Perpetua Resources Corp. (PPTA): Business Model Canvas [Dec-2025 Updated]

You're looking at a critical juncture for Perpetua Resources Corp., a development-stage miner that just broke ground on a project vital for U.S. national security and its own future, holding the only domestic reserve of antimony alongside 4.8 million ounces of gold. Honestly, the real story here is how they plan to fund the estimated $2.2 billion Capital Expenditure while balancing the value proposition of environmental cleanup with the near-term risk of operating expenses, as shown by their recent Q3 2025 net loss of $25.8 million. They've secured major backing, including $255 million from strategic equity investors and are eyeing up to $2.0 billion in debt financing from EXIM, so the next step is converting those partnerships into production. Dive into the full Business Model Canvas below to see exactly how Perpetua Resources Corp. plans to turn this strategic resource into revenue streams from both gold and critical minerals.

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Perpetua Resources Corp. has forged to move the Stibnite Gold Project from permitting to construction readiness as of late 2025. These aren't just vendor agreements; these are strategic alliances, especially with government bodies securing domestic critical mineral supply chains.

The permitting process itself was a massive collaborative effort, culminating in key approvals from federal agencies. The U.S. Forest Service (USFS) issued a Final Record of Decision (ROD) in January 2025. Following this, the U.S. Army Corps of Engineers (USACE) delivered the final federal requirement, the Clean Water Act Section 404 permit, in May 2025. This paved the way for the USFS to issue a conditional Notice to Proceed on September 19, 2025. Construction can start once the company posts the joint financial assurance bonding agreed upon by the USFS, Idaho Department of Lands (IDL), and USACE.

Securing capital involved a mix of public markets and high-profile private placements. The equity raise in late 2025 was particularly significant for strengthening the balance sheet ahead of full construction sanction.

The DoD funding is multifaceted. Perpetua Resources has been awarded, in total, more than $80 million by the Department of Defense. This includes a Technology Investment Agreement (TIA) of $59.2 million under the Defense Production Act Title III (DPA) funding. More recently, an award of up to $6.9 million from the U.S. Army via the Defense Ordnance Technology Consortium (DOTC) was announced in May 2025, building on a previous $15.5 million award from August 2023.

The equity financing secured in October 2025 was a major de-risking event. The total capital raise from the Agnico Eagle and JPMorganChase private placement was $255 million. This was priced at $23.30 per common share.

The Paulson & Co. Inc. commitment was part of a larger June 2025 financing package. The initial bought deal was for approximately $300 million, with Paulson & Co. Inc. taking $100 million. When the underwriters exercised their option fully, the aggregate gross proceeds from that combined offering and private placement reached approximately $474 million.

You should keep an eye on the EXIM financing timeline, as it's the final major piece. While the PPL and indicative term sheet are positive, final consideration by the EXIM Board is targeted for the spring of 2026.

Here's a quick look at the key financial partners and their roles:

• EXIM Bank: Potential $2.0 billion debt facility.
• Agnico Eagle: $180 million equity investment.
• JPMorgan Chase: $75 million equity investment.
• Paulson & Co. Inc.: $100 million private placement.
• DoD: Total funding over $80 million.

Finance: draft 13-week cash view by Friday.

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Key Activities

You're looking at the core engine driving Perpetua Resources Corp. (PPTA) right now-the Key Activities that convert permits and capital into physical progress on the Stibnite Gold Project. Honestly, the focus in late 2025 is all about execution while the big financing piece is still being finalized.

Early works construction at the Stibnite Gold Project, commenced October 2025.

The physical work started on October 21, 2025, which was a historical milestone after nine years of permitting. This initial phase, known as early works construction, was authorized after the company posted the required financial assurance. The project is designed to produce America's only mined source of antimony, a critical mineral, alongside gold.

Finalizing the comprehensive project financing plan, including the EXIM debt facility.

Finalizing the financing package is definitely a top-tier activity. Perpetua Resources received a preliminary, non-binding indicative financing term sheet from the Export-Import Bank of the United States (EXIM) on September 8, 2025, for a potential debt facility of $2 billion. You should note that this is still subject to final EXIM Board consideration, which the company anticipates by Spring 2026. This debt push is happening alongside significant equity raises that have already occurred.

Here's a quick look at the capital secured leading up to the groundbreaking:

The total gross equity proceeds secured through the end of October 2025 reached $382 million from the later tranches alone, contributing to the overall push for full construction sanction in Spring 2026.

