Perpetua Resources (PPTA) Q1 2025 earnings summary

Executive summary

• Achieved key milestones: USFS issued Final Record of Decision for the Stibnite Gold Project, completed basic engineering and cost update, and executed procurement contract for power line equipment.

• No lost time incidents or reportable environmental spills in the first quarter.

• Project selected as a priority and Transparency Project by the White House, highlighting its strategic value.

• Received significant U.S. government grant funding to support permitting and construction readiness.

• Focused on finalizing permits and advancing construction readiness, with a construction decision expected in 2025.

Financial highlights

• Net loss for Q1 2025 was $8.2 million, up from $2.9 million in Q1 2024, mainly due to a $6.5 million increase in exploration expenses.

• Grant income rose to $6.4 million, a $1.2 million increase year-over-year, reflecting higher reimbursable activities.

• Cash and cash equivalents at March 31, 2025 were $19.1 million, with $2.7 million in receivables and $18.8 million in deposits.

• Shareholders’ equity stood at $102.6 million at quarter-end.

Outlook and guidance

• Expects to make a construction decision in 2025, pending final permits and project financing.

• Anticipated 2025 expenditures are $67.5 million, with $10 million expected from government grant reimbursements.

• Liquidity forecast indicates cash for non-reimbursable expenses will be exhausted in Q3 2025 without additional financing.

• Plans to supply antimony to Ambri for low-cost battery production, supporting the low-carbon energy transition.