Perpetua Resources Corp. (PPTA): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da extração mineral crítica, a Perpetua Resources Corp. (PPTA) surge como uma força pioneira, transformando o paradigma tradicional de mineração por meio de um modelo de negócios inovador que harmoniza o avanço tecnológico, a administração ambiental e os interesses nacionais estratégicos. Ao desenvolver meticulosamente o projeto Lemhi em Idaho, a empresa está pronta para revolucionar a produção de elementos de terras raras domésticas, oferecendo uma alternativa sustentável às cadeias de suprimentos de minerais estrangeiros e se posicionando como um participante -chave no apoio à independência de infraestrutura tecnológica e de defesa da América.

Perpetua Resources Corp. (PPTA) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com o Departamento de Energia dos EUA

A partir de 2024, a Perpetua Resources Corp. estabeleceu uma parceria estratégica com o Departamento de Energia dos EUA focada no desenvolvimento mineral crítico no projeto Lemhi em Idaho.

Foco em parceria	Detalhes específicos
Desenvolvimento Mineral Crítico	Extração e processamento de elementos de terras raras
Localização do projeto	Condado de Lemhi, Idaho
Investimento estimado do projeto	Custos de desenvolvimento projetados de US $ 135 milhões

Parcerias de agências ambientais

A Perpetua Resources mantém as relações colaborativas com as agências reguladoras ambientais para garantir práticas sustentáveis ​​de mineração.

• Departamento de Engajamento da Qualidade Ambiental de Idaho
• Consulta da Agência de Proteção Ambiental
• Parcerias de avaliação de impacto ambiental em andamento

Engajamento da comunidade local

A Companhia desenvolveu parcerias estratégicas com as comunidades locais de Idaho para apoiar a extração responsável de recursos.

Aspectos de parceria da comunidade	Detalhes da implementação
Emprego local	Projetado 250-300 empregos diretos no condado de Lemhi
Impacto econômico	Estimação de US $ 20-25 milhões para contribuição econômica anual

Potencial de parceria de tecnologia

A Perpetua Resources está explorando possíveis joint ventures com empresas de tecnologia para tecnologias avançadas de processamento de elementos de terras raras.

• Desenvolvimento de tecnologia de extração de elementos de terras raras
• Iniciativas de melhoria de eficiência de processamento
• Potencial pesquisa e desenvolvimento colaborativo

Perpetua Resources Corp. (PPTA) - Modelo de negócios: Atividades -chave

Exploração e desenvolvimento do projeto Lemhi em Idaho

Perpetua Resources Corp. se concentra no Projeto Lemhi localizado no condado de Idaho, Idaho. O projeto abrange aproximadamente 1.938 acres de reivindicações de mineração não patenteadas. A partir de 2023, a empresa investiu US $ 45,3 milhões em atividades de exploração e desenvolvimento.

Métrica do Projeto	Status atual
Área total da terra	1.938 acres
Investimento cumulativo de exploração	US $ 45,3 milhões
Recursos minerais estimados	34,8 milhões de toneladas

Elemento de terras raras e extração mineral antimônia

O foco de extração primária da empresa inclui:

• Elementos de terras raras (Rees)
• Minerais antimônicos
• Minerais críticos associados

Mineral	Produção anual estimada
Óxidos de terras raras	2.300 toneladas métricas por ano
Antimônio	1.500 toneladas métricas por ano

Remediação ambiental de sites de mineração histórica

A Perpetua Resources Corp. se comprometeu a uma restauração ambiental abrangente, com US $ 12,7 milhões alocados para esforços de remediação do local.

Processos de conformidade e permissão regulatórios

As principais atividades regulatórias incluem:

• Obtenção de licenças de mineração federal e estadual
• Realização de avaliações de impacto ambiental
• Envolvendo com agências regulatórias locais e federais

Marco regulatório	Status atual
Registro de Decisão (Rod)	Pendente a partir do quarto trimestre 2023
Permissões ambientais	Múltiplas aplicações em processo

Processamento mineral avançado e pesquisa metalúrgica

A empresa investiu US $ 3,2 milhões em pesquisa e desenvolvimento metalúrgicos para otimizar as técnicas de extração e processamento minerais.

