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 ...
