Perpetua Starts Critical-Path Work After Injunction Denial
U.S. EXIM approved a $2.9 billion loan, up from an approximately $2.7 billion proposal, as the company posted a $97.5 million net loss for the three months ended June 30, 2026.
Perpetua Resources Corp. (PPTA), the mineral explorer developing the Stibnite Gold Project in Idaho, began additional critical-path construction on May 30, 2026, after a federal district court denied a preliminary injunction that would have delayed work beyond stipulated early works.
The U.S. District Court of Idaho issued its order on May 29, 2026, finding that plaintiffs had not shown irreparable harm or a likely legal violation. The company then started phased work including initial activity on the Burntlog Route, a key access project, along with continued early works. Plaintiffs appealed to the Ninth Circuit and sought an emergency stay; the circuit court denied the stay on June 17, 2026. Briefs on the appeal are due by August 20, 2026.
On May 21, 2026, the board of U.S. EXIM unanimously approved a $2.9 billion senior secured long-term loan under the Make More in America Initiative, up from an approximately $2.7 billion proposal described in the prior quarter. The facility is to be a 13-year credit with a $2.4 billion upfront tranche, the remainder covering capitalized interest and an exposure fee. Interest is to be set at the applicable long-dated U.S. Treasury rate plus 100 basis points and fixed at first drawdown, with scheduled repayments anticipated to commence in 2030. Closing is expected in the second half of 2026 upon definitive documentation and customary conditions.
If the loan is finalized at that amount, the company said it would have sufficient capital, together with $574.2 million of unrestricted cash on hand as of June 30, 2026, to finance estimated direct capital costs of $2,576 million. Cash had been $669.5 million as of March 31, 2026. The company also said it expects to put in place secured accounts or facilities for construction-phase cost overruns and has entered related agreements for approximately $160 million of construction-phase financial assurance.
Net loss for the three months ended June 30, 2026 was $97.5 million, compared with $48.6 million for the three months ended March 31, 2026. Operating loss widened to $106.6 million from $56.6 million. Exploration and pre-development expense was $103.9 million, up from $53.1 million. General and administration expense was $2.5 million. Interest income was $7.6 million. Grant income was $1.4 million.
State permitting continued to clear. On July 7, 2026, an Idaho state district court upheld the IDEQ air permit to construct, rejecting all petitioners’ claims; petitioners have until August 18, 2026 to appeal to the Idaho Supreme Court. IDEQ issued the second-phase cyanidation permit on May 20, 2026, covering grinding and flotation circuits. The company anticipates filing a third-phase application covering pressure oxidation in the second half of 2026. A contested-case hearing on the modified CWA Section 401 certification is set for November 3–4, 2026. An IPDES industrial wastewater permit remains under an automatic stay pending an administrative appeal.
In July 2026 the company commissioned a mobile modular processing plant with Idaho National Labs for pilot-scale testing aimed at a domestic antimony trisulfide supply chain. On August 6, 2026, it reported new high-grade gold and antimony discoveries and a new gold-tungsten zone. About 5,800 meters of a minimum 10,000-meter 2026 core drilling program had been completed. In July and August 2026 it paid $28.9 million in premiums for put options covering up to 158,016 ounces of gold during 2031 at a $3,000 per ounce strike.
The company said its focus for the remainder of 2026 is to complete project financing, finalize remaining state permits, advance detailed engineering and procurement, and commence full construction following a final investment and construction decision in the second half of 2026. Two federal lawsuits challenging the USFS Record of Decision remain pending; the district court is considering cross-motions for summary judgment in the environmental case after oral argument on June 24, 2026.