Idaho Antimony Co. Received Upgraded Price Target
Research Report

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Disclosures for H.C.Wainwright & Co., Perpetua Resources Corp., February 5, 2026

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 [email protected] 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. RETURN ASSESSMENT Market Outperform (Buy): The common stock of the company is expected to outperform a passive index comprised of all the common stock of companies within the same sector. Market Perform (Neutral): The common stock of the company is expected to mimic the performance of a passive index comprised of all the common stock of companies within the same sector. Market Underperform (Sell): The common stock of the company is expected to underperform a passive index comprised of all the common stock of companies within the same sector. Rating and Price Target History for: Perpetua Resources Corp. (PPTA-US) as of 02-04-2026 40 35 30 25 20 15 10 5 0 2023 Q1 Q2 Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 2026 Q1 BUY:$8.50 08/04/22 BUY:$9.00 03/20/23 BUY:$10.25 06/27/23 BUY:$10.00 09/26/23 BUY:$10.50 03/28/24 BUY:$13.25 05/14/24 BUY:$22.00 11/15/24 BUY:$25.00 01/07/25 BUY:$28.00 03/21/25 BUY:$27.50 05/13/25 BUY:$30.00 08/15/25 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. Distribution of Ratings Table as of February 4, 2026 IB Service/Past 12 Months Ratings Count Percent Count Percent Buy 577 87.42% 145 25.13% Neutral 58 8.79% 10 17.24% Sell 1 0.15% 0 0.00% Under Review 24 3.64% 4 16.67% 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. (including, without limitation, any option, right, warrant, future, long or short position). As of January 31, 2026 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Perpetua Resources 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.

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In a research report published on February 5, 2026, H.C. Wainwright analyst Heiko F. Ihle, CFA, reiterated a Buy rating on Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) and raised the price target to US$41.00 from US$30.00. The increase was primarily driven by a revision to the firm's precious metal price deck, reflecting continued strength in gold spot pricing.

The report highlighted a significant development on February 2, 2026, when Bloomberg News reported that the Trump Administration is looking to establish Project Vault, a plan involving a US$12.0 billion strategic stockpile of critical minerals aimed at reducing dependence on Chinese supply while protecting the U.S. from supply disruptions and geopolitical tensions. The analyst noted that growing discussions around Europe potentially working closely with the U.S. to reduce reliance on Chinese supply chains could further accelerate access to critical minerals across Western markets. In the analyst's view, both initiatives strengthen the strategic case for the Stibnite project as one of the few viable domestic antimony supply options. A federally backed stockpile should "ultimately improve offtake visibility, lower financing risk, and elevate Perpetua's position as a critical Western supply-chain asset," the report stated.

H.C. Wainwright updated its precious metal price deck effective January 1, 2026, now modeling long-term estimates of US$3,750/oz for gold (prior: US$3,000/oz), US$50.00/oz for silver (prior: US$33.00/oz), and US$5.00/lb for copper (prior: US$4.50/lb). The changes are based on a variety of macroeconomic developments that have significantly increased spot pricing over the past 12 months. Since February 4, 2025, gold has risen 74.5% to US$4,962/oz from US$2,843/oz, silver has increased 172.2% to US$87.99/oz from US$32.32/oz, and copper prices have grown 33.5% to US$5.94/lb from US$4.45/lb. The analyst emphasized that current spot prices meaningfully exceed even the revised commodity price deck, while underlying demand drivers should allow for continued growth.

The US$41.00 price target is based on a discounted cash flow analysis of Perpetua's operations using a 10.0% discount rate for Stibnite. This discount rate, in the analyst's view, "fairly aligns with other assets in equally favorable jurisdictions that carry similar geopolitical risk factors and appear evenly close in the development pipeline." The DCF analysis yields a combined valuation of US$4.45 billion, or US$34.84 per share. Adding pro forma cash and cash equivalents of US$720.0 million and a US$35.0 million valuation for Perpetua's three key exploration targets, and subtracting debt, the analyst calculated a value of US$5.20 billion, or US$40.75 per share, rounded to a price target of US$41.00. The benefit from the revised price deck was partially offset by amending the first production for the company to the second half of 2029.

Perpetua's near-term catalysts include progress with financing and future debt funding, with management expecting a ruling sometime this year. The analyst plans to closely monitor progress toward a Final Investment Decision and noted that Stibnite should be very profitable in the current commodity price environment. The company currently generates no revenue and reported diluted EPS of (US$0.22) in 2024, with estimates of (US$0.38) for 2025 and (US$0.16) for 2026.

Key risks to price target achievement include commodity price risk, operating and technical risk, financial risk, and political risks.

As of February 4, 2026, shares of Perpetua Resources traded at US$28.47, representing potential upside of approximately 44% to the US$41.00 price target. The company had an enterprise value of approximately US$2.75 billion, a market capitalization of approximately US$3.47 billion, and pro forma cash of US$720.0 million following a recent equity raise. The 52-week trading range was US$7.81 to US$35.97.