Perpetua Resources Corp. reported a significant increase in net loss for the fiscal year ending December 31, 2025, amounting to $100.4 million, compared to a net loss of $14.5 million in 2024. This increase was primarily driven by a $76 million rise in exploration and pre-development expenses, which totaled $121.3 million for the year, reflecting intensified activities related to the Stibnite Gold Project. Additionally, grant income decreased by $22.1 million, contributing to the overall loss. The company’s cash and cash equivalents surged to $714.2 million by the end of 2025, up from $44.1 million in the previous year, bolstered by successful equity offerings that raised approximately $862 million in gross proceeds.
The Stibnite Gold Project, located in Idaho, is the company's primary focus, with plans to advance towards full construction in 2026. Key milestones achieved in 2025 included the issuance of the Record of Decision (ROD) by the U.S. Forest Service, which approved the Modified Mine Plan, and the U.S. Army Corps of Engineers granting the Clean Water Act Section 404 permit. Following these approvals, Perpetua commenced early works construction on October 21, 2025. The company has also appointed Hatch Ltd. as the Engineering, Procurement, and Construction Management (EPCM) contractor for the project, which is expected to enhance operational efficiency.
Perpetua's operational metrics indicate a strong commitment to advancing the Stibnite Gold Project, with a total of 47 full-time employees as of December 31, 2025, primarily focused on mineral development activities. The company has initiated a short exploration and geotechnical core drilling program, completing 19 holes totaling 9,136 feet, which is expected to further inform resource estimates and project viability. The company’s mineral resource estimates remain unchanged from the previous year, with significant reserves of gold, silver, and antimony identified, underpinning the project's economic potential.
Looking ahead, Perpetua Resources aims to secure approximately $2.7 billion in project financing from the U.S. Export-Import Bank (U.S. EXIM) to fund construction and development costs, which are estimated at $2.576 billion. The company has initiated the Congressional notification process for this financing, which is a critical step towards final approval. Additionally, Perpetua plans to finalize remaining state permits and continue detailed engineering and procurement activities to ensure readiness for full-scale construction in the latter half of 2026. The company remains optimistic about its ability to navigate the regulatory landscape and secure necessary funding to advance the Stibnite Gold Project.
About PERPETUA RESOURCES CORP.
Perpetua Resources is a development-stage company focused on exploring, evaluating, and restoring the historic Stibnite Gold Project in Idaho. Its core activities include mineral exploration, permitting, environmental remediation, and potential gold, silver, and antimony production. The company aims to address legacy environmental impacts while advancing its mining project, leveraging unique antimony reserves and extensive regulatory processes within the U.S. mining industry.
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