$PPTA

2024 Q1 Form 10-K Financial Statement

#000110465924039054 Filed on March 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.403M $1.175M $4.410M
YoY Change 16.58% -17.14% -22.05%
% of Gross Profit
Research & Development $6.542M $9.224M $29.91M
YoY Change 14.65% 63.77% 56.68%
% of Gross Profit
Depreciation & Amortization $26.36K $23.74K $83.74K
YoY Change 55.49% 20.88% 36.62%
% of Gross Profit
Operating Expenses $8.125M $10.72M $35.30M
YoY Change 0.99% -0.18% 20.18%
Operating Profit -$8.125M -$40.27M
YoY Change 0.99% 37.31%
Interest Expense $16.54K $19.94K $425.2K
YoY Change -89.88% -90.69% -21.75%
% of Operating Profit
Other Income/Expense, Net $5.181M $6.805M $21.08M
YoY Change 50.38% 8972.97% 3308.85%
Pretax Income -$2.945M -$3.868M -$18.77M
YoY Change -35.99% -63.01% -34.63%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.945M -$3.868M -$18.77M
YoY Change -35.99% -63.01% -34.63%
Net Earnings / Revenue
Basic Earnings Per Share $0.05 -$0.30
Diluted Earnings Per Share $0.05 -$0.06 -$0.30
COMMON SHARES
Basic Shares Outstanding 64.12M 63.27M 63.19M
Diluted Shares Outstanding 64.12M 63.19M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.229M $3.229M
YoY Change -85.75% -85.75%
Cash & Equivalents $8.040M $1.136M $1.136M
Short-Term Investments
Other Short-Term Assets $443.3K $443.3K
YoY Change -27.91% -27.91%
Inventory
Prepaid Expenses $495.8K $443.3K
Receivables $1.907M $3.181M $3.181M
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.44M $6.854M $6.854M
YoY Change -49.35% -70.91% -70.91%
LONG-TERM ASSETS
Property, Plant & Equipment $376.7K $73.23M $73.23M
YoY Change 35.49% 24726.53% 0.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.000M $3.000M
YoY Change 0.0% 0.0%
Total Long-Term Assets $67.87M $76.23M $76.23M
YoY Change -10.5% 0.46% 0.46%
TOTAL ASSETS
Total Short-Term Assets $10.44M $6.854M $6.854M
Total Long-Term Assets $67.87M $76.23M $76.23M
Total Assets $78.32M $83.09M $83.09M
YoY Change -18.81% -16.45% -16.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.997M $4.997M
YoY Change 82.28% 82.28%
Accrued Expenses $27.90K $27.90K
YoY Change -60.4% -60.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.955M $7.790M $7.790M
YoY Change -63.18% -37.19% -37.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.000M $3.000M
YoY Change 147.55% 147.55%
Total Long-Term Liabilities $3.000M $3.000M
YoY Change 147.55% 147.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.955M $7.790M $7.790M
Total Long-Term Liabilities $3.000M $3.000M
Total Liabilities $7.955M $10.79M $10.79M
YoY Change -44.54% -20.75% -20.75%
SHAREHOLDERS EQUITY
Retained Earnings -$583.6M -$580.7M
YoY Change 3.02% 3.35%
Common Stock $619.4M $618.6M
YoY Change 0.55% 0.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $70.36M $72.30M $72.30M
YoY Change
Total Liabilities & Shareholders Equity $78.32M $83.09M $83.09M
YoY Change -18.81% -16.45% -16.45%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.945M -$3.868M -$18.77M
YoY Change -35.99% -63.01% -34.63%
Depreciation, Depletion And Amortization $26.36K $23.74K $83.74K
YoY Change 55.49% 20.88% 36.62%
Cash From Operating Activities -$3.505M -$5.949M -$21.19M
YoY Change -15.51% -9.83% -14.27%
INVESTING ACTIVITIES
Capital Expenditures $18.02K $19.80K $449.8K
YoY Change -84.39% 124.93%
Acquisitions
YoY Change
Other Investing Activities $8.335M -$30.00K $0.00
YoY Change -100.0%
Cash From Investing Activities $8.317M -$49.80K -$449.8K
YoY Change -60.74% -3.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.854M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 2.120M 2.200M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -3.505M -5.949M -21.19M
Cash From Investing Activities 8.317M -49.80K -449.8K
Cash From Financing Activities 0.000 2.120M 2.200M
Net Change In Cash 4.811M -3.879M -19.44M
YoY Change -217.13% -42.32% -22.82%
FREE CASH FLOW
Cash From Operating Activities -$3.505M -$5.949M -$21.19M
Capital Expenditures $18.02K $19.80K $449.8K
Free Cash Flow -$3.523M -$5.968M -$21.64M
YoY Change -11.24% -13.15%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.</b></span>Nature of Operations and Going Concern Assessment</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 36pt;">Perpetua Resources Corp. (the “Corporation”, the “Company”, “Perpetua Resources” or “Perpetua”) was incorporated on February 22, 2011 under the Business Corporation Act of British Columbia. The Company was organized to hold shares in wholly owned subsidiaries that locate, acquire, develop and restore mineral properties located principally in the Stibnite – Yellow Pine mining district in Valley County, Idaho, USA. The Company’s principal asset is 100% ownership in subsidiaries that control the Stibnite Gold Project (“Stibnite Gold Project” or the “Project”). The Company currently operates in one segment, mineral exploration in the United States.