SCHEDULE 13D/A: Paulson & Co. Boosts Stake in Perpetua Resources to 31.2% Through $100 Million Private Placement

Paulson & Co. Inc. has significantly increased its beneficial ownership in Perpetua Resources Corp. to 31.2% through a recent private placement and concurrent public offering, investing approximately $100 million.

Summary

• Paulson & Co. Inc. (the "Reporting Person") has reported a beneficial ownership of 32,347,299 Common Shares of Perpetua Resources Corp., representing approximately 31.2% of the outstanding shares.
• This increased stake is based on approximately 103,741,199 shares outstanding as of June 16, 2025.
• The total shares outstanding include 71,543,442 shares as of May 2, 2025, an additional 24,622,000 shares issued via a Prospectus Supplement on June 13, 2025, and 7,575,757 shares issued to Paulson & Co. through a private placement on June 16, 2025.
• Paulson & Co. purchased 7,575,757 shares at a price of $13.20 per share as part of a private placement.
• The Reporting Person agreed to purchase $100 million worth of shares at $13.20 per share, contingent on the consummation of the Issuer's concurrent public offering.
• The aggregate amount of funds used for the purchase of the reported securities was approximately $186,941,431.53, excluding commissions.
• Paulson & Co. Inc. manages various pooled investment vehicles and separately managed accounts (the "Funds") and possesses shared voting and investment power over the securities held by these Funds.
• The investment was made using the working capital or personal funds of the respective Reporting Persons.

Sentiment

Score: 8

Explanation: The document indicates a strong positive sentiment due to a significant investment by a major institutional investor (Paulson & Co. Inc.), which typically signals confidence in the company's prospects and provides substantial capital.

Positives

• A significant investment of approximately $100 million by a major institutional investor like Paulson & Co. Inc. demonstrates strong confidence in Perpetua Resources Corp.'s future prospects.
• The increased stake to 31.2% by Paulson & Co. provides a stable and committed shareholder base for Perpetua Resources Corp.
• The private placement provided Perpetua Resources Corp. with substantial capital, which can be used for its operations and strategic initiatives.

Future Outlook

This document primarily reports on a completed transaction and current ownership structure. It does not provide forward-looking statements or guidance from Perpetua Resources Corp. regarding its future operations or financial performance.

Management Comments

• Paulson & Co. Inc. (the Reporting Person) disclaims beneficial ownership of all securities reported in this Schedule 13D, except for the purposes of determining beneficial ownership under Section 13(d) of the Securities Exchange Act of 1934, as amended, as the pecuniary interest is owned by the Funds it manages.

Industry Context

This filing details a significant ownership change by a major investment fund in Perpetua Resources Corp. While it indicates a substantial capital infusion and a vote of confidence from a key investor, the document does not provide broader industry trends or competitive analysis to contextualize this announcement within the mining or resources sector.

Comparison to Industry Standards

• This Schedule 13D filing focuses on an ownership stake and capital raise for Perpetua Resources Corp. and does not provide specific operational or financial performance metrics that can be directly compared to global industry benchmarks or specific comparable companies/projects. The investment by Paulson & Co. Inc. is a firm-specific event reflecting their investment strategy rather than a performance comparison.

Related Party Transactions

• The Subscription Agreement between Paulson & Co. Inc. and Perpetua Resources Corp. is a related party transaction, as Paulson & Co. Inc. is a significant shareholder and has rights under an existing Investor Rights Agreement.

Stakeholder Impact

• Shareholders: The significant investment by Paulson & Co. Inc. may be viewed positively, potentially increasing investor confidence and share price stability. Existing shareholders experienced dilution due to the new share issuances.
• Company (Perpetua Resources Corp.): The capital raised provides financial resources for operations and strategic growth, strengthening the company's balance sheet.

Next Steps

• The Subscription Agreement contains customary representations and warranties of the parties, and indemnification obligations of the Issuer, which will govern the ongoing relationship related to this transaction.

Key Dates

Recommendation

Keywords

Perpetua Resources Corp., Paulson & Co. Inc., SEC Schedule 13D, Beneficial Ownership, Private Placement, Equity Offering, Investment, Common Shares, Institutional Investor, Shareholder Stake