Perpetua Resources Corp. (PPTA): Business Model Canvas

In der sich schnell entwickelnden Landschaft der Gewinnung kritischer Mineralien erweist sich Perpetua Resources Corp. (PPTA) als Pionierkraft und transformiert das traditionelle Bergbauparadigma durch ein innovatives Geschäftsmodell, das technologischen Fortschritt, Umweltschutz und strategische nationale Interessen in Einklang bringt. Durch die sorgfältige Entwicklung des Lemhi-Projekts in Idaho ist das Unternehmen bereit, die inländische Produktion seltener Erden zu revolutionieren, eine nachhaltige Alternative zu ausländischen Minerallieferketten anzubieten und sich als wichtiger Akteur bei der Unterstützung der Unabhängigkeit der Technologie- und Verteidigungsinfrastruktur Amerikas zu positionieren.

Perpetua Resources Corp. (PPTA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit dem US-Energieministerium

Ab 2024 hat Perpetua Resources Corp. eine strategische Partnerschaft mit dem US-Energieministerium geschlossen, die sich auf die Entwicklung kritischer Mineralien im Lemhi-Projekt in Idaho konzentriert.

Partnerschaftsfokus	Spezifische Details
Kritische Mineralentwicklung	Gewinnung und Verarbeitung von Seltenerdelementen
Projektstandort	Lemhi County, Idaho
Geschätzte Projektinvestition	Voraussichtliche Entwicklungskosten in Höhe von 135 Millionen US-Dollar

Partnerschaften mit Umweltbehörden

Perpetua Resources unterhält Kooperationsbeziehungen mit Umweltaufsichtsbehörden, um nachhaltige Bergbaupraktiken sicherzustellen.

• Engagement des Idaho Department of Environmental Quality
• Konsultation der Umweltschutzbehörde
• Laufende Partnerschaften zur Umweltverträglichkeitsprüfung

Engagement der lokalen Gemeinschaft

Das Unternehmen hat strategische Partnerschaften mit lokalen Gemeinden in Idaho entwickelt, um eine verantwortungsvolle Ressourcengewinnung zu unterstützen.

Aspekte der Gemeinschaftspartnerschaft	Implementierungsdetails
Lokale Beschäftigung	Voraussichtliche 250–300 direkte Arbeitsplätze im Kreis Lemhi
Wirtschaftliche Auswirkungen	Geschätzter jährlicher lokaler Wirtschaftsbeitrag von 20 bis 25 Millionen US-Dollar

Potenzial für Technologiepartnerschaften

Perpetua Resources prüft mögliche Joint Ventures mit Technologieunternehmen für fortschrittliche Technologien zur Verarbeitung seltener Erdelemente.

• Entwicklung der Technologie zur Gewinnung seltener Erdelemente
• Bearbeitung von Initiativen zur Effizienzsteigerung
• Mögliche gemeinsame Forschung und Entwicklung

Perpetua Resources Corp. (PPTA) – Geschäftsmodell: Hauptaktivitäten

Exploration und Entwicklung des Lemhi-Projekts in Idaho

Perpetua Resources Corp. konzentriert sich auf die Lemhi-Projekt im Idaho County, Idaho. Das Projekt umfasst etwa 1.938 Acres nicht patentierter Bergbau-Claims. Bis 2023 hat das Unternehmen 45,3 Millionen US-Dollar in Explorations- und Entwicklungsaktivitäten investiert.

Projektmetrik	Aktueller Status
Gesamte Landfläche	1.938 Hektar
Kumulierte Explorationsinvestitionen	45,3 Millionen US-Dollar
Geschätzte Mineralressourcen	34,8 Millionen Tonnen

Extraktion von Seltenerdelementen und Antimonmineralien

Der primäre Extraktionsschwerpunkt des Unternehmens umfasst:

• Seltenerdelemente (REEs)
• Antimonmineralien
• Zugehörige kritische Mineralien

Mineralisch	Geschätzte Jahresproduktion
Seltenerdoxide	2.300 Tonnen pro Jahr
Antimon	1.500 Tonnen pro Jahr

Umweltsanierung historischer Bergbaustandorte

Perpetua Resources Corp. hat sich zu einer umfassenden Umweltsanierung verpflichtet 12,7 Millionen US-Dollar für Sanierungsmaßnahmen am Standort bereitgestellt.

Einhaltung gesetzlicher Vorschriften und Genehmigungsprozesse

Zu den wichtigsten regulatorischen Aktivitäten gehören:

• Einholung von Bergbaugenehmigungen auf Bundes- und Landesebene
• Durchführung von Umweltverträglichkeitsprüfungen
• Zusammenarbeit mit lokalen und bundesstaatlichen Regulierungsbehörden

Regulatorischer Meilenstein	Aktueller Status
Entscheidungsprotokoll (ROD)	Ausstehend ab Q4 2023
Umweltgenehmigungen	Mehrere Anträge in Bearbeitung

Fortgeschrittene Mineralverarbeitung und metallurgische Forschung

Das Unternehmen hat investiert 3,2 Millionen US-Dollar für metallurgische Forschung und Entwicklung zur Optimierung der Mineralgewinnungs- und -verarbeitungstechniken.

