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SUN VALLEY, Idaho, April 21, 2021 /CNW/ – Sun Valley Gold LLC (“Sun Valley”) announced today that it is deemed to have beneficial ownership over an aggregate of 4,040,000 common shares (“Common Shares”) of Perpetua Resources Corp. (“Perpetua”) issuable pursuant to the conversion of 0.05% senior unsecured convertible notes (the “Notes”) issued by a wholly-owned subsidiary of Perpetua (the “Issuer”) to client accounts over which Sun Valley has discretionary trading authority.

Pursuant to their terms, the Notes are convertible into Common Shares at any time on 61 days advance notice to Perpetua and the Issuer. Perpetua and the Issuer have agreed to temporarily waive the advance notice requirement, subject in each case to receipt of a notice of conversion on or prior to April 23, 2021. During the waiver period, Sun Valley will be considered to beneficially own the 4,040,00 Common Shares issuable on conversion of such Notes in accordance with their terms.

As a result of such waiver, Sun Valley is currently deemed to beneficially own and exercises control and direction over an aggregate of 5,295,726 Common Shares, comprising 1,255,726 Common Shares currently for and on behalf of client accounts and 4,040,000 Common Shares issuable on conversion of the Notes. The 5,295,766 Common Shares that Sun Valley is considered to beneficially own represent approximately 10.26% of the issued and outstanding Common Shares on an as-converted basis.

The securities of Perpetua were acquired for investment purposes. Sun Valley may, for and on behalf of its client accounts, convert the Notes or otherwise increase or decrease its ownership of securities of Perpetua depending upon future market conditions.

FOR FURTHER INFORMATION, OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED BY SUN VALLEY UNDER APPLICABLE SECURITIES LEGISLATION, PLEASE SEE THE CONTACT INFORMATION BELOW:

SOURCE Sun Valley Gold LLC