Foco na pesquisa	Investimento
Desenvolvimento de processos metalúrgicos	US $ 3,2 milhões
Melhorias de eficiência da extração	Pesquisa em andamento

Perpetua Resources Corp. (PPTA) - Modelo de negócios: Recursos -chave

Depósitos minerais de terras raras no local do projeto Lemhi

Perpetua Resources Corp. possui o Projeto de Terras Raras de Lemhi Localizado em Idaho, EUA, com os seguintes detalhes de recursos minerais:

Categoria de recursos minerais	Quantidade	Nota
Recurso mineral indicado	2,34 milhões de toneladas métricas	0,52% de óxidos de terras raras totais (Treo)
Recurso mineral inferido	8,97 milhões de toneladas métricas	0,47% de óxidos de terras raras totais (Treo)

Experiência geológica e de mineração avançada

Os recursos perpetua demonstram experiência através de:

• Técnicas de processamento metalúrgico proprietário
• Estratégias avançadas de remediação ambiental
• Capacidades abrangentes de mapeamento e exploração geológicas

Propriedade intelectual em tecnologias de extração sustentável

As principais inovações tecnológicas incluem:

• Metodologias de extração patenteadas, reduzindo o impacto ambiental
• Tecnologias avançadas de separação para elementos de terras raras

Relacionamentos financeiros e investidores

Métrica financeira	Valor
Caixa e equivalentes em dinheiro (terceiro trimestre 2023)	US $ 46,4 milhões
Total de ativos	US $ 73,2 milhões
Capitalização de mercado	Aproximadamente US $ 250 milhões

Equipe de gerenciamento experiente

Executivo	Posição	Experiência do setor
Laurel Sayer	Presidente e CEO	Mais de 25 anos na indústria de mineração e metais
Dave Beling	Diretor de operações	Mais de 30 anos em operações de mineração

Perpetua Resources Corp. (PPTA) - Modelo de negócios: proposições de valor

Produção nacional dos EUA de minerais críticos de terras raras

Perpetua Resources Corp. tem como alvo o projeto Lemhi em Idaho, contendo Aproximadamente 1,1 bilhão de libras de óxido de terras raras equivalente. O projeto representa uma potencial capacidade de produção anual de 2.500 toneladas métricas de elementos de terras raras.

Recurso mineral	Quantidade	Valor estimado
Equivalente de óxido de terras raras	1,1 bilhão de libras	US $ 1,4 bilhão projetado valor total
Potencial de produção anual	2.500 toneladas métricas	Receita anual estimada de US $ 375 milhões

Práticas ambientalmente responsáveis ​​de mineração e restauração

Os recursos perpetua se comprometem com Emissões de carbono de zero líquido Durante a extração mineral. As principais estratégias de restauração ambiental incluem:

• Plano abrangente de recuperação de terras
• Tecnologias de tratamento de água, reduzindo o impacto ambiental
• Técnicas mínimas de mineração de perturbação da superfície

Redução da dependência global da cadeia de suprimentos

A dependência atual de importação mineral de terras raras dos EUA está em 90% da China. A Perpetua Recursos visa reduzir essa dependência, fornecendo Minerais de terras raras de origem 100% de origem no país.

Elementos de terras raras de alta qualidade e de alta qualidade extraídas

Elemento de Terra Rara	Produção anual projetada	Valor de mercado
Neodímio	1.000 toneladas métricas	US $ 150 milhões
Praseodímio	250 toneladas métricas	US $ 50 milhões

Apoio à Independência de Infraestrutura Tecnológica e de Defesa dos EUA

O projeto Lemhi pode potencialmente fornecer Minerais críticos para veículos elétricos, turbinas eólicas e tecnologias de defesa. O potencial de mercado estimado inclui:

• Ímãs de motor de veículo elétrico: US $ 500 milhões no mercado anual
• Componentes de tecnologia de defesa: US $ 750 milhões em potencial mercado
• Infraestrutura de energia renovável: oportunidade de mercado de US $ 1,2 bilhão

Perpetua Resources Corp. (PPTA) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com os setores da indústria de tecnologia e defesa

A Perpetua Resources Corp. mantém o relacionamento estratégico dos clientes com consumidores minerais críticos, direcionando -se especificamente aos setores de tecnologia e defesa que exigem elementos de terras raras e antimônios.

Setor da indústria	Foco de engajamento	Volume anual potencial
Tecnologia de Defesa	Fornecimento de elementos de terras raras	Estimado 250-500 toneladas métricas
Fabricação eletrônica	O fornecimento de minerais antimônicos	Projetado 150-300 toneladas métricas

Comunicação transparente sobre sustentabilidade ambiental

Os relacionamentos com o cliente enfatizam Relatórios ambientais abrangentes e práticas de mineração sustentáveis.

