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Perpetua Resources (PPTA) investor relations material
Perpetua Resources Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Advanced project financing with $807 million in equity raised from June to October 2025, including strategic investments from Agnico Eagle and JPMorgan, and continued pursuit of up to $2 billion in U.S. EXIM debt financing for the Stibnite Gold Project.
Commenced early works construction in October 2025 after posting $139 million in construction phase financial assurance and receiving regulatory clearance.
All federal permits required for initial construction phase received; state permitting and legal challenges ongoing but approvals remain in effect.
Focus for the remainder of 2025 is on advancing project financing, detailed engineering, procurement, and expanding the management team.
Financial highlights
Net loss for Q3 2025 was $25.8 million, up from $3.6 million in Q3 2024, mainly due to a $17.6 million increase in exploration expense and a $9.6 million decrease in grant income, partially offset by a $4.6 million increase in interest income.
Net loss for the nine months ended September 30, 2025 was $40.0 million, compared to $10.2 million in the prior year period, driven by a $24.7 million increase in exploration expense and an $11.9 million decrease in grant income.
Cash and cash equivalents were $445.8 million as of September 30, 2025, increasing to approximately $720 million after subsequent equity financings in October 2025.
Aggregate gross proceeds of $807 million raised from equity offerings between June and October 2025.
Outlook and guidance
Anticipates full construction readiness by spring 2026, contingent on securing full project financing.
Expects to close U.S. EXIM debt financing in 2026, but timing and amount remain uncertain.
Board-approved expenditures for 2025 total $210.2 million, with an additional $157.1 million for early works and construction readiness activities expected in Q1 2026.
Sufficient cash on hand to cover obligations and planned expenditures for at least the next 12 months.
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