Detailed engineering and long-lead procurement for full construction readiness.

While early works are underway, the team is pushing hard on the front-end engineering to get ready for full construction sanction. Basic engineering is reported to be nearly 50% complete. This activity runs in parallel with securing the final financing pieces, as the full construction decision is targeted for Spring 2026.

Environmental remediation and restoration of the legacy brownfield mine site.

A core part of the Stibnite Gold Project's mandate is environmental stewardship. The project is explicitly designed to clean up legacy contamination at the historical mine site. This includes work to restore habitat and reconnect native fish spawning grounds. The construction phase itself is projected to create over 950 direct jobs, with more than 550 direct jobs expected during the operational phase.

Securing remaining state permits and financial assurance bonds ($139 million posted).

The regulatory hurdle is largely cleared at the federal level, with the final federal permit (Section 404) received in the second quarter of 2025 after an eight-year review process. The company also received a conditional Notice to Proceed from the U.S. Forest Service (USFS) on September 19, 2025, contingent on financial assurance. To meet this, Perpetua Resources posted $139 million in construction phase financial assurance, secured with cash on hand, on October 17, 2025. The plan is to replace these cash arrangements with alternative non-cash financial assurance measures as part of the final financing package.

Key milestones related to regulatory and assurance activities include:

• Final federal permit received in the second quarter of 2025.
• Conditional Notice to Proceed from USFS received in September 2025.
• Financial assurance of $139 million posted in October 2025.
• Projected gold output of around 450,000 oz per year for the first four years.

Finance: draft 13-week cash view by Friday.

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Key Resources

You're looking at the core assets that power Perpetua Resources Corp. (PPTA) right now, heading into late 2025. The single most important physical resource is the Stibnite Gold Project in Idaho. This isn't just another mine; it holds the only identified domestic reserve of the critical mineral antimony in the United States. That makes it strategically vital for U.S. defense and technology supply chains.

The company has cleared a massive regulatory hurdle. The final federal permit, the Clean Water Act Section 404 permit from the U.S. Army Corps of Engineers, was secured in the second quarter of 2025, which was the last federal sign-off needed to move toward construction. Furthermore, in September 2025, the Federal Permitting Improvement Steering Council issued the final approval for the mining plan of operations, officially moving the project from federal permitting to construction ready status. Early Works construction actually began in October 2025.

Here's a quick look at the hard numbers defining the resource base and the financial cushion supporting this next phase. This data gives you a clear picture of what Perpetua Resources is working with as they advance toward full construction financing, which they expect to finalize by spring 2026.

Financially, the company has built a strong liquidity position to fund the current early works. You can see the cash position is robust, especially when compared to the minimal reported debt. This strong balance sheet is bolstered by recent capital activity. Perpetua Resources has successfully raised over $800 million in equity over the last two years to push the project forward.

• Only identified domestic reserve of antimony in the U.S.
• Projected to be one of the highest-grade open-pit gold mines in the United States.
• Final federal permits secured, moving the project to construction ready status.
• Cash and cash equivalents of $445.8 million as of September 30, 2025.
• Over $800 million in equity raised over the last two years.

Finance: draft 13-week cash view by Friday.

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Perpetua Resources Corp. is positioning the Stibnite Gold Project as a critical national asset. These aren't just goals; they are concrete, measurable deliverables that underpin the entire business case.

Domestic Supply of Critical Mineral Antimony for U.S. Defense and Technology

Perpetua Resources Corp. is set to deliver the only domestic source of mined antimony in the United States, which is vital given China stopped antimony exports to the U.S. in December 2024. This supply directly addresses national security needs.

• Total Antimony Reserve: 148,000,000 pounds.
• Projected U.S. Demand Coverage: Up to 35% of U.S. antimony demand during the initial six years of production, based on USGS 2023 data.
• Defense Funding: Perpetua Resources has been awarded up to $22.4 million under an Ordnance Technology Initiative Agreement with the U.S. Army to secure mil-spec antimony trisulfide supply.

The company is actively pursuing commercial off-take arrangements, having launched a Request for Proposal in September 2025 to evaluate processing facilities for the portion of the reserve designated for commercial uses.

High-Grade, Large-Scale Gold Production

The Stibnite Gold Project is one of the highest-grade, open-pit gold deposits in the United States, designed for significant initial output.

The project broke ground on October 21, 2025, with full sanction construction targeted for the Spring of 2026.

