Perpetua Resources : Investor Presentation May 2023

Investor Presentation - May 2023

N AS DAQ: PPTA

TSX: PPTA

Perpetua Resources

Responsible Mining.

Critical Resources.

Clean Future.

FORWARD-LOOKING STATEMENTS

Information and statements contained in this presentation 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. We use wor ds such as "may," "would," "could," "should," "will," "likely," "expect," "anticipate," "believe," "intend,"

"plan," "forecast," "outlook," "project," "estimate" and similar expressions suggesting future outcomes or events to identify forward-looking statements or forward-looking information. Forward-Looking Information includes, but

is not limited to, information concerning the business of Perpetua Resources Corp. (the "Company"), the Stibnite Gold Project (the "Project"), including but not limited to statements with respect to results of the FS (as defined

below); disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; next steps and courses of action including environmental

clean up actions by us and our contractors; our ability to comply with and obtain permits related to the Stibnite Gold Projec t; actions to be taken by the USFS, the State of Idaho and other government agencies and regulatory

bodies; timing of the Final Environmental Impact Statement ("FEIS"), Draft Record of Decision, Final Record of Decision and o ther anticipated milestones related to the Project; expected funding from the Department of

Defense; predictions regarding improvements to water quality, water temperature, and fish habitats and other environmental co nditions at the site, including with respect to process and timing of such improvements; reduction of the Project footprint and the anticipated benefits and other effects thereof; our ability to successfully implement the Project and the occurrence of the expected benefits from the Project, including contributions to the

workforce, national security and clean energy transition; our and Ambri, Inc.'s ("Ambri") ability to perform under the supply agreement described in this presentation, which agreement is subject to certain conditions, including

completion of the permitting process for the Project, commencement of commercial production of antimony, identification of one or more refiners to transform our antimony concentrate into antimony metal, and mutual

agreement on certain material terms, including volume and pricing; the anticipated economic, environmental and other benefits of the Project; the viability of the Project; development and operating costs in the event that a

production decision is made; success of exploration, development and environmental protection, closure and remediation activi ties; permitting time lines and requirements; requirements for additional capital; requirements for

additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; risks and opportunities associated with the Project; planned exploration and development of properties

and the results thereof; planned expenditures, production schedules and budgets and the execution thereof. Statements concerning mineral resource and mineral reserve estimates may also constitute Forward-Looking

Information to the extent that they involve estimates of the mineralization that may be encountered if the Project is developed. In preparing the Forward-Looking Information herein, the Company has applied several material

assumptions, including, but not limited to, that the review process under the NEPA (including any joint review process involving the USFS, the State of Idaho and other agencies and regulatory bodies) as well as the FEIS will proceed in a timely manner and as expected; that we will be able to obtain sufficient funding to finance permitting, pre-construction and construction of the Project and that all requisite information will be available in a timely

manner; the exchange rates for the U.S. and Canadian currencies will be consistent with the Company's expectations; 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; that the current price and demand for gold and antimony will be sustained or will improve; that general business and economic conditions will not

change in a materially adverse manner and that all necessary governmental approvals for planned activities on the Project will be obtained in a timely manner and on acceptable terms; that permitting and operations costs will

not materially increase; the continuity of the price of gold and other metals, economic and political conditions and operatio ns; and the assumptions set out in the FS. Forward-Looking Information involves known and unknown

risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be m aterially different from any future results, performance or achievements expressed or implied by

the Forward-Looking Information. Such risks and other factors include, among others, the industry-wide risks and project-specific risks identified in the FS; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals and minerals; availability of personnel and equipment; equipment failure; accidents, effects of

weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under US federal and Idaho rules and regulations; impact of

environmental remediation requirements and the terms of existing and potential consent decrees on the Company's planned explo ration and development activities on the Project; certainty of mineral title; community relations;

delays in obtaining governmental approvals or financing; the Company's dependence on one mineral project; the nature of miner al exploration and mining and the uncertain commercial viability; the Company's lack of

operating revenues; governmental regulations and the ability to obtain necessary licenses and permits; risks related to prior unregistered agreements, transfers or claims and other defects in title to mineral projects; currency

fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations; risks related to dependence on key personnel; COVID-19 risks to employee

health and safety and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak; estim ates used in budgeting and financial statements proving to be incorrect; risks related to

unforeseen delays in the review process including availability of personnel from the USFS, State of Idaho and other stated, federal and local agencies and regulatory bodies (including, but not limited to, future US government

shutdowns); risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the p ermitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all; risks related to the outcome of litigation and potential for delay of the Project, as well as those factors discus sed in the Company's public disclosure record. Although the Company has attempted to identify important

factors that could affect the Company 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. Because it is not possible to predict or identify all such factors, this list cannot be considered a complete set of all potential risks or uncertainties. 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 busines s, 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, are available at www.sec.gov and with the Canadian sec urities regulators, which are available at www.sedar.com. Except as required by law, the Company

expressly disclaims any obligation to update the Forward-Looking Information herein.

2

CAUTIONARY NOTE & TECHNICAL DISCLOSURE

The presentation has been prepared by Perpetua Resources management and does not represent a recommendation to buy or sell these securities. Investors should always consult their investment advisors prior

to making any investment decisions. All references to "dollars" or "$" shall mean United States dollars unless otherwise spec ified.