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Corporation has had continuing net losses and has an accumulated deficit of approximately $580.7 million as of December 31, 2023. As of December 31, 2023, the Company had cash and cash equivalents totaling approximately $3.2 million and net negative working capital of approximately $0.9 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;">The Company’s latest liquidity forecast indicates that available cash resources and other sources of liquidity are expected to be exhausted in the fourth quarter of 2024, after giving effect to the silver royalty entered into in March 2024. Although the Company’s current capital resources and liquidity include up to $24.8 million in funding awarded under the Technology Investment Agreement (“TIA”) pursuant to Title III of the Defense Production Act (“DPA”) ($59.4 million upon modification of the TIA to effect an additional conditional award of $34.6 million), such funding is available only for the specified costs related to permitting, environmental baseline data monitoring, environmental and technical studies, and advancing construction readiness and is not available to fund the Company’s costs pursuant to its Administrative Settlement and Order on Consent (“ASAOC”) obligations, payments and certain corporate expenses, including payments under the Settlement Agreement (as defined below). Absent additional financing, the Company would no longer be able to meet its ongoing obligations or progress critical permitting efforts. The Company continues to explore various funding opportunities, which may include the issuance of additional equity, new debt, or project specific debt; government funding; and/or other financing opportunities. However, there can be no assurance that the Company will be successful in obtaining such funding.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><span style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;">On May 12, 2023, the Company entered into a Controlled Equity Offering<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">SM</sup> Sales Agreement (the “Sales Agreement”) providing for the sale by the Company, from time to time, of its common shares having an aggregate gross offering price of up to $20.0 million. Sales under the program are subject to certain conditions, including market conditions, and there is no assurance that the Company will be able to raise funds under the program, at acceptable share prices or at all. As of December 31, 2023, $17.2 million remains available under the program.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><span style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;">We believe our plans outlined above to obtain sufficient funding will be successful although there is no certainty that these plans will result in needed liquidity for a reasonable period of time. However, our expectation of incurring ASAOC costs, contributions due under the Settlement Agreement and other costs in the foreseeable future that are not eligible for DPA funding reimbursement and the need for additional funding to further support the development of our planned operations, raise substantial doubt regarding our ability to continue as a going concern for a period of one year after the date that these consolidated financial statements are issued.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><span style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;">These Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.</p>
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023 ppta Net Working Capital
NetWorkingCapital
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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 36pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:18pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">c.</i></span><i style="font-style:italic;font-weight:normal;">Use of Estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 36pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations and share-based compensation. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected.</p>
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CY2023Q4 us-gaap Asset Retirement Obligation
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CY2022Q4 us-gaap Derivative Instruments In Hedges At Fair Value Net
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CY2023Q4 us-gaap Derivative Instruments In Hedges At Fair Value Net
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CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
Depreciation
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CY2023Q4 us-gaap Mineral Properties Net
MineralPropertiesNet
72820365
CY2022Q4 us-gaap Mineral Properties Net
MineralPropertiesNet
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CY2023 ppta Percentage Of Net Smelter Returns Royalty
PercentageOfNetSmelterReturnsRoyalty
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CY2023 ppta Annual Payments Due Under Option Agreements
AnnualPaymentsDueUnderOptionAgreements
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CY2013Q2 ppta Share Purchase Warrants Issued
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CY2013Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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1
CY2013Q2 ppta Warrant Derivative Threshold Share Price For Conversion Of Warrants
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CY2013Q2 ppta Warrant Derivative Threshold Consecutive Trading Days For Conversion Of Warrants
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CY2023 us-gaap Common Stock Shares Authorized Unlimited
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
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IncomeTaxExpenseBenefit
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CY2023 us-gaap Net Income Loss
NetIncomeLoss
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CY2022 us-gaap Net Income Loss
NetIncomeLoss
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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IncomeTaxReconciliationStateIncomeTaxRateDifferential
