Perpetua Resources (PPTA) Q1 2026 earnings summary

Executive summary

• Advanced the Stibnite Gold Project in Idaho, focusing on securing project financing, finalizing state permits, and commencing full construction in the second half of 2026.

• Posted Congressional notice for a proposed $2.7 billion U.S. EXIM loan, with a final board vote anticipated in Q2 2026.

• Transitioned EPCM contractor responsibilities for the processing plant from Ausenco to Hatch to strengthen execution capacity.

• Maintained momentum with progress in engineering, procurement, and early works construction.

Financial highlights

• Net loss for Q1 2026 was $48.6 million, compared to $8.2 million in Q1 2025, driven by a $40 million increase in exploration and pre-development expenses and a $5.4 million decrease in grant income.

• Cash and cash equivalents at March 31, 2026, were $669.5 million, with $59.6 million in restricted cash equivalents.

• Raised $862 million in equity offerings from June to December 2025.

• If the U.S. EXIM loan is approved, combined funds would fully finance the project’s estimated direct capital costs of $2,576 million.

• Interest income increased to $6.9 million due to higher average cash balances.

Outlook and guidance

• Aims to close the U.S. EXIM loan and make a final investment decision in the second half of 2026.

• Plans to advance engineering, procurement, and construction activities, expand the workforce, and pursue additional offtake and processing agreements.

• Expects expenditures of $328 million in the first half of 2026, funded from cash on hand.

• Expectation to receive the second phase cyanidation permit from IDEQ in Q2 2026.

• Hearing on a motion for preliminary injunction regarding construction activities set for May 28, 2026.