Perpetua Resources Reports $8.2 Million Net Loss in Q1 2025 Amid Increased Exploration Expenses

Perpetua Resources Corp. reported a net loss of $8.2 million for the first quarter of 2025, a significant increase from the $2.9 million loss recorded in the same period of 2024. This $5.3 million rise in losses was primarily driven by a 99% increase in exploration expenses, which totaled $13.1 million, compared to $6.6 million in the prior year. The increase in exploration costs was attributed to heightened engineering, permitting, and consulting activities as the company advanced its Stibnite Gold Project. Additionally, grant income rose to $6.4 million, up from $5.2 million, reflecting increased reimbursements for construction readiness activities.

The company's financial position showed a decrease in cash and cash equivalents, which fell to $19.1 million from $44.1 million at the end of 2024. Total assets decreased to $111.5 million, down from $117.6 million, while total liabilities increased slightly to $8.9 million from $8.8 million. Shareholders' equity also declined to $102.6 million from $108.9 million, primarily due to the net loss incurred during the quarter. The company’s exploration and evaluation expenditures were significantly higher, with costs related to engineering and permitting rising sharply as it prepares for a construction decision expected later in 2025.

Strategically, Perpetua Resources has made notable advancements in its permitting process, including the issuance of a Final Record of Decision (ROD) by the U.S. Forest Service for the Stibnite Gold Project. The company has also entered into a procurement contract with Idaho Power Company for critical long-lead equipment, with an initial payment of $18.8 million made. The company is actively pursuing additional funding opportunities, including a potential $1.8 billion financing from the U.S. Export-Import Bank, which is currently under review.

Operationally, Perpetua Resources is focused on advancing construction readiness activities, including hiring key experts and executing contracts with construction firms. The company has engaged RBC Capital Markets and Endeavour Financial to assist in evaluating strategic and financing opportunities. However, the company has indicated that its current liquidity forecast suggests available cash resources may be exhausted by the third quarter of 2025, raising concerns about its ability to meet ongoing obligations without additional financing. The company continues to explore various funding avenues, including equity issuance and government grants, to support its operations and project development.