Perpetua Resources Announces Third Quarter 2026 Financial Results and Provides Project Update

Rhea-AI Summary

Perpetua Resources (PPTA) filed its third-quarter 2026 financial results and reported construction and exploration progress at the Stibnite Gold Project. Unrestricted cash was $443.4 million at September 30, 2026. Documentation and diligence continued on the board-approved $2.9 billion U.S. Export-Import Bank senior secured loan; the company expects closing in the first quarter of 2027.

Worker housing civil works were completed, road construction advanced, and power pole installation began in October. The completed exploration program drilled more than 16,000 meters, with gold-antimony results at Fiddle and gold-tungsten mineralization at the Clark Tunnel Fault Zone. Perpetua plans further construction and engineering work ahead of a final investment and construction decision, with exploration results expected into 2027.

13 points · 0 major

PositiveiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointU.S. EXIM board approval covers $2.9 billion in long-term financing; documentation and diligence continued. 1.3× market cap
• Minor pointWorker housing civil works completed in late August 2026; foundations were installed for accommodation and support facilities.
• Minor pointBurntlog Route construction advanced; the upgraded year-round access route is designed to handle larger loads and equipment.
• Minor pointPowerline equipment orders and deliveries advanced; power pole installation commenced in October.
• Minor pointExploration drilling program completed more than 16,000 meters of core drilling.

8 minor points

• Minor pointFiddle discovery hole SB633 returned 109.7 meters of 3.2 g/t gold and 1.1% antimony.
• Minor pointClark Tunnel Fault Zone drilling returned 25.4 meters of 4.5 g/t gold from 13 meters downhole.
• Minor pointAnother Clark Tunnel Fault Zone intercept returned 25.0 meters of 2.3 g/t gold from 18 meters downhole.
• Minor pointTungsten discovery hole SB597 returned 21.3 meters of 3.2 g/t gold and 0.9% tungsten from 24 meters downhole.
• Minor pointAntimony pilot plant commissioned in July 2026 with Idaho National Laboratory for antimony trisulfide supply-chain testing.
• Minor pointConstruction recorded 494,480 work hours over nine months ended September 30, 2026, without reportable spills or serious injuries.
• Minor point. Forward-looking: it has not happened yet and may not happen.Perpetua plans continued critical-path construction and engineering, including bridge deliveries, housing installation and long-lead equipment orders.
• Minor point. Forward-looking: it has not happened yet and may not happen.Additional Fiddle assays are expected in coming months; Perpetua expects ongoing exploration results into 2027.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.The $2.9 billion senior secured loan would add long-term debt upon closing. 1.3× market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Loan closing remains pending, with Perpetua expecting completion in the first quarter of 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.The final investment and construction decision remains ahead as early works and procurement advance.

News Explained

At September 30, 2026, Perpetua's $443.4 million in cash equaled 514.1 days of the last reported quarterly operating cash use, a backward-looking liquidity sizing.

Sources and calculations

• Perpetua Resources third-quarter 2026 results and project update (2026-11-13)
• Perpetua Resources third-quarter 2026 fundamentals (2026Q3)

• Available liquidity against the last reported quarterly operating outflow, in days at that rate $443,361,000 / ($79,344,000 / 92) = 514.1 days

Key Figures

Unrestricted cash: $443.4 million U.S. EXIM loan: $2.9 billion Core drilled: More than 16,000 meters +5 more

Unrestricted cash

$443.4 million

As of September 30, 2026

U.S. EXIM loan

$2.9 billion

Senior secured long-term loan; diligence and documentation continued, closing expected in Q1 2027

Core drilled

More than 16,000 meters

Completed 2026 exploration drilling program

Fiddle discovery hole SB633

109.7 meters of 3.2 g/t gold and 1.1% antimony

New Fiddle prospect

CTFZ gold intercept

25.4 meters of 4.5 g/t gold from 13 meters downhole

Recent Clark Tunnel Fault Zone drilling

CTFZ gold intercept

25.0 meters of 2.3 g/t gold from 18 meters downhole

Recent Clark Tunnel Fault Zone drilling

SB597 intercept

21.3 meters of 3.2 g/t gold and 0.9% tungsten from 24 meters downhole

Clark Tunnel Fault Zone drilling announced in August

Construction work hours

494,480 work hours; no reportable spills or serious injuries

Nine months ended September 30, 2026

Previous Earnings Reports

1 past event · Latest: Aug 17

Same Type 1 event

1. Aug 17

   Q2 earnings report

   24h Move

   -3.4%

   U.S. EXIM board approved the $2.9 billion loan, with closing expected later in 2026.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

senior secured loan, inferred resources

2 terms

senior secured loan financial

"the $2.9 billion senior secured long-term loan"

