Perpetua Resources Announces Full Exercise of Option and Additional Proceeds of US$49 Million

Rhea-AI Summary

Perpetua Resources (Nasdaq: PPTA) announced the full exercise of an option by underwriters to purchase an additional 3,693,300 common shares at US$13.20 per share, generating approximately US$49 million in additional gross proceeds.

This follows the company's previously announced US$325 million public offering of 24,622,000 common shares and a US$100 million private placement to Paulson & Co. Inc. The total financing package now reaches approximately US$474 million. The funds will support the development of Perpetua's Stibnite Gold Project.

Positive

• Successfully raised total financing of US$474 million through combined offerings
• Full exercise of underwriter option demonstrates strong investor confidence
• Secured significant private placement of US$100 million from Paulson & Co. Inc.

Negative

• Significant shareholder dilution due to large number of new shares issued
• Increased share count may pressure stock price in short term

BOISE, Idaho, July 14, 2025 /PRNewswire/ - Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or "Perpetua" or the "Company") announced today that, in connection with the Company's previously announced upsized US$325 million public offering of 24,622,000 common shares at a price to the public of US$13.20 per Common Share (the "Offering") and concurrent $100 million private placement of 7,575,757 Common Shares to Paulson & Co. Inc. (the "Private Placement"), National Bank of Canada Financial Markets and BMO Capital Markets have exercised in full their option (the "Option") to purchase an additional 3,693,300 common shares (the "Common Shares") for aggregate gross proceeds to the Company of approximately US$49 million, which brings the aggregate gross proceeds of the Offering and Private Placement to approximately US$474 million.

The Company intends to use the additional proceeds from the exercise of the Option, together with the proceeds of the Offering and the Private Placement, as part of the Company's previously announced comprehensive financing package for the development of the Company's Stibnite Gold Project (the "Project"). 

No securities regulatory authority has either approved or disapproved the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy Common Shares, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Perpetua Resources and the Stibnite Gold Project

Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Stibnite Gold Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Antimony trisulfide from Stibnite is the only known domestic reserves of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS OR INFORMATION

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the anticipated use of proceeds from the exercise of the Option, the Offering and Private Placement; the occurrence of the expected benefits from the anticipated use of proceeds from the Option, the Offering and Private Placement; the amount of potential debt financing available to the Company; the timing and potential outcome of any other discussions with governmental agencies; the anticipated timing of the issuance of certain state permits or a USFS notice to proceed; our ability to fully fund the construction of the Project and related financial assurance obligations; our ability to successfully implement and fund the Project; and the occurrence of the expected benefits from the Project, including providing a domestic source of antimony, national defense benefits, creation of jobs and environmental benefits. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that the Company's proposed financing package will be sufficient to finance permitting, pre-construction and construction of the Project or that the company will be able to secure alternate financing if necessary; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things,  risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the SEC and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedarplus.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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SOURCE Perpetua Resources Corp.

FAQ

How much additional funding did Perpetua Resources (PPTA) raise through the option exercise?

Perpetua Resources raised an additional US$49 million through the full exercise of the underwriters' option to purchase 3,693,300 common shares at US$13.20 per share.

What is the total amount raised by Perpetua Resources (PPTA) in their latest financing round?

Perpetua Resources raised a total of US$474 million through the combined public offering (US$325M), private placement (US$100M), and option exercise (US$49M).

What will Perpetua Resources use the proceeds for?

The proceeds will be used as part of Perpetua Resources' comprehensive financing package for the development of the Stibnite Gold Project.

Who participated in Perpetua Resources' private placement?

Paulson & Co. Inc. participated in the private placement, investing US$100 million for 7,575,757 common shares.

How many new shares did Perpetua Resources (PPTA) issue in total?

Perpetua Resources issued a total of 35,891,057 shares, comprising 24,622,000 shares in the public offering, 7,575,757 shares in the private placement, and 3,693,300 shares through the option exercise.