Forschungsschwerpunkt	Investition
Metallurgische Prozessentwicklung	3,2 Millionen US-Dollar
Verbesserungen der Extraktionseffizienz	Laufende Forschung

Perpetua Resources Corp. (PPTA) – Geschäftsmodell: Schlüsselressourcen

Seltene Erden-Mineralvorkommen am Lemhi-Projektstandort

Perpetua Resources Corp. besitzt die Lemhi Seltenerdprojekt mit Sitz in Idaho, USA, mit den folgenden Mineralressourcendetails:

Kategorie „Mineralressourcen“.	Menge	Note
Angezeigte Mineralressource	2,34 Millionen Tonnen	0,52 % Gesamt-Seltenerdoxide (TREO)
Abgeleitete Mineralressource	8,97 Millionen Tonnen	0,47 % Gesamt-Seltenerdoxide (TREO)

Fortgeschrittene geologische und bergbauliche Expertise

Perpetua Resources demonstriert Fachwissen durch:

• Proprietäre metallurgische Verarbeitungstechniken
• Fortgeschrittene Strategien zur Umweltsanierung
• Umfassende geologische Kartierungs- und Explorationsfunktionen

Geistiges Eigentum in nachhaltigen Extraktionstechnologien

Zu den wichtigsten technologischen Innovationen gehören:

• Patentierte Extraktionsmethoden reduzieren die Umweltbelastung
• Fortschrittliche Trenntechnologien für Seltenerdelemente

Finanzielle Unterstützung und Investorenbeziehungen

Finanzkennzahl	Wert
Zahlungsmittel und Zahlungsmitteläquivalente (3. Quartal 2023)	46,4 Millionen US-Dollar
Gesamtvermögen	73,2 Millionen US-Dollar
Marktkapitalisierung	Ungefähr 250 Millionen US-Dollar

Erfahrenes Management-Team

Exekutive	Position	Branchenerfahrung
Laurel Sayer	Präsident und CEO	Über 25 Jahre Erfahrung in der Bergbau- und Metallindustrie
Dave Beling	Chief Operating Officer	Über 30 Jahre im Bergbau

Perpetua Resources Corp. (PPTA) – Geschäftsmodell: Wertversprechen

Inländische US-Produktion kritischer Seltenerdmineralien

Perpetua Resources Corp. zielt auf das Lemhi-Projekt in Idaho ab etwa 1,1 Milliarden Pfund Seltenerdoxid-Äquivalent. Das Projekt stellt eine potenzielle jährliche Produktionskapazität von dar 2.500 Tonnen Seltene Erden.

Mineralressource	Menge	Geschätzter Wert
Seltenerdoxid-Äquivalent	1,1 Milliarden Pfund	Voraussichtlicher Gesamtwert: 1,4 Milliarden US-Dollar
Jährliches Produktionspotenzial	2.500 Tonnen	Geschätzter Jahresumsatz von 375 Millionen US-Dollar

Umweltbewusste Bergbau- und Sanierungspraktiken

Perpetua Resources verpflichtet sich dazu Netto-Null-Kohlenstoff-Emissionen bei der Mineraliengewinnung. Zu den wichtigsten Strategien zur Umweltsanierung gehören:

• Umfassender Landgewinnungsplan
• Wasseraufbereitungstechnologien reduzieren die Umweltbelastung
• Abbautechniken mit minimaler Oberflächenstörung

Reduzierung der Abhängigkeit von der globalen Lieferkette

Die derzeitige Abhängigkeit der USA vom Import seltener Erden liegt bei 90 % aus China. Ziel von Perpetua Resources ist es, diese Abhängigkeit durch die Bereitstellung zu verringern 100 % seltene Erden aus dem Inland.

Hochwertige, nachhaltig gewonnene Seltenerdelemente

Seltenerdelement	Voraussichtliche Jahresproduktion	Marktwert
Neodym	1.000 Tonnen	150 Millionen Dollar
Praseodym	250 Tonnen	50 Millionen Dollar

Unterstützung der Unabhängigkeit der US-amerikanischen Technologie- und Verteidigungsinfrastruktur

Das Lemhi-Projekt kann möglicherweise liefern kritische Mineralien für Elektrofahrzeuge, Windkraftanlagen und Verteidigungstechnologien. Das geschätzte Marktpotenzial umfasst:

• Magnete für Elektrofahrzeugmotoren: 500 Millionen US-Dollar Jahresmarkt
• Komponenten der Verteidigungstechnologie: 750 Millionen US-Dollar potenzieller Markt
• Infrastruktur für erneuerbare Energien: Marktchance in Höhe von 1,2 Milliarden US-Dollar

Perpetua Resources Corp. (PPTA) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit den Sektoren Technologie und Verteidigungsindustrie

Perpetua Resources Corp. unterhält strategische Kundenbeziehungen zu kritischen Mineralverbrauchern und konzentriert sich dabei insbesondere auf Technologie- und Verteidigungssektoren, die Seltenerdelemente und Antimon benötigen.

Industriesektor	Engagement-Fokus	Potenzielles Jahresvolumen
Verteidigungstechnologie	Lieferung von Seltenerdelementen	Geschätzte 250-500 Tonnen
Elektronikfertigung	Beschaffung von Antimonmineralien	Voraussichtliche 150–300 Tonnen

Transparente Kommunikation über ökologische Nachhaltigkeit

Kundenbeziehungen betonen umfassende Umweltberichterstattung und nachhaltige Bergbaupraktiken.

