Perpetua Resources (PPTA) Mining Forum Europe 2026 summary

Project overview and resource highlights

• Largest high-grade independent gold project in the U.S. outside Nevada JV, with 4.8 million ounces in reserves and significant additional resources in M&I and inferred categories.

• Project features low all-in sustaining costs compared to peers in the U.S., Canada, and Australia.

• Located in Idaho, a mining-friendly jurisdiction with a long history of mining activity.

• Contains the only published reserve of antimony in the U.S., totaling 148–149 million pounds, and is among the largest globally.

• Project site is a brownfield, previously supplying critical minerals during WWII and the Korean War.

Exploration, expansion, and critical minerals

• Exploration drilling resumed after 10 years, targeting significant upside in gold and antimony resources.

• Tungsten, historically mined at the site, is now being re-evaluated due to its increased criticality.

• Historic and new drill intercepts show high-grade gold potential, with some areas reaching up to 15 grams per ton.

• Project could supply about 35% of U.S. antimony demand, addressing supply chain vulnerabilities amid Chinese export controls.

• Additional exploration targets identified beyond current reserves, with plans for further drilling.

Partnerships, financing, and government support

• Partnership with Idaho National Labs to build a pilot antimony processing plant.

• Over $80 million awarded by the Department of War for antimony-related engineering and permitting.

• Working on a $2.7 billion loan with U.S. Export-Import Bank, which has passed key approval stages and awaits final board approval.

• Raised $850 million in equity last year, with $714 million in cash at year-end and additional warrants outstanding.

• Strategic investors include Agnico Eagle and JP Morgan, with advisory committees established for exploration and construction.