A senior secured loan is a type of company loan that has first priority to be repaid and is backed by specific company assets as collateral, so lenders can seize or sell those assets if the borrower defaults. For investors, that priority and collateral make these loans safer than unsecured debt, usually meaning lower interest rates and stronger recovery prospects in a default — similar to how a mortgage has first claim on a house while a credit card does not.

inferred resources technical

"upgrade in-pit and near-pit inferred resources"

An inferred resource is an early-stage estimate of how much mineral or fuel may be present in the ground based on limited geological evidence and sampling. Think of it like seeing scattered clues that suggest a buried treasure might exist but not having dug enough to be sure; the potential size and value are uncertain. For investors it signals possible upside but carries high risk and should not be treated as proven supply or relied on for firm production plans.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BOISE, Idaho, Nov. 13, 2026 /PRNewswire/ -- Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or "Perpetua" or the "Company") announced the filing of its unaudited condensed consolidated financial results for the period ended September 30, 2026. For details, please see the Company's related filing available on EDGAR and SEDAR+.

"Perpetua made significant progress in Q3 2026," said Jon Cherry, President and CEO of Perpetua Resources. "From advancing temporary and permanent worker housing to pioneering new access into the site, our Stibnite Gold Project is well positioned to move forward with disciplined execution. Our exploration drill program delivered compelling new mineralization, including multiple high-grade gold intervals and a new gold-tungsten discovery."

Webinar Update on Tuesday, November 17, 2026

Perpetua is pleased to announce that it will host a webinar on Tuesday, November 17, 2026, at 9:00 AM Mountain Time (11:00 AM Eastern Time). The webinar will feature members of the executive team and provide an update on project construction and a summary of recent exploration results. The presentation will be followed by a question & answer session. During the webinar, members of the executive team may discuss or disclose material business, financial or operational information that has not been previously publicly disclosed. The webinar may be accessed via telephone using the dial-in information provided below.

Webinar Details:

• Title: "Perpetua Resources Advancing the Stibnite Gold Project"
• Date: Tuesday, November 17, 2026
• Time: 9:00 AM MT / 11:00 AM ET
• Registration Link:
  https://us02web.zoom.us/j/81404359572?pwd=rLXP8kzBMsbap4hH6ZTr9Z5pCax5iJ.1 
• Dial-in Number: +1 (301) 715-8592
• Meeting ID: 814 0435 9572
• Passcode: 065330

In addition to the live webinar, the webinar presentation will be posted on Perpetua's website at https://perpetuaresources.com/investors shortly before the webinar begins, and the webinar presentation will be available on Perpetua's website for at least 90 days following the event.

Third Quarter 2026 and Recent Highlights

• Construction: Worker housing facility civil works were completed in late August 2026, and foundation installation commenced during the quarter. Work on the Burntlog Route ramped up through the summer field season, and long-lead powerline items have been ordered.
• Exploration: The 2026 Exploration Drilling Program is complete, with more than 16,000 meters of core drilled. In August and then in November 2026, the Company reported new high-grade gold and antimony discoveries and identified a new gold-tungsten zone.
• Financing update: Perpetua continued diligence and documentation on the $2.9 billion senior secured long-term loan from the Export-Import Bank of the United States ("U.S. EXIM") under the Make More in America Initiative, approved by the U.S. EXIM board on May 21, 2026. Closing is expected in the first quarter of 2027. The Company continues to advance detailed engineering, long-lead procurement, early works, critical path construction, and execution planning ahead of a final investment and construction decision. Unrestricted cash was $443.4 million as of September 30, 2026.
• Antimony pilot plant: In July 2026, the Company commissioned a mobile modular processing plant, in partnership with Idaho National Laboratory, for pilot-scale testing to advance a secure domestic supply chain for antimony trisulfide.
• Community: In July 2026, the Company opened a community resource and visitor information center in Yellow Pine, Idaho.

