Form 4: Perpetua Director Opts for Equity Over Cash Retainer

Perpetua Resources Corp. Director Robert Alan Dean elected to receive 483 Deferred Share Units valued at $18.86 each in lieu of a cash retainer for his Q3 2025 service.

Summary

• Robert Alan Dean, a Director of Perpetua Resources Corp. (PPTA), acquired 483 Deferred Share Units (DSUs) on September 25, 2025.
• The DSUs were received in lieu of a cash retainer for his service during the third quarter of 2025.
• Each DSU entitles the holder to receive one common share of Perpetua Resources Corp. or, at the holder's election and administrator's approval, cash equal to its value.
• The DSUs are fully vested as of the grant date and will be settled following Mr. Dean's separation from service.
• The value of each DSU was $18.86, based on the closing price of the Issuer's Common Shares on the Nasdaq Capital Market on September 24, 2025.
• Following this transaction, Mr. Dean beneficially owns 63,989 Deferred Share Units.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive as a director's election to receive equity over cash signals confidence in the company's future and aligns management interests with shareholders. However, it is a routine compensation event and not a significant market-moving development.

Positives

• The director's election to receive equity (DSUs) instead of cash demonstrates confidence in the company's future performance and aligns his interests with those of long-term shareholders.
• The DSUs are fully vested upon grant, providing immediate equity exposure and commitment from the director.

Future Outlook

The acquired Deferred Share Units will be settled following the reporting person's separation from service, indicating a long-term incentive structure.

Management Comments

• A deferred share unit ('DSU') entitles the holder to receive one common share of Perpetua Resources Corp. (the 'Issuer') (or, at the election of the holder and subject to the approval of the administrator of the Issuer's Omnibus Equity Incentive Plan, cash equal to the value thereof on the date of settlement) for each DSU.
• The Reporting Person elected to receive DSUs in lieu of a cash retainer for his service during the third quarter of 2025.
• The DSUs are fully vested as of the date of grant and will be settled following the reporting person's separation from service.

Industry Context

The practice of compensating directors with equity, such as Deferred Share Units, in lieu of cash retainers is a common and well-established practice across various industries. It is often utilized to align the interests of directors with those of shareholders, encouraging a long-term perspective on company performance and value creation.

Comparison to Industry Standards

• The election to receive Deferred Share Units (DSUs) in lieu of cash for director compensation is a common practice across various industries, particularly in companies seeking to align director incentives with long-term shareholder value.
• This method is frequently observed in growth-oriented companies and those with a focus on retaining key leadership through equity participation, similar to practices seen in mining and resource development companies where long-term project cycles are prevalent.

Related Party Transactions

• The acquisition of Deferred Share Units by Robert Alan Dean, a director, in lieu of a cash retainer for his service constitutes a related party transaction, as it involves compensation between the company and a member of its management.

Stakeholder Impact

• Shareholders: The transaction positively impacts shareholders by further aligning the director's financial interests with the long-term performance of the company, potentially fostering more shareholder-centric decision-making.

Next Steps

• The Deferred Share Units will be settled following Robert Alan Dean's separation from service with Perpetua Resources Corp.

Key Dates

Recommendation

This Form 4 filing details a routine insider transaction where a director elected to receive equity compensation instead of cash. While it signals confidence and aligns interests, it does not represent a material change in the company's fundamentals or outlook that would warrant a change in investment recommendation. Investors should continue to hold based on broader company performance and market conditions.

Keywords

Perpetua Resources, PPTA, Form 4, Insider Transaction, Deferred Share Units, DSU, Director Compensation, Equity Compensation, Beneficial Ownership