Perpetua Resources (PPTA) Q2 2025 earnings summary

Executive summary

• Final federal permit for the Stibnite Gold Project received in Q2 2025 after eight years of interagency review; early works construction expected to start in fall 2025, with full construction readiness targeted for spring 2026.

• Focused on finalizing permits, securing project financing, and preparing for early works construction in 2025.

• Achieved key milestones: received all federal permits, submitted a $2.0 billion U.S. EXIM debt application, and closed $474 million in equity financing (including post-quarter option exercise).

• Advanced engineering, procurement, and construction readiness, with a revised 2025 budget reflecting early works activities.

• Published the 2024 Sustainability Report, marking the twelfth annual report.

Financial highlights

• Cash and cash equivalents at June 30, 2025: $425.4 million; additional $46.8 million received in July from equity option exercise.

• Net loss for Q2 2025: $6.0 million (vs. $3.7 million Q2 2024); net loss for six months: $14.2 million (vs. $6.6 million prior year).

• Operating loss for Q2 2025: $11.7 million; for six months: $26.7 million.

• Grant income for Q2 2025: $4.9 million (down from $8.5 million Q2 2024) due to DPA funding exhaustion.

• Exploration expenses increased to $24.1 million for six months (vs. $17.1 million prior year) due to ramp-up in construction readiness.

Outlook and guidance

• Cash resources expected to cover expenses until full construction readiness in spring 2026.

• Anticipated 2025 expenditures: $240 million, including $157.4 million for engineering and long-lead equipment, and $41.7 million for field operations and early works.

• Project financing plan includes U.S. EXIM debt, royalty/streaming agreement ($200–$250 million targeted), and financial assurance guarantee.