Perpetua Resources Director McLeod Capitalizes on Price Surge, Sells Partial Stake While Holding 0.65% Long‑Term Position

Insider Activity at Perpetua Resources: What McLeod’s Moves Mean for Investors

Perpetua Resources Corp. (NASDAQ: PRCS) saw a flurry of insider transactions on January 5, 2026, when director Sternhell Alexander McLeod exercised a series of stock‑option rights and subsequently sold a portion of the shares he acquired. The trades – 20,000 and 9,500 common shares bought at $8.59 each, followed by a sale of 10,148 shares at an average of $26.50 and a tax‑cover sale of 3,000 shares at $29.09 – reflect a classic “option‑exercise‑followed‑by‑partial‑sale” pattern. At a time when the company’s stock hovered near $29, the timing suggests McLeod is capitalizing on a recent price rebound, yet retaining a sizeable stake (19,352 shares, roughly 0.65 % of the outstanding shares) that signals confidence in the firm’s long‑term prospects.

Investor Implications in a Volatile Market

Perpetua’s share price has surged 140 % year‑to‑date, buoyed by growing demand for critical metals like antimony and the company’s flagship Stibnite project in Idaho. The recent insider activity, coupled with a strong social‑media buzz of 434 % and a positive sentiment score (+85), indicates that market participants view these moves as a vote of confidence rather than a signal of distress. For investors, the partial sale suggests a strategy of liquidity management rather than a sell‑off; the retained holdings imply that McLeod remains bullish on Perpetua’s gold‑and‑antimony focus, especially as U.S. export controls may drive demand for domestic antimony sources.

McLeod’s Transaction Profile: A Pattern of Strategic Holding

Analyzing McLeod’s historical filings reveals a consistent pattern of incremental accumulation of deferred share units and common shares. Between December 2025 and March 2025, he bought 650–650 units at $10.69, 368 units at $18.86, and 378 units at $27.70, gradually increasing his stake from ~54,000 to ~55,600 units. These purchases were executed at progressively higher prices, suggesting that McLeod is willing to pay a premium for long‑term exposure. The recent option exercise aligns with this trajectory: he has turned option rights into cash while keeping a sizeable holding, a typical strategy for insiders who believe the stock will continue to rise but wish to hedge liquidity needs.

Broader Insider Activity: A Corporate Pulse

While McLeod’s trades are noteworthy, they are part of a broader pattern of insider activity at Perpetua. Other key insiders—Chris J. Robison, Jeffrey L. Malmen, Margaret Mckinsey, and Alan Robert—have also engaged in significant buying and selling, with combined 19 trades on January 5 alone. The mix of buying, selling, and option exercises among these insiders points to a dynamic management team actively managing their portfolios in line with corporate performance expectations. For investors, this activity signals that insiders are not merely passive stakeholders but are actively participating in the company’s valuation narrative.

Conclusion: A Positive Sign for the Long‑Term View

McLeod’s recent transactions—buying at low levels, selling at higher prices, and maintaining a substantial residual stake—are emblematic of an insider who is both confident in Perpetua’s growth trajectory and mindful of liquidity. Coupled with a bullish market environment for critical metals, these moves should be viewed by investors as a reinforcement of Perpetua’s long‑term value proposition rather than a harbinger of downside. As the Stibnite project moves closer to production and global supply chain dynamics shift, the company’s stock may continue to rally, making these insider actions a useful barometer for future upside potential.