PPTA

Perpetua is a pre-revenue development-stage miner, so the standard quality lens distorts the picture: the FY2025 net loss of -$100M (vs -$14.5M in FY2024) and -$105M operating cash flow are not deteriorating operations but the cost of accelerating Stibnite toward a construction decision, and the -11.7% ROE on a company with no sales is not informative. What matters is that the balance sheet is exceptionally clean — $714M cash, $16.3M total liabilities, and a 0.02x liabilities/equity ratio after raising over $850M in equity (shares up 75.4% to 125M, the source of the dilution). This is a company funded to keep moving, not one in financial stress.

The qualitative de-risking in the filing is the real story. The USFS ROD, the CWA 404 permit, the final Stream Alteration Permit and the IPDES permit are in hand, early-works construction began October 2025 on posted ~$160M financial assurance, Hatch is appointed EPCM, and — most importantly — U.S. EXIM has posted Congressional notice for an ~$2.7B senior secured loan, starting a 25-day clock. The updated March 2026 TRS shows a base-case after-tax NPV(5%) of $3.46B and 23.5% IRR. Against a roughly $2.6B market cap ($20.62 × 125M shares), the equity trades modestly below project NPV.