Perpetua Resources Corp. (PPTA): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la extracción mineral crítica, Perpetua Resources Corp. (PPTA) surge como una fuerza pionera, transformando el paradigma minero tradicional a través de un modelo de negocio innovador que armoniza el avance tecnológico, la administración ambiental y los intereses nacionales estratégicos. Al desarrollar meticulosamente el proyecto LEMHI en Idaho, la compañía está a punto de revolucionar la producción nacional de elementos de tierras raras, ofreciendo una alternativa sostenible a las cadenas de suministro de minerales extranjeros y posicionarse como un jugador clave para apoyar la independencia de la infraestructura tecnológica y de defensa de Estados Unidos.

Perpetua Resources Corp. (PPTA) - Modelo de negocios: asociaciones clave

Colaboración estratégica con el Departamento de Energía de los Estados Unidos

A partir de 2024, Perpetua Resources Corp. ha establecido una asociación estratégica con el Departamento de Energía de los Estados Unidos centrado en el desarrollo mineral crítico en el Proyecto Lemhi en Idaho.

Enfoque de asociación	Detalles específicos
Desarrollo mineral crítico	Extracción y procesamiento de elementos de tierras raras
Ubicación del proyecto	Condado de Lemhi, Idaho
Inversión estimada del proyecto	Costos de desarrollo proyectados de $ 135 millones

Asociaciones de la agencia ambiental

Perpetua Resources mantiene relaciones colaborativas con agencias reguladoras ambientales para garantizar prácticas mineras sostenibles.

• Departamento de Compromiso de Calidad Ambiental de Idaho
• Consulta de la Agencia de Protección Ambiental
• Asociaciones continuas de evaluación de impacto ambiental

Compromiso de la comunidad local

La compañía ha desarrollado asociaciones estratégicas con comunidades locales de Idaho para apoyar la extracción de recursos responsables.

Aspectos de la asociación comunitaria	Detalles de implementación
Empleo local	Proyectado 250-300 empleos directos en el condado de Lemhi
Impacto económico	Contribución económica local anual estimada de $ 20-25 millones

Potencial de asociación tecnológica

Perpetua Resources está explorando posibles empresas conjuntas con empresas de tecnología para tecnologías avanzadas de procesamiento de elementos raros raras.

• Desarrollo de tecnología de extracción de elementos de tierras raras
• Iniciativas de mejora de eficiencia de procesamiento
• Investigación y desarrollo colaborativos potenciales

Perpetua Resources Corp. (PPTA) - Modelo de negocio: actividades clave

Exploración y desarrollo del proyecto Lemhi en Idaho

Perpetua Resources Corp. se centra en el Proyecto Lemhi ubicado en el condado de Idaho, Idaho. El proyecto cubre aproximadamente 1,938 acres de reclamos mineros no patentados. A partir de 2023, la compañía ha invertido $ 45.3 millones en actividades de exploración y desarrollo.

Métrico de proyecto	Estado actual
Área total	1.938 acres
Inversión de exploración acumulativa	$ 45.3 millones
Recursos minerales estimados	34.8 millones de toneladas

Elemento de tierras raras y la extracción mineral antimonio

El enfoque de extracción principal de la compañía incluye:

• Elementos de tierras raras (Rees)
• Minerales de antimonio
• Minerales críticos asociados

Mineral	Producción anual estimada
Óxidos de tierras raras	2.300 toneladas métricas por año
Antimonio	1.500 toneladas métricas por año

Remediación ambiental de sitios mineros históricos

Perpetua Resources Corp. se ha comprometido a una restauración ambiental integral, con $ 12.7 millones asignados para los esfuerzos de remediación del sitio.

Cumplimiento regulatorio y procesos de permisos

Las actividades regulatorias clave incluyen:

• Obtener permisos de minería federal y estatal
• Realización de evaluaciones de impacto ambiental
• Comprometerse con agencias reguladoras locales y federales

Hito regulatorio	Estado actual
Registro de decisión (barra)	Pendiente a partir del cuarto trimestre 2023
Permisos ambientales	Múltiples aplicaciones en proceso

Procesamiento mineral avanzado e investigación metalúrgica

La compañía ha invertido $ 3.2 millones en investigación y desarrollo metalúrgico para optimizar las técnicas de extracción y procesamiento de minerales.

