Perpetua Resources : Corporate Presentation

February 2021 Corporate Presentation

TSX: PPTA

NASDAQ:PPTA

FORWARD LOOKING STATEMENTS

Information and statement 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. Forward Looking Information includes, but is not limited to, information concerning the Company's business 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; the timing and impact of future activities on the Project, including but not limited to the ability to address legacy features left by previous operators; 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 activities; 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 Stibnite Gold Project is developed. In preparing the Forward-Looking Information herein, the Company has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; 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 Stibnite Gold 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 Stibnite Gold Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations; that the circumstances surrounding the COVID-19 pandemic, although evolving, will stabilize or at least not worsen; 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 materially 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; risks related to the availability of financing; 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; 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 exploration 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 mineral 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; and estimates used in budgeting and financial statements proving to be incorrect; as well as those factors discussed 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. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company expressly disclaims any obligation to update the Forward-Looking Information herein.

Cautionary Note and 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 specified.

The material scientific and technical information in respect of the Stibnite Gold Project in this presentation, unless otherwise 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"). Readers are encouraged to read the FS, which is available under the Company's profile on SEDAR, for detailed information concerning the Project. See also "Regulatory Information" at the end of this presentation.

Cautionary Note to U.S. Investors

This presentation includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made 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 significantly from the requirements of the SEC set the SEC's rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

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 *

•  Located in stable mining jurisdiction with Idaho community and political support

•  Re-establishing U.S. critical mineral production

•  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.

THE STIBNITE GOLD PROJECT

We can take an area abandoned after 100 years of mining activity and use a sustainable approach to restore the environment and develop a modern mining project with critical mineral production

ONE OF THE LARGEST1,2 GOLD RESERVES IN THE U.S.

Independent Gold Project Mineral Reserves1,2

Stibnite 34.8

Marigold

3.6

Castle Mountain

3.6

Round Mountain

2.4

Haile

2.4

Bald Mountain

1.3

0.0

1.0

2.0

3.0

4.0

5.0

2019 Year-End Proven & Probable Mineral Reserves - Gold (Moz)

Source: S&P Global - Market Intelligence

• 1. Excludes Hycroft due to technical uncertainty regarding recoverability of mineral reserves

• 2. Independent refers to gold projects as not owned by Barrick or Newmont; Independent projects shown are from the lower 48 states in U.S.

• 3. 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.

HIGH-GRADE, OPEN PIT GOLD DEPOSIT

Stibnite (Yrs 1-4)*

Haile Stibnite (LoM)*

Goldfield

Gold Bar Mount Hamilton

Relief Canyon

Wharf Round Mountain Soledad Mountain

Bald Mountain

Independent Open Pit Gold Deposits1

2.2

1.7

1.4

1.0

1.0

0.8

0.8

0.7

0.7

0.7

0.6

0.00

0.50

1.00

1.50

2019 Year-End Proven & Probable Mineral Reserves - Gold Grade (g/t)

Source: S&P Global - Market Intelligence

1. Independent refers to gold projects as not owned by Barrick or Newmont; Independent projects shown are from the lower 48 states in U.S.

2.00

*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.

2.50

POISED TO BE ONE OF LARGEST U.S. GOLD MINES

Stibnite (Yrs 1-4)*

Independent Producing Gold Mines1

463

Round Mountain

362

Stibnite (LOM)*

297

Marigold

220

Bald Mountain

188

Pogo

155

Haile

146

0

50

100

150

200

250

300

2019 Annual Gold Production (koz)

Source: S&P Global - Market Intelligence

1. Independent refers to gold projects as not owned by Barrick or Newmont; Independent projects shown are from the lower 48 states in U.S.

350

400

450

*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.

500

LOWEST QUARTILE ALL-IN-SUSTAINING COSTS1

$2,500

All-in-SustainingCost($/oz)

$2,000

$1,500

$1,000

$500

$0

Average Annual Gold Sales (represented as bar width)

Source: S&P Global - Market Intelligence

1. 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.

