The company reported a net loss of $97.5 million for the second quarter of 2026, a figure driven by intensified exploration and pre-development spending as it prepares for the project's next phase. Despite the loss, CEO Jon Cherry noted that the unanimous support from EXIM Bank provides a critical foundation for the site's future. The company is currently finalizing the necessary documentation to close the facility later this year.
Perpetua Resources Targets Construction Milestone at Stibnite Gold Project
With a $2.9 billion loan commitment from the U.S. Export-Import Bank and $574.2 million in cash reserves, Perpetua Resources is accelerating development of its Stibnite Gold Project in Idaho, aiming for a final investment and construction decision before the end of 2026.
Operational progress remains steady, with the commencement of the Burntlog Route upgrades and the installation of worker housing facilities. Legal hurdles have also begun to clear; in May, a U.S. District Court denied a preliminary injunction sought by groups challenging the project’s environmental approvals, and an Idaho state court recently upheld the project's air permit. Beyond its core gold and antimony focus, Perpetua is exploring potential tungsten extraction, submitting grant proposals to support resource evaluation in the Stibnite district. To manage market volatility, the company recently secured financial protections for 158,016 ounces of future gold production, locking in a floor price of $3,000 per ounce for 2031.
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