Perpetua Resources Corp.

What they do

The company operates in one segment: mineral exploration and development in the United States. Its principal project is the Stibnite Gold Project, which contains the Hangar Flats, West End and Yellow Pine deposits, plus historical tailings. Development is planned alongside a restoration program addressing legacy impacts from historical mining in the Stibnite Mining District. As of December 31, 2025, the land position covered approximately 28,536 acres held in 1,674 unpatented lode claims and mill sites and patented holdings.

Revenue drivers

• Gold production (future) — The company has no revenue today; stated vision is to develop one of the largest and highest-grade open pit gold mines in the country at the Stibnite Gold Project.
• Antimony production (future) — Stated vision is to provide the United States with a domestic source of the critical mineral antimony; the company is advancing off-site antimony processing and offtake agreements.
• Silver (future) — The Stibnite Gold Project is described as containing several gold, silver and antimony mineral deposits, but no separate silver revenue is quantified in the excerpts.
• Tungsten (exploratory) — In August 2026 the company reported identification of a new gold-tungsten zone in its ongoing exploration program; it says validating potential tungsten opportunities may require further environmental review and permitting.

Recent performance

Perpetua reported no revenue; annual net loss widened to $100.4M in 2025 from $14.5M in 2024, and operating cash flow was -$104.6M in 2025 versus -$11.9M in 2024. Diluted EPS was -$1.08 in 2025. At June 30, 2026, total assets were $773.5M, total liabilities $53.7M, shareholder equity $719.9M and cash and equivalents $574.2M. In the second quarter of 2026, the company reported zero lost time incidents and zero reportable environmental spills, and in July 2026 an Idaho state district court upheld the Project's air permit to construct.

Strategy

Management's vision is to provide a domestic U.S. source of critical mineral antimony, develop a large open pit gold mine, and restore an abandoned brownfield site. Stated 2026 priorities are completing project financing, including closing an approximately $2.9 billion senior secured long-term loan from U.S. EXIM, finalizing remaining state permits, advancing detailed engineering and procurement, and commencing full construction in the second half of 2026. Recent milestones include completing basic engineering, starting early works construction in October 2025, appointing Hatch as EPCM contractor, and an agreement with ATCO for a 1,010-person turnkey camp. The company is also running pilot-scale antimony trisulfide testing with Idaho National Labs and continued exploration drilling.

Risks

• Insufficient committed financing — The company states it does not currently have sufficient funds or committed financing to fund the estimated capital cost of the Project.
• U.S. EXIM loan conditions — The approximately $2.9 billion EXIM loan is subject to underwriting criteria, due diligence, loan documentation and conditions, some outside the company's control.
• Permit and legal challenges — Third parties have challenged Project approvals, including a 2025 lawsuit against the USFS Record of Decision; a preliminary injunction was denied in May 2026 and an appeal remains pending before the Ninth Circuit.
• Loss history — The company has a history of losses and expects future losses, with the 2025 net loss of $100.4M roughly seven times the 2024 loss.

Outlook

Management's stated focus for the remainder of 2026 is completing project financing, including closing the approximately $2.9 billion U.S. EXIM senior secured long-term loan, finalizing remaining state permits, and advancing engineering, contracting and procurement. The company aims to make a final investment and construction decision and commence full construction of the Project in the second half of 2026. It also plans to advance commercial downstream antimony off-site processing and offtake agreements and continue project-wide exploration for gold, antimony and tungsten.