SIGNIFICANT LEVERAGE TO HIGHER GOLD PRICES

TRADING AT DEEP DISCOUNT TO PROJECT NET PRESENT VALUE1

Perpetua Mkt Cap2$404

$2,350

GoldPrice(US$/oz)

$2,100

$1,850

$1,600

$1,350

$4,603

Current Mkt Cap2 Only 21% of NPV2 (5%) at $1,850/oz Gold Price

$0

$1,000

$2,000

$3,000

After Tax Net Present Value1 ($M)

$4,000

$5,000

• 1. 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.

• 2. Perpetua Resources Market Cap based on Fully Diluted Market Cap at US$7.49 share price (C$9.50 - closing price on TSX) as of February 12, 2021

A GREEN ECONOMY STARTS AT THE SOURCE

ANTIMONY (Sb): A "critical mineral" that is vital to U.S. national security and will support the transition to a green economy

USES FOR ANTIMONY

1. Based on the first 6 years of 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.

"A low-carbon future will be very mineral intensive	"Antimony is key to liquid metal battery storage
because clean energy technologies need more materials	solutions needed for a low carbon energy grid."
than fossil fuel-based electricity generation
- Harllgarten and Company, Antimony Molten-Salt Batteries, the New
technologies."	Metal in Mass Storage, Jan. 2021
- Work Bank, Minerals for Climate Action the Mineral Intensity of the Clean Energy
Transition, May 2020

Perpetua Resources is estimated to produce ~30% of U.S. annual demand1

U.S. CRITICAL MINERALS SUPPLY CHAIN RISK

• • Antimony is one of 35 federally listed critical minerals

• • China & Russia dominate the world antimony supply (>80%)

• • U.S. has no domestic antimony production

• • Perpetua Resources could re-establish domestic antimony production and protect America's future

"Critical Minerals" are metals and non-metals essential to economic and national security and are vulnerable to supply chain disruptions

World Antimony 2019 Production

(USGS)

Other countries that produce less than 1% of global supply: Ecuador, Guatemala, Honduras,

Iran, Kazakhstan, Kyrgyzstan, Laos, Mexico, Pakistan, Vietnam

IDAHO: A PREMIER MINING JURISDICTION

• • Top 5 Mining Jurisdiction in USA*

• • Well-defined Permitting Process

• • Substantial Community and Political Support

• • Low Geopolitical Risk

• • Significant Investment by Senior Mining Companies: Barrick, Kinross, Yamana and Agnico Eagle

* Source: Fraser institute Survey 2019

EXPLORATION UPSIDE*

EXPANSIVE LAND PACKAGE

EXISTING DEPOSITS:

• • North East of Yellow Pine Deposit

• • Below Hangar Flats pit & Old Defense Minerals Exploration Act (DMEA) working area

• • West End along strike and at dept

PRIORITY DEPOSITS:

• • High grade targets (Garnet, Scout, Upper Midnight)

• • Bulk tonnage targets (Cinnamid-Ridgetop, Saddle-Fern, Rabit)

• • Undefined airborne targets (Mule, Salt & Pepper, Blow-out)

* Some of the prospects are conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

EXTENSIVE STAKEHOLDER ENGAGEMENT

COMMITTMENT TO EARLY RESTORATION

ADMINISTRATIVE SETTLEMENT AGREEMENT AND ORDER ON CONSENT (ASAOC)

An ASAOC is necessary to allow a third-party to voluntarily address environmental conditions at an abandoned mine site without inheriting the liability of the conditions left behind by past operators.