Enfoque de investigación	Inversión
Desarrollo de procesos metalúrgicos	$ 3.2 millones
Mejoras de eficiencia de extracción	Investigación en curso

Perpetua Resources Corp. (PPTA) - Modelo de negocio: recursos clave

Depósitos minerales de tierras raras en el sitio del proyecto Lemhi

Perpetua Resources Corp. posee el Proyecto de tierras raras de Lemhi Ubicado en Idaho, EE. UU., Con los siguientes detalles de recursos minerales:

Categoría de recursos minerales	Cantidad	Calificación
Recurso mineral indicado	2.34 millones de toneladas métricas	0.52% Total de óxidos de tierras raras (Treo)
Recurso mineral inferido	8.97 millones de toneladas métricas	0.47% Total de óxidos de tierras raras (Treo)

Experiencia geológica y minera avanzada

Recursos perpetua demuestra experiencia a través de:

• Técnicas de procesamiento metalúrgico patentado
• Estrategias avanzadas de remediación ambiental
• Capacidades integrales de mapeo geológico y exploración

Propiedad intelectual en tecnologías de extracción sostenible

Las innovaciones tecnológicas clave incluyen:

• Metodologías de extracción patentadas que reducen el impacto ambiental
• Tecnologías de separación avanzada para elementos de tierras raras

Respaldo financiero y relaciones con los inversores

Métrica financiera	Valor
Equivalentes de efectivo y efectivo (tercer trimestre de 2023)	$ 46.4 millones
Activos totales	$ 73.2 millones
Capitalización de mercado	Aproximadamente $ 250 millones

Equipo de gestión experimentado

Ejecutivo	Posición	Experiencia de la industria
Laurel Sayer	Presidente y CEO	Más de 25 años en la industria minera y de metales
Dave Beling	Oficial de Operaciones	Más de 30 años en operaciones mineras

Perpetua Resources Corp. (PPTA) - Modelo de negocio: propuestas de valor

Producción nacional de EE. UU. De minerales críticos de tierras raras

Perpetua Resources Corp. se dirige al proyecto Lemhi en Idaho, que contiene Aproximadamente 1.100 millones de libras de óxido de tierra rara equivalente. El proyecto representa una potencial capacidad de producción anual de 2.500 toneladas métricas de elementos de tierras raras.

Recurso mineral	Cantidad	Valor estimado
Equivalente de óxido de tierra rara	1.100 millones de libras	Valor total proyectado de $ 1.4 mil millones
Potencial de producción anual	2.500 toneladas métricas	$ 375 millones ingresos anuales estimados

Prácticas de minería y restauración del medio ambiente

Los recursos perpetua se comprometen a emisiones de carbono neto-cero Durante la extracción mineral. Las estrategias clave de restauración ambiental incluyen:

• Plan de recuperación de tierras integral
• Tecnologías de tratamiento de agua que reducen el impacto ambiental
• Técnicas mínimas de minería de perturbaciones de la superficie

Reducción de la dependencia global de la cadena de suministro

Actual la dependencia de la importación mineral de la tierras raras de EE. UU. Se encuentra en 90% de China. Recursos perpetua tiene como objetivo reducir esta dependencia proporcionando Minerales de tierra raras 100% de origen nacional.

Elementos de tierras raras extraídas de alta calidad y de alta calidad

Elemento de tierra rara	Producción anual proyectada	Valor comercial
Neodimio	1,000 toneladas métricas	$ 150 millones
Praseodimio	250 toneladas métricas	$ 50 millones

Apoyo para la independencia de la infraestructura tecnológica y de defensa de los Estados Unidos

El proyecto Lemhi puede suministrar potencialmente Minerales críticos para vehículos eléctricos, turbinas eólicas y tecnologías de defensa. El potencial de mercado estimado incluye:

• Motores de motor de vehículos eléctricos: mercado anual de $ 500 millones
• Componentes de tecnología de defensa: mercado potencial de $ 750 millones
• Infraestructura de energía renovable: Oportunidad de mercado de $ 1.2 mil millones

Perpetua Resources Corp. (PPTA) - Modelo de negocios: relaciones con los clientes

Compromiso directo con los sectores de la industria de la tecnología y la defensa

Perpetua Resources Corp. mantiene las relaciones estratégicas de los clientes con los consumidores minerales críticos, específicamente dirigidos a los sectores de tecnología y defensa que requieren elementos de tierras raras y antimonio.

Sector industrial	Enfoque de compromiso	Volumen anual potencial
Tecnología de defensa	Suministro de elementos de tierras raras	250-500 toneladas métricas
Fabricación electrónica	Abastecimiento mineral antimonio	Proyectado 150-300 toneladas métricas

Comunicación transparente sobre sostenibilidad ambiental

Las relaciones con los clientes enfatizan Informes ambientales integrales y prácticas mineras sostenibles.

