Perpetua Resources Corp (NASDAQ: PPTA) is a mineral development company advancing the Stibnite Gold Project, a gold and antimony mine under construction in Idaho. The company generates no operating revenue. It funds operations through equity issuances, grant income, and interest income while spending on exploration, pre-development, and construction-readiness activities. Net loss for the year ended December 31, 2025 was $100.4 million, compared with $14.5 million for the year ended December 31, 2024, driven by $121.3 million in exploration and pre-development expense as construction-readiness activity ramped up. Perpetua holds what the company describes in its 10-K (filed 2026-03-31) as the only antimony reserves in the United States. Total estimated capital cost to develop the project was approximately $2,576 million as of the fourth quarter of 2025. The company is incorporated in British Columbia and had 47 full-time employees as of December 31, 2025. No dividends have been paid and none are expected in the foreseeable future.

Revenue model

Pre-revenue development-stage company. Income consists of grant income and interest income. Operating cash is consumed by exploration, pre-development, and general and administrative expenses. Future revenue, if any, would come from gold and antimony production once the Stibnite Gold Project reaches commercial operation, subject to project financing of approximately $2,576 million (estimated as of Q4 2025).

Products and services

Single-asset development company focused on the Stibnite Gold Project in Idaho, targeting gold and antimony production. Antimony is classified as a critical mineral. A $139.0 million reclamation performance bond (surety bond) was posted on October 17, 2025 covering the project's construction phase. A drilling program initiated in Q4 2025 completed 4 exploration and 15 geotechnical holes totaling 9,136 feet.

Customers and end markets

No customers as of the filing date. Intended end markets upon production would be gold and antimony buyers. Antimony is a critical mineral with domestic supply interest from the U.S. government, potential producers, and processors per the 10-K filed 2026-03-31.

Value-chain role

Mine developer and future operator. Currently in pre-production, executing construction-readiness, permitting, engineering, drilling, and environmental work at the Stibnite Gold Project. The company contracts out specialized activities to third-party contractors alongside its 47 full-time employees (as of December 31, 2025).

Geographic exposure

Single-project company operating in Idaho, United States. 34 of 47 full-time employees were based in Idaho as of December 31, 2025. Corporate structure is incorporated in British Columbia, Canada.

Source: SEC 10-K, filed 2026-03-31

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