PERPETUA RESOURCES CORP. Income Taxes Disclosure

8.Income taxes

No benefit (provision) has been recognized for the years ended December 31, 2025 and 2024. The United States and Canada components of net income (loss) for the years ended December 31, 2025 and 2024 are as follows:

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The provision (benefit) for income taxes reported differs from the amount computed by applying the applicable income tax rates to the loss before the tax provision due to the following:

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The State income tax category is primarily driven by Idaho state taxes and includes the impact of enacted statutory rate reductions. Foreign tax effects primarily relate to Canadian tax rate differentials and the treatment of equity financing costs under Canadian tax law.

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The significant components of the Company’s deferred tax assets are as follows:

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The Company records a valuation allowance if, based on the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2025 and 2024, the Company has determined that a full valuation allowance is necessary against its net deferred tax assets based on the weight of all available evidence. At December 31, 2025, approximately $5.4 million of the allowance balance relates to future tax benefits that will be credited directly to equity once it is recognized. The changes in the valuation allowance for the years ended December 31, 2025 and 2024 are as follows:

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As of December 31, 2025, the Company has U.S. loss carryforwards of approximately $70.1 million that expire in 2032 through 2037 and approximately $112.6 million with no expiration but which are subject to an 80% limitation upon utilization. The Company has state net operating loss carryforwards of approximately $134.9 million that expire in 2034 through 2045 and Canadian loss carryforwards of approximately $48.0 million that expire in 2033 through 2045 available to reduce future years’

income for tax purposes. The deferred tax asset table above reflects the tax-effected balances of the Company’s net operating loss carryforwards using a 25.19% rate for U.S.-based carryforwards and 27.00% rate for Canada-based carryforwards. Our utilization of U.S. net operating loss carryforwards may be subject to annual limitations under Section 382 of the Code due to changes in control that may have occurred as a result of recent capital transactions.

No income tax payments were made to U.S. federal, the state of Idaho, or foreign jurisdictions during the years ended December 31, 2025 and December 31, 2024.

In 2025 and 2024, the Company evaluated its tax positions for years which remain subject to examination by major tax jurisdictions and as a result concluded no adjustment was necessary. The Company files income tax returns in the U.S. and Canada federal jurisdictions, the state of Idaho jurisdiction, and the province of British Columbia jurisdiction. The Company had no unrecognized tax benefits as of December 31, 2025 and 2024. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in its income tax provision. U.S. tax returns for the years 2022 to 2024 and Canadian tax returns for the years 2022 to 2024 remain subject to examination but there are currently no ongoing exams in any taxing jurisdictions. Tax returns for years prior to 2022 may remain open with respect to net operating loss carryforwards that are utilized in a later year, as tax attributes from prior years can be adjusted during an audit of a later year.

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the U.S. The OBBBA permanently extends multiple tax provisions of the 2017 Tax Cuts and Jobs Act, as well as repeals, modifies and introduces various other tax provisions including, but not limited to federal bonus depreciation and current deductions for domestic research and development expenditures. We do not anticipate that the OBBBA will have a material impact on the Company’s consolidated financial statements. We continue to evaluate the impact the OBBBA may have on the Company as the legislation has various future effective dates.