Perpetua Resources Corp. reported a net loss of $25.76 million for the third quarter of 2025, a sharp increase from the $3.56 million loss recorded in the same period last year. The company’s basic and diluted earnings per share fell to $0.24, missing analyst expectations of a $0.01 to $0.04 loss per share. Revenue remained flat at $0.00, reflecting the company’s status as a development‑stage miner that has yet to generate operating income.
The widened loss is largely attributable to higher operating expenses and the absence of revenue. When compared to the prior year, the company’s operating costs rose by more than 30 percent, driven by increased spending on exploration, permitting, and early‑works construction at the Stibnite Gold Project. The lack of revenue, combined with these cost escalations, pushed the loss margin to 4.7 percent of the company’s $544.9 million in total assets.
Cash and cash equivalents stood at $445.8 million as of September 30, 2025, a figure that reflects recent equity offerings totaling $382 million, including a $255 million strategic investment from Agnico Eagle and JPMorgan and additional $78 million and $49 million registered equity issuances. Management indicated that the company is pursuing a $2.0 billion debt facility from the U.S. Export‑Import Bank, which would further strengthen its liquidity position and support the next phase of project development.
The quarter also marked a significant operational milestone: Perpetua broke ground on the Stibnite Gold Project on October 21, 2025, following receipt of a Conditional Notice to Proceed from the U.S. Forest Service. Early‑works construction has begun, and the company expects a full‑sanction construction decision in spring 2026. The project is positioned to become the United States’ sole domestic source of antimony, a critical mineral for defense and clean‑energy applications, while also producing gold.
President and CEO Jon Cherry emphasized the strategic importance of the project, stating, “Perpetua Resources broke ground on the Stibnite Gold Project on October 21, 2025, marking a historical milestone for our stakeholders, the state of Idaho and our nation. We are proud to develop one of the most significant gold projects in the United States, which is expected to produce gold along with antimony for our military and industrial base.”
Market reaction to the earnings release was muted, reflecting the EPS miss. Investors focused on the company’s widened loss and the lack of revenue, while also noting the progress in project development and financing milestones.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.