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IncomeTaxReconciliationPriorYearIncomeTaxes
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IncomeTaxReconciliationPriorYearIncomeTaxes
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CY2023 ppta Income Tax Reconciliation Non Deductible Expenses Income Loss On Derivative
IncomeTaxReconciliationNonDeductibleExpensesIncomeLossOnDerivative
468
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CY2023 ppta Effective Income Tax Rate Reconciliation Nondeductible Expense Equity Finance Costs
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CY2022 ppta Effective Income Tax Rate Reconciliation Nondeductible Expense Equity Finance Costs
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CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense Other
IncomeTaxReconciliationNondeductibleExpenseOther
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CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
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DeferredTaxAssetsOperatingLossCarryforwardsDomestic
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DeferredTaxAssetsOperatingLossCarryforwardsForeign
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CY2023Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
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CY2022Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
453716
CY2023Q4 ppta Deferred Tax Assets Mineral Interest And Properties
DeferredTaxAssetsMineralInterestAndProperties
19810660
CY2022Q4 ppta Deferred Tax Assets Mineral Interest And Properties
DeferredTaxAssetsMineralInterestAndProperties
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CY2023Q4 ppta Deferred Tax Assets Financing Costs
DeferredTaxAssetsFinancingCosts
510424
CY2022Q4 ppta Deferred Tax Assets Financing Costs
DeferredTaxAssetsFinancingCosts
573432
CY2023Q4 ppta Deferred Tax Assets Environmental Obligation
DeferredTaxAssetsEnvironmentalObligation
67717
CY2022Q4 ppta Deferred Tax Assets Environmental Obligation
DeferredTaxAssetsEnvironmentalObligation
2651486
CY2023Q4 ppta Deferred Tax Assets Cwa Settlement Payable
DeferredTaxAssetsCwaSettlementPayable
1279100
CY2023Q4 ppta Deferred Tax Assets Stock Based Compensation
DeferredTaxAssetsStockBasedCompensation
2575273
CY2023Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
441559
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
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CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
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CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2023 ppta Valuation Allowances Of Deferred Tax Assets Related To Tax Credited
ValuationAllowancesOfDeferredTaxAssetsRelatedToTaxCredited
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023 ppta Valuation Allowance Movement Recognized In Continuing Operations
ValuationAllowanceMovementRecognizedInContinuingOperations
6279227
CY2022 ppta Valuation Allowance Movement Recognized In Continuing Operations
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6542458
CY2023 ppta Valuation Allowance Movement Associated With Mineral Property Acquisition
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CY2023 ppta Valuation Allowance Movement Recognized In Equity
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CY2022 ppta Valuation Allowance Movement Recognized In Equity
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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0
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2023 ppta Payments To Improve Water Quality
PaymentsToImproveWaterQuality
10900000
CY2023 ppta Mine Waste And Tailings Moved Away From Waterways
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325000
CY2023Q4 us-gaap Accrual For Environmental Loss Contingencies
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CY2021Q4 us-gaap Accrual For Environmental Loss Contingencies
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CY2023 us-gaap Environmental Remediation Expense
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CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Current
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CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
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CY2023Q4 us-gaap Security Deposit
SecurityDeposit
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CY2021Q1 ppta Payment Of Cash Collateral
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CY2023Q4 us-gaap Off Balance Sheet Credit Loss Liability
OffBalanceSheetCreditLossLiability
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CY2023 ppta Payments To Improve Water Quality
PaymentsToImproveWaterQuality
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CY2023 ppta Mine Waste And Tailings Moved Away From Waterways
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CY2023 ppta Expected Future Payments To Improve Water Quality
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CY2023 ppta Government Grant Income
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CY2022 ppta Government Grant Income
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CY2023Q4 us-gaap Government Assistance Amount Cumulative Current
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CY2022Q4 us-gaap Government Assistance Amount Cumulative Current
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CY2023Q4 ecd Rule10b51 Arr Adopted Flag
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