Form 4: Perpetua Resources Director Acquires DSUs

Perpetua Resources Director Richie Darrin Haddock acquired 378 Deferred Share Units valued at $27.7 each, bringing his total beneficial ownership to 27,185 DSUs.

Summary

• Richie Darrin Haddock, a Director of Perpetua Resources Corp. (PPTA), acquired 378 Deferred Share Units (DSUs) on December 23, 2025.
• The DSUs were received in lieu of a cash retainer for his service during the fourth quarter of 2025.
• Each DSU entitles the holder to receive one common share of Perpetua Resources Corp. or its cash equivalent upon settlement.
• The DSUs are fully vested as of the grant date and will be settled following Mr. Haddock's separation from service.
• The value of each DSU was $27.7, based on the closing price of Perpetua Resources' Common Shares on the Nasdaq Capital Market on December 22, 2025.
• Following this transaction, Mr. Haddock beneficially owns a total of 27,185 Deferred Share Units.

Sentiment

Score: 7

Explanation: The acquisition of DSUs by a director in lieu of cash compensation is generally viewed positively as it aligns management's interests with long-term shareholder value. It's a routine, expected event, but the choice to take equity over cash is a mild positive signal.

Positives

• Director Haddock's election to receive DSUs instead of cash for his service indicates a commitment to the company's long-term equity performance.
• The acquisition increases the director's beneficial ownership, aligning his interests further with shareholders.

Future Outlook

The DSUs acquired are fully vested as of the grant date and will be settled following the reporting person's separation from service, indicating a long-term equity holding.

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 fourth 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

This is a routine insider transaction, common across industries, where directors or executives elect to receive equity-based compensation (like DSUs) instead of cash, aligning their interests with long-term shareholder value. It does not provide specific insights into broader industry trends for mining or resource companies, but rather reflects standard corporate governance practices for executive compensation.

Comparison to Industry Standards

• The practice of compensating directors with equity-based instruments like DSUs is a common corporate governance standard across various industries, including the mining and resources sector, to align director incentives with shareholder interests.
• Many publicly traded companies, such as Barrick Gold (GOLD) or Newmont Corporation (NEM), utilize similar equity incentive plans for their non-employee directors, often offering DSUs or restricted stock units (RSUs) as part of their compensation packages.
• The vesting and settlement terms, such as full vesting upon grant and settlement upon separation from service, are typical for director DSUs, promoting long-term commitment rather than short-term trading.

Stakeholder Impact

• Shareholders: The increase in director equity ownership aligns management's interests with shareholder value creation over the long term.
• Employees: No direct impact on general employees is indicated by this filing.

Next Steps

• Settlement of the acquired Deferred Share Units will occur following Richie Darrin Haddock's separation from service.

Key Dates

Recommendation

This Form 4 filing reports a routine insider transaction where a director elected to receive equity compensation (DSUs) instead of cash. While this indicates alignment of interests, it does not provide new fundamental information about the company's operations, financial performance, or strategic direction that would warrant a change in investment recommendation. It's a neutral event for immediate stock price movement, thus a 'hold' recommendation is appropriate based solely on this filing.

Keywords

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