Perpetua Resources Corp. (PPTA): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide de l'extraction minérale critique, Perpetua Resources Corp. (PPTA) émerge comme une force pionnière, transformant le paradigme minière traditionnel grâce à un modèle commercial innovant qui harmonise les progrès technologiques, la gérance environnementale et les intérêts nationaux stratégiques. En développant méticuleusement le projet Lemhi en Idaho, la société est sur le point de révolutionner la production nationale d'éléments de terres rares, offrant une alternative durable aux chaînes d'approvisionnement minérales étrangères et se positionnant comme un acteur clé pour soutenir l'indépendance des infrastructures technologiques et de défense de l'Amérique.

Perpetua Resources Corp. (PPTA) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec le Département de l'énergie américain

En 2024, Perpetua Resources Corp. a établi un partenariat stratégique avec le Département américain de l'énergie axé sur le développement des minéraux critiques du projet Lemhi en Idaho.

Focus de partenariat	Détails spécifiques
Développement minéral critique	Extraction et traitement des éléments de terre rare
Emplacement du projet	Comté de Lemhi, Idaho
Investissement estimé du projet	135 millions de dollars de frais de développement prévus

Partenariats d'agence environnementale

Perpetua Resources entretient des relations collaboratives avec les agences de réglementation environnementale pour assurer des pratiques minières durables.

• Idaho Department of Environmental Quality Engagement
• Consultation de l'agence de protection de l'environnement
• Partenariats d'évaluation de l'impact environnemental en cours

Engagement communautaire local

La société a développé des partenariats stratégiques avec les communautés locales de l'Idaho pour soutenir l'extraction responsable des ressources.

Aspects de partenariat communautaire	Détails de la mise en œuvre
Emploi local	Projeté 250 à 300 emplois directs dans le comté de Lemhi
Impact économique	Contribution économique locale annuelle de 20 à 25 millions de dollars estimée

Potentiel de partenariat technologique

Perpetua Resources explore les coentreprises potentielles avec des entreprises technologiques pour des technologies de traitement avancées d'éléments de terres rares.

• Développement de la technologie d'extraction des éléments de terre rare
• Traitement des initiatives d'amélioration de l'efficacité
• Recherche et développement collaboratifs potentiels

Perpetua Resources Corp. (PPTA) - Modèle d'entreprise: activités clés

Exploration et développement du projet Lemhi en Idaho

Perpetua Resources Corp. se concentre sur le Projet Lemhi situé dans le comté de l'Idaho, Idaho. Le projet couvre environ 1 938 acres de réclamations minières non entraînées. En 2023, la société a investi 45,3 millions de dollars dans les activités d'exploration et de développement.

Métrique du projet	État actuel
Superficie totale	1 938 acres
Investissement en exploration cumulative	45,3 millions de dollars
Ressources minérales estimées	34,8 millions de tonnes

Élément de terre rare et extraction minérale de l'antimoine

L'objectif d'extraction principale de l'entreprise comprend:

• Éléments de terres rares (Rees)
• Minéraux de l'antimoine
• Minéraux critiques associés

Minéral	Production annuelle estimée
Oxydes de terres rares	2 300 tonnes métriques par an
Antimoine	1 500 tonnes métriques par an

Assainissement de l'environnement des sites miniers historiques

Perpetua Resources Corp. s'est engagée à une restauration environnementale complète, avec 12,7 millions de dollars alloués aux efforts de restauration du site.

Conformité réglementaire et processus d'autorisation

Les activités réglementaires clés comprennent:

• Obtenir des permis d'extraction fédéraux et étatiques
• Effectuer des évaluations d'impact environnemental
• S'engager avec les agences de réglementation locales et fédérales

Jalon réglementaire	État actuel
Dossier de décision (Rod)	En attente au quatrième trimestre 2023
Permis environnementaux	Plusieurs applications en cours

Traitement des minéraux avancés et recherche métallurgique

L'entreprise a investi 3,2 millions de dollars en recherche et développement métallurgiques pour optimiser les techniques d'extraction et de traitement des minéraux.

