Category: Gold

1. Gold drops 1% as robust US jobs data strengthens dollar  Reuters
2. Can Gold Prices Drop 30%?  Forbes
3. Gold forecast: XAU/USD cannot ignore rising yields for too long  City Index UK

Operation under way to rescue trapped miners from South African gold mine  Al Jazeera English

South Africa launches operation at illegal gold mine amid fears many dead  The Guardian

Trump policy uncertainty lifts gold; US data in focus  Reuters

South Africa starts rescuing illegal gold miners trapped for months  MINING.com

Source: Heiko Ihle 01/10/2025

Next, the explorer will work on obtaining financing for construction of this operation in Idaho that historically produced antimony and gold, noted an H.C. Wainwright & Co. report.

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) achieved a major permitting milestone for its Stibnite gold-antimony project in Idaho when it received the U.S. Forest Service’s Final Record of Decision (FROD) on it, H.C. Wainwright & Co. Analyst Heiko Ihle reported in a Jan. 7 research note. The metals explorer has been working toward this event for eight years.

“Our attention shifts toward the firm receiving its necessary federal and state permits while securing financing for the project,” Ihle wrote.

96% Uplift Potential

H.C. Wainwright updated its model on Perpetua, and this resulted in a target price boost to US$25 per share from US$22, noted Ihle. In comparison, the company’s share price at the time of the report about US$12.77. From here, the return to target is 96%.

Among the model revisions, Ihle wrote, was an update to the discount rate on Stibnite, lowered to 11% from 11.5%, to account for the recent project derisking event. Another change was an increase in the forecasted antimony price to US$12 per pound from US$6.

Perpetua remains rated Buy.

Antimony Supply Chain

Before the FROD was published, Perpetua entered into two agreements regarding the processing of antimony, reported Ihle. It announced both within a week of China restricting its exports of antimony to the U.S.

One agreement was with United States Antimony Corp. to do metallurgical testing of antimony concentrate from Stibnite. The other, a memorandum of understanding, was with the Sunshine Silver Mining & Refining Co., a private entity, to explore future antimony processing opportunities.

“We believe that these partnerships could ultimately strengthen a closed-loop American supply chain for antimony and reiterate that export restrictions from China have significantly decreased the available supply,” Ihle wrote.

A Look Ahead

H.C. Wainwright expects Perpetua to keep advancing Stibnite toward a construction decision. This work encompasses receiving the final requisite federal and state permits and securing project financing.

Regarding the latter, Ihle purported that institutional investors’ interest in Perpetua likely will continue as it receives its pending permits and the global antimony supply keeps diminishing. Another potential source of financing is from the U.S. Export-Import Bank, which previously expressed its interest in potentially providing Perpetua with a loan for up to US$1.8 billion.

Finally, Ihle reiterated that once Stibnite is up and running, in the first four years, the operation is expected to produce 450,000 ounces of gold. In the first six years, the mine will produce enough antimony to supply up to 35% of the U.S.’ need for it. These figures are based on the project’s 4,800,000 ounces of gold and 148,000,000 pounds of antimony.

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Important Disclosures:

1. Perpetua Resources Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

Disclosures for H.C. Wainwright & Co., Perpetua Resources Corp., January 7, 2025

This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to unsubscribe@hcwresearch.com and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet. H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility

Investment Banking Services include, but are not limited to, acting as a manager/co-manager in the underwriting or placement of securities, acting as financial advisor, and/or providing corporate finance or capital markets-related services to a company or one of its affiliates or subsidiaries within the past 12 months.

H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Heiko F. Ihle, CFA , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Perpetua Resources Corp. and United States Antimony Corp. (including, without limitation, any option, right, warrant, future, long or short position). As of December 31, 2024 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Perpetua Resources Corp. and United States Antimony Corp.. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report. The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The Firm or its affiliates did not receive compensation from United States Antimony Corp. for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. The Firm or its affiliates did receive compensation from Perpetua Resources Corp. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Perpetua Resources Corp. during the past 12 months. The Firm does not make a market in Perpetua Resources Corp. and United States Antimony Corp. as of the date of this research report.