•  January 15, 2021: Signed ASAOC with the Environmental Protection Agency, the U.S. Forest Service with concurrence of the U.S. Department of Justice, to perform agreed early actions to improve water quality conditions at Stibnite

•  Engagement: The Idaho Department of Environmental Quality and two Idaho Tribes were involved in process, multiple government-to-government consultations

•  Multiple Phases: Immediate, time-critical needs are addressed first over 4 years; then should Stibnite Gold Project be permitted, and all parties agree, the Agreement allows for a comprehensive site cleanup

ASAOC only provides for clean up activity of legacy waste and is separate from the NEPA process reviewing the Stibnite Gold Project

RESTORING AN ABANDONED BROWNFIELDS SITE

ENVIRONMENTAL SOLUTIONS FUNDED THROUGH MINE DEVELOPMENT

Early repair of the largest source of sedimentation

Pick up, reprocess, reuse and safely store 10.5M tons of tailings and spent ore

Re-establish fish migration and provide permanent river restoration

IMPROVING A LEGACY

CLOSURE PLAN: POST MINING LAND USES INCLUDE WILDLIFE, FISHERIES & DISPERSED RECREATION

• • Create a self-sustaining natural environment

• • Support healthy fish and wildlife population

• • Significant concurrent reclamation & restoration

• • Revegetation, reforestation & wetland mitigation

• • Address historical impacts from legacy mining

• • 10+ year post-operations closure period

• • 25 years of water treatment estimated

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.

GAINING MOMENTUM WITH NEAR-TERM CATALYSTS

Recent Accomplishments:

Upcoming Milestones:

•  Draft Environmental Impact Statement (Aug 2020)

•  Successful comment period (Aug-Oct 2020)

•  Feasibility Study Released (Dec 2020)

•  Signed historic agreement with Federal Agencies to

  begin water clean up (Jan 2021)*

•  Final Environmental Impact Statement & Draft Record of Decision (ROD) (Q3 2021)**

•  Final RoD (Q4 2021) **

•  Ancillary Permits & Financing (2022)

•  Construction, Begin Legacy Restoration (2022/2023)

  •  Announced name change to Perpetua Resources

    (Feb 2021)

  •  US Listing on NASDAQ Approved (Feb 2021)

  *Administrative Settlement Agreement and Order on Consent (ASAOC)

•  Commercial Operations, Ongoing Restoration (2026)

**Reflects management's current expectations which is more conservative than the current government schedule

VALUATION SET TO RE-RATE ONCE PERMITTED

MarketCapAs%ofSpotNAV4

Perpetua 1,2,3

IntegraAscotGold StandardSkeenaMarathonSabinaNovaGoldOrla

• 1. Perpetua Resources based on market capitalization assumes full conversion of all outstanding Convertible Notes into Perpetua shares.

• 2. 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.

• 3. Market capitalizations based on fully diluted share count as of latest filing date (including convertible bonds); NAV based on after-tax NPV (5% discount rate) based on last available NAV within $1,850/oz gold price.

• 4. Based on February 12, 2021 closing stock prices.

Board Director & CEO

DIVERSE, EXPERIENCED LEADERSHIP TEAM

EXECUTIVE TEAM

Laurel SayerAlan Haslam

VP, Permitting

CORPORATE BOARD

Marcelo Kim

Chairman

Paulson & Co

Bob Dean Director

Former Allen

Company

VP, External Affairs

Mckinsey Lyon

VP, Development

John Meyer

Director

Former NovaGold, Goldcorp & Barrick

VP, Investor Relations & Finance

Director

Idaho Power, Former

Chief of Staff Governor Otter

Jessica Largent

VP, Human Resource & Corporate Secretary

Chris Papagianis Director

Paulson & Co

Michael Bogert

General Counsel

Director

Former Newmont, Rio Tinto Minerals & Kennecott Utah Copper

Tanya Nelson

Director

Sternhell Group, Democrat Dpty. Staff Director US Senate

Cm. Banking

A UNIQUE AMERICAN OPPORTUNITY

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*

•  Located in stable mining jurisdiction with Idaho community and political support

•  Re-establishing U.S. critical mineral production

•  Sustainable approach to restoring the environment, improving a legacy, and creating value for all stakeholders

•  Attractive valuation, trading at 21% of NPV(5%)*, 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.

