Perpetua Moves Stibnite Investment Decision to First Quarter 2027
The Idaho gold-antimony developer booked a $79.2 million net loss for the three months ended September 30, 2026, as it spent $74.1 million on exploration and pre-development.
Perpetua Resources Corp. (PPTA) reported a net loss of $79.2 million for the three months ended September 30, 2026, compared with a net loss of $25.8 million a year earlier, as spending on the Stibnite Gold Project in Valley County, Idaho, accelerated.
Exploration and pre-development expense rose to $74.1 million from $32.1 million in the year-ago quarter. Operating loss increased to $76.4 million from $33.7 million. General and administration expense was $2.1 million.
The company said it is focused on completing project financing, finalizing remaining state permits, advancing early works and critical-path construction, and commencing full construction after a final investment and construction decision. It now expects that decision in the first quarter of 2027, later than the second half of 2026 it had targeted.
U.S. EXIM’s board approved a $2.9 billion senior secured long-term loan on May 21, 2026. Perpetua said it progressed diligence and documentation in the third quarter and that the loan is expected to become available in the first quarter of 2027 upon completion of definitive documentation and customary conditions precedent. If finalized in the indicated amount, the company said it would have sufficient capital, together with $443.4 million of unrestricted cash on hand as of September 30, 2026, to finance estimated direct capital costs of $2,576 million. Cash had been $574.2 million as of June 30, 2026.
In July and August 2026 the company paid $28.9 million in premiums for put options on up to 158,016 ounces of gold for 2031 at a $3,000 per ounce strike. An unrealized loss on derivative instruments of $9.0 million appeared in the quarter, after zero in the year-ago period. Interest income was $5.5 million. Grant income fell to $0.7 million from $3.3 million.
On August 18, 2026, the U.S. District Court for the District of Idaho granted summary judgment to the United States and PRII on all plaintiffs’ claims in the Federal Environmental Case except one Endangered Species Act issue, which was remanded to the U.S. Fish and Wildlife Service without vacating that agency’s decision or other federal approvals. Plaintiffs appealed to the Ninth Circuit; briefs are due by January 2027, with oral argument likely in the first half of 2027. The Nez Perce Tribe’s separate federal case remains in district court, with oral argument on cross-motions for summary judgment indicated for December 2026.
An Idaho state district court upheld the air permit to construct on July 7, 2026; petitioners appealed to the Idaho Supreme Court in August. IDEQ issued a second-phase cyanidation permit on May 20, 2026. The company anticipates filing a third-phase application covering pressure oxidation in the fourth quarter of 2026.
The 2026 drilling program is complete with more than 16,000 meters of core, against a minimum 10,000-meter plan and about 5,800 meters finished as of the prior quarter. In October 2026, PRII received a $40 million Defense Ordnance Technology Consortium award to evaluate tungsten concentrate production, with about $45 million of matching company funding required through October 19, 2029.
Worker housing civil works were completed in late August 2026 and foundation installation began. Powerline construction began in October 2026. Burntlog Route work continued through the summer field season. The company said it will continue critical-path work ahead of the first-quarter 2027 investment decision, including bridge deliveries, housing installation, powerline construction, and long-lead equipment orders.
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