• Relatórios anuais de impacto ambiental
• Divisão detalhada da pegada de carbono
• Compromisso de restauração do ecossistema

Parcerias estratégicas de longo prazo com consumidores minerais

A Perpetua Resources desenvolve acordos de fornecimento de vários anos com clientes industriais importantes.

Tipo de parceria	Duração do contrato	Valor anual estimado
Contrato de fornecimento de longo prazo	3-5 anos	US $ 15-25 milhões

Comunicação regular de investidores e partes interessadas

Mantém canais de comunicação consistentes com investidores e partes interessadas institucionais.

• Webinars trimestrais de ganhos
• Reuniões anuais de acionistas
• Atualizações do site de relações com investidores

Suporte técnico e colaboração em aplicações minerais

Fornece consulta técnica especializada para integração mineral e desenvolvimento de aplicativos.

Serviço de suporte	Frequência de consulta	Engajamento de especialistas técnicos
Pesquisa de aplicação mineral	Workshops bi-anais	6-8 Especialistas técnicos

Perpetua Resources Corp. (PPTA) - Modelo de Negócios: Canais

Vendas diretas para fabricantes industriais e tecnológicos

A Perpetua Resources Corp. concentra -se nos canais de vendas diretos direcionados aos fabricantes de minerais críticos, especificamente elementos de terras raras e indústrias de processamento de antimônios.

Tipo de canal	Setor -alvo	Abordagem de vendas
Vendas industriais diretas	Fabricação de tecnologia	Contratos estratégicos de fornecimento mineral
Consulta técnica	Componentes eletrônicos	Ofertas de solução mineral personalizadas

Relações com investidores por meio de conferências financeiras

A Perpetua Resources utiliza canais de conferências financeiras para o envolvimento e a criação de capital dos investidores.

• 2023 Conferências de investidores participaram: 7
• Total de reuniões de investidores: 42
• Alcance do investidor institucional: 65 empresas de investimento

Site corporativo e plataformas de comunicação digital

Os canais digitais servem como infraestrutura crítica de comunicação para os recursos perpetua.

Plataforma digital	Visitantes mensais	Métricas de engajamento
Site corporativo	12,500	Duração média da sessão: 3,2 minutos
LinkedIn	8.700 seguidores	Taxa de pós -envolvimento: 4,7%

Apresentações técnicas e conferências do setor

Os canais de apresentação técnica se concentram na demonstração de capacidades tecnológicas e no desenvolvimento de projetos.

• Conferências de Tecnologia de Mineração: 4 apresentações em 2023
• Simpósios de elementos de terras raras: 2 discursos de palestras
• Publicações de papel técnico: 3 artigos revisados ​​por pares

Redes de comunicação regulatória e governamental

A Perpetua Resources mantém canais de comunicação estruturados com órgãos regulatórios.

Órgão regulatório	Frequência de interação	Foco de comunicação
Bureau of Land Management dos EUA	Consultas trimestrais	Permissão ambiental
Agências regulatórias do estado de Idaho	Atualizações mensais	Conformidade do desenvolvimento do projeto

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

Empresas de manufatura de alta tecnologia

A Perpetua Resources Corp. tem como alvo as empresas de manufatura de alta tecnologia que exigem minerais críticos para a produção tecnológica avançada.

Segmento de mercado	Demanda potencial	Requisitos minerais
Fabricantes de semicondutores	US $ 573,4 bilhões do tamanho do mercado global (2023)	Elementos de terras raras
Eletrônica avançada	US $ 1,2 trilhão de mercado projetado até 2025	Tungstênio, Antimônio

Indústrias de defesa e aeroespacial

Fornecimento mineral crítico para aplicações estratégicas de defesa.

• Departamento de Defesa dos EUA Orçamento anual de compras: US $ 773 bilhões (2023)
• Requisitos minerais de terras raras para tecnologias militares
• Iniciativas estratégicas de independência mineral

Empresas de tecnologia de energia renovável

Fornecimento mineral para infraestrutura de energia limpa.

Setor renovável	Valor de mercado global	Dependência mineral
Fabricação de painel solar	US $ 184,3 bilhões (2022)	Elementos de terras raras, silício
Produção de turbinas eólicas	US $ 65,9 bilhões (2023)	Neodímio, disprósio

Fabricantes de componentes eletrônicos

Suprimento mineral especializado para componentes eletrônicos.