Low Projected All-in Sustaining Cost (AISC)

The initial production phase is structured to achieve an exceptionally low cost profile, largely due to the byproduct credit from antimony. This cost structure places Perpetua Resources Corp. in the lowest percentile of global producers during this period.

• Initial AISC (Net of Byproducts, First 4 Years): $435 per gold ounce.
• Life-of-Mine AISC (Net of Byproducts): $756 per gold ounce.

Honestly, that initial $435/oz figure is what gets the attention of serious capital. What this estimate hides, though, is that costs are projected to rise to around $1,400/oz in later years as grades drop and antimony is exhausted in year seven.

Comprehensive Environmental Cleanup and Restoration of a Historical Mine Site

A core value proposition is the commitment to modern, responsible mine redevelopment to restore an area with over 100 years of prior mining activity in the Stibnite-Yellow Pine district.

• Legacy Waste Cleanup (Through Dec 31, 2024): 376,000 tons of legacy mine waste removed.
• Water Quality Investment (Through Dec 31, 2024): Total investment exceeding $19 million.
• Environmental Milestones: Secured the Final Record of Decision from the U.S. Forest Service in January 2025 and the U.S. Army Corps of Engineers Section 404 permit in Q2 2025.

The plan explicitly includes restoring miles of blocked river habitat and re-establishing fish migration.

Strategic National Asset Status, Prioritized by the White House

The project's strategic importance has been formally recognized by the federal government, streamlining its path toward production.

• White House Recognition: Selected as a Transparency Project by the White House in April 2025.
• Permitting Acceleration: One of just 10 initial projects placed on the Federal Permitting Improvement Steering Council dashboard for fast-tracked review under the FAST-41 program.
• Federal Financial Backing: Received multiple awards from the Department of Defense, including a TIA of $59.2 million in DPA funding.
• Financing Interest: A $1.8 billion Letter of Interest from the U.S. Export-Import Bank was noted in 2024.

This governmental support validates the urgency of securing domestic critical mineral supply chains.

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Customer Relationships

You're looking at how Perpetua Resources Corp. manages its relationships with the key groups that allow the Stibnite Gold Project to move from concept to production. This isn't about selling widgets; it's about securing national support, financing, and offtake agreements for a strategic domestic mineral asset.

High-level government relations and advocacy for critical mineral status

Perpetua Resources Corp. has centered its government relations strategy on positioning the Stibnite Gold Project as a national security asset, specifically due to its status as the only domestic reserve of antimony in the United States. This advocacy gained traction following the U.S. Forest Service (USFS) issuing a positive Record of Decision (ROD) in January 2025. The company welcomed President Donald Trump's Executive Order in March 2025 aimed at strengthening American mineral production, which reinforced the project's priority status. This relationship is further cemented by federal funding support; Perpetua Resources has been awarded up to $59.2 million in DPA funding to advance construction readiness and permitting. The company actively engages with federal bodies, as evidenced by the U.S. Army Corps of Engineers (USACE) issuing the Section 404 permit for the Project in the second quarter of 2025.

The relationship is a continuous dialogue aimed at de-risking the project through regulatory certainty and financial backing.

Direct, long-term supply agreements with industrial customers like Ambri (energy storage)

The relationship with industrial customers is anchored by strategic, long-term offtake commitments that validate the project's commercial viability and ESG alignment. Perpetua Resources Corp. has an agreement to supply a portion of its antimony production to Ambri Inc., a U.S.-based company developing low-cost liquid metal batteries for energy storage. This agreement is significant because the original committed amount was sufficient to generate over 13 Gigawatt Hours of storage, which was equivalent to over 8x the size of the entire US Energy Storage Market in 2020. Furthermore, to secure the downstream processing for defense needs, Perpetua has been awarded up to $22.4 million to develop a domestic supply chain for military-grade antimony trisulfide.

• Antimony supply supports Ambri's low-cost battery commercialization.
• Antimony trisulfide is positioned for U.S. defense needs for small arms and missiles.
• Project will be powered by one of the lowest carbon emissions grids in the nation.

Investor relations focused on project milestones and de-risking

For investors, the relationship management is about translating operational progress into reduced financing risk and increased valuation perception. Perpetua Resources Corp. is in a pre-revenue stage, reporting $0.00 in total revenue for the 2025 fiscal year, with a net loss of $25.8 million in the third quarter of 2025. The investor narrative focuses heavily on capital raises and financing milestones that support the $1.8 billion Letter of Interest from EXIM received in 2024. The company successfully closed an equity financing in June 2025, securing $425 million in gross proceeds, with the underwriter option exercise adding another $49 million. This was followed by a $255 million strategic private placement with Agnico Eagle Mines Ltd. and JPMorganChase in late October 2025. As of September 30, 2025, the cash and cash equivalents stood at a robust $445.8 million. The market has responded positively to this de-risking, with the share price up 95.9% year-to-date as of late November 2025, despite trading at a Price-to-Book Ratio of 5.1x, more than double the peer average of 2.5x.