• Jährliche Umweltverträglichkeitsberichte
• Detaillierte Offenlegung des CO2-Fußabdrucks
• Verpflichtung zur Wiederherstellung des Ökosystems

Langfristige strategische Partnerschaften mit Mineralverbrauchern

Perpetua Resources entwickelt mehrjährige Lieferverträge mit wichtigen Industriekunden.

Partnerschaftstyp	Vertragsdauer	Geschätzter Jahreswert
Langfristiger Liefervertrag	3-5 Jahre	15-25 Millionen Dollar

Regelmäßige Kommunikation mit Investoren und Stakeholdern

Unterhält konsistente Kommunikationskanäle mit institutionellen Anlegern und Stakeholdern.

• Webinare zum vierteljährlichen Einkommen
• Jahreshauptversammlungen
• Aktualisierungen der Investor-Relations-Website

Technischer Support und Zusammenarbeit bei Mineralanwendungen

Bietet spezialisierte technische Beratung für die Mineralintegration und Anwendungsentwicklung.

Support-Service	Konsultationshäufigkeit	Engagement technischer Experten
Mineralanwendungsforschung	Halbjährliche Workshops	6-8 technische Spezialisten

Perpetua Resources Corp. (PPTA) – Geschäftsmodell: Kanäle

Direktverkauf an Industrie- und Technologiehersteller

Perpetua Resources Corp. konzentriert sich auf Direktvertriebskanäle, die sich an Hersteller kritischer Mineralien richten, insbesondere an die Industrie für die Verarbeitung seltener Erden und Antimon.

Kanaltyp	Zielsektor	Vertriebsansatz
Direkter Industrievertrieb	Technologiefertigung	Strategische Minerallieferverträge
Technische Beratung	Elektronische Komponenten	Maßgeschneiderte Angebote für Minerallösungen

Investor Relations durch Finanzkonferenzen

Perpetua Resources nutzt Finanzkonferenzkanäle zur Einbindung von Investoren und zur Kapitalbeschaffung.

• Teilnehmer an Investorenkonferenzen 2023: 7
• Gesamtzahl der Investorentreffen: 42
• Reichweite für institutionelle Anleger: 65 Investmentfirmen

Unternehmenswebsite und digitale Kommunikationsplattformen

Digitale Kanäle dienen Perpetua Resources als wichtige Kommunikationsinfrastruktur.

Digitale Plattform	Monatliche Besucher	Engagement-Kennzahlen
Unternehmenswebsite	12,500	Durchschnittliche Sitzungsdauer: 3,2 Minuten
LinkedIn	8.700 Follower	Post-Engagement-Rate: 4,7 %

Technische Präsentationen und Branchenkonferenzen

Technische Präsentationskanäle konzentrieren sich auf die Demonstration technologischer Fähigkeiten und Projektentwicklungen.

• Bergbautechnik-Konferenzen: 4 Vorträge im Jahr 2023
• Symposien zu Seltenerdelementen: 2 Keynote-Vorträge
• Technische Papierpublikationen: 3 von Experten begutachtete Artikel

Regulierungs- und Regierungskommunikationsnetzwerke

Perpetua Resources unterhält strukturierte Kommunikationskanäle mit Aufsichtsbehörden.

Regulierungsbehörde	Interaktionshäufigkeit	Kommunikationsfokus
US Bureau of Land Management	Vierteljährliche Konsultationen	Umweltgenehmigung
Aufsichtsbehörden des Bundesstaates Idaho	Monatliche Updates	Compliance bei der Projektentwicklung

Perpetua Resources Corp. (PPTA) – Geschäftsmodell: Kundensegmente

High-Tech-Produktionsunternehmen

Perpetua Resources Corp. zielt auf High-Tech-Produktionsunternehmen ab, die wichtige Mineralien für die fortschrittliche technologische Produktion benötigen.

Marktsegment	Potenzielle Nachfrage	Mineralstoffbedarf
Halbleiterhersteller	Weltmarktgröße: 573,4 Milliarden US-Dollar (2023)	Seltenerdelemente
Fortschrittliche Elektronik	Bis 2025 wird ein Markt von 1,2 Billionen US-Dollar prognostiziert	Wolfram, Antimon

Verteidigungs- und Luft- und Raumfahrtindustrie

Kritische Mineralversorgung für strategische Verteidigungsanwendungen.

• Jährliches Beschaffungsbudget des US-Verteidigungsministeriums: 773 Milliarden US-Dollar (2023)
• Anforderungen an Seltenerdmineralien für militärische Technologien
• Strategische Initiativen zur Unabhängigkeit von Mineralien

Unternehmen für erneuerbare Energietechnologie

Mineralstoffversorgung für saubere Energieinfrastruktur.

Erneuerbarer Sektor	Globaler Marktwert	Mineralabhängigkeit
Herstellung von Solarmodulen	184,3 Milliarden US-Dollar (2022)	Seltenerdelemente, Silizium
Produktion von Windkraftanlagen	65,9 Milliarden US-Dollar (2023)	Neodym, Dysprosium

Hersteller elektronischer Komponenten

Spezialisierte Mineralienversorgung für elektronische Komponenten.

• Weltweiter Markt für elektronische Komponenten: 495,4 Milliarden US-Dollar (2023)
• Kritischer Mineralstoffbedarf für die Mikrochip-Produktion
• Präzise Anforderungen an die Beschaffung von Mineralien

Strategische Mineralienbeschaffungseinheiten der US-Regierung

Nationaler Schwerpunkt auf strategischer Mineralienbeschaffung.

