PERPETUA RESOURCES CORP (PPTA)
Sector: Materials
2026 Annual Meeting Analysis
PERPETUA RESOURCES CORP · Meeting: June 4, 2026
Directors FOR
9
Directors AGAINST
0
Say on Pay
FOR
Auditor
FOR
Director Elections
Election of Directors
Kim has served since March 2016 and the stock's 3-year return of 532% outpaces the XLB sector ETF benchmark by +496pp, far exceeding the 65pp threshold required to trigger a vote against, and no other policy flags apply.
Cherry joined the board in March 2024, placing him within the 24-month new-director exemption window, so the TSR trigger does not apply, and no other policy flags apply.
Cole joined in January 2024, placing him within the 24-month new-director exemption window, so the TSR trigger does not apply, and no other policy flags apply.
Dean has served since December 2020 and the stock's 3-year return of 532% dramatically outperforms the XLB ETF benchmark by +496pp, well above the 65pp trigger threshold, and he chairs the Audit Committee with demonstrated financial expertise.
Dove has served since March 2022 and the stock's strong 3-year return renders the TSR trigger inapplicable; attendance is 100% and no other policy flags apply.
Haddock joined in May 2023, giving him less than 3 years of tenure; the TSR trigger does not fire given the company's exceptional outperformance versus the XLB ETF, and no other policy flags apply.
Malmen has served since December 2020 and the stock's 3-year return of 532% far exceeds the XLB ETF by +496pp, well above the 65pp trigger threshold; overall attendance is 95% and no other policy flags apply.
Robison has served since December 2020 and the stock's exceptional 3-year performance versus the XLB ETF benchmark easily clears the 65pp threshold required to trigger a vote against; attendance is 100% and he brings extensive mining industry leadership experience.
Sternhell has served since December 2020 and the company's 3-year outperformance versus the XLB ETF of +496pp far exceeds the 65pp trigger threshold; his overall attendance is 95% (one missed audit committee meeting) which stays above the 75% floor.
All nine director nominees receive a FOR vote. The company's 3-year stock return of 532% outperforms the XLB Basic Materials ETF benchmark by approximately +496 percentage points, well above the 65-point threshold required to trigger a vote against any director on TSR grounds. Two directors (Cherry and Cole) joined in 2024 and fall within the 24-month new-director exemption. No overboarding, attendance, independence, or familial relationship concerns were identified across the slate.
Say on Pay
✓ FORCEO
Jonathan Cherry
Total Comp
$2,463,823
Prior Support
N/A
CEO Jonathan Cherry received total compensation of approximately $2.46 million in 2025, which is reasonable for a CEO of a $3.6 billion Basic Materials company and does not appear to exceed the benchmark threshold that would trigger a vote against. His pay mix is heavily weighted toward variable pay — base salary of $458,750 (about 19% of total compensation) with the remainder in performance-linked equity awards and an annual cash bonus tied to measurable corporate objectives, satisfying the policy's requirement that at least 50-60% of pay be variable. The company's 3-year stock return of 532% demonstrates strong alignment between pay and shareholder outcomes.
Auditor Ratification
✓ FORAuditor
PricewaterhouseCoopers LLP
Tenure
5 yrs
Audit Fees
$757,521
Non-Audit Fees
$2,000
PwC has audited Perpetua since 2021, giving it approximately 5 years of tenure — well below the 25-year threshold that would raise independence concerns. Non-audit fees of $2,000 represent less than 1% of audit fees of $757,521, far below the 50% ratio that would trigger a vote against. No material restatements were disclosed, and PwC is a Big 4 firm appropriate for the company's $3.6 billion market cap.
Actual Vote Results
Meeting held June 4, 2026
Director Elections
| Nominee | % FOR | Votes For | Withheld / Against | Result |
|---|---|---|---|---|
| Jonathan Cherry | 99.9% | 84.4M | 93,973 | ✓ Elected |
| Jeffrey Malmen | 99.7% | 84.3M | 218,245 | ✓ Elected |
| Andrew Cole | 99.7% | 84.3M | 244,388 | ✓ Elected |
| Alexander Sternhell | 99.6% | 84.2M | 323,624 | ✓ Elected |
| Laura Dove | 99.2% | 83.8M | 710,090 | ✓ Elected |
| Robert Dean | 99.0% | 83.6M | 890,130 | ✓ Elected |
| Richie Haddock | 99.0% | 83.6M | 885,049 | ✓ Elected |
| Christopher J. Robison | 97.9% | 82.7M | 1.8M | ✓ Elected |
| Marcelo Kim | 86.0% | 72.6M | 11.8M | ✓ Elected |
Broker non-votes: 16.0M
Auditor Ratification
For 100.4M · Against 50,484 · Abstain 112,593
Other Proposals
Proposal 1
Fix the number of directors at nine (9)
Proposal 3
Approval of the 2026 Equity Incentive Plan
Overall Assessment
Perpetua Resources' 2026 annual meeting presents a clean ballot with no significant governance concerns. The company's exceptional stock performance over the past three years — a 532% return versus the XLB ETF benchmark — supports FOR votes across all nine director nominees, and the auditor ratification is straightforward given PwC's short 5-year tenure and negligible non-audit fees. The CEO compensation structure is reasonably sized and heavily variable-pay-oriented, consistent with the policy's pay-for-performance standards.