Here's the quick math on the operational leverage that drives investor confidence:

The company is targeting a full sanction construction decision in the Spring of 2026.

Community engagement and transparency with Idaho stakeholders

Community relationship building in Idaho is tied directly to environmental stewardship and local economic impact. A key element is the commitment to restore an abandoned brownfield site through the Stibnite Gold Project's development. Transparency is demonstrated through public events; the groundbreaking ceremony on October 21, 2025, was attended by Idaho Governor Brad Little and U.S. Army Major General John Reim, among other officials. The company also emphasizes its ESG goals, noting the project will be powered by one of the lowest carbon emissions grids in the nation.

• Project is designed to restore an abandoned mine site.
• Broke ground on October 21, 2025, marking a historical milestone.
• Published its eleventh annual sustainability report in 2024 and its twelfth in 2025.

Regulatory compliance and partnership with federal and state agencies

Regulatory compliance is a primary focus, as evidenced by the sequence of permitting approvals that culminated in the ability to start early works construction. The USFS issued the Final Record of Decision (ROD) in January 2025. Following this, the USACE issued the Section 404 permit in Q2 2025. The Idaho Board of Environmental Quality also upheld the air permit to construct, rejecting challenges by petitioners. These approvals allowed Perpetua Resources Corp. to break ground on early works construction on October 21, 2025. The company is now focused on advancing its comprehensive project financing plan, including progressing the U.S. EXIM debt financing, with EXIM Board consideration expected by the Spring of 2026.

The company reported zero lost time incidents or reportable environmental spills for the first quarter of 2025 and the third quarter of 2025.

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Channels

You're looking at how Perpetua Resources Corp. (PPTA) plans to get its product-critical antimony concentrate and gold-out to the market as of late 2025. Since the Stibnite Gold Project only broke ground on October 21, 2025, these channels are currently focused on pre-production activities like securing funding and off-take studies, with full sales expected after a construction decision anticipated in Spring of 2026.

The primary channel strategy hinges on the strategic nature of the antimony product, which is positioned as the only mined source in the United States, making direct engagement with government-adjacent entities a key focus.

Direct sales to U.S. government/DoD contractors for antimony concentrate.

This channel is supported by the strategic nature of the product, which is the only known domestic source of antimony trisulfide that can meet certain U.S. defense needs for munitions. The company has received significant government support, including a Technology Investment Agreement (TIA) of $59.2 million in Defense Production Act (DPA) funding to advance construction readiness and permitting. Furthermore, Perpetua Resources has received over $80 million in critical mineral funding from the U.S. Department of Defense since 2022. While specific contract amounts aren't public, the channel is validated by this direct government financial backing and the project's selection as a White House priority project.

Direct sales to industrial end-users for antimony (e.g., Ambri).

The company is focused on securing off-take agreements for its antimony concentrate, which is vital for industrial applications beyond defense, such as circuit boards and solar panels. In December 2024, Perpetua announced agreements with Sunshine Silver and US Antimony to continue studying processing options for the antimony concentrate. The company is advancing a comprehensive project financing plan, which typically includes securing these commercial sales commitments ahead of full production.

Direct sales of gold to refiners or bullion banks.

Gold is recovered as a byproduct of the antimony operations. The scale of the gold resource-4.8 million ounces of proven and probable reserves-positions it as one of the largest and highest-grade open-pit gold deposits in the United States. Sales would be direct to established gold refiners or bullion banks, leveraging the high-grade nature of the deposit to ensure low operating costs compared to foreign operations.

Corporate communications via NASDAQ/TSX filings and investor presentations.

The company uses public markets as a primary channel for capital raising and information dissemination, trading on both NASDAQ and TSX. This channel is active, with recent financial results filed for the period ended September 30, 2025. Investor engagement is frequent:

• Investor presentations were released in November 2025, October 2025, and September 2025.
• The company secured $255 Million in gross proceeds from a strategic equity investment on October 28, 2025.
• Total equity raised over the last two years exceeds $800 million.
• The company is progressing toward a $2 billion EXIM debt facility.