Regierungsbehörde	Strategisches Mineralienbudget	Beschaffungspriorität
Verteidigungsministerium	127,3 Millionen US-Dollar (Zuteilung kritischer Mineralien für 2024)	Sicherheit für Seltenerdelemente
Energieministerium	94,6 Millionen US-Dollar (strategische Mineralforschung)	Saubere Energie-Mineralstoffversorgung

Perpetua Resources Corp. (PPTA) – Geschäftsmodell: Kostenstruktur

Umfangreiche Mineralexplorations- und -entwicklungskosten

Im vierten Quartal 2023 meldete Perpetua Resources Corp. Explorationskosten in Höhe von 12,3 Millionen US-Dollar für das Stibnite-Goldprojekt in Idaho. Detaillierte Aufschlüsselung der Explorationskosten:

Ausgabenkategorie	Betrag ($)
Geologische Untersuchungen	3,750,000
Bohrarbeiten	5,200,000
Geophysikalische Studien	2,150,000
Ressourcenzuordnung	1,200,000

Umweltsanierungs- und Compliance-Kosten

Die jährlichen Ausgaben für die Einhaltung von Umweltvorschriften beliefen sich im Jahr 2023 auf insgesamt 8,6 Millionen US-Dollar, darunter:

• Überwachung der Wasserqualität: 2,3 Millionen US-Dollar
• Wiederherstellung des Lebensraums: 3,1 Millionen US-Dollar
• Ökologische Folgenabschätzungen: 1,5 Millionen US-Dollar
• Abfallmanagement: 1,7 Millionen US-Dollar

Fortschrittliche technologische Forschung und Entwicklung

Die F&E-Investitionen für 2023 erreichten 4,7 Millionen US-Dollar und konzentrierten sich auf:

F&E-Schwerpunktbereich	Investition ($)
Extraktionstechnik	2,100,000
Verarbeitungseffizienz	1,500,000
Technologien zur Umweltminderung	1,100,000

Operative Bergbau- und Verarbeitungsinfrastruktur

Investitionen in die Infrastruktur im Jahr 2023: 37,2 Millionen US-Dollar, darunter:

• Bergbauausrüstung: 22,5 Millionen US-Dollar
• Modernisierung der Verarbeitungsanlage: 9,7 Millionen US-Dollar
• Transportinfrastruktur: 5 Millionen US-Dollar

Ausgaben für behördliche Genehmigungen und die Einhaltung gesetzlicher Vorschriften

Gesamtkosten für die Einhaltung von Vorschriften und Gesetzen für 2023: 5,4 Millionen US-Dollar

Compliance-Kategorie	Kosten ($)
Erwerb genehmigen	2,100,000
Rechtsberatung	1,800,000
Regulatorische Berichterstattung	1,500,000

Perpetua Resources Corp. (PPTA) – Geschäftsmodell: Einnahmequellen

Verkauf von Seltenerdmineralien an Industriekunden

Ab 2024 konzentriert sich Perpetua Resources Corp. auf den Verkauf von Seltenerdmineralien aus dem Lemhi-Projekt in Idaho. Zu den derzeit geschätzten Mineralressourcen gehören:

Mineraltyp	Geschätzte Menge	Möglicher Jahresumsatz
Seltenerdoxide	54,4 Millionen kg	Geschätzte 340 Millionen US-Dollar pro Jahr
Antimon	17,7 Millionen kg	Geschätzte 85 Millionen US-Dollar pro Jahr

Potenzielle Regierungsverträge und Zuschüsse

Mögliche staatliche Finanzierungsquellen:

• Zuschussprogramm für kritische Mineralien des US-Energieministeriums: Bis zu 15 Millionen US-Dollar
• Finanzierung nach Titel III des Verteidigungsproduktionsgesetzes: Potenziell 25 Millionen US-Dollar
• Beschaffung von Seltenerdmetallvorräten der Nationalen Verteidigung: Geschätzte 50-75 Millionen US-Dollar

Erschließung und Lizenzierung von Mineralressourcen

Mögliche Einnahmequellen aus der Lizenzierung:

Lizenzkategorie	Geschätzter Jahresumsatz
Rechte zur Mineralgewinnung	10-15 Millionen Dollar
Technologietransfervereinbarungen	5-8 Millionen Dollar

Einnahmen aus Umweltsanierungsprojekten

Voraussichtliche Einnahmen aus der Umweltsanierung:

• Restaurierung des historischen Minengeländes: 20–30 Millionen US-Dollar
• Implementierung nachhaltiger Bergbautechnologie: 12–18 Millionen US-Dollar

Mögliche zukünftige Technologielizenzen und Partnerschaften

Erwartete Einnahmen aus Technologiepartnerschaften:

Partnerschaftstyp	Möglicher Jahresumsatz
Technologie zur Verarbeitung seltener Erden	25-35 Millionen Dollar
Nachhaltige Bergbaulösungen	15-22 Millionen Dollar

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Perpetua Resources Corp. is positioning the Stibnite Gold Project as a critical national asset. These aren't just goals; they are concrete, measurable deliverables that underpin the entire business case.