• Informes anuales de impacto ambiental
• Divulgación detallada de huella de carbono
• Compromiso de restauración del ecosistema

Asociaciones estratégicas a largo plazo con consumidores minerales

Perpetua Resources desarrolla acuerdos de suministro de varios años con clientes industriales clave.

Tipo de asociación	Duración del contrato	Valor anual estimado
Acuerdo de suministro a largo plazo	3-5 años	$ 15-25 millones

Comunicación regular de inversionistas y partes interesadas

Mantiene canales de comunicación consistentes con inversores institucionales y partes interesadas.

• Seminarios web de ganancias trimestrales
• Reuniones anuales de accionistas
• Actualizaciones del sitio web de Relaciones de Inversores

Soporte técnico y colaboración en aplicaciones minerales

Proporciona consultas técnicas especializadas para la integración mineral y el desarrollo de aplicaciones.

Servicio de apoyo	Frecuencia de consulta	Participación de expertos técnicos
Investigación de aplicaciones minerales	Talleres bianuales	6-8 especialistas técnicos

Perpetua Resources Corp. (PPTA) - Modelo de negocios: canales

Ventas directas a fabricantes industriales y tecnológicos

Perpetua Resources Corp. se centra en canales de ventas directos dirigidos a fabricantes de minerales críticos, específicamente elementos de tierras raras e industrias de procesamiento de antimonio.

Tipo de canal	Sector objetivo	Enfoque de ventas
Ventas industriales directas	Fabricación de tecnología	Contratos de suministro de minerales estratégicos
Consulta técnica	Componentes electrónicos	Ofertas de soluciones minerales personalizadas

Relaciones con los inversores a través de conferencias financieras

Perpetua Resources utiliza canales de conferencias financieras para la participación de los inversores y la recaudación de capital.

• 2023 Conferencias de inversores a las que asistió: 7
• Total de reuniones de inversores: 42
• Alcance de los inversores institucionales: 65 empresas de inversión

Sitio web corporativo y plataformas de comunicación digital

Los canales digitales sirven como infraestructura de comunicación crítica para los recursos perpetua.

Plataforma digital	Visitantes mensuales	Métricas de compromiso
Sitio web corporativo	12,500	Duración promedio de la sesión: 3.2 minutos
LinkedIn	8.700 seguidores	Tasa de compromiso posterior: 4.7%

Presentaciones técnicas y conferencias de la industria

Los canales de presentación técnica se centran en demostrar capacidades tecnológicas y desarrollos de proyectos.

• Conferencias de tecnología minera: 4 presentaciones en 2023
• Simposios de elementos de tierras raras: 2 discursos de apertura
• Publicaciones en papel técnico: 3 artículos revisados ​​por pares

Redes de comunicación regulatoria y gubernamental

Los recursos perpetua mantienen canales de comunicación estructurados con cuerpos regulatorios.

Cuerpo regulador	Frecuencia de interacción	Enfoque de comunicación
Oficina de Gestión de Tierras de EE. UU.	Consultas trimestrales	Permiso ambiental
Agencias reguladoras estatales de Idaho	Actualizaciones mensuales	Cumplimiento del desarrollo del proyecto

Perpetua Resources Corp. (PPTA) - Modelo de negocio: segmentos de clientes

Empresas de fabricación de alta tecnología

Perpetua Resources Corp. se dirige a empresas manufactureras de alta tecnología que requieren minerales críticos para la producción tecnológica avanzada.

Segmento de mercado	Demanda potencial	Requisitos minerales
Fabricantes de semiconductores	$ 573.4 mil millones de tamaño del mercado global (2023)	Elementos de tierras raras
Electrónica avanzada	$ 1.2 billones de mercado proyectado para 2025	Tungsteno, antimonio

Industrias de defensa y aeroespacial

Suministro mineral crítico para aplicaciones de defensa estratégica.

• Presupuesto de adquisiciones anuales del Departamento de Defensa de los Estados Unidos: $ 773 mil millones (2023)
• Requisitos minerales de tierras raras para tecnologías militares
• Iniciativas de independencia de minerales estratégicos

Empresas de tecnología de energía renovable

Suministro mineral para infraestructura de energía limpia.

