Perpetua Resources Announces First Quarter 2026 Financial Results

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# Perpetua Resources Announces First Quarter 2026 Financial Results

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# Perpetua Resources Announces First Quarter 2026 Financial Results
702 W Idaho Street, Ste 200 Boise, ID 83702
NEWS RELEASE
May 11, 2026
Perpetua Resources Announces First Quarter 2026 Financial Results
BOISE, ID – Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) (“Perpetua Resources” or “Perpetua”
or the “Company”) announced today the filing of its unaudited condensed consolidated financial results
for the period ended March 31, 2026. For details, please see the Company’s filings available on EDGAR
and SEDAR+.
Perpetua Resources’ vision is to provide the U.S. with a domestic source of the critical mineral antimony
while developing one of the largest and highest-grade open pit gold mines in the Americas and
restoring an abandoned brownfield site. The Company is currently advancing a comprehensive project
financing plan along with detailed engineering, long-lead time procurement, early works construction
activities and execution planning in anticipation of a final investment and construction decision in the
second half of 2026.
“After breaking ground late last year at our Stibnite project, we maintained our momentum in Q1 2026,”
said Jon Cherry, President and CEO of Perpetua Resources. “The first quarter saw considerable progress
towards securing our comprehensive project financing plans with U.S EXIM and a final vote is expected
in the coming weeks. Meanwhile, we significantly advanced detailed engineering, continued early works
construction and began procurement for long-lead time items ahead of our Final Investment Decision
expected in the second half of 2026.”
First Quarter 2026 and Recent Highlights
• The U.S. Export-Import Bank ("U.S. EXIM") Board posted the Congressional notice for an
approximately $2.7 billion proposed senior secured loan for the Project. The notification period
has since expired, and U.S. EXIM's board has advanced the loan to a final vote anticipated in the
second quarter of 2026.
• The Company's loan has been placed on the agenda for the U.S. EXIM Board meeting on May
21, 2026, reflecting meaningful progress toward financing approval. The agenda is subject to
change by the board of U.S. EXIM at any time, and there can be no assurance that the board will
vote to approve the loan at the May 21 meeting, at a different meeting, or at all.
• If approved, the loan is expected to consist of approximately $2.2 billion for construction of the
Project, financial assurance, and certain discretionary corporate and exploration costs, with the
remainder comprising capitalized interest and fees.
• If approved by the U.S. EXIM Board in the amount indicated, the Company would have sufficient
capital to fully finance the Project's estimated direct capital costs of $2,576 million — combining
the U.S. EXIM loan with $669.5 million of cash on hand as of March 31, 2026 — as well as financial
assurance and discretionary corporate and exploration costs, consistent with the capital
expenditure estimate set forth in the December 31, 2025 Technical Report Summary ("TRS").
• The Company maintained an exemplary safety and environmental record during the quarter,
with zero lost time incidents and zero reportable environmental spills.
• In March 2026, the Company published an updated TRS incorporating revised capital and
operating expense estimates that reflect continued advancement in engineering, contracting,
and Project development through December 2025. The TRS continued to demonstrate
compelling project economics for the Stibnite Gold Project across a wide range of gold and
antimony price assumptions.
• In January 2026, the Company received the final remaining Stream Alteration Permit from the
Idaho Department of Water Resources ("IDWR"), finalizing necessary state approvals for work in
various streams and other water resources.
• Also in January 2026, the Company received the final Idaho Pollutant Discharge Elimination
System ("IPDES") permit for industrial wastewater discharges. This permit is currently subject to
an automatic stay under Idaho law until an administrative appeal process is completed.
• In April 2026, the Idaho Department of Environmental Quality (“IDEQ”) issued a final modified
Clean Water Act Section 401 Water Quality Certification for the Project, advancing a key state
water quality approval through a further stage of regulatory review. A contested case
proceeding challenging certain aspects of the Certification remains pending, and a new hearing
date has not yet been scheduled. The Certification remains valid during the pendency of the
contested case proceeding.
• The Company anticipates receipt of the second phase cyanidation permit from IDEQ in the
second quarter of 2026, advancing regulatory approval of the Project's cyanidation facility. IDEQ
released a draft of the second phase permit for public comment in February 2026.
• Perpetua is aware that the environmental plaintiffs in the 2025 NEPA challenge in the U.S.
District Court in Idaho on May 8, 2026, filed a motion for a preliminary injunction seeking to
delay certain construction activities on federal land planned for the Stibnite Gold Project. The
motion excludes the early works activities that Perpetua has been advancing under a prior
stipulation agreed to by the Company and the plaintiffs, and those activities will continue. The
hearing on the motion is set for May 28th, and a ruling is expected shortly thereafter.
• The Company successfully transitioned its Engineering, Procurement, and Construction
Management ("EPCM") responsibilities for the Project's processing plant and related scopes of
work from Ausenco to Hatch, ensuring continuity and strengthening execution capacity as the
Project advances toward construction.
For further information about Perpetua Resources Corp., please contact:
Joe Fazzini, CA, CPA, CFA
Vice President, Investor Relations
joe.fazzini@perpetuacorp.us
Info@perpetuacorp.us
Chris Fogg
Investor Relations Manager
chris.fogg@perpetuacorp.us
Mckinsey Lyon
Senior Vice President, External Affairs
media@perpetua.us
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 an abandoned 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 EXIM loan is subject to approval by the EXIM board, 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 Company’s beliefs with respect to the outcome
of the judicial hearing; the Company’s expected defense against the legal action taken by Project opponents; the
continued advancement of the Project toward full construction activities; potential outcome of the Company’s
proposed U.S. EXIM financing application and approval process; 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 expected outcomes of the Project; the Company’s ability to successfully
implement and fund the Project; 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 successfully defend against the legal action taken by Project opponents; that the judicial hearing
will result in a favorable outcome for the Company; 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 Company will be able to maintain compliance with covenants contained in its
financing agreements or that may be contained in future financing agreements; that the Company will be able to
satisfy additional bonding or financial assurance requirements in the future; that no pending or future litigation will
result in the loss of any material permits or material delay to the Project schedule or a material increase to Project
costs; 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; 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 involve 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 judicial hearing
concerning the motion by Project opponents; adverse outcomes from such hearing, including the granting of the
motion, in full or in part; the impacts or delays that an adverse outcome from such hearing may have on
construction readiness and early works activities; delays in the review, negotiation, board approval and closing of
the U.S. EXIM loan or material changes to the anticipated size or terms of the loan; delays in, or inability to satisfy
the conditions to signing, closing or funding of the U.S. EXIM loan, if approved; 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 oppos

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