Local engagement via the Stibnite Gold Project site and community outreach.

Community engagement is an integrated channel for social license and project advancement. This is formalized through the Stibnite Foundation, which is a 501(c)(3) charitable foundation.

• To date, Perpetua Resources has donated $750,000 and given the Foundation 150,000 shares in the company.
• The company has spent more than $20 million to improve water quality on site and cleaned up more than 375,000 tons of legacy waste and tailings.
• The project is expected to create more than 950 jobs during construction and over 550 jobs during operations.

The company's market capitalization stood at $3.14 billion as of early December 2025. Finance: draft next 13-week cash view by end of next week.

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Customer Segments

You're looking at the key groups Perpetua Resources Corp. (PPTA) serves with its Stibnite Gold Project, which is unique because it produces both gold and the critical mineral antimony. The customer base is diverse, spanning national defense, high-tech manufacturing, and the financial markets. Here's the breakdown of who Perpetua is selling to, or relying on, as of late 2025.

U.S. National Security/Defense Industrial Base (primary buyer for antimony)

This segment is crucial because antimony is essential for national defense, particularly in ammunition manufacturing where it hardens lead for improved ballistic performance. The U.S. currently has no mined source of antimony, making Perpetua Resources Corp.'s Stibnite Gold Project a national strategic asset. The company broke ground on the Stibnite Gold Project on October 21, 2025, marking a historical milestone for this supply chain objective.

• Total Antimony Reserves: Estimated at 148.7 million pounds.
• Projected U.S. Demand Coverage: Could satisfy about 35% of total U.S. antimony demand in the first 6 years of production.
• Government Funding: The Defense Department has awarded up to $74 million in research and Defense Production Act awards, with total DoD funding for research/readiness exceeding $80 million.
• Specific Contract: A $22.4 million contract is in place to demonstrate a fully domestic antimony trisulfide supply chain for the U.S. Army.

The complete dependence on foreign supply, with China controlling approximately 80% of the global supply as of December 2024 export restrictions, underscores the strategic value of this customer segment.

Energy Storage and Advanced Technology Manufacturers (industrial antimony users)

Antimony is vital for the clean energy transition and high-tech applications. This segment values Perpetua Resources Corp. for providing a secure, domestic source of the metal outside of Chinese control. The company is actively working to secure long-term offtake agreements with these industrial users. Perpetua is exploring partnerships with firms like Clarios, Glencore, and Trafigura for commercial-grade antimony processing.

Perpetua Resources Corp. has a specific long-term partnership agreement with Ambri, a U.S.-based battery company, to supply antimony for their liquid metal batteries. Antimony is also used as a dopant in semiconductor manufacturing and improves performance in grid-scale batteries and certain solar panel technologies.

Global Gold Market (bullion buyers, refiners)

While antimony is the strategic kicker, the primary commodity is gold, positioning Perpetua Resources Corp. as a significant potential independent gold producer in the continental U.S. The project is designed to be one of the largest and highest-grade open-pit gold mines in the United States.

Large-scale institutional and strategic investors (equity and debt providers)

This segment provides the necessary capital to advance the project toward a full construction decision, which is anticipated in the Spring of 2026. Perpetua Resources Corp. has raised over $800 million in equity over the last two years.

• Recent Equity Raise (Oct/Dec 2025): Closed a $255 million private placement.
• Concurrent Public Offering: Aimed to raise approximately $71.2 million via the issuance of 2,938,000 common shares at $24.25 per share.
• Key Strategic Equity Partners: Agnico Eagle Mines Limited invested $180 million for a 6.5% stake, and JPMorgan Chase contributed $75 million for a 2.7% stake.
• Debt Financing Target: The company is progressing toward up to $2.0 billion in EXIM debt financing, with Board consideration expected by Spring 2026. A non-binding Letter of Interest for up to $1.8 billion was previously indicated.

Institutional ownership as of November 2025 includes firms like Cantor Fitzgerald L.P. and Vanguard Group Inc. To be fair, a significant portion of ownership was previously held by institutions, cited at 63.52% in April 2025.

Idaho State and local communities (jobs, tax revenue, environmental restoration)

Perpetua Resources Corp. is targeting these stakeholders by emphasizing job creation, local economic injection, and the remediation of a historically damaged site. The company has already spent upwards of $88 million in Idaho by prioritizing local partnerships.

