PERPETUA RESOURCES CORP. Annual Report Summary

I’ve put together this guide to help you understand how Perpetua Resources performed this year. My goal is to turn complex filing data into simple terms so you can decide if this company fits your investment goals.

1. What does this company do?

Perpetua Resources is a mining company focused on the Stibnite Gold Project in Idaho. It is one of the highest-grade open-pit gold deposits in the U.S. They also hold the only domestic source of antimony, a critical mineral used in ammunition and energy storage.

The company is in the "pre-development" phase, meaning they are not yet selling minerals or generating revenue. Their current focus is clearing the regulatory hurdles—specifically the Final Environmental Impact Statement and the Record of Decision—required to begin construction.

2. Financial performance

Because the company is not yet mining, they reported a $48.2 million loss for the year ending December 31, 2025. This capital was utilized for exploration, evaluation, and administrative costs. As of March 2026, they had 125 million shares outstanding. They currently operate under "emerging growth company" status, which allows for streamlined financial reporting as they transition toward construction.

3. Major wins and challenges

• Wins: In 2025, the company raised $65 million through equity offerings. They also secured a $34.6 million grant from the U.S. Department of Defense to accelerate domestic antimony production.
• Challenges: The company operates in a complex regulatory environment. Additionally, they are managing legacy environmental responsibilities at the site, which required $5.2 million in spending last year for water treatment and cleanup.

4. Financial health

Perpetua is currently in a cash-burn phase, spending between $3.5 million and $4 million per month. As of their last filing, they held $42 million in cash. Their financial strategy relies on securing a $1.8 billion loan from the U.S. Export-Import (EXIM) Bank, which would cover the majority of the $1.3 billion to $1.5 billion estimated cost to build the Stibnite project.

5. Key risks

The primary risk is "execution risk." If the company fails to secure necessary permits or loses legal challenges, the project may not proceed. If the EXIM Bank loan is not finalized, the company will face a significant funding gap, likely resulting in further share dilution as they seek alternative capital.

Other notable risks include:

• Permitting delays: Environmental litigation could push the project timeline back by one to two years.
• Market volatility: A decrease in gold prices would extend the time required for the project to become profitable.
• Operational hurdles: Inflationary pressures could increase the costs of infrastructure development, such as building the 38-mile road and power lines.
• Legal issues: Ongoing class-action litigation regarding permitting timelines may result in substantial legal expenses.

6. Future outlook

The primary objective for 2026 is to obtain the Record of Decision and finalize the EXIM Bank loan. Management anticipates continued losses for the next two to three years as the company transitions from planning to construction. Investors should expect potential share dilution as the company raises the remaining capital required to complete the project.

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Investor Takeaway: Perpetua Resources is a high-stakes, pre-revenue play. Your investment thesis should hinge on your confidence in their ability to navigate the federal permitting process and secure the EXIM Bank loan. If you are looking for immediate cash flow, this company is likely not a fit; if you are interested in the long-term potential of domestic critical mineral production, keep a close eye on their regulatory milestones in the coming year.