The material scientific and technical information in respect of the Stibnite Gold Project in this presentation, unless otherw ise indicated, is based upon information contained in the technical report titled "Stibnite

Gold Project, Feasibility Study Technical Report, Valley County, Idaho" dated effective December 22, 2020 and issued January 27, 2021 (the "FS" or "2020 Feasibility Study"). The 2020 Feasibility Study was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes

standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the mining property disclosure rules specified in Subpart 1300 of

Regulation S-K under the United States Securities Act of 1933 ("Subpart 1300") promulgated by the SEC. Accordingly, information concerning mineral deposits from the 2020 Feasibility Study set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

The Company has issued its inaugural Technical Report Summary (the "TRS"), dated as of December 31, 2021, and amended as of J une 6, 2022, developed for the Stibnite Gold Project in accordance with the mining property disclosure rules specified in Subpart 1300 promulgated by the SEC. The TRS summarizes, in accordance with the mining property disclosure rules specified in Subpart 1300, the FS, which was completed under NI 43-101, with the following notable differences between the FS and the TRS:

• The TRS Mineral Resource estimates were developed based on a gold price of $1,500/oz versus the $1,250/oz gold price assumed for the FS. The change in gold price results from higher trailing average gold prices at the date of preparation for the respective reports.
• The Measured Mineral Resources in the FS were reclassified to Indicated Mineral Resources in the TRS due to differences in Subpart 1300 versus NI 43-101 Mineral Resources classification guidelines.
• The Proven Mineral Reserves from the FS were reclassified as Probable Mineral Reserves for the TRS resulting from the reclassification of the Measured Mineral Resources to Indicated Mineral Resources due to differences in Subpart 1300 versus NI 43-101 Mineral Resources classification guidelines.
• The TRS is classified as a Preliminary Feasibility level study whereas the FS was classified as a Feasibility level study. This change was driven by the Subpart 1300 requirement that a compliant Feasibility level TRS include a capital cost contingency allowance no greater than 10%, whereas the initial capital cost estimate for the FS included a more conservative allowance at approximately 15%.

All other technical analyses, design information, capital and operating cost information, economic analyses, permitting and legal assumptions, conclusions and recommendations are consistent between the TRS and the FS. Readers are encouraged to read the TRS and the Company's Current Report on Form 8-K filed with the SEC on January 3, 2021, as amended by the Company's Current Report on Form 8-K/A filed

with the SEC on June 8, 2022, which are available under the Company's profile on EDGAR. Readers are also encouraged to read t he FS, which is available on the Company's website and under the Company's profile on SEDAR, for detailed information concerning the Project. See also "Regulatory Information" at the end of this prese ntation.

This presentation contains certain mineral reserve, production, costs, valuation, capitalization, trading data and similar information regarding certain other mineral projects and peer companies. Such data was derived from publicly available reports by such companies and other trade and industry sources. While the company believes such sources to be reliable, the company has not independently verified such information. Furthermore, information regarding mineral reserves, production and similar mineral project information for each company is based on estimates, assumptions and reporting standards applied to available data by each company and their reserve engineers in their respective reports, which may differ materially from the estimates, assumptions and reporting standards applied by us, and therefore may not be comparable among the companies presented. As a result, comparisons of such data made in this presentation, while considered reasonable at the time they are made, are subject to a variety of risks and uncertainties which could cause actual events or results of each company to differ materially from those reflected and there can be no assurance that we will be able to achieve similar results at similar stages of development.

Investors should be aware that the publication of the SDEIS and the permitting schedule, and the identification by the USFS of the Modified Mine Plan as the Preferred Alternative in the SDEIS, does not indicate any commitments on the part of the USFS with regard to the content or timing of a final decision. In developing the FEIS, the next phase of the NEPA planning process, the USFS may select various actions based on the Modified Mine Plan or each of the alternatives analyzed in the SDEIS. Furthermore, the USFS is not bound by the permitting schedule and anticipated milestones may be delayed materially or not be satisfied.

3

WHY PERPETUA RESOURCES?

✓ Redeveloping one of largest, highest

grade and lowest cost gold projects in the
U.S.*
✓ Superior project economics with ~15 year
reserve life and <3 year payback period *
✓ Establishing a national strategic asset
with a critical mineral essential for national
defense and the clean energy transition
✓ Located in stable mining jurisdiction with
Idaho community and political support
✓ Sustainable approach to restoring the
environment, improving a legacy, and
creating value for all stakeholders
✓ Attractive valuation with significant near-
term catalysts
*Based on the 2020 Feasibility Study ("FS") which is intended to be read as a whole and sections should not be read or relied upon out of context. The information in this presentation is subject to the
assumptions, exclusions and qualifications contained in the FS. See "Regulatory Information" at the end of this presentation. For a summary of differences between the FS and TRS, see "Cautionary Note and	4
Technical Disclosure" at the beginning of this presentation.

THE STIBNITE GOLD PROJECT

Our goal is to transform an area abandoned after 100 years of mining activity into a national strategic asset for critical mineral and gold production through responsible mining and a sustainable approach to restore the environment for the benefit of all stakeholders.

5