Perpetua Resources Reports Increased Net Loss and Significant Cash Position in Latest 10-Q Filing

Perpetua Resources Corp. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded a net loss of $6.0 million for the quarter, an increase from a loss of $3.7 million in the same period last year. For the first half of 2025, the net loss reached $14.2 million, compared to $6.6 million in the first half of 2024. The increase in losses was primarily attributed to a $7.0 million rise in exploration expenses and a $2.3 million decrease in grant income, which fell to $11.3 million from $13.6 million year-over-year.

In terms of liquidity, Perpetua Resources reported cash and cash equivalents of approximately $425.4 million as of June 30, 2025, a substantial increase from $44.1 million at the end of 2024. This increase was largely due to a successful equity offering that generated gross proceeds of approximately $425 million, with an additional $46.8 million received from the exercise of an underwriter option shortly after the quarter ended. The company plans to use these funds to support early construction costs and long lead items for the Stibnite Gold Project, which is expected to be construction-ready by spring 2026.

Operationally, Perpetua Resources has made strides in advancing the Stibnite Gold Project, including the issuance of key permits such as the Section 404 permit from the U.S. Army Corps of Engineers. The company is also in the process of securing a comprehensive project financing package, which includes a formal application for up to $2.0 billion in debt financing from the Export-Import Bank of the United States. The company is targeting additional funding through a royalty or streaming agreement, which is expected to yield between $200 million and $250 million.

The company’s exploration expenses for the second quarter totaled $11.0 million, reflecting a ramp-up in activities following recent permitting milestones. This included costs associated with engineering, environmental assessments, and field operations. Perpetua Resources continues to focus on finalizing remaining permits and advancing construction readiness activities, with plans to commence early works construction in the fall of 2025, contingent upon securing all necessary approvals.

Looking ahead, Perpetua Resources remains optimistic about its financing plans and the development of the Stibnite Gold Project. However, the company acknowledges that substantial doubt exists regarding its ability to complete all contemplated plans within the next year, as many factors, including regulatory approvals and market conditions, remain outside its control. The company is actively exploring various strategic and funding opportunities to ensure the project's success.