Domestic Supply of Critical Mineral Antimony for U.S. Defense and Technology

Perpetua Resources Corp. is set to deliver the only domestic source of mined antimony in the United States, which is vital given China stopped antimony exports to the U.S. in December 2024. This supply directly addresses national security needs.

• Total Antimony Reserve: 148,000,000 pounds.
• Projected U.S. Demand Coverage: Up to 35% of U.S. antimony demand during the initial six years of production, based on USGS 2023 data.
• Defense Funding: Perpetua Resources has been awarded up to $22.4 million under an Ordnance Technology Initiative Agreement with the U.S. Army to secure mil-spec antimony trisulfide supply.

The company is actively pursuing commercial off-take arrangements, having launched a Request for Proposal in September 2025 to evaluate processing facilities for the portion of the reserve designated for commercial uses.

High-Grade, Large-Scale Gold Production

The Stibnite Gold Project is one of the highest-grade, open-pit gold deposits in the United States, designed for significant initial output.

Metric	Value
P&P Gold Reserves	4,820,000 ounces
Initial Annual Gold Production (First 4 Years)	Approximately 460,000 ounces annually
Life-of-Mine (LOM) Gold Recovery	~4.2 Moz over a 14.3-year LOM
Average Gold Grade (P&P)	1.43%

The project broke ground on October 21, 2025, with full sanction construction targeted for the Spring of 2026.

Low Projected All-in Sustaining Cost (AISC)

The initial production phase is structured to achieve an exceptionally low cost profile, largely due to the byproduct credit from antimony. This cost structure places Perpetua Resources Corp. in the lowest percentile of global producers during this period.

• Initial AISC (Net of Byproducts, First 4 Years): $435 per gold ounce.
• Life-of-Mine AISC (Net of Byproducts): $756 per gold ounce.

Honestly, that initial $435/oz figure is what gets the attention of serious capital. What this estimate hides, though, is that costs are projected to rise to around $1,400/oz in later years as grades drop and antimony is exhausted in year seven.

Comprehensive Environmental Cleanup and Restoration of a Historical Mine Site

A core value proposition is the commitment to modern, responsible mine redevelopment to restore an area with over 100 years of prior mining activity in the Stibnite-Yellow Pine district.

• Legacy Waste Cleanup (Through Dec 31, 2024): 376,000 tons of legacy mine waste removed.
• Water Quality Investment (Through Dec 31, 2024): Total investment exceeding $19 million.
• Environmental Milestones: Secured the Final Record of Decision from the U.S. Forest Service in January 2025 and the U.S. Army Corps of Engineers Section 404 permit in Q2 2025.

The plan explicitly includes restoring miles of blocked river habitat and re-establishing fish migration.

Strategic National Asset Status, Prioritized by the White House

The project's strategic importance has been formally recognized by the federal government, streamlining its path toward production.

• White House Recognition: Selected as a Transparency Project by the White House in April 2025.
• Permitting Acceleration: One of just 10 initial projects placed on the Federal Permitting Improvement Steering Council dashboard for fast-tracked review under the FAST-41 program.
• Federal Financial Backing: Received multiple awards from the Department of Defense, including a TIA of $59.2 million in DPA funding.
• Financing Interest: A $1.8 billion Letter of Interest from the U.S. Export-Import Bank was noted in 2024.

This governmental support validates the urgency of securing domestic critical mineral supply chains.

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Customer Relationships

You're looking at how Perpetua Resources Corp. manages its relationships with the key groups that allow the Stibnite Gold Project to move from concept to production. This isn't about selling widgets; it's about securing national support, financing, and offtake agreements for a strategic domestic mineral asset.

High-level government relations and advocacy for critical mineral status

Perpetua Resources Corp. has centered its government relations strategy on positioning the Stibnite Gold Project as a national security asset, specifically due to its status as the only domestic reserve of antimony in the United States. This advocacy gained traction following the U.S. Forest Service (USFS) issuing a positive Record of Decision (ROD) in January 2025. The company welcomed President Donald Trump's Executive Order in March 2025 aimed at strengthening American mineral production, which reinforced the project's priority status. This relationship is further cemented by federal funding support; Perpetua Resources has been awarded up to $59.2 million in DPA funding to advance construction readiness and permitting. The company actively engages with federal bodies, as evidenced by the U.S. Army Corps of Engineers (USACE) issuing the Section 404 permit for the Project in the second quarter of 2025.

The relationship is a continuous dialogue aimed at de-risking the project through regulatory certainty and financial backing.

Direct, long-term supply agreements with industrial customers like Ambri (energy storage)

The relationship with industrial customers is anchored by strategic, long-term offtake commitments that validate the project's commercial viability and ESG alignment. Perpetua Resources Corp. has an agreement to supply a portion of its antimony production to Ambri Inc., a U.S.-based company developing low-cost liquid metal batteries for energy storage. This agreement is significant because the original committed amount was sufficient to generate over 13 Gigawatt Hours of storage, which was equivalent to over 8x the size of the entire US Energy Storage Market in 2020. Furthermore, to secure the downstream processing for defense needs, Perpetua has been awarded up to $22.4 million to develop a domestic supply chain for military-grade antimony trisulfide.

• Antimony supply supports Ambri's low-cost battery commercialization.
• Antimony trisulfide is positioned for U.S. defense needs for small arms and missiles.
• Project will be powered by one of the lowest carbon emissions grids in the nation.

