Perpetua Resources (PPTA) Q4 2025 earnings summary

Executive summary

• The Stibnite Gold Project is a large-scale, open-pit gold, silver, and antimony mine in Idaho, designed to redevelop a brownfield site and restore legacy environmental impacts. The project is expected to be one of the largest and highest-grade gold mines in the U.S. and a major domestic antimony producer. Key 2025 milestones include receipt of all major federal permits, commencement of early works construction, and significant progress in engineering, contracting, and project financing.

Financial highlights

• Life-of-mine (15 years) production: 4.22 Moz gold, 106 Mlbs antimony, 1.16 Moz silver.

• Initial capital cost: $2.58 billion, with sustaining and closure capital bringing total to $3.41 billion.

• Life-of-mine average cash costs: $581/oz Au (net of by-product credits); AISC: $833/oz Au.

• After-tax NPV (5%): $3.46 billion; after-tax IRR: 23.5%; payback: 2.4 years (base case: $3,250/oz Au, $10/lb Sb, $40/oz Ag).

• 2025 net loss: $100.4 million (2024: $14.5 million), driven by $121.3 million in exploration and pre-development expenses and a $22.4 million decrease in grant income.

• Cash and cash equivalents at year-end: $714.2 million; restricted cash: $59.5 million.

• $862 million raised in equity offerings in 2025; $2.7 billion U.S. EXIM loan in final approval process.

Outlook and guidance

• Focus for 2026: secure final project financing, complete remaining state permits, advance to full construction, expand management and workforce, and progress antimony offtake agreements.

• Anticipates final U.S. EXIM loan approval in 2H 2026; expects sufficient liquidity to fund activities until full project sanction.