Perpetua Resources (PPTA) Q3 2024 earnings summary

Executive summary

• Advanced permitting and construction readiness for the Stibnite Gold Project, with the USFS publishing the Final Environmental Impact Statement and Draft Record of Decision in Q3 2024.

• Secured significant government grant funding, including a $59.2 million Technology Investment Agreement under the Defense Production Act.

• Appointed new executive leadership and advanced project engineering and construction partnerships.

• Engaged RBC Capital Markets and Endeavour Financial to explore strategic and financing opportunities, including support for a $1.8 billion U.S. EXIM Bank Letter of Interest.

• Achieved zero lost time incidents or reportable environmental spills during the quarter.

Financial highlights

• Net loss for Q3 2024 was $3.6 million, up from $2.6 million in Q3 2023, mainly due to higher exploration and environmental expenses, partially offset by increased grant income.

• Net loss for the nine months ended September 30, 2024 was $10.2 million, an improvement from $14.9 million in the prior year period.

• Cash and cash equivalents totaled $11.2 million as of September 30, 2024.

• Grant income for the nine months ended September 30, 2024 was $26.6 million, up from $14.3 million in the prior year period.

Outlook and guidance

• Final Record of Decision for the Stibnite Gold Project anticipated by end of 2024, though timing may be delayed and is subject to a 45-day objection and resolution period.

• Expects to recognize approximately $13.1 million in additional grant income in Q4 2024.

• Forecasts 2024 expenditures of $48.1 million, with $35.8 million expected to be funded by DPA grants.

• Current liquidity is expected to be exhausted in Q2 2025 without additional financing.

• Continued advancement of ancillary permits and construction readiness activities, including engineering work.