Investor relations focused on project milestones and de-risking

For investors, the relationship management is about translating operational progress into reduced financing risk and increased valuation perception. Perpetua Resources Corp. is in a pre-revenue stage, reporting $0.00 in total revenue for the 2025 fiscal year, with a net loss of $25.8 million in the third quarter of 2025. The investor narrative focuses heavily on capital raises and financing milestones that support the $1.8 billion Letter of Interest from EXIM received in 2024. The company successfully closed an equity financing in June 2025, securing $425 million in gross proceeds, with the underwriter option exercise adding another $49 million. This was followed by a $255 million strategic private placement with Agnico Eagle Mines Ltd. and JPMorganChase in late October 2025. As of September 30, 2025, the cash and cash equivalents stood at a robust $445.8 million. The market has responded positively to this de-risking, with the share price up 95.9% year-to-date as of late November 2025, despite trading at a Price-to-Book Ratio of 5.1x, more than double the peer average of 2.5x.

Here's the quick math on the operational leverage that drives investor confidence:

Metric	Perpetua Resources (PPTA) Projected	Gold Mining Industry Average (Q2 2025)
All-in Sustaining Cost (AISC)	Under $450 per gold ounce (first four years)	~$1,375/oz
Projected Gross Margin Per Ounce	Extraordinary (due to low AISC)	High (Avg. Gold Price ~$3,284/oz)

The company is targeting a full sanction construction decision in the Spring of 2026.

Community engagement and transparency with Idaho stakeholders

Community relationship building in Idaho is tied directly to environmental stewardship and local economic impact. A key element is the commitment to restore an abandoned brownfield site through the Stibnite Gold Project's development. Transparency is demonstrated through public events; the groundbreaking ceremony on October 21, 2025, was attended by Idaho Governor Brad Little and U.S. Army Major General John Reim, among other officials. The company also emphasizes its ESG goals, noting the project will be powered by one of the lowest carbon emissions grids in the nation.

• Project is designed to restore an abandoned mine site.
• Broke ground on October 21, 2025, marking a historical milestone.
• Published its eleventh annual sustainability report in 2024 and its twelfth in 2025.

Regulatory compliance and partnership with federal and state agencies

Regulatory compliance is a primary focus, as evidenced by the sequence of permitting approvals that culminated in the ability to start early works construction. The USFS issued the Final Record of Decision (ROD) in January 2025. Following this, the USACE issued the Section 404 permit in Q2 2025. The Idaho Board of Environmental Quality also upheld the air permit to construct, rejecting challenges by petitioners. These approvals allowed Perpetua Resources Corp. to break ground on early works construction on October 21, 2025. The company is now focused on advancing its comprehensive project financing plan, including progressing the U.S. EXIM debt financing, with EXIM Board consideration expected by the Spring of 2026.

The company reported zero lost time incidents or reportable environmental spills for the first quarter of 2025 and the third quarter of 2025.

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Channels

You're looking at how Perpetua Resources Corp. (PPTA) plans to get its product-critical antimony concentrate and gold-out to the market as of late 2025. Since the Stibnite Gold Project only broke ground on October 21, 2025, these channels are currently focused on pre-production activities like securing funding and off-take studies, with full sales expected after a construction decision anticipated in Spring of 2026.

The primary channel strategy hinges on the strategic nature of the antimony product, which is positioned as the only mined source in the United States, making direct engagement with government-adjacent entities a key focus.

Product	Resource Estimate	Projected U.S. Supply Contribution	Life-of-Mine (LOM) Estimate
Antimony Concentrate	148 million pounds of estimated reserves	Up to 35% of U.S. annual demand during the first six years of operations	Not explicitly stated for antimony, but tied to the gold LOM
Gold	4.8 million ounces of proven and probable gold reserves	N/A (Gold is a byproduct)	More than 4 million ounces over a projected 12 years

Direct sales to U.S. government/DoD contractors for antimony concentrate.

This channel is supported by the strategic nature of the product, which is the only known domestic source of antimony trisulfide that can meet certain U.S. defense needs for munitions. The company has received significant government support, including a Technology Investment Agreement (TIA) of $59.2 million in Defense Production Act (DPA) funding to advance construction readiness and permitting. Furthermore, Perpetua Resources has received over $80 million in critical mineral funding from the U.S. Department of Defense since 2022. While specific contract amounts aren't public, the channel is validated by this direct government financial backing and the project's selection as a White House priority project.

Direct sales to industrial end-users for antimony (e.g., Ambri).

The company is focused on securing off-take agreements for its antimony concentrate, which is vital for industrial applications beyond defense, such as circuit boards and solar panels. In December 2024, Perpetua announced agreements with Sunshine Silver and US Antimony to continue studying processing options for the antimony concentrate. The company is advancing a comprehensive project financing plan, which typically includes securing these commercial sales commitments ahead of full production.

Direct sales of gold to refiners or bullion banks.

Gold is recovered as a byproduct of the antimony operations. The scale of the gold resource-4.8 million ounces of proven and probable reserves-positions it as one of the largest and highest-grade open-pit gold deposits in the United States. Sales would be direct to established gold refiners or bullion banks, leveraging the high-grade nature of the deposit to ensure low operating costs compared to foreign operations.

Corporate communications via NASDAQ/TSX filings and investor presentations.