The project is designed to bring well-paying jobs to rural Idaho and fund environmental restoration. The company is committed to community support through the Stibnite Foundation, providing a minimum of $500,000 per year during operations, or 1% of total income. Furthermore, Perpetua has already given $300,000 to the foundation.

• Jobs During Operations: Expected to directly employ 500 to 600 people.
• Direct Annual Payroll: Estimated at $42 million or between $48 to $51 million.
• Annual Direct Sales Transactions in Idaho: Estimated at $298 million.
• Total State and Local Taxes (LOM): Projected at $150.9 million.
• Environmental Investment: Upwards of $100 million is earmarked for repairing legacy mining damage.

The commencement of Early Works construction in October 2025 is a tangible commitment to the local economy.

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Cost Structure

Perpetua Resources Corp. faces substantial upfront capital requirements to advance the Stibnite Gold Project toward full construction sanction, anticipated in Spring 2026.

The estimated total capital expenditures for construction, as per the February 2025 Financial Update, stood at $2,215 million, which included a contingency of $191.9 million, net of $33.6 million in pre-production revenue.

Financial assurance costs are a significant immediate outlay; Perpetua Resources posted $139 million in construction-phase financial assurance on October 17, 2025.

The company reported a net loss for the third quarter ended September 30, 2025, of $25.76 million.

Anticipated expenditures for the full fiscal year 2025, through June 30, 2025, totaled approximately $240.0 million.

You see the breakdown of the 2025 expenditures leading up to the early works construction:

• Detailed engineering, design work, and down payments on long lead time equipment: $157.4 million.
• Field operations, site early works, exploration drilling, and environmental monitoring: $41.7 million.
• General corporate purposes, project financing, and administrative costs: $20.5 million.
• Funding for permitting and costs related to entering into financial assurance facilities: $20.4 million.

The Q3 2025 results showed specific performance metrics:

• Basic loss per share from continuing operations: $0.24.
• Adjusted EPS loss: -$0.24.

Also, Perpetua Resources Corp. secured a $255 million strategic investment in late October 2025.

Perpetua Resources Corp. (PPTA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Perpetua Resources Corp. (PPTA) as of late 2025, which is entirely focused on securing capital for development, as the company is pre-production. This means the current revenue streams are strictly financial in nature, not operational sales.

The actual revenue from operations for the 2025 fiscal year is reported as $0.00, consistent with a pre-production mining company. For instance, revenue for the trailing 12 months ending June 30, 2025, was $0.00.

The immediate and most significant revenue component comes from equity financing, which is crucial to fund the early works construction that began on October 21, 2025.

Equity Financing Proceeds

• Aggregate gross proceeds from the June/July 2025 financing package totaled approximately $474 million.
• This total includes a base public offering, a concurrent private placement to Paulson & Co. Inc., and the full exercise of the underwriter option, which added $49 million.
• Further capital was secured in October 2025, including $255 million from Agnico Eagle and JPMorgan, and $78 million from another offering, bringing total cash on hand to $720 million as of the November update.

The company's need for this capital is underscored by its operating cash flow, which was negative in the third quarter of 2025 at -$12,073,327 USD. The consolidated net loss for Q3 2025 was -$25,756,120 USD.

Future Revenue from Commodity Sales

Future revenue is entirely dependent on the successful development and commissioning of the Stibnite Gold Project, with commercial production expected between 2028 and 2029. The revenue model is based on the co-production of gold and antimony concentrate.

The project is designed to front-load production, with 70% of the after-tax cash flow expected in the first five years. Antimony is noted as the only known domestic source of antimony that can meet U.S. defense needs.

Potential Future Financing Proceeds

Perpetua Resources Corp. is actively pursuing non-equity financing avenues to complement the equity raises and fund the estimated initial Capital Expenditure (CapEx) of $2.2B.

• U.S. EXIM Debt Financing: The company has a comprehensive financing plan that includes progressing debt financing from the U.S. Export-Import Bank (EXIM), with Board consideration expected by Spring 2026. The potential debt financing amount is up to $2.0 billion, with RBC assuming approval at a rate of 7%.
• Royalty or Streaming Financing: Perpetua Resources is in advanced discussions to raise proceeds between US$200 million to US$250 million. This would be in exchange for either a gold Net Smelter Return (NSR) royalty not to exceed 3.9% or a gold stream.

If all three sources of funding materialize (equity, EXIM debt, and royalty/stream), the total amount would more than cover the estimated $2.1B to $2.2B CapEx.

Finance: draft 13-week cash view by Friday.