Focus de recherche	Investissement
Développement de processus métallurgiques	3,2 millions de dollars
Améliorations d'efficacité d'extraction	Recherche en cours

Perpetua Resources Corp. (PPTA) - Modèle commercial: Ressources clés

Dépôts minéraux de terres rares sur le site du projet Lemhi

Perpetua Resources Corp. possède le Projet Lemhi Rare Earth Situé en Idaho, aux États-Unis, avec les détails des ressources minérales suivantes:

Catégorie de ressources minérales	Quantité	Grade
Ressource minérale indiquée	2,34 millions de tonnes métriques	0,52% d'oxydes de terres rares (TREO)
Ressource minérale déduite	8,97 millions de tonnes métriques	0,47% d'oxydes de terres rares (TREO)

Expertise géologique et minière avancée

Les ressources perpétua démontrent l'expertise:

• Techniques de traitement métallurgique propriétaire
• Stratégies de correction environnementale avancées
• Capacités complètes de cartographie et d'exploration géologiques

Propriété intellectuelle dans les technologies d'extraction durables

Les principales innovations technologiques comprennent:

• Méthodologies d'extraction brevetées réduisant l'impact environnemental
• Technologies de séparation avancées pour les éléments de terres rares

Relations financières et relations avec les investisseurs

Métrique financière	Valeur
Equivalents en espèces et en espèces (TC 2023)	46,4 millions de dollars
Actif total	73,2 millions de dollars
Capitalisation boursière	Environ 250 millions de dollars

Équipe de gestion expérimentée

Exécutif	Position	Expérience de l'industrie
Laurel Sayer	Président et chef de la direction	Plus de 25 ans dans l'industrie des mines et des métaux
Dave Beling	Chef de l'exploitation	Plus de 30 ans dans les opérations minières

Perpetua Resources Corp. (PPTA) - Modèle d'entreprise: propositions de valeur

Production américaine nationale de minéraux critiques de terres rares

Perpetua Resources Corp. cible le projet Lemhi en Idaho, contenant environ 1,1 milliard de livres d'équivalent d'oxyde de terre rare. Le projet représente une capacité de production annuelle potentielle de 2 500 tonnes métriques d'éléments de terres rares.

Ressource minérale	Quantité	Valeur estimée
Équivalent d'oxyde de terre rare	1,1 milliard de livres	Valeur totale projetée de 1,4 milliard de dollars
Potentiel de production annuel	2 500 tonnes métriques	375 millions de dollars de revenus annuels estimés

Pratiques minières et de restauration de l'environnement responsables

Les ressources perpetua s'engagent à Émissions de carbone net-zéro Pendant l'extraction minérale. Les principales stratégies de restauration environnementale comprennent:

• Plan complet de remise en état des terres
• Technologies de traitement de l'eau réduisant l'impact environnemental
• Techniques minimales d'exploration de troubles de la surface

Réduction de la dépendance mondiale de la chaîne d'approvisionnement

La dépendance à l'importation des minéraux de terres rares actuelles se dresse 90% de la Chine. Perpetua Resources vise à réduire cette dépendance en fournissant 100% minéraux de terres rares d'origine nationale.

Éléments de terres rares extraits de haute qualité et de haute qualité

Élément de terre rare	Production annuelle projetée	Valeur marchande
Néodyme	1 000 tonnes métriques	150 millions de dollars
Praseodymium	250 tonnes métriques	50 millions de dollars

Soutien à l'indépendance des infrastructures technologiques et de défense américaines

Le projet Lemhi peut potentiellement fournir Mineraux critiques pour les véhicules électriques, les éoliennes et les technologies de défense. Le potentiel du marché estimé comprend:

• Aignets de moteur de véhicules électriques: marché annuel de 500 millions de dollars
• Composants de la technologie de défense: 750 millions de dollars de marché potentiel
• Infrastructure d'énergie renouvelable: 1,2 milliard de dollars d'opportunité de marché

Perpetua Resources Corp. (PPTA) - Modèle d'entreprise: relations clients

Engagement direct avec les secteurs de l'industrie de la technologie et de la défense

Perpetua Resources Corp. entretient des relations avec les clients stratégiques avec des consommateurs minéraux critiques, ciblant spécifiquement la technologie et les secteurs de la défense nécessitant des éléments de terres rares et de l'antimoine.

Secteur de l'industrie	Focus de l'engagement	Volume annuel potentiel
Technologie de défense	Approvisionnement des éléments de terres rares	Estimé 250-500 tonnes métriques
Fabrication d'électronique	Approvisionnement en minéraux de l'antimoine	Projeté 150-300 tonnes métriques

Communication transparente sur la durabilité environnementale

Les relations avec les clients mettent l'accent Rapports environnementaux complets et les pratiques minières durables.