Additional Information

FEASIBILITY STUDY - HIGHLIGHTS

Component	Early Production Years 1-4	Life-of-Mine Years 1-15
Total Recovered Gold	1,853 koz	4,238 koz
Total Recovered Antimony	74 Mlbs	115 Mlbs
Average Annual Recovered Gold	463 koz/yr	297 koz/yr
Cash Costs Net of By-Product Credits	$328/koz	$538/koz
All-in Sustaining Costs Net of By-Product Credits	$438/koz	$636/koz
Initial Capital including Contingency	$1,263 million
$1,600/oz gold - $20/oz silver - $3.50/lb antimony
After-Tax Net Present Value at 5% Discount Rate	$1,320 million
Annual Average EBITDA	$566 million	$292 million
Annual Average After Tax Free Cash Flow	$500 million	$242 million
After Tax Internal Rate of Return	22.3%
After Tax Payback Period	2.9 years
$1,850/oz gold - $24/oz silver - $3.50/lb antimony
After-Tax Net Present Value at 5% Discount Rate	$1,864 million
Annual Average EBITDA	$678 million	$360 million
Annual Average After Tax Free Cash Flow	$584 million	$295 million
After Tax Internal Rate of Return	27.7%
After Tax Payback Period	2.5 years

Notes:

• 1. In this presentation, "M" = million, "k" = thousand, all amounts in US$, gold and silver reported in troy ounces ("oz")

• 2. See non-International Financial Reporting Standards ("IFRS") measures listed at the end of this presentation.

• 3. The FS assumes 100% equity financing of the Project.

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.

FEASIBILITY STUDY - CAPITAL COST SUMMARY

Area	Detail	Initial CAPEX (M $)	Sustaining CAPEX (M $)	Closure CAPEX (M $) (2)	Total CAPEX (M $)
Direct Costs	Mine Costs (1)	84	119	-	203
Processing Plant	433	49	-	483
On-Site Infrastructure	191	84	-	275
Off-Site Infrastructure	116	-	-	116
Indirect Costs	233	-	-	233
Owner's Costs	38	-	-	38
Offsite Environmental Mitigation Costs	14	-	-	14
Onsite Mitigation, Monitoring and Closure Costs(2)	3	23	98	125
Total CAPEX without Contingency(3)	1,113	275	98	1,487
Contingency	150	20	1	171
Total CAPEX with Contingency(3)	1,263	296	99	1,658

Notes:

• 1. Initial mining CAPEX includes environmental remediation costs.

• 2. Closure and mitigation assume self-performed costs, which will differ for those assumed for financial assurance calculations required by regulators. Costs include stream and wetland restoration and reclamation costs.

• 3. Numbers have been rounded and may not sum correctly.

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.

FEASIBILITY STUDY - OPERATING COST SUMMARY

Total Production Cost Item	Years 1-4	Life of Mine
($/t milled)	($/oz Au)	($/t milled)	($/oz Au)
Mining	9.71	156	8.22	205
Processing	13.13	211	12.76	318
G&A (including Water Treatment)	3.54	57	3.43	85
Cash Costs Before By-Product Credits	26.38	424	24.41	608
By-Product Credits	(5.99)	(96)	(2.81)	(70)
Cash Costs After of By-Product Credits	20.40	328	21.60	538
Royalties	1.69	27	1.09	27
Refining and Transportation	0.46	7	0.24	6
Total Cash Costs	22.54	362	22.94	571
Sustaining CAPEX	4.64	75	2.83	70
All-In Sustaining Costs	27.23	438	25.54	636
Reclamation and Closure(1)	-	-	0.95	24
Initial (non-sustaining) CAPEX(2)	-	-	11.65	290
All-In Costs	-	-	38.14	950

Notes:

• 1. Defined as non-sustaining reclamation and closure costs in the post-operations period.