The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report.

H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

( Companies Mentioned: PPTA:TSX; PPTA:NASDAQ,
)

Source: Streetwise Reports 01/10/2025

AbraSilver Resource Corp. (ABRA:TSX.V; ABBRF:OTCQX) is gearing up for major advancements with pivotal catalysts and projects in the pipeline. Read exclusive comments from their president and learn how these developments could redefine its trajectory.

AbraSilver Resource Corp. (ABRA:TSX.V; ABBRF:OTCQX) continues to generate discussion from investors and analysts due to its robust portfolio of silver, gold and copper projects, strategic partnerships, and a clear roadmap of upcoming milestones. The company’s flagship Diablillos silver-gold project in Salta, Argentina, and its La Coipita copper porphyry project in San Juan province are key focus areas as AbraSilver positions itself for further growth.

AbraSilver recently completed a private placement with Teck Resources Ltd. (TECK:TSX; TECK:NYSE). for US$1 million, aligning with the companies’ agreement on the La Coipita project. Under the terms, Teck can earn an 80% interest in the project by investing US$20 million in exploration over five years, alongside staged equity and cash payments.

This financing underscores Teck’s confidence in the project’s potential, as AbraSilver’s President, John Miniotis, noted in a recent discussion with Streetwise Reports, “We are delighted to welcome Teck as a key shareholder. Their ongoing partnership highlights the potential of the La Coipita project and reflects confidence in our team’s ability to deliver significant shareholder value.”

This strategic relationship complements a previous CA$10 million investment by Kinross Gold Corp. (K:TSX; KGC:NYSE), which provides regional exploration support and positions AbraSilver’s Diablillos project as a significant development project in Argentina.

The Diablillos Project: Key Developments

The Diablillos project remains the cornerstone of AbraSilver’s operations. It features Proven and Probable mineral reserves of 210 million ounces of silver equivalent, according to its 2024 Pre-Feasibility Study (PFS). The study forecasts an average annual production of 13.4 million ounces of silver equivalent over a 14-year mine life, with a net present value (NPV5%) of US$747 million and an internal rate of return (IRR) of 27.6% at conservative base-case pricing.

Exploration at Diablillos is ongoing, with ongoing results from the Phase Four drill program expected to be released in the coming weeks. Mr. Miniotis confirmed the significance of these developments: “The ongoing drill program, including step-out drilling at the JAC and Oculto zones, aims to further expand resources and demonstrate the project’s scalability.” Notably, assays from a cluster of porphyry targets northeast of the main deposit could present a game-changing opportunity, with results anticipated by late January or early February 2025.

Analysts have highlighted the high-grade nature of recent discoveries at the JAC zone, such as intercepts of 244.9 grams per tonne (g/t) silver over 33.4 meters. Christopher Ecclestone of Hallgarten & Co. referred to Diablillos as “one of the most important silver projects coming down the pike at a global level,” citing its economic robustness and exploration upside.

La Coipita Project: Copper Porphyry Potential

At the La Coipita project, AbraSilver’s partnership with Teck Resources is pivotal. While early-stage exploration is underway, the project’s location in Argentina’s San Juan province — home to prominent copper-gold porphyry systems — positions it for significant discoveries. Teck has begun preliminary work, with drilling expected to accelerate in Q1/2025.

“La Coipita’s district-scale potential and strategic partnerships with majors like Teck provide AbraSilver with additional growth opportunities,” Miniotis explained in the call. If Teck’s exploration yields results, AbraSilver’s 20% retained interest in a potential large-scale discovery could become a major value driver.

Upcoming Catalysts and Strategic Outlook

AbraSilver has outlined a series of significant milestones expected over the next 12 months that could drive the company’s growth. The Phase Four drill program at the Diablillos project is anticipated to deliver assay results in late January or early February 2025, including potential breakthroughs in the newly explored porphyry targets.