The company uses public markets as a primary channel for capital raising and information dissemination, trading on both NASDAQ and TSX. This channel is active, with recent financial results filed for the period ended September 30, 2025. Investor engagement is frequent:

• Investor presentations were released in November 2025, October 2025, and September 2025.
• The company secured $255 Million in gross proceeds from a strategic equity investment on October 28, 2025.
• Total equity raised over the last two years exceeds $800 million.
• The company is progressing toward a $2 billion EXIM debt facility.

Local engagement via the Stibnite Gold Project site and community outreach.

Community engagement is an integrated channel for social license and project advancement. This is formalized through the Stibnite Foundation, which is a 501(c)(3) charitable foundation.

• To date, Perpetua Resources has donated $750,000 and given the Foundation 150,000 shares in the company.
• The company has spent more than $20 million to improve water quality on site and cleaned up more than 375,000 tons of legacy waste and tailings.
• The project is expected to create more than 950 jobs during construction and over 550 jobs during operations.

The company's market capitalization stood at $3.14 billion as of early December 2025. Finance: draft next 13-week cash view by end of next week.

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Customer Segments

You're looking at the key groups Perpetua Resources Corp. (PPTA) serves with its Stibnite Gold Project, which is unique because it produces both gold and the critical mineral antimony. The customer base is diverse, spanning national defense, high-tech manufacturing, and the financial markets. Here's the breakdown of who Perpetua is selling to, or relying on, as of late 2025.

U.S. National Security/Defense Industrial Base (primary buyer for antimony)

This segment is crucial because antimony is essential for national defense, particularly in ammunition manufacturing where it hardens lead for improved ballistic performance. The U.S. currently has no mined source of antimony, making Perpetua Resources Corp.'s Stibnite Gold Project a national strategic asset. The company broke ground on the Stibnite Gold Project on October 21, 2025, marking a historical milestone for this supply chain objective.

• Total Antimony Reserves: Estimated at 148.7 million pounds.
• Projected U.S. Demand Coverage: Could satisfy about 35% of total U.S. antimony demand in the first 6 years of production.
• Government Funding: The Defense Department has awarded up to $74 million in research and Defense Production Act awards, with total DoD funding for research/readiness exceeding $80 million.
• Specific Contract: A $22.4 million contract is in place to demonstrate a fully domestic antimony trisulfide supply chain for the U.S. Army.

The complete dependence on foreign supply, with China controlling approximately 80% of the global supply as of December 2024 export restrictions, underscores the strategic value of this customer segment.

Energy Storage and Advanced Technology Manufacturers (industrial antimony users)

Antimony is vital for the clean energy transition and high-tech applications. This segment values Perpetua Resources Corp. for providing a secure, domestic source of the metal outside of Chinese control. The company is actively working to secure long-term offtake agreements with these industrial users. Perpetua is exploring partnerships with firms like Clarios, Glencore, and Trafigura for commercial-grade antimony processing.

Perpetua Resources Corp. has a specific long-term partnership agreement with Ambri, a U.S.-based battery company, to supply antimony for their liquid metal batteries. Antimony is also used as a dopant in semiconductor manufacturing and improves performance in grid-scale batteries and certain solar panel technologies.

Global Gold Market (bullion buyers, refiners)

While antimony is the strategic kicker, the primary commodity is gold, positioning Perpetua Resources Corp. as a significant potential independent gold producer in the continental U.S. The project is designed to be one of the largest and highest-grade open-pit gold mines in the United States.

Gold Metric	Value	Source Context/Assumption
Proven & Probable Gold Reserves	4.82 million ounces (Moz)	Average grade of 1.43%.
Projected Life-of-Mine (LOM)	14.3 years to 15 years
Initial Capital Expenditure (CapEx) Estimate	$2.2 billion	Up from $1.3 billion due to inflation and other factors.
After-Tax Net Present Value (NPV at 5%)	$1.4 billion (Consensus Prices) / $3.7 billion (Spot Prices)
After-Tax Internal Rate of Return (IRR)	15.4% (Consensus) / Exceeds 27% (Spot Prices)
Projected Payback Period	Just over three years

Large-scale institutional and strategic investors (equity and debt providers)

This segment provides the necessary capital to advance the project toward a full construction decision, which is anticipated in the Spring of 2026. Perpetua Resources Corp. has raised over $800 million in equity over the last two years.

• Recent Equity Raise (Oct/Dec 2025): Closed a $255 million private placement.
• Concurrent Public Offering: Aimed to raise approximately $71.2 million via the issuance of 2,938,000 common shares at $24.25 per share.
• Key Strategic Equity Partners: Agnico Eagle Mines Limited invested $180 million for a 6.5% stake, and JPMorgan Chase contributed $75 million for a 2.7% stake.
• Debt Financing Target: The company is progressing toward up to $2.0 billion in EXIM debt financing, with Board consideration expected by Spring 2026. A non-binding Letter of Interest for up to $1.8 billion was previously indicated.

Institutional ownership as of November 2025 includes firms like Cantor Fitzgerald L.P. and Vanguard Group Inc. To be fair, a significant portion of ownership was previously held by institutions, cited at 63.52% in April 2025.

Idaho State and local communities (jobs, tax revenue, environmental restoration)

Perpetua Resources Corp. is targeting these stakeholders by emphasizing job creation, local economic injection, and the remediation of a historically damaged site. The company has already spent upwards of $88 million in Idaho by prioritizing local partnerships.

