High-Grade Gold Hits Highlight New Gold-Tungsten Mineralization

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) reported new drilling results from its 2026 exploration program at the Stibnite Gold Project in Valley County, Idaho, including high-grade gold and antimony intercepts and new gold-tungsten mineralization. The exploration plan was approved by the U.S. Forest Service in 2025.

Exploration drilling was underway with four rigs, with approximately 5,800 meters of new drilling completed to date. The results reported by the company came from recently completed drill programs totaling 8,340 meters, split between geotechnical drilling and exploration. Perpetua planned a minimum of 10,000 meters of core drilling during 2026, with the ability to expand the program based on results.

At the Clark Tunnel Fault Zone along the southeastern edge of the proposed Yellow Pine pit, hole SB597 returned 21.3 meters grading 3.2 g/t gold and 0.9% tungsten from a depth of 24 meters, including 7.0 meters grading 7.1 g/t gold and 0.3% tungsten from 34 meters. Additional occurrences of scheelite, a tungsten-bearing mineral, were observed in ongoing drilling in the zone.

Other Clark Tunnel Fault Zone results included hole SB580, which returned 6.4 meters grading 16.2 g/t gold and 1.7% antimony from surface, and SB582, which intersected 15.0 meters grading 6.3 g/t gold and 0.8% antimony from a depth of 11 meters. Hole SB581 returned 5.5 meters grading 14.2 g/t gold and 1.2% antimony from 8 meters, while Hole SB579 returned 4.6 meters grading 10.0 g/t gold and 0.6% antimony from 9 meters.

Additional Clark Tunnel Fault Zone drilling returned 4.9 meters grading 9.3 g/t gold and 0.7% antimony in SB578, 3.4 meters grading 9.6 g/t gold and 0.4% antimony in SB576, and 3.0 meters grading 9.4 g/t gold and 0.9% antimony in SB577.

At the Huckleberry Fault Zone, which lies immediately adjacent to the Yellow Pine reserve pit limits, drilling and surface sampling returned broad intervals of gold mineralization. The zone spans more than 100 meters in width and has been traced across 0.5 kilometer of strike length. Hole SB588 returned 69.6 meters grading 0.8 g/t gold from a depth of 61 meters. Hole SB595 intersected 41.6 meters grading 0.8 g/t gold from 131 meters, including 21.8 meters grading 1.2 g/t gold from 148 meters.

At the NDMEA zone at Hangar Flats, hole SB584 returned 3.0 meters grading 14.5 g/t gold from a depth of 82 meters. Hole SB585 returned 5.5 meters grading 1.1 g/t gold and 0.3% antimony from 108 meters.

Critical mineral-focused drilling at Hangar Flats also returned antimony and tungsten intercepts. Hole SB519 intersected 22.9 meters grading 3.2% antimony and 1.2% tungsten from a depth of 330 meters, including 4.4 meters grading 4.3% antimony and 3.3% tungsten from 334 meters and 1.8 meters grading 8.3% antimony and 4.6% tungsten from 351 meters. Hole SB522 returned 9.8 meters grading 8.3% antimony and 4.6% tungsten from 260 meters. SB527 returned 3.4 meters grading 10.6% antimony and 1.5% tungsten, while SB524 returned 1.7 meters grading 10.5% antimony and 1.8% tungsten.

Perpetua said the results provided opportunities related to 3.1 million ounces of indicated and inferred gold resources and 99.8 million pounds of antimony resources located outside current reserves.

"Our priority is testing higher-grade gold and antimony targets within our three permitted pits that could supplement our existing Stibnite Gold Project mine plan with the aim of sustaining or exceeding our estimated annual average production level of 463,000 gold ounces beyond our first four years of production," President and CEO Jon Cherry said in the company news release.

The company also identified tungsten as an additional exploration focus following the new gold-tungsten intercepts, historical drilling results, and past tungsten production at Stibnite. During the first half of 2026, Perpetua became aware of U.S. government-sponsored initiatives focused on tungsten and submitted proposals seeking U.S. grant funding for drilling, sampling, metallurgical analysis, and resource evaluation. Perpetua stated that there could be no assurance that it would receive the funding or identify economically accessible quantities of tungsten.

Perpetua's grant proposal included a program focused on drilling and metallurgical sampling beneath the Hangar Flats pit. The proposed work would test known high-grade antimony-tungsten mineralization at depth while providing additional testing of gold and antimony resources previously identified but not included in the current mine plan. Any tungsten development would require separate public and environmental review and permitting outside the scope of the currently permitted project.

On May 22, BMO Capital Markets analyst Brian Quast reiterated an Outperform rating and CA$47.00 price target on Perpetua Resources. BMO's report stated that the EXIM financing package, combined with cash on hand, was "expected to fully fund the direct construction of the Stibnite Gold Project." The firm modeled capex of US$2.834 billion compared with the company's expected initial capital of US$2.576 billion and noted that construction was fully financed by the EXIM loan even under BMO's higher estimate.

Quast's CA$47.00 target was based on a 100% weighting of a 1.7x P/NPV multiple using a 5% discount rate and BMO metal price assumptions. BMO raised its revenue outlook to US$32 million for 2026 from US$19 million and to US$57 million for 2027 from US$18 million. The report identified project development progress and potential drilling results as key catalysts and stated that Perpetua's exploration targets included "potential sources of tungsten that could enhance the value of Perpetua's broader land package."

Also on May 22, National Bank of Canada Capital Markets analyst Rabi Nizami reiterated an Outperform rating and CA$55.00 price target on Perpetua. The report stated that the US$2.9 billion EXIM facility, together with US$670 million in cash on hand as of Q1/26, left "a buffer of roughly US$494 million for early works, interim exploration, G&A, or potential cost overruns" against the year-end 2025 capex estimate of US$2.58 billion.

Nizami's internal capex estimate of US$2.703 billion was approximately 5% above the project's technical report figure of US$2.576 billion. NBCM had previously modeled an additional US$200 million equity raise in late 2026 to provide a capex buffer, while the report noted that the upsized EXIM facility could eliminate that requirement. The approved 13-year loan term was described as "a positive surprise" compared with Nizami's assumption of a more accelerated repayment schedule ending by 2033.

Nizami also addressed the company's return to exploration after nearly a decade, noting that "exploration potential is currently underrepresented in existing reserves and resources, given the company's prior focus on permitting and funding." NBCM viewed Perpetua as a potential M&A acquisition target, citing the project's large scale, U.S. military strategic significance, low-cost debt profile and untapped exploration potential. The CA$55.00 target was based on a 1.0x net asset value per share multiple.

On June 2, Roth Capital Partners analyst Mike Niehuser reiterated a Buy rating and US$32.00 price target. His report followed the start of seasonally critical path construction work and the unanimous approval of the US$2.9 billion U.S. Export-Import Bank loan package. During a May 18 site visit near the project, Niehuser observed several caravans of large trucks traveling toward the site, which the report described as consistent with ramping construction.

Niehuser stated that Perpetua had begun seasonally important critical path items needed to begin production in 2029, including initial work on the alternate Burntlog Route. The report described the route as "essential to keeping the project on schedule." The US$2.9 billion loan, including capitalized interest, combined with US$669.5 million in cash as of the end of 1Q26, more than covered the US$2.576 billion construction capital cost budget, according to the report.

Niehuser's valuation applied a 0.90 price-to-NