Perpetua Resources Director Trades 5,282 Shares—Buying While Selling RSUs Signals Confidence in Growth, Raises Questions on Dilution

Insider Activity Highlights the Reshaping of Perpetua’s Capital Structure On February 21 2026, director‑officer Margaret Lyon McKinsey executed a sizeable purchase of 5,282 common shares, bringing her post‑transaction stake to 151,028 shares. At the same time, she liquidated 5,282 restricted share units (RSUs) that had vested that day, reducing her RSU holdings to 29,325. The timing—just a day after the company’s share price dipped 0.04 % to $31.59—suggests a strategic buy‑back of equity in a period of modest market volatility. For investors, the move signals confidence in the company’s near‑term prospects, especially given the recent 12.5 % weekly gain that lifted the stock from a 52‑week low of $8.06 to a price above $30.

A Pattern of Active Ownership Margaret’s trading history over the last six months shows a pattern of aggressive buying and selling. She has alternated between large purchases (e.g., 13,636 shares on Feb 16, 2026) and sizeable sales (e.g., 67,858 shares on Feb 11, 2026). Notably, her sales have often occurred at or just above the current market price, implying she may be monetizing gains or rebalancing her portfolio rather than signaling distress. The simultaneous sale of RSUs on Feb 21, 2026, coincides with the grant of 15,847 RSUs on Feb 21, 2025, indicating a deliberate cycle of vesting and disposal to maintain liquidity. This pattern of timing—buying when the price is stable or modestly rising and selling as the market peaks—suggests a disciplined, profit‑oriented approach rather than a reactive panic.

Implications for Investors and the Company’s Future The insider’s activity reflects a broader trend of insider liquidity. Cherry Jonathan, another senior executive, also completed two transactions on Feb 21, 2026 (buying 12,725 shares and selling 12,725 RSUs). Such coordinated movements can reduce share supply and potentially support the price, especially in a company with a high price‑to‑earnings ratio of –60.99 and negative earnings. For long‑term investors, the insider confidence—evidenced by continued buying—may be a bullish signal, especially if the company can convert its exploration projects into revenue streams. However, the high level of insider selling also raises questions about the sustainability of cash flow and the need for additional capital, which could lead to dilution if new equity is issued.

Profile of Margaret Lyon McKinsey Margaret Lyon McKinsey is a seasoned director and key decision‑maker at Perpetua Resources Corp. Her trading history indicates a preference for short‑term gains and a willingness to lock in profits when the market is favorable. She often buys shares at low volumes (e.g., 8,590 shares on Jan 5, 2026) and sells larger blocks (e.g., 67,858 shares on Feb 11, 2026), a strategy that balances exposure with liquidity. Her RSU transactions, which are typically settled in cash or shares, show a proactive approach to vesting schedules, allowing her to capitalize on market conditions while maintaining a significant ownership stake. This pattern aligns with a pragmatic, growth‑oriented mindset that seeks to support the company’s exploration initiatives while managing personal wealth.

Investor Takeaway Perpetua’s insider transactions reveal a company in the midst of balancing growth and capital management. Margaret Lyon McKinsey’s recent purchase, coupled with her disciplined sale of vested RSUs, underscores a confidence in the company’s trajectory while preserving liquidity. Investors should view this activity as a positive sign of insider confidence, but also remain alert to the implications of frequent insider selling on share dilution and the company’s ability to monetize its mining projects.