By mid-2025, AbraSilver plans to release an updated resource estimate for Diablillos, incorporating the latest drilling data and reflecting ongoing exploration successes. Additionally, a definitive feasibility study (DFS) for Diablillos is scheduled for early 2026. This study will integrate results from the current drill program and several other optimization opportunities to further improve the robust project economics. Meanwhile, exploration at the La Coipita project continues, with Teck Resources Ltd. advancing its drilling campaign as part of their option agreement. Results from this secondary project are expected to add further growth potential to AbraSilver’s portfolio.

AbraSilver’s financial position remains strong, with an estimated US$10 million in cash as of September 30, 2024. This ensures the company is well-funded to execute its exploration and development plans while maintaining flexibility for future opportunities. Argentina’s tax incentives under the RIGI program further enhance the project’s financial metrics, potentially saving US$430 million over the mine’s life.

As Miniotis emphasized in the Streetwise discussion, “Our focus remains on unlocking value through strategic partnerships, disciplined exploration, and advancing our flagship Diablillos project. With a strong pipeline of catalysts, AbraSilver is well-positioned for sustained growth in the silver and gold markets.”

Expert Analysis Highlights Industry Potential

Recent analyses of AbraSilver have highlighted the company’s strong potential and favorable positioning within the silver and gold exploration sector. According to The Daily Gold Premium on January 5, AbraSilver’s Diablillos project, located in Salta, Argentina, has demonstrated promising metrics, with measured and indicated resources totaling 260 million ounces of silver equivalent at an impressive grade of 151 g/t.

The publication underscored the impact of the JAC Zone discovery, which added 36 million ounces of silver at 212 g/t, describing it as a “game changer.” Notably, the November 2024 pre-feasibility study projected an NPV of US$1.29 billion and an IRR of 39.3%, based on a silver price of US$30.70 and gold price of US$2,650, further solidifying the project’s economic appeal. The report also suggested that continued exploration success could lead to a higher NPV by incorporating additional high-grade resources from nearby satellite deposits, such as JAC North.

Christopher Ecclestone, in his January 2025 report for Hallgarten & Company, reiterated a positive outlook on AbraSilver, emphasizing its performance in 2024 and its strong resource base. He highlighted the Diablillos project’s capability to produce 13.4 million ounces of silver equivalent annually at an all-in-sustaining cost of US$12.67 per ounce, with projected cash flows of US$300 million per year over the initial five years.

Ecclestone also noted the project’s scalability, citing ongoing drilling programs that aim to extend the resource life and enhance production potential. He maintained a target price of CA$4.20 for AbraSilver, reflecting confidence in the company’s ability to deliver value to shareholders through strategic resource expansion and project development.

Sector Insight on Silver’s Outlook

Excelsior Prosperity, in their December 14 coverage, emphasized the value and growth potential within the junior silver exploration and development segment. The report highlighted the volatility inherent to this subsector but noted that such fluctuations create opportunities for strategic accumulation. The article underlined the importance of scalability, resource quality, and operational efficiency in positioning silver companies for success within the current bull market.

According to Midas Touch Consulting, on December 16, silver prices demonstrated impressive resilience throughout the year, recording a 31.75% increase in USD terms. This performance underscored silver’s role as a safe haven in a turbulent economic landscape. The consultancy highlighted a technical bullish wedge pattern in the market, which they suggested limited downside risks for silver while positioning it for potential gains in the near term. They also pointed to strong support around the $30 level, driven by persistent supply tightness and increasing industrial demand, particularly in green technologies. Despite some recent volatility, the analysis indicated that silver prices were stabilizing within a narrow range, laying the groundwork for a potential upward breakout.

Meanwhile, in his December 19 article for 321Gold, Bob Moriarty noted that silver’s Daily Sentiment Index (DSI) of 21 suggested substantial room for further price increases. Moriarty observed that historical peaks in silver required significantly higher DSI levels, implying that the current market was far from overbought. He projected that silver could surpass its all-time high of US$50.75 within six months, attributing this potential to seasonal strength and robust demand dynamics. Moriarty also emphasized the seasonal trend in the sector, with the ten-week period from mid-December to late February historically being the most favorable for precious metals.