Construction Update

Perpetua completed 494,480 work hours during the nine months ended September 30, 2026, with no reportable spills and no serious injuries. Other highlights include:

• Burntlog Route: Crews advanced construction along the alignment, removed dead timber left by past wildfires, and moved to pioneer roadwork. The year-round access road will give the Project an expanded and upgraded route capable of handling larger loads and equipment.
• Worker Housing Facility: Treated wood foundations were installed for the kitchen, dining, and recreation modules, and a metal foundation was installed to support the dormitory buildings and the arctic corridor.
• Powerline: Perpetua is well advanced in procuring key equipment. Substations and transformers are on order, while deliveries of power poles and ancillary equipment continue to the Company's laydown areas in Donnelly and Cascade, Idaho. Power pole installation commenced in October.

Looking ahead, Perpetua will continue to advance critical path work including bridge deliveries for Burntlog Route, installation of the worker housing facility, ongoing powerline procurement and construction, and placing orders for long-lead-time equipment.

New Exploration Results Announced

The 2026 drilling program sought to upgrade in-pit and near-pit inferred resources, extend mineralization along strike, test key underground targets, and follow up on discoveries from the 2025-2026 program. Recent highlights included:

• Fiddle Discovery: The new Fiddle prospect, located approximately 750 meters south of the permitted Yellow Pine Pit, includes some of the most significant mineralized material encountered at the Stibnite Gold Project to date. Discovery hole SB633 returned 109.7 meters of 3.2 g/t gold and 1.1% antimony. Fiddle adds a new target area with potential to expand the Project's in-pit and near-pit resource base. The Company has since completed significant additional drilling at Fiddle, with assay results expected in the coming months.
• Clark Tunnel Fault Zone (CTFZ): First announced in August, the CTFZ is located within or adjacent to the southeastern limits of the permitted Yellow Pine Pit. New results announced earlier this month returned near-surface, high-grade gold intercepts from recent drilling, including 25.4 meters of 4.5 g/t gold from 13 meters downhole and 25.0 meters of 2.3 g/t gold from 18 meters downhole. These results follow the drilling announced in August, which included a tungsten discovery in Hole SB597 that returned 21.3 meters of 3.2 g/t gold and 0.9% tungsten from 24 meters downhole.

Near-Term Outlook

Through the remainder of 2026 and early 2027, Perpetua is advancing early works, critical path construction, and detailed engineering for the process plant. Other initiatives include finalizing key construction and equipment contracts. With the 2026 exploration program recently completed, Perpetua expects to announce ongoing exploration results into 2027.

Website: www.perpetuaresources.com

About Perpetua Resources and the Stibnite Gold Project
Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho. The Stibnite Gold Project is one of the highest-grade, open-pit gold deposits in the United States and holds the only identified domestic reserve of the critical mineral antimony, which is essential to the defense, energy and manufacturing sectors. The Project is designed to apply a modern, responsible mining approach to restore a historic mine site and provide uplift to water quality, improve fish habitat access, and invest in river restoration while supporting local economic development in rural Idaho.

Forward-Looking Information
Investors should be aware that funding under the U.S. EXIM loan is subject to completion of definitive documentation and satisfaction of conditions precedent. There can be no assurance that we will be able to successfully negotiate definitive loan documents to close the loan or that, if closed, any funding provided by U.S. EXIM will be sufficient for us to construct the Project. Further, release of funding under the loan would be subject to the satisfaction of certain conditions and covenants by the Company.

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the continued advancement of the Project toward full construction activities; the anticipated timing, documentation, final terms, closing and funding of the Company's proposed financing from U.S. EXIM; the Company's ability to satisfy conditions precedent and other requirements under the proposed U.S. EXIM financing; timing of anticipated milestones related to the Project and financing; ongoing funding and anticipated liquidity; the Company's ability to comply with, obtain and defend permits related to the Project; the Company's ability to successfully implement and fund the Project; the realization of benefits from strategic partnerships including with the Idaho National Laboratory; expected construction, development and operating costs in the event that a production decision is made; planned exploration and development of properties and the results thereof; development of any additional resources and reserves and the permitting requirements with respect to any such additional resources and reserves; the expected timing and outcome of litigation, appeals and agency proceedings; the timing, scope and cost of early works and construction activities; expected exploration assay results and their timing; potential downstream antimony processing and offtake arrangements; and the occurrence of the expected benefits from the Project. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, that the Company will be able to negotiate and execute definitive documentation for the U.S. EXIM financing on acceptable terms, satisfy the conditions to signing, closing and funding of the U.S. EXIM financing and receive funds when needed; that the Company's proposed financing will be sufficient to finance permitting, pre-construction and construction of the Project or that the Company will be able to secure alternate financing if necessary; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that the Company's other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting, construction and operations costs will not materially increase; that the Company will satisfy or will continue to satisfy the requirements of applicable permits and the requirements of various governmental approvals; that contractors, equipment and materials will be available on acceptable terms and schedules; that exploration, metallurgical testing and engineering will proceed as planned; that ongoing proceedings and agency actions will not materially disrupt planned activities; and that the Company or applicable governmental agencies will be able to successfully defend against any challenges to governmental approvals for the planned exploration, construction, development, operation and environmental protection activities on the Project. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, delays in the negotiation, closing or funding of the U.S. EXIM loan or material changes to the anticipated size or terms of the loan; risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in development, construction, operations or the permitting process; adverse outcomes, delays or additional requirements arising from litigation, appeals, remands or agency proceedings; construction, contracting, equipment-delivery and cost risks; exploration and metallurgical results that do not support a mineral resource or economically viable production; and risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Because it is not possible to predict or identify all such factors, this list cannot be considered a complete set of all potential risks or uncertainties. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedarplus.ca. Except as required by law, the Company expressly disclaims any obligation to update the Forward-Looking Information herein.