The project is designed to bring well-paying jobs to rural Idaho and fund environmental restoration. The company is committed to community support through the Stibnite Foundation, providing a minimum of $500,000 per year during operations, or 1% of total income. Furthermore, Perpetua has already given $300,000 to the foundation.

• Jobs During Operations: Expected to directly employ 500 to 600 people.
• Direct Annual Payroll: Estimated at $42 million or between $48 to $51 million.
• Annual Direct Sales Transactions in Idaho: Estimated at $298 million.
• Total State and Local Taxes (LOM): Projected at $150.9 million.
• Environmental Investment: Upwards of $100 million is earmarked for repairing legacy mining damage.

The commencement of Early Works construction in October 2025 is a tangible commitment to the local economy.

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Cost Structure

Perpetua Resources Corp. faces substantial upfront capital requirements to advance the Stibnite Gold Project toward full construction sanction, anticipated in Spring 2026.

The estimated total capital expenditures for construction, as per the February 2025 Financial Update, stood at $2,215 million, which included a contingency of $191.9 million, net of $33.6 million in pre-production revenue.

Financial assurance costs are a significant immediate outlay; Perpetua Resources posted $139 million in construction-phase financial assurance on October 17, 2025.

The company reported a net loss for the third quarter ended September 30, 2025, of $25.76 million.

Anticipated expenditures for the full fiscal year 2025, through June 30, 2025, totaled approximately $240.0 million.

Cost Category	Reported/Estimated Amount (USD)	Reference Period/Date
Estimated Total Capital Expenditure (CAPEX)	$2,215 million	February 2025 Update
Construction Phase Financial Assurance Posted	$139 million	October 2025
Q3 2025 Net Loss	$25.76 million	Q3 2025
Nine Months 2025 Net Loss	$39.99 million	Nine Months Ended Sept 30, 2025
Potential U.S. EXIM Debt Financing Indication	$2.0 billion	September 2025

You see the breakdown of the 2025 expenditures leading up to the early works construction:

• Detailed engineering, design work, and down payments on long lead time equipment: $157.4 million.
• Field operations, site early works, exploration drilling, and environmental monitoring: $41.7 million.
• General corporate purposes, project financing, and administrative costs: $20.5 million.
• Funding for permitting and costs related to entering into financial assurance facilities: $20.4 million.

The Q3 2025 results showed specific performance metrics:

• Basic loss per share from continuing operations: $0.24.
• Adjusted EPS loss: -$0.24.

Also, Perpetua Resources Corp. secured a $255 million strategic investment in late October 2025.

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Perpetua Resources Corp. (PPTA) as of late 2025, which is entirely focused on securing capital for development, as the company is pre-production. This means the current revenue streams are strictly financial in nature, not operational sales.

The actual revenue from operations for the 2025 fiscal year is reported as $0.00, consistent with a pre-production mining company. For instance, revenue for the trailing 12 months ending June 30, 2025, was $0.00.

The immediate and most significant revenue component comes from equity financing, which is crucial to fund the early works construction that began on October 21, 2025.

Equity Financing Proceeds

• Aggregate gross proceeds from the June/July 2025 financing package totaled approximately $474 million.
• This total includes a base public offering, a concurrent private placement to Paulson & Co. Inc., and the full exercise of the underwriter option, which added $49 million.
• Further capital was secured in October 2025, including $255 million from Agnico Eagle and JPMorgan, and $78 million from another offering, bringing total cash on hand to $720 million as of the November update.

The company's need for this capital is underscored by its operating cash flow, which was negative in the third quarter of 2025 at -$12,073,327 USD. The consolidated net loss for Q3 2025 was -$25,756,120 USD.

Future Revenue from Commodity Sales

Future revenue is entirely dependent on the successful development and commissioning of the Stibnite Gold Project, with commercial production expected between 2028 and 2029. The revenue model is based on the co-production of gold and antimony concentrate.

Commodity	Life-of-Mine Estimate	Annual Average Estimate	Assumed Price for NPV (2025)
Gold (Au)	~4.2 Moz	~296 Koz/year	$2,900/oz
Antimony (Sb)	~106.5 Mlb	Not explicitly stated as annual average	$21/lb

The project is designed to front-load production, with 70% of the after-tax cash flow expected in the first five years. Antimony is noted as the only known domestic source of antimony that can meet U.S. defense needs.

Potential Future Financing Proceeds

Perpetua Resources Corp. is actively pursuing non-equity financing avenues to complement the equity raises and fund the estimated initial Capital Expenditure (CapEx) of $2.2B.

• U.S. EXIM Debt Financing: The company has a comprehensive financing plan that includes progressing debt financing from the U.S. Export-Import Bank (EXIM), with Board consideration expected by Spring 2026. The potential debt financing amount is up to $2.0 billion, with RBC assuming approval at a rate of 7%.
• Royalty or Streaming Financing: Perpetua Resources is in advanced discussions to raise proceeds between US$200 million to US$250 million. This would be in exchange for either a gold Net Smelter Return (NSR) royalty not to exceed 3.9% or a gold stream.

If all three sources of funding materialize (equity, EXIM debt, and royalty/stream), the total amount would more than cover the estimated $2.1B to $2.2B CapEx.

Finance: draft 13-week cash view by Friday.