# PERPETUA RESOURCES CORP. (PPTA) Informational only - not investment advice. CIK: 0001526243 SIC: 1040 Gold and Silver Ores SIC breadcrumb: [Mining](/division/B/) > [Metal Mining](/major-group/10/) > [SIC 1040 Gold and Silver Ores](/industry/1040/) Latest 10-K filed: 2026-03-31 SEC page: https://www.sec.gov/edgar/browse/?CIK=1526243 Filing source: https://www.sec.gov/Archives/edgar/data/1526243/000110465926037403/ppta-20251231x10k.htm ## At a glance No standardized annual SEC companyfacts metrics were extracted for this company; the at-a-glance panel is omitted rather than estimated. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | PPTA | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | ROE | -11.7% | -24.5% | 60 | 16 | | ROA | -11.4% | -12.3% | 53 | 16 | | Liabilities / equity | 0.02 | 0.40 | 0 | 16 | | Current ratio | 51.08 | 8.44 | 93 | 16 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 10 Metal Mining, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Net income | -100392000 | USD | 2025 | 2026-03-31 | | Assets | 877644000 | USD | 2025 | 2026-03-31 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001526243.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net income | | -220,632,107 | -35,952,026 | -28,713,531 | -18,771,180 | -14,483,000 | -100,392,000 | | Operating income | | -29,984,066 | -41,289,861 | -29,331,859 | -40,274,208 | -52,126,000 | -127,957,000 | | Diluted EPS | | 6.45 | 0.66 | -0.46 | -0.30 | -0.22 | -1.08 | | Operating cash flow | | -28,775,069 | -28,646,958 | -24,714,185 | -21,188,652 | -11,890,000 | -104,560,000 | | Capital expenditures | | 38,796 | 34,884 | 199,976 | 148,810 | 176,000 | 1,150,000 | | Assets | | 98,131,612 | 124,497,766 | 99,445,155 | 83,087,238 | 117,610,000 | 877,644,000 | | Liabilities | | 40,500,786 | 12,897,171 | 13,614,633 | 10,789,730 | 8,751,000 | 16,343,000 | | Stockholders' equity | 32,742,976 | 57,630,826 | 111,600,595 | 85,830,522 | 72,297,000 | 108,859,000 | 861,301,000 | | Cash and cash equivalents | | 25,037,766 | 47,852,846 | 22,667,047 | 3,229,462 | 44,105,000 | 714,171,000 | | Free cash flow | | -28,813,865 | -28,681,842 | -24,914,161 | -21,337,462 | -12,066,000 | -105,710,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Return on equity | | -382.84% | -32.21% | -33.45% | -25.96% | -13.30% | -11.66% | | Return on assets | | | -28.88% | -28.87% | -22.59% | -12.31% | -11.44% | | Liabilities / equity | | 0.70 | 0.12 | 0.16 | 0.15 | 0.08 | 0.02 | | Current ratio | | 6.55 | 8.55 | 1.90 | 0.88 | 7.01 | 51.08 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-14. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001526243.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.09 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.07 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.12 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | -7,672,752 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | | | 0.04 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | | -3,868,241 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | | -2,944,525 | 0.05 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | -2,944,525 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | | | 0.06 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | -3,673,715 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | | | 0.05 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | | -4,299,781 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | | -8,204,603 | -0.12 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | -8,204,603 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | | | -0.08 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | -6,026,329 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | | | -0.24 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | | -60,404,948 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | | -48,627,000 | -0.39 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | | -48,627,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | | | -0.78 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from PPTA's latest 10-K: [/company/PPTA/business/](/company/PPTA/business/). ## Risk Factors Verbatim Item 1A Risk Factors from PPTA's latest 10-K: [/company/PPTA/risk-factors/](/company/PPTA/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1526243/000110465926097134/ppta-20260630x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-14 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations for the three and six months ended June 30, 2026 and 2025 with our unaudited condensed consolidated financial statements and related notes and other financial information appearing in this Quarterly Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report, including information with respect to our plans and strategy for our business and operations, includes forward-looking statements that involve risks and uncertainties. You should review the sections of this Quarterly Report captioned “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” for a discussion of important factors that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview Perpetua Resources Corp. (formerly Midas Gold Corp.) (the “Corporation”) was incorporated on February 22, 2011 under the Business Corporations Act (British Columbia). The Corporation 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 “Stibnite Mining District”). The Corporation’s principal asset is 100% ownership in subsidiaries that control the Stibnite Gold Project. The Corporation currently operates in one segment: mineral exploration and development in the United States. The registered and records office of Perpetua Resources is located at Suite 2501-550 Burrard