Cautionary Statement Regarding Technical Information

Except for the exploration results referenced herein, the technical information in respect of the Stibnite Gold Project in this news release is based upon information contained in the technical report titled "Stibnite Gold Project, S-K 1300 Technical Report Summary, Valley County, Idaho, USA," dated as of December 31, 2025 (the "TRS"), developed for the Stibnite Gold Project in accordance with the mining property disclosure rules specified in Regulation S-K subpart 1300 ("S-K 1300") promulgated by the SEC and published on March 31, 2026. Such information is as of December 31, 2025 and is subject to the assumptions, exclusions and qualifications set forth in the TRS. For additional information regarding the TRS, investors are encouraged to refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026.

There can be no assurance that exploration activities will result in the discovery of additional resources or reserves and isolated exploration results may not be indicative of the occurrence of a mineral deposit. Such results do not provide assurance that further work will establish sufficient grade, continuity, metallurgical characteristics and economic potential to be classed as a category of mineral resource. Exploration results are inherently uncertain and subject to numerous risks and uncertainties, including geological factors, market conditions, and regulatory changes. Furthermore, development of any additional resources and reserves discovered would be subject to any applicable NEPA and permitting requirements.

Data regarding domestic antimony reserves is based on U.S. Geological Survey, Mineral Commodity Summaries, dated as of January 2026.

Quality Assurance

The exploration activities at the Stibnite Gold Project site were carried out under the supervision of Christopher Morgan, CPG, and Christopher Dail, CPG, both Qualified Persons as defined in NI 43-101 and in S-K 1300.

Samples were handled and shipped via Chain of Custody Procedures. Analyses were carried out by ALS Global Laboratories in their Reno and Elko, Nevada and Vancouver, British Columbia laboratories and by MSA Laboratories in Elko, Nevada and Langley, British Columbia.

All gold assays were determined using photon assay techniques, which include a 0.015 g/t lower reporting limit. Antimony assays were determined using pressed pellet XRF and include a lower reporting limit of 0.04% Sb and an upper reporting limit of 4% Sb. Some intervals may not add or subtract correctly due to rounding, but differences are deemed insignificant.

Umpire samples are routinely submitted to third-party labs and blank and standard samples are inserted at appropriate intervals for quality assurance and quality control. A review of the results of analyses of blanks, standards and duplicates by the Company's Qualified Person indicates values are within normal and acceptable ranges.

See the Company's press releases issued on August 6, 2026 and November 4, 2026, for technical information and quality assurance regarding the previously reported results of the drill program.

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SOURCE Perpetua Resources Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does Perpetua Resources expect its $2.9 billion U.S. EXIM loan to close?

Perpetua expects the $2.9 billion senior secured long-term loan to close in the first quarter of 2027. The U.S. EXIM board approved the loan on May 21, 2026, under the Make More in America Initiative; diligence and documentation continued during the quarter.

What did Perpetua Resources discover at the Fiddle prospect?

Discovery hole SB633 returned 109.7 meters of 3.2 g/t gold and 1.1% antimony at Fiddle, approximately 750 meters south of the permitted Yellow Pine Pit. Perpetua identifies Fiddle as a potential expansion area for in-pit and near-pit resources. Additional drilling has been completed, with assay results expected in the coming months.