With the start of the new year, Silver Crown Royalties Inc. (SCRI:CBOE; SLCRF:OTCQX; QS0:FSE) noted on January 6 that silver has historically stood out as a unique investment option with unparalleled attributes. Unlike other commodities or newer investment forms like cryptocurrencies, silver’s atomic scarcity and extensive history as a currency underscore its enduring appeal. The analysis noted that silver fulfills critical investment criteria such as maintaining purchasing power, portability, and durability while remaining decentralized and fungible. It was highlighted as an alternative for crypto investors, offering physical security and real-world applications in electronics and green technologies — sectors increasingly dependent on this metal. [OWNERSHIP_CHART-9164]

Supporting this perspective, Jaime Carrasco, Senior Investment Advisor and Senior Portfolio Manager at Canaccord Genuity Wealth Management emphasized, “Silver is my favorite asset class because the price has not inflated during the 35+ years of my career, and very few investors own any. In my opinion, this is about to change because of silver’s strategic importance to electronics and a green future.” He further noted that silver’s current supply deficit positions it as a compelling monetary metal alongside gold, particularly with gold trading above US$2,500/oz.

Ownership and Share Structure

According to Refinitiv, the top six strategic entities own 21% of AbraSilver. The top 3 shareholders are: Eric Sprott with 9.9%, Kinross Gold with 4.0% and Central Puerto with 4.0%. Additionally, the top 3 insiders are Chief Executive Officer (CEO) John Miniotis with 1.0% or 1.3M shares, Director Hernan Zaballa with 0.86% or 1.08M shares, and Chairman and Director Robert Bruggeman with 0.74% or 0.93M shares.

Nine institutions hold 6.84% or 8.58M shares. The Top 3 are Mirae Asset Global Investments (USA) LLC with 2.1% or 2.63M shares, ETF Managers Group LLC with 1.74% or 2.18M shares, and Sprott Asset Management LP with 1.2% or 1.51M shares.

The company has 129.51M outstanding shares. Its market cap is CA$318M. Its 52-week high and low are CA$3.18 and CA$1.30 per share, respectively. 

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Important Disclosures:

1. AbraSilver Resource Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. In addition, Silver Crown Royalties has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Silver Crown Royalties.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

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( Companies Mentioned: ABRA:TSX.V; ABBRF:OTCQX,
)

Source: Michael Parkin 01/10/2025

Federal approval advances this asset toward becoming the country’s first domestic source of antimony, noted a National Bank of Canada report.

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) secured a signed Final Record of Decision (FROD) on its Stibnite gold-antimony project in Idaho from the U.S. Forest Service, reported National Bank of Canada Analyst Michael Parkin in a Jan. 5 research note.

“We expect Perpetua’s share price to outperform peers on the news,” Parkin wrote. “The signing further advances the project to a construction decision, which we believe could come in Q2/25.”

Rerating of Shares Likely

The National Bank of Canada has a CA$22 per share target price on Perpetua, trading at the time of the report at about CA$15.96 per share, noted Parkin. The difference between these prices implies a potential return for investors of 38%.

The exploration company is rated Outperform. The National Bank believes a rerating of Perpetua shares is likely given the positive factors linked to Stibnite, Parkin explained. They include strong governmental support, an Export-Import Bank of the U.S. Letter of Interest in funding most the project’s capex and exposure to the critical metal antimony.

Possible First Domestic Source

Because China recently banned exports of antimony to the States, it is becoming harder to obtain it in the U.S. Stibnite, which would produce antimony as a byproduct of gold, could become the first domestic source of antimony for the U.S. The project could supply about one-third of its antimony requirement.

As such, “Stibnite is proving to be of high interest to several U.S. government agencies/departments,” Parkin wrote.

Final Tasks Before Construction

Parkin pointed out what Perpetua still must accomplish before advancing Stibnite to construction. It must secure some remaining federal and state permits, and the National Bank of Canada expects it will have all of them in place this quarter.