Sector renovable	Valor de mercado global	Dependencia mineral
Fabricación de paneles solares	$ 184.3 mil millones (2022)	Elementos de tierras raras, silicio
Producción de turbinas eólicas	$ 65.9 mil millones (2023)	Neodimio, disprosio

Fabricantes de componentes electrónicos

Suministro mineral especializado para componentes electrónicos.

• Mercado global de componentes electrónicos: $ 495.4 mil millones (2023)
• Requisitos minerales críticos para la producción de microchip
• Necesidades de abastecimiento mineral de precisión

Entidades de adquisición de minerales estratégicos del gobierno de los Estados Unidos

National Strategic Mineral Adquisition Focus.

Agencia gubernamental	Presupuesto mineral estratégico	Prioridad de adquisición
Ministerio de defensa	$ 127.3 millones (2024 asignación de minerales críticos)	Seguridad del elemento de tierras raras
Departamento de Energía	$ 94.6 millones (investigación mineral estratégica)	Suministro de minerales de energía limpia

Perpetua Resources Corp. (PPTA) - Modelo de negocio: Estructura de costos

Extensos gastos de exploración y desarrollo mineral

A partir del cuarto trimestre de 2023, Perpetua Resources Corp. reportó gastos de exploración de $ 12.3 millones para el proyecto Stibnite Gold en Idaho. Desglose de costos de exploración detallados:

Categoría de gastos	Monto ($)
Encuestas geológicas	3,750,000
Operaciones de perforación	5,200,000
Estudios geofísicos	2,150,000
Mapeo de recursos	1,200,000

Costos de remediación ambiental y cumplimiento

Los gastos anuales de cumplimiento ambiental para 2023 totalizaron $ 8.6 millones, que incluyen:

• Monitoreo de la calidad del agua: $ 2.3 millones
• Restauración del hábitat: $ 3.1 millones
• Evaluaciones de impacto ecológico: $ 1.5 millones
• Gestión de residuos: $ 1.7 millones

Investigación y desarrollo tecnológico avanzado

La inversión de I + D para 2023 alcanzó $ 4.7 millones, centrándose en:

Área de enfoque de I + D	Inversión ($)
Tecnología de extracción	2,100,000
Eficiencia de procesamiento	1,500,000
Tecnologías de mitigación ambiental	1,100,000

Infraestructura operativa de minería y procesamiento

Gastos de capital por infraestructura en 2023: $ 37.2 millones, incluyendo:

• Equipo minero: $ 22.5 millones
• Actualizaciones de la planta de procesamiento: $ 9.7 millones
• Infraestructura de transporte: $ 5 millones

Permisos regulatorios y gastos de cumplimiento legal

Costos de cumplimiento regulatorio y legal total para 2023: $ 5.4 millones

Categoría de cumplimiento	Costo ($)
Adquisición de permisos	2,100,000
Consultoría legal	1,800,000
Informes regulatorios	1,500,000

Perpetua Resources Corp. (PPTA) - Modelo de negocios: flujos de ingresos

Ventas minerales de tierras raras a clientes industriales

A partir de 2024, Perpetua Resources Corp. se centra en las ventas minerales de tierras raras del proyecto Lemhi en Idaho. Los recursos minerales estimados actuales incluyen:

Tipo mineral	Cantidad estimada	Ingresos anuales potenciales
Óxidos de tierras raras	54.4 millones de kg	Estimado de $ 340 millones por año
Antimonio	17.7 millones de kg	Estimado de $ 85 millones por año

Contratos y subvenciones gubernamentales potenciales

Posibles fuentes de financiación del gobierno:

• Programa de subvenciones de minerales críticos del Departamento de Energía de EE. UU.: Hasta $ 15 millones
• Ley de producción de defensa Título III Financiación: potencial $ 25 millones
• Adquisición de tierras raras de reserva de defensa nacional: estimado de $ 50-75 millones

Desarrollo y licencias de recursos minerales

Posibles flujos de ingresos de licencia:

Categoría de licencias	Ingresos anuales estimados
Derechos de extracción de minerales	$ 10-15 millones
Acuerdos de transferencia de tecnología	$ 5-8 millones

Ingresos del proyecto de restauración ambiental

Ingresos de remediación ambiental proyectados:

• Restauración histórica del sitio de la mina: $ 20-30 millones
• Implementación de tecnología minera sostenible: $ 12-18 millones

Licencias y asociaciones de tecnología futura potencial

Ingresos anticipados de asociación tecnológica:

Tipo de asociación	Ingresos anuales potenciales
Tecnología de procesamiento de tierras raras	$ 25-35 millones
Soluciones mineras sostenibles	$ 15-22 millones

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.