 g/t gold, 2.9% antimony, 0.04% tungsten from 244 meter depth
• Hole SB134: 2.4 meters of 1.4 g/t gold, 0.2% antimony, 1.52% tungsten from 216 meter depth
• Hole SB165: 4.6 meters of 1.6 g/t gold, 1.8% antimony, 1.17% tungsten from 258 meter depth
• Hole SB192: 32.3 meters of 1.4 g/t gold, 4.7% antimony, 2.66% tungsten from 316 meter depth
• Hole SB193: 75.0 meters of 1.6 g/t gold, 2.6% antimony, 0.88% tungsten from 281 meter depth
• Hole SB203: 17.5 meters of 1.5 g/t gold, 7.6% antimony, 0.71% tungsten from 309 meter depth

Global Export Restrictions Have Made Tungsten High Priority Once Again

Historically, the Stibnite district was not only a major producer of antimony, but also one of America’s most significant historical tungsten-producing regions. Following the discovery of tungsten at Yellow Pine by the U.S. Bureau of Mines and U.S. Geological Survey in the spring of 1941, production at Stibnite commenced just months later in August of that year. From 1941 to 1945, the Stibnite deposit produced more tungsten than any other mine in the United States with an estimated 611,284 short tons of ore produced averaging 1.645% WO₃. In total, this represented approximately 50% of all tungsten consumed by the United States during the Second World War and the Korean War.

Following the war, the U.S. relied on Chinese imports with China producing an estimated 80% of global tungsten production in recent years⁴. However, increasing trade tensions resulted in the imposition of Chinese export restrictions of certain critical minerals in February 2025. These restrictions impacted both tungsten and antimony. Given the absence of substitutes, these restrictions pushed tungsten APT (Ammonium Paratungstate) prices up more than 500% from their lows in 2024. Both antimony and tungsten are designated as U.S. government critical minerals due to their importance in national defense applications and domestic manufacturing. Tungsten’s ability to retain strength at high temperatures and extreme hardness make it irreplaceable for military applications, though most tungsten consumption (60%) is for use in cemented carbide parts for other key industries including construction, metal working, mining and oil & gas exploration.

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. 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 defense, energy, and manufacturing sectors. The Project is designed to apply a modern, responsible mining approach to restore an abandoned 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.