• Rapports annuels d'impact environnemental
• Divulgation détaillée de l'empreinte carbone
• Engagement de restauration de l'écosystème

Partenariats stratégiques à long terme avec les consommateurs minéraux

Perpetua Resources développe des accords d'approvisionnement pluriannuels avec des clients industriels clés.

Type de partenariat	Durée du contrat	Valeur annuelle estimée
Contrat d'approvisionnement à long terme	3-5 ans	15-25 millions de dollars

Communication régulière des investisseurs et des parties prenantes

Maintient des canaux de communication cohérents avec les investisseurs institutionnels et les parties prenantes.

• Webinaires de résultats trimestriels
• Réunions annuelles des actionnaires
• Mises à jour du site Web des relations avec les investisseurs

Support technique et collaboration sur les applications minérales

Fournit une consultation technique spécialisée pour l'intégration des minéraux et le développement des applications.

Service d'assistance	Fréquence de consultation	Engagement technique d'experts
Recherche d'application minérale	Ateliers bi-annuels	6-8 spécialistes techniques

Perpetua Resources Corp. (PPTA) - Modèle d'entreprise: canaux

Ventes directes aux fabricants industriels et technologiques

Perpetua Resources Corp. se concentre sur les canaux de vente directs ciblant les fabricants de minéraux critiques, en particulier les éléments de terres rares et les industries de traitement de l'antimoine.

Type de canal	Secteur cible	Approche de vente
Ventes industrielles directes	Fabrication de technologies	Contrats stratégiques d'approvisionnement en minéraux
Consultation technique	Composants électroniques	Offres de solutions minérales personnalisées

Relations des investisseurs par le biais de conférences financières

Perpetua Resources utilise les canaux de conférence financière pour l'engagement des investisseurs et la levée de capitaux.

• 2023 Conférences d'investisseurs ont assisté: 7
• Total des réunions des investisseurs: 42
• Investisseur institutionnel Reach: 65 entreprises d'investissement

Site Web d'entreprise et plateformes de communication numérique

Les canaux numériques servent d'infrastructure de communication critique pour les ressources perpétua.

Plate-forme numérique	Visiteurs mensuels	Métriques d'engagement
Site Web de l'entreprise	12,500	Durée moyenne de la session: 3,2 minutes
Liendin	8 700 abonnés	Taux d'engagement postal: 4,7%

Présentations techniques et conférences de l'industrie

Les canaux de présentation technique se concentrent sur la démonstration des capacités technologiques et des développements de projets.

• Conférences de technologie minière: 4 présentations en 2023
• Symposiums d'éléments de terres rares: 2 discours d'ouverture
• Publications de documents techniques: 3 articles évalués par des pairs

Réseaux de communication réglementaires et gouvernementaux

Les ressources Perpetua maintiennent des canaux de communication structurés avec des organismes de réglementation.

Corps réglementaire	Fréquence d'interaction	Focus de la communication
Bureau américain de gestion des terres	Consultations trimestrielles	Permis environnemental
Agences de réglementation de l'État de l'Idaho	Mises à jour mensuelles	Conformité au développement du projet

Perpetua Resources Corp. (PPTA) - Modèle d'entreprise: segments de clientèle

Entreprises de fabrication de haute technologie

Perpetua Resources Corp. cible les entreprises de fabrication de haute technologie nécessitant des minéraux critiques pour la production technologique avancée.

Segment de marché	Demande potentielle	Exigences minérales
Fabricants de semi-conducteurs	Taille du marché mondial de 573,4 milliards de dollars (2023)	Éléments de terres rares
Électronique avancée	Marché projeté de 1,2 billion de dollars d'ici 2025	Tungstène, antimoine

Industries de la défense et de l'aérospatiale

Supply minérale critique pour les applications de défense stratégiques.

• Budget annuel du ministère de la Défense américaine: 773 milliards de dollars (2023)
• Exigences minérales des terres rares pour les technologies militaires
• Initiatives stratégiques d'indépendance des minéraux

Entreprises de technologie des énergies renouvelables

Alimentation minérale pour les infrastructures d'énergie propre.

Secteur renouvelable	Valeur marchande mondiale	Dépendance minérale
Fabrication de panneaux solaires	184,3 milliards de dollars (2022)	Éléments de terres rares, silicium
Production d'éoliennes	65,9 milliards de dollars (2023)	Néodyme, dysprosium

Fabricants de composants électroniques

Alimentation minérale spécialisée pour les composants électroniques.