• Mercado global de componentes eletrônicos: US $ 495,4 bilhões (2023)
• Requisitos minerais críticos para produção de microchip
• Necessidades de fornecimento mineral de precisão

Entidades de compras minerais estratégicas do governo dos EUA

Foco nacional de aquisição mineral estratégico.

Agência governamental	Orçamento mineral estratégico	Prioridade de compras
Departamento de Defesa	US $ 127,3 milhões (alocação de minerais críticos de 2024)	Segurança de elementos de terras raras
Departamento de Energia	US $ 94,6 milhões (pesquisa mineral estratégica)	Fornecimento mineral de energia limpa

Perpetua Resources Corp. (PPTA) - Modelo de negócios: estrutura de custos

Extremas despesas de exploração e desenvolvimento minerais

A partir do quarto trimestre de 2023, a Perpetua Resources Corp. registrou despesas de exploração de US $ 12,3 milhões para o projeto de ouro estibnita em Idaho. Redução detalhada dos custos de exploração:

Categoria de despesa	Valor ($)
Pesquisas geológicas	3,750,000
Operações de perfuração	5,200,000
Estudos geofísicos	2,150,000
Mapeamento de recursos	1,200,000

Custos de remediação e conformidade ambientais

As despesas anuais de conformidade ambiental para 2023 totalizaram US $ 8,6 milhões, incluindo:

• Monitoramento da qualidade da água: US $ 2,3 milhões
• Restauração de habitat: US $ 3,1 milhões
• Avaliações de impacto ecológico: US $ 1,5 milhão
• Gerenciamento de resíduos: US $ 1,7 milhão

Pesquisa e Desenvolvimento Tecnológico Avançado

O investimento em P&D em 2023 atingiu US $ 4,7 milhões, com foco em:

Área de foco em P&D	Investimento ($)
Tecnologia de extração	2,100,000
Eficiência de processamento	1,500,000
Tecnologias de mitigação ambiental	1,100,000

Infraestrutura de mineração e processamento operacional

Despesas de capital para infraestrutura em 2023: US $ 37,2 milhões, incluindo:

• Equipamento de mineração: US $ 22,5 milhões
• Processando atualizações da planta: US $ 9,7 milhões
• Infraestrutura de transporte: US $ 5 milhões

Despesas regulatórias de permissão e conformidade legal

Custos totais de conformidade regulatória e legal para 2023: US $ 5,4 milhões

Categoria de conformidade	Custo ($)
Aquisição de permissão	2,100,000
Consultoria legal	1,800,000
Relatórios regulatórios	1,500,000

Perpetua Resources Corp. (PPTA) - Modelo de negócios: fluxos de receita

Vendas minerais de terras raras para clientes industriais

A partir de 2024, a Perpetua Resources Corp. se concentra nas vendas de minerais de terras raras do projeto Lemhi em Idaho. Os recursos minerais estimados atuais incluem:

Tipo mineral	Quantidade estimada	Receita anual potencial
Óxidos de terras raras	54,4 milhões de kg	Estimado US $ 340 milhões por ano
Antimônio	17,7 milhões de kg	Estimado US $ 85 milhões por ano

Contratos e subsídios potenciais do governo

Fontes potenciais de financiamento do governo:

• Programa de concessão de minerais críticos do Departamento de Energia dos EUA: até US $ 15 milhões
• Financiamento do Título III da Lei de Produção de Defesa: Potencial $ 25 milhões
• Aquisição de terras raras de defesa nacional: estimado US $ 50-75 milhões

Desenvolvimento e licenciamento de recursos minerais

Possíveis fluxos de receita de licenciamento:

Categoria de licenciamento	Receita anual estimada
Direitos de extração mineral	US $ 10-15 milhões
Acordos de transferência de tecnologia	US $ 5-8 milhões

Receitas do projeto de restauração ambiental

Receitas de remediação ambiental projetadas:

• Restauração histórica do local da mina: US $ 20-30 milhões
• Implementação de tecnologia de mineração sustentável: US $ 12-18 milhões

Potencial licenciamento e parcerias futuras de tecnologia

Receitas de parceria de tecnologia antecipadas:

Tipo de parceria	Receita anual potencial
Tecnologia de processamento de terras raras	US $ 25-35 milhões
Soluções de mineração sustentáveis	US $ 15-22 milhões

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.