Form 4: Perpetua Resources Director Opts for Equity Compensation

Perpetua Resources Director Chris J Robison elected to receive 660 Deferred Share Units in lieu of a cash retainer for his Q4 2025 service.

Summary

• Chris J Robison, a Director of Perpetua Resources Corp. (PPTA), acquired 660 Deferred Share Units (DSUs) on December 23, 2025.
• These 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, at the holder's election and subject to plan approval, cash equal to the value thereof upon settlement.
• The DSUs are fully vested as of the grant date and will be settled following Mr. Robison's separation from service.
• The value of each DSU was $27.7, based on the closing price of the Issuer's Common Shares on the Nasdaq Capital Market on December 22, 2025.
• Following this transaction, Mr. Robison beneficially owns 69,579 derivative securities (DSUs).

Sentiment

Score: 6

Explanation: The sentiment is slightly positive. While a routine compensation filing, the director's choice to receive equity over cash indicates a commitment to the company's long-term performance and aligns their interests with shareholders. This is generally viewed favorably.

Positives

• The election by a director to receive equity compensation (DSUs) instead of cash aligns management's interests more closely with those of shareholders, as the value of their compensation is tied to the company's stock performance.
• The DSUs are fully vested upon grant, providing immediate equity exposure and commitment from the director.

Future Outlook

The DSUs will be settled following the reporting person's separation from service, indicating a future event tied to the director's tenure.

Management Comments

• The Reporting Person elected to receive DSUs in lieu of a cash retainer for his service during the fourth quarter of 2025.

Industry Context

The practice of compensating directors with equity, such as Deferred Share Units, is a common corporate governance strategy across various industries. It is designed to align the interests of the board members with long-term shareholder value creation, particularly in resource-intensive sectors like mining where long-term strategic vision is crucial.

Comparison to Industry Standards

• Many publicly traded companies, including those in the mining and resources sector, utilize equity-based compensation plans for their non-employee directors. This is a standard practice to foster alignment between directors and shareholders.
• Companies like Barrick Gold (GOLD) and Newmont Corporation (NEM) also incorporate equity components in their director compensation packages, often through restricted stock units or deferred share units, to incentivize long-term performance and retention.

Corporate Governance

Related Party Transactions

• The acquisition of Deferred Share Units by Director Chris J Robison in lieu of a cash retainer 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 election of equity compensation by a director can be seen as a positive signal, indicating confidence in the company's future and aligning the director's financial interests with long-term shareholder value.
• Management/Employees: This transaction is specific to director compensation and does not directly impact other employees or management beyond setting a precedent for equity-based incentives at the board level.

Next Steps

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

Key Dates

Keywords

Perpetua Resources, PPTA, Form 4, Insider Transaction, Deferred Share Units, DSU, Equity Compensation, Director Compensation, Corporate Governance