St, Vancouver, BC, V6C 2B5, Canada and the corporate head office is located at Suite 200-702 W Idaho St, Boise, ID 83702, USA. 2026 Outlook and Goals Perpetua Resources’ vision is to provide the United States with a domestic source of the critical mineral antimony, develop one of the largest and highest-grade open pit gold mines in the country, and restore an abandoned brownfield site. Perpetua Resources’ focus for the remainder of 2026 is on the following: [[GREPCENT_TABLE]] [["","\u25cf","Complete project financing, including closing an approximately $2.9 billion senior secured long-term loan from U.S. EXIM, to finance the construction and development of the Project, described in the \u201cFinancing Activities\u201d section below;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Finalize the remaining state permits;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Advance detailed engineering, contracting, procurement and execution planning to be ready to commence full construction in the second half of 2026;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Commence full construction of the Project following a final investment and construction decision for the Project in the second half of 2026;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Advance commercial downstream antimony off-site processing and offtake agreements; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Continue project-wide exploration and testing to further expand the Company\u2019s gold and antimony resources and reserves, and validate potential tungsten opportunities at the Stibnite site; any such expansion and other opportunities may be subject to further environmental review and permitting requirements."]] [[/GREPCENT_TABLE]] Second Quarter 2026 and Recent Highlights [[GREPCENT_TABLE]] [["","\u25cf","Zero lost time incidents or reportable environmental spills."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","On May 21, 2026, the board of the U.S. EXIM unanimously approved a $2.9 billion senior secured long-term loan under the Make More in America Initiative to support the development of the Project."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","On May 29, 2026, the United States District Court of Idaho denied a motion for a preliminary injunction filed by the plaintiffs in a related lawsuit filed in 2025 by special interest groups challenging, among other things, the USFS Record of Decision approving the Project. In the decision, the District Court found that the plaintiffs failed to show that the planned activities challenged by the plaintiffs would cause irreparable harm or would likely violate any applicable law as asserted by the plaintiffs in their legal claims. The plaintiffs subsequently filed an appeal with the U.S. Court of Appeals for the Ninth Circuit of the District Court\u2019s order denying the motion for a preliminary injunction, and they also requested an emergency stay of the District Court\u2019s order. The Ninth Circuit on June 17, 2026 denied the stay request. The appeal remains pending. See additional details below."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","On May 30, 2026, the Company commenced additional critical path construction activities for the 2026 field season, including initial work associated with the Burntlog Route, a key infrastructure project designed to support safe and efficient access to the Project site while minimizing impacts to nearby communities and sensitive environmental areas."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Published 2025 Sustainability Report, the Company\u2019s thirteenth annual sustainability report."]] [[/GREPCENT_TABLE]] 22 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","On July 7, 2026, an Idaho state district court upheld the air permit to construct for the Project that was the subject of a judicial appeal filed by certain petitioners that had contested the permit in state administrative proceedings. The state court rejected all claims by the petitioners challenging the air permit issued by IDEQ for the Project."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","In July 2026, the Company announced commissioning of a mobile modular processing plant in partnership with Idaho National Labs to conduct pilot-scale testing of the plant, which is designed to advance development of a secure domestic supply chain for antimony trisulfide."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","On August 6, 2026, the Company reported new high-grade gold and antimony discoveries and identification of a new gold-tungsten zone identified in the Company\u2019s ongoing exploration program."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","In the months of July and August 2026, the Company purchased put option contracts to mitigate the Company\u2019s exposure to fluctuations in metal prices. In total, the Company paid premiums of $28.9 million for the right, but not an obligation, to sell a total of up to 158,016 ounces of gold during 2031 at an established put strike price of $3,000 per ounce."]] [[/GREPCENT_TABLE]] ​ Financing Activities The Company continues to execute its comprehensive plan to finance construction of the Project since it was announced in June 2025. On May 21, 2026, the board of U.S. EXIM unanimously approved a $2.9 billion senior secured long-term loan (“U.S. EXIM Loan”) under the Make More in America Initiative (“MMIA”) to support the development of the Company’s Stibnite Gold Project. U.S. EXIM’s approval came after extensive technical, financial, environmental and social due diligence and a 25-day notice period to Congress. The U.S. EXIM Loan will be available upon completion of definitive