Another priority is securing financing for Stibnite. Perpetua management indicated the capex for Stibnite will be higher than the US$1.3 billion (US$1.3B) estimated in the 2020 technical study, to account for inflation that occurred in the interim. The National Bank of Canada is modeling a Stibnite development cost of US$1.95B.

“We could see the capital budget updated this quarter,” noted Parkin.

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Important Disclosures:

1. Perpetua Resources Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

Disclosures for National Bank of Canada, Perpetua Resources Corp., January 5, 2025

RISKS: Commodity Price Risk. Once producing, Perpetua would have the majority of its revenues tied to the sale of gold. Any decline in the price of gold may materially affect the company’s development and mining activities in the future. Other commodity price risks include antimony, although at a much lower significance vs. gold. Regulation Risk. The mining, processing, development and mineral exploration activities of Perpetua are subject to various laws governing prospecting, development, production, taxes, labour standards and occupational health, mine safety, toxic substances, land use, water use, land claim of local people and other matters. Permitting/Environmental Risk. The Stibnite project is subject to environmental regulation in the state of Idaho as well as regulations at a U.S. Federal level. These regulations require the project to operate within certain levels to maintain permits and advance the project. These regulations mandate the maintenance of air and water quality standards and land reclamation. The site requires a substantial cleanup of prior mining activities and an extensive 25-year reclamation plan. As the project is yet to achieve a fully permitted status, delays could occur in the granting of the final permits and or outright refusal to grant one or more of the final permits without more work carried out by the company to meet additional requirements and/or address new concerns raised by the permitting issuing government departments. Financial Risk. We assume that financing required to fund the development of Stibnite should come in the form of mostly debt, with the bulk of it assumed to be granted by EXIM at competitive interest rates, which is not guaranteed to be achieved on both the scale granted and the interest rate. Assuming this level of debt is granted, a portion of Perpetua’s future cash flows will be required to service this debt. ADDITIONAL COMPANY RELATED DISCLOSURES Perpetua Resources Corp. 323 LEGEND FOR COMPANY RELATED DISCLOSURES: 2 National Bank Financial Inc. has acted as an underwriter with respect to this issuer within the past 12 months. 3 National Bank Financial Inc. has provided investment banking services for this issuer within the past 12 months. 4 National Bank Financial Inc. or an affiliate has managed or co-managed a public offering of securities with respect to this issuer within the past 12 months. 5 National Bank Financial Inc. or an affiliate has received compensation for investment banking services from this issuer within the past 12 months. 6 National Bank Financial Inc. or an affiliate has a non-investment banking services related relationship during the past 12 months. 7 The issuer is a client, or was a client, of National Bank Financial Inc. or an affiliate within the past 12 months. 8 National Bank Financial Inc. or its affiliates expects to receive or intends to seek compensation for investment banking services from this issuer in the next 3 months. 9 As of the end of the month immediately preceding the date of publication of this research report (or the end of the second most recent month if the publication date is less than 10 calendar days after the end of the most recent month), National Bank Financial Inc. or an affiliate beneficially own 1% or more of any class of common equity securities of this issuer. 10 National Bank Financial Inc. makes a market in the securities of this issuer, at the time of this report publication. 11 A partner, director, officer or research analyst involved in the preparation of this report has, during the preceding 12 months provided services to this issuer for remuneration other than normal course investment advisory or trade execution services. 12 A research analyst, associate or any other person (or a member of their household) directly involved in preparing this report has a financial interest in the securities of this issuer. 13 A partner, director, officer, employee or agent of National Bank Financial Inc., is an officer, director, employee of, or serves in any advisory capacity to the issuer. 14 A member of the Board of Directors of National Bank Financial Inc. is also a member of the Board of Directors or is an officer of this issuer.15 A redacted draft version of this report has been shown to the issuer for fact checking purposes and changes may have been made to the report before publication. 323 An NBF Analyst attended a tour of Perpetua’s Stibnite Gold Project in central Idaho on Sept. 20, 2024. A portion of the expenses were paid by the issuer.

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( Companies Mentioned: PPTA:TSX; PPTA:NASDAQ,
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