• Marché mondial des composants électroniques: 495,4 milliards de dollars (2023)
• Exigences minérales critiques pour la production de micropuces
• Besoins d'approvisionnement en minéraux de précision

ENTITÉS D'ACCORTS MINÉRAL STRATÉGIQUES du gouvernement américain

Focus national d'acquisition de minéraux stratégiques.

Agence gouvernementale	Budget minéral stratégique	Priorité de l'approvisionnement
Ministère de la Défense	127,3 millions de dollars (2024 Minéraux critiques allocation)	Sécurité des éléments de terres rares
Département de l'énergie	94,6 millions de dollars (recherche sur les minéraux stratégiques)	Approvisionnement en minéraux à énergie propre

Perpetua Resources Corp. (PPTA) - Modèle d'entreprise: Structure des coûts

EXPÉRIEURS EXPLORATION ET LES FRAIS DE DÉVELOPPEMENT

Au quatrième trimestre 2023, Perpetua Resources Corp. a déclaré des frais d'exploration de 12,3 millions de dollars pour le projet Stibnite Gold en Idaho. Réflexion détaillée des coûts d'exploration:

Catégorie de dépenses	Montant ($)
Enquêtes géologiques	3,750,000
Opérations de forage	5,200,000
Études géophysiques	2,150,000
Cartographie des ressources	1,200,000

Frais de restauration environnementale et de conformité

Les dépenses annuelles de conformité environnementale pour 2023 ont totalisé 8,6 millions de dollars, notamment:

• Surveillance de la qualité de l'eau: 2,3 millions de dollars
• Restauration de l'habitat: 3,1 millions de dollars
• Évaluations de l'impact écologique: 1,5 million de dollars
• Gestion des déchets: 1,7 million de dollars

Recherche et développement technologiques avancées

L'investissement en R&D pour 2023 a atteint 4,7 millions de dollars, en se concentrant sur:

Zone de focus R&D	Investissement ($)
Technologie d'extraction	2,100,000
Efficacité de traitement	1,500,000
Technologies d'atténuation environnementale	1,100,000

Infrastructure d'exploitation et de traitement opérationnelle

Dépenses en capital pour les infrastructures en 2023: 37,2 millions de dollars, notamment:

• Équipement d'exploitation: 22,5 millions de dollars
• Transformation des mises à niveau des usines: 9,7 millions de dollars
• Infrastructure de transport: 5 millions de dollars

Permis de réglementation et dépenses de conformité légale

Total des frais de conformité réglementaire et juridique pour 2023: 5,4 millions de dollars

Catégorie de conformité	Coût ($)
Acquisition de permis	2,100,000
Conseil juridique	1,800,000
Représentation réglementaire	1,500,000

Perpetua Resources Corp. (PPTA) - Modèle d'entreprise: Strots de revenus

Ventes minérales de terres rares aux clients industriels

En 2024, Perpetua Resources Corp. se concentre sur les ventes de minéraux de terres rares du projet Lemhi en Idaho. Les ressources minérales estimées actuelles comprennent:

Type minéral	Quantité estimée	Revenus annuels potentiels
Oxydes de terres rares	54,4 millions de kg	Estimé 340 millions de dollars par an
Antimoine	17,7 millions de kg	Estimé 85 millions de dollars par an

Contrats et subventions gouvernementales potentielles

Sources de financement gouvernemental potentielles:

• Programme de subvention des minéraux critiques américains du Département de l'énergie: jusqu'à 15 millions de dollars
• Financement de la loi sur la production de la production de la défense: Potentiel 25 millions de dollars
• PROCACTION DE LA DÉFENSE NATIONALE

Développement et licence de ressources minérales

Structiel potentiel de revenus:

Catégorie de licence	Revenus annuels estimés
Droits d'extraction minérale	10-15 millions de dollars
Accords de transfert de technologie	5-8 millions de dollars

Revenus du projet de restauration environnementale

Revenus de correction environnementale projetés:

• Restauration historique du site de la mine: 20 à 30 millions de dollars
• Mise en œuvre de la technologie minière durable: 12 à 18 millions de dollars

Licence et partenariats technologiques potentiels

Revenus de partenariat technologique anticipé:

Type de partenariat	Revenus annuels potentiels
Technologie de traitement des terres rares	25 à 35 millions de dollars
Solutions minières durables	15 à 22 millions de dollars

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.