Form 4: Perpetua Resources Director Andrew Cole Acquires Deferred Share Units as Compensation

Perpetua Resources Corp. Director Andrew Phillip Cole has acquired 531 Deferred Share Units (DSUs) valued at $13.09 each, as part of his compensation for the second quarter of 2025.

Summary

• Andrew Phillip Cole, a Director of Perpetua Resources Corp. (PPTA), acquired 531 Deferred Share Units (DSUs) on June 25, 2025.
• The DSUs were received in lieu of a cash retainer for his service during the second quarter of 2025.
• Each DSU entitles the holder to receive one common share of Perpetua Resources Corp. or, at the holder's election and subject to approval, cash equal to the value thereof.
• The value of each DSU was based on the closing price of the Issuer's Common Shares on the Nasdaq Capital Market on June 24, 2025, which was $13.09.
• The DSUs are fully vested as of the date of grant and will be settled following Mr. Cole's separation from service.
• Following this transaction, Mr. Cole beneficially owns a total of 22,762 Deferred Share Units.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive. While a routine transaction, it signifies a director's continued equity stake and alignment with shareholder interests, which is generally viewed favorably. It does not, however, indicate significant new strategic developments or financial performance.

Positives

• The acquisition of Deferred Share Units by a director aligns management's interests with those of shareholders, as their compensation is tied to the company's stock performance.
• The election to receive equity-based compensation instead of cash demonstrates confidence in the company's future prospects by the director.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding the company's future performance or strategic direction, focusing solely on an insider transaction.

Industry Context

This Form 4 filing reflects a routine insider transaction where a director receives equity-based compensation. It is a common practice across publicly traded companies to compensate directors with stock or stock-equivalent units to align their interests with long-term shareholder value.

Comparison to Industry Standards

• Compensating directors with Deferred Share Units (DSUs) or similar equity instruments is a standard practice in corporate governance across various industries, including the mining and resources sector where Perpetua Resources operates.
• This method is widely adopted by companies listed on major exchanges like Nasdaq, as it encourages long-term commitment and performance alignment, similar to practices seen in companies like Barrick Gold (GOLD) or Newmont Corporation (NEM) for their board members.

Related Party Transactions

• The acquisition of 531 Deferred Share Units by Director Andrew Cole from Perpetua Resources Corp. constitutes a related party transaction, as it involves compensation provided by the company to a member of its board of directors.

Stakeholder Impact

• Shareholders: The transaction aligns the director's financial interests with the long-term performance of the company's stock, potentially benefiting shareholders through improved governance and strategic decisions aimed at increasing share value.
• Employees: No direct impact on general employees is indicated by this filing.
• Customers/Suppliers/Creditors: No direct impact on these stakeholders is indicated by this filing.

Next Steps

• The acquired Deferred Share Units will be settled following Andrew Cole's separation from service with Perpetua Resources Corp.

Key Dates

Keywords

Perpetua Resources Corp., PPTA, SEC Form 4, Insider Transaction, Director Compensation, Deferred Share Units, DSU, Equity Compensation, Andrew Cole