Perpetua Resources Corp. has entered into an Ordnance Technology Initiative Agreement with the U.S. Army to evaluate the feasibility of producing tungsten concentrate at the historical Stibnite Mining District. The deal, announced on October 26, 2026, involves a cost-share program with total estimated costs of up to approximately $85 million and a U.S. Army contribution of $40 million.
The agreement was signed by Perpetua Resources Idaho, Inc., a subsidiary of Perpetua Resources Corp., through the U.S. Army’s Defense Ordnance Technology Consortium. The consortium is part of the Portfolio Acquisition Executive Agile Sustainment & Ammunition program located at Picatinny Arsenal, New Jersey. The primary objective of the initiative is to fund a program assessing the technical and economic viability of tungsten production at the Stibnite site.
Under the terms of the agreement, Perpetua Resources Idaho will design and implement the exploration project. The company will match the U.S. Army’s $40 million contribution in a joint investment structure. The initial 18-month phase is expected to cost approximately $18 million, with the expense shared equally between the subsidiary and the U.S. Army. The funding supports core drilling to delineate a potential tungsten mineral resource, gathering samples for lab and bench-scale metallurgical assays, and handling permits and engineering for an exploration decline to reach known tungsten mineralization.
The period of performance for the initiative extends through October 19, 2029. The timing, scope, and cost of subsequent phases remain subject to ongoing development based on the results of prior exploration, testing, engineering, and permitting activities. Each incremental phase of additional funding also requires approval.
In a separate item within the same filing, Perpetua Resources Corp. amended its outstanding warrants exercisable for an aggregate of 1,607,802 common shares. The warrants had exercise prices of US$31.46 and US$38.93 per share. Originally set to expire on October 28, 2026, December 1, 2026, and December 23, 2026, the warrants now have their expiry dates extended by up to six months from their respective existing dates. All other terms of the warrants remain in effect as described in the company’s Annual Report on Form 10-K filed on March 31, 2026.
The warrant amendment was entered into in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as a transaction by an issuer not involving a public offering. Perpetua Resources Corp., incorporated in British Columbia and headquartered in Boise, Idaho, filed the report with the U.S. Securities and Exchange Commission on October 26, 2026. Mark Murchison, Chief Financial Officer, signed the report on behalf of the registrant.