• 2. Initial Capital includes capitalized preproduction.

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.

ANNUAL AFTER-TAX CASH FLOW (@ $1,850 GOLD PRICE)1

1. 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.

MINERAL RESOURCES & RESERVES 1

Measured & Indicated Mineral Resources: 6.0 Mozs gold at 1.42 g/t with 206 Mlbs antimony at 0.07% contained in 132 Mt

3500

Proven & Probable Mineral Reserves: 4.8 Mozs gold at 1.43 g/t with 148 M lbs antimony at 0.06% contained in 104 Mt

3000

Gold(thousandsOunces)

2500

2000

1500

1000

500

0

Yellow Pine

Hangar Flats

West End

Historical Tailings

1. 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.

IDAHO OPPORTUNITY

COMMITMENT TO HIRE LOCAL

MEANINGFUL ECONOMIC INVESTMENT

PROVIDE 500+ DIRECT JOBS

STRONG & SUPPORTIVE SHAREHOLDER BASE

SHAREHOLDERS*

Franklin

SHARE STRUCTURE **

•  Issued & Outstanding 47.56 Million

•  Options 2.74 Million

•  Warrants 0.20 Million

•  Convertible Notes Outstanding 4.35 Million

•  Fully Diluted 54.85 Million

REGULATORY INFORMATION

The FS was compiled by M3 Engineering & Technology Corporation ("M3") in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") under the direction of independent qualified persons (as defined in NI 43-101) ("Independent QPs"). Independent QPs for the FS include: Richard Zimmerman, SME-RM (onsite and offsite infrastructure, cost estimating and financial modeling) and Art Ibrado, P.E. (mineral processing) with M3; Garth Kirkham, P.Geo. (mineral resources) with Kirkham Geosystems Ltd.; Christopher Martin, C.Eng.

(metallurgy) with Blue Coast Metallurgy Ltd.; Grenvil Dunn, C.Eng. (hydrometallurgy) with Hydromet WA (Pty) Ltd.; Chris Roos, P.E. (mineral reserves) and Scott Rosenthal P.E. (mine planning) with Value Consulting, Inc.; and Peter Kowalewski, P.E. (tailings storage facility and closure) with Tierra Group International, Ltd.

The material scientific and technical information in respect of the Project in this presentation, unless otherwise indicated, is based upon information contained in the FS. Readers are encouraged to read the FS, which is available under the Company's profile on SEDAR, for detailed information concerning the Project. All disclosure contained in this presentation regarding the mineral reserves and mineral resource estimates and economic analysis on the property is fully qualified by the full disclosure contained in the FS.

Information of a scientific or technical nature in this presentation has been approved by Austin Zinsser, SME-RM, Sr. Resource Geologist for Perpetua Resources Idaho, Inc. and a qualified person (as defined in Ni 43-101).

All mineral resources have been estimated in accordance with CIM definitions. Mineral resources are reported in relation to a conceptual pit shell to demonstrate potential for economic viability, as required under NI 43-101; mineralization lying outside of these pit shells is not reported as a mineral resource. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources.

The mineral resources and mineral reserves at the Stibnite Gold Project are contained within areas that have seen historic disturbance resulting from prior mining activities. In order for the Company to advance its interests at the Stibnite Gold Project, the Project will be subject to a number of federal, state and local laws and regulations and will require permits to conduct its activities.

NON-IFRS REPORTING MEASURES

"Cash Costs", "All-in Sustaining Costs" and "Total costs" are not performance measures reported in accordance with International Financial Reporting Standards ("IFRS"). These performance measures are included because the statistics are key performance measures that management uses to monitor performance. Management uses these statistics to assess how the Project ranks against its peer projects and to assess the overall effectiveness and efficiency of the contemplated mining operations. These performance measures do not have a meaning within IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance reported in accordance with IFRS.

04