Perpetua Resources Reports Increased Losses of $48.6 Million in Q1 2026

Perpetua Resources Corp. reported a significant increase in its financial losses for the first quarter of 2026, with a net loss of $48.6 million compared to a loss of $8.2 million in the same period of 2025. This increase is primarily attributed to a $40 million rise in exploration and pre-development expenses, which totaled $53.1 million, reflecting heightened activity related to the Stibnite Gold Project. Additionally, grant income decreased by $5.4 million, while interest income rose to $6.9 million, up from $0.4 million in the previous year, due to higher cash balances.

The company's total assets as of March 31, 2026, were reported at $854.7 million, a decrease from $877.6 million at the end of 2025. Current assets included $669.5 million in cash and cash equivalents, down from $714.2 million. Current liabilities increased significantly to $34.2 million from $14.7 million, largely due to higher trade and other payables. Shareholders' equity also declined to $816.2 million from $861.3 million, driven by the increased net loss.

Strategically, Perpetua is focused on advancing the Stibnite Gold Project, which aims to provide a domestic source of antimony and develop one of the largest gold mines in the U.S. The company is currently awaiting a final decision from the U.S. Export-Import Bank (U.S. EXIM) regarding a proposed $2.7 billion senior secured loan, which is crucial for financing the project's construction. The U.S. EXIM board has initiated the final steps for approval, with a vote expected in the second quarter of 2026. The company has also made progress in securing necessary permits and has transitioned to a new engineering contractor, Hatch, for the project.

Operationally, Perpetua has ramped up its workforce and management team to support the anticipated construction activities. The company has reported zero lost time incidents or reportable environmental spills, indicating a strong commitment to safety and environmental standards. As of March 31, 2026, the company had 124.9 million shares outstanding, reflecting an increase from the previous year, and continues to explore additional funding opportunities to support its operational and developmental goals. The outlook for the remainder of 2026 includes completing project financing, finalizing state permits, and commencing full construction of the Stibnite Gold Project.