documentation and satisfaction of customary conditions precedent, which is expected to occur in the second half of 2026. The U.S. EXIM Loan is to be structured as a 13-year senior secured credit facility of $2.9 billion, consisting of an upfront facility of $2.4 billion with the remainder to cover capitalized interest during construction and U.S. EXIM’s exposure fee. Interest on the U.S. EXIM Loan is to be set at the applicable long-dated U.S. Treasury bond rate plus 100 basis points and will be fixed at the time of the first drawdown. Scheduled repayments are anticipated to commence in 2030. If the U.S. EXIM Loan is finalized in the amount indicated, the Company would have sufficient capital, together with $574.2 million of unrestricted cash on hand as of June 30, 2026, to finance the estimated direct capital costs of $2,576 million to construct the Project (based on the capital expenditures estimate as of December 31, 2025 in the TRS), as well as financial assurance and certain discretionary corporation and exploration costs. There can be no assurance the terms or amount of such loan will be the same as those approved by the board of U.S. EXIM or that the proposed financing plan will be sufficient for us to construct the Project. Perpetua continues to work with U.S. EXIM to advance through completion of U.S. EXIM’s due diligence and documentation processes. The final amount and timing of such funding from U.S. EXIM, if any, is uncertain and subject to conditions outside the Company’s control. See “Item 1A. Risk Factors.” The capital costs presented in the initial capital estimate in the TRS do not include financial assurance, debt service, cost overrun accounts and certain discretionary corporate and exploration costs. As a condition to the closing of the U.S. EXIM loan, the Company expects that it will be required to put in place one or more secured accounts or facilities to fund potential cost overruns during the construction phase of the Project. The Company is exploring various options for such facilities, which may include cash on hand, subordinated debt, letters of credit or other financial instruments or may require the Company to raise additional capital through debt or equity offerings, or enter into strategic or commercial agreements with third parties. In addition, to facilitate satisfaction of construction phase financial assurance requirements, the Company entered into multiple related financial agreements with respect to the approximately $160 million construction phase financial assurance requirements. The Company’s financial assurance obligations may be adjusted by applicable regulators to reflect changes to reclamation costs as construction proceeds. Financial assurance obligations are also subject to adjustment when the Project transitions to operations. Any increased financial assurance obligations are expected to be financed using cash on hand, the U.S. EXIM loan or other available sources of capital. See additional details in the “Liquidity and Capital Resources” section below. Engineering, Contracting and Construction Activities ​ Since August 2025, the Company has accelerated construction and operational readiness and contracting activities. Recent updates include: [[GREPCENT_TABLE]] [["","\u25cf","Commenced additional critical path construction activities for the 2026 field season, including initial work associated with the Burntlog Route, continuing development of the on-site worker housing and administrative facilities, and other construction activities; and"]] [[/GREPCENT_TABLE]] 23 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","Announced commissioning in July 2026 of a mobile modular processing plant in partnership with Idaho National Labs to conduct pilot-scale testing of the plant, which is designed to advance development of a secure domestic supply chain for antimony trisulfide."]] [[/GREPCENT_TABLE]] After posting required construction phase financial assurance with the USFS, IDL and USACE and receiving confirmation from those agencies of approval of this construction phase financial assurance on September 20 and 21, 2025, the Company in October 2025 commenced early works construction on certain activities for the Project as authorized by the USFS, IDL and USACE. Early works construction activities initially were limited to the voluntary stipulations entered into by PRII and the plain [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1526243/000110465926037403/ppta-20251231x10k.htm Complete FY 2025 MD&A: /company/PPTA/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-31 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. You should read the following discussion and analysis of our financial condition and results of operations as of December 31, 2025 and 2024 and for the fiscal years then ended together with our consolidated financial statements and related notes and other financial information appearing in this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy for our business, operations and product candidates, includes forward-looking statements that involve risks and uncertainties. You should review the sections of this Annual Report captioned “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” for a discussion of important factors that could cause our actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Overview Perpetua Resources Corp. (formerly Midas Gold Corp.) was incorporated on February 22, 2011 under the BCBCA. The Corporation 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 Corporation’s principal asset is 100% ownership in subsidiaries that control the Stibnite Gold Project. The Corporation currently operates in one segment: mineral exploration and development in the United States. The registered and records office of Perpetua Resources is located at Suite 2501-550 Burrard St, Vancouver, BC, V6C 2B5, Canada and the corporate head office is located at Suite 201-405 S 8th St, Boise, ID 83702, USA. 2026 Outlook and Goals Perpetua Resources’ vision is to provide the United States with a domestic source of the critical mineral antimony, develop one of the largest and highest-grade open pit gold mines in the country, and restore an abandoned brownfield site. Perpetua Resources’ focus for 2026 is on the following: [[GREPCENT_TABLE]] [["","\u25cf","Complete project financing, including closing an approximately $2.7 billion senior secured loan from U.S. EXIM, to finance the construction and development of the Project, described in the \u201cFinancing Activities\u201d section below;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Finalize the remaining state permits;"]] [[/GREPCENT_TABLE]] 61 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","Advance detailed engineering, contracting, procurement and execution planning to be full sanction construction-ready in the second half of 2026;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Commence full construction of the Project;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Continue to expand the management team and workforce to support full-scale construction, detailed engineering and operations;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Advance commercial downstream antimony off-site processing and offtake agreements; and"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Continue project-wide exploration and testing to further expand the Company\u2019s gold and antimony resources and reserves, and validate potential tungsten opportunities at the Project; any such expansion and other opportunities may be subject to further environmental review and permitting requirements."]] [[/GREPCENT_TABLE]] 2025 Key Highlights [[GREPCENT_TABLE]] [["","\u25cf","Zero lost time incidents or reportable environmental spills."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","USFS issued the Final ROD and approved the Plan of Operations for the Project."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","USACE issued the CWA Section 404 permit for the Project."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Began early works construction for the Stibnite Gold Project on October 21, 2025, upon placement of construction phase financial assurance and receipt of the required notices from USFS, IDL and USACE."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Completed basic engineering and progressed detailed engineering for the Project."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Appointed Hatch Ltd. as the EPCM contractor for the processing plant, pressure oxidation facility, and certain other in-scope infrastructure, utilities and facilities."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Executed key contracts to progress engineering and construction readiness, including entering into a procurement contract with Idaho Power for critical long-lead power line items and entering into a contract with ATCO for the design, construction and installation of camp accommodation and site package."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Announced a comprehensive plan to finance the construction of the Project and raised over $850 million in gross proceeds from equity financing transactions with public, private and strategic investors."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Submitted formal application to U.S. EXIM for potential Project debt financing and received Preliminary Project Letter and non-binding Indicative Term Sheet."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Appointed Mark Murchison to succeed Jessica Largent as Chief Financial Officer and expanded management team with several key hires across different business functions."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Issued request for proposal from third parties to assess technical and economic feasibility of off-site antimony processing facilities to secure antimony for domestic uses."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Announced partnership with Idaho National Labs to conduct pilot-scale testing to produce antimony trisulfide."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Published 2024 Sustainability Report, the Company\u2019s twelfth annual sustainability report."]] [[/GREPCENT_TABLE]] Recent Highlights [[GREPCENT_TABLE]] [["","\u25cf","Posting of Congressional notice by U.S. EXIM Board for an approximately $2.7 billion senior secured loan for the Project, commencing 25 day notification period."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Publication of an updated TRS in March 2026 showing a base case unlevered, after-tax NPV (5%) of $3.46 billion and IRR of 23.5% at consensus pricing* and updated capital and operating expense estimates reflecting ongoing engineering, contracting and development through December 2025."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Received the final remaining Stream Alteration Permit from IDWR in January 2026 granting the Company\u2019s application for certain rights to be used in connection with the Project."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Received the final IPDES permit for industrial wastewater discharges in January 2026 (currently subject to an automatic stay under Idaho regulations as described below in \u201cAncillary Permitting Activities\u201d)."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Successful transition from Ausenco to Hatch as the EPCM for the Project\u2019s processing plant and certain other scopes of work."]] [[/GREPCENT_TABLE]] *Consensus prices are defined as $3,250/oz gold, $10.00/lb antimony, and $40.00/oz silver based on a broad range of investment bank forecasts as of December 2025. See “Item 2. Properties” for additional information. Financing Activities The Company has continued to execute its comprehensive plan to finance construction of the Project since it was announced in June 2025. On March 30, 2026, the board of U.S. EXIM initiated the last formal step before a vote for final approval of an approximately $2.7 billion senior secured loan for the construction and development of the Project by unanimously agreeing to publish 62 Table of Contents a notification to Congress with respect to the proposed loan. The loan, if approved, is expected to be comprised of a direct loan of approximately $2.2 billion for construction of the Project, financial assurance and certain discretionary corporation and exploration costs, and the remainder representing capitalized interest and fees. If approved by the board of U.S. EXIM in the amount indicated, the Company would have sufficient capital, together with $714 million of cash on hand as of December 31, 2025, to finance the estimated direct capital costs of $2,576 million to construct the Project, (based on the capital expenditures estimate as of December 31, 2025 in the TRS), as well as financial assurance and discretionary corporation and exploration costs. Initiation of the notification to Congress does not represent a financing commitment from U.S. EXIM. A final funding commitment, if any, is conditional upon the satisfaction of certain conditions, including final approval by the U.S. EXIM board following a 25-day notification period to Congress and execution of definition loan documentation. Based on the Congressional review timeline and U.S. EXIM process, the Company anticipates a final vote on the loan by the board of U.S. EXIM shortly after the notice period ends. Any funding under the loan (if approved) would be subject to finalization of definitive loan documents with U.S. EXIM and satisfaction of all conditions to closing, which the Company anticipates could occur in the second half of 2026. See “Item 1A. Risk Factors.” The capital costs presented in the initial capital estimate in the TRS do not include financial assurance, debt service, cost overrun accounts and certain discretionary corporate and exploration costs. As a condition to the closing of the U.S. EXIM loan, the Company expects that it will be required to put in place one or more secured accounts or facilities to fund cost overruns during the construction phase of the Project. The Company is exploring various options for such facilities, which may include cash on hand, subordinated debt, letters of credit or other financial instruments or may require the Company to raise additional capital through debt or equity offerings, or enter into strategic or commercial agreements with third parties. In addition, to facilitate satisfaction of construction phase financial assurance requirements, the Company entered into multiple related financial agreements with respect to the approximately $160 million construction phase financial assurance requirements. See Note 9 to the Consolidated Financial Statements. The Company’s financial assurance obligations may be adjusted by applicable regulators to reflect changes to reclamation costs as construction proceeds. Financial assurance obligations are also subject to adjustment when the Project transitions to operations. Any increased financial assurance obligations are expected to be financed using cash on hand, the project financing loan or other available sources of capital. See additional details in the “Liquidity and Capital Resources” section below. Engineering, Contracting and Construction Activities Since August 2025, the Company has accelerated construction readiness and contracting activities. Recent updates include: [[GREPCENT_TABLE]] [["","\u25cf","Completed basic engineering and progressed detailed engineering for the Project;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Commenced early works construction in October 2025 upon posting financial assurance as further described below;"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Appointed Hatch as the EPCM contractor for the Project\u2019s processing plant, pressure oxidation facility, and certain other in-scope infrastructure, utilities and facilities;"]] [[/GREPCENT_TABLE]] [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/PPTA/mda/fy2025/ All MD&A years: /company/PPTA/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/PPTA/mda/fy2024/): filed 2025-03-19; accession 0001410578-25-000385 (https://www.sec.gov/Archives/edgar/data/1526243/000141057825000385/ppta-20241231x10k.htm) - [FY 2023 MD&A](/company/PPTA/mda/fy2023/): filed 2024-03-26; accession 0001104659-24-039054 (https://www.sec.gov/Archives/edgar/data/1526243/000110465924039054/ppta-20231231x10k.htm) - [FY 2022 MD&A](/company/PPTA/mda/fy2022/): filed 2023-03-16; accession 0001104659-23-033343 (https://www.sec.gov/Archives/edgar/data/1526243/000110465923033343/ppta-20221231x10k.htm) - [FY 2021 MD&A](/company/PPTA/mda/fy2021/): filed 2022-03-18; accession 0001104659-22-035631 (https://www.sec.gov/Archives/edgar/data/1526243/000110465922035631/ppta-20211231x10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 1040 Gold and Silver Ores) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/PPTA.md · JSON record: /company/PPTA.json · verified financials: /company/PPTA/financials.json / /company/PPTA/financials.csv · machine TOC for the whole site: /llms.txt