Perpetua Resources (PPTA) Q2 2026 earnings summary

Executive summary

• Focused on advancing the Stibnite Gold Project in Idaho, with key milestones in permitting, financing, and early construction activities during Q2 2026.

• Secured unanimous board approval for a $2.9 billion U.S. EXIM senior secured loan, pending final documentation and conditions, to finance project construction.

• Commenced critical path construction activities and continued early works after favorable court rulings against preliminary injunctions.

• Announced new high-grade gold and antimony discoveries and a new gold-tungsten zone, expanding exploration focus.

• 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.

• 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.

• 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.

Outlook and guidance

• Aims to finalize project financing and close the U.S. EXIM loan in the second half of 2026.

• Plans to commence full construction following a final investment decision in H2 2026.

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

• Exploring additional government grants for tungsten exploration and evaluating further strategic funding opportunities.