Perpetua Resources (PPTA) Q2 2026 earnings summary

Executive summary

• Achieved key milestones in Q2 2026, including unanimous approval of a $2.9 billion U.S. EXIM senior secured loan and a $574.2 million cash position at quarter-end, advancing the Stibnite Gold Project in Idaho.

• Advanced project financing, detailed engineering, procurement, and early works in anticipation of a final investment and construction decision in H2 2026.

• Commenced critical path construction activities and upgrades to the Burntlog Route, continued work on worker housing and administrative facilities, and ongoing exploration activities after favorable court rulings.

• Announced new high-grade gold and antimony discoveries, a new gold-tungsten zone, and published the 2025 Sustainability Report.

• Maintained strong safety and environmental performance with zero lost time incidents or reportable spills.

Financial highlights

• Net loss for Q2 2026 was $97.5 million, up from $6.0 million in Q2 2025, mainly due to a $93.0 million increase in exploration and pre-development expenses and lower grant income.

• Net loss for the first half of 2026 was $146.2 million, compared to $14.2 million in the prior year period.

• Cash and cash equivalents at June 30, 2026, were $574.2 million, with $60.9 million in restricted cash equivalents.

• Raised $862 million in equity offerings from June to December 2025 to support project development and equity requirements for U.S. EXIM financing.

• Exploration and pre-development expenses rose to $103.9 million in Q2 2026 and $157.0 million for the first half, reflecting increased activity post-financing and construction commencement.

Outlook and guidance

• Aims to finalize project financing and close the U.S. EXIM loan in the second half of 2026, advancing toward a final investment and construction decision.

• Focused on advancing state permits, detailed engineering, procurement, and execution planning.

• Exploring additional government grants for tungsten exploration and evaluating further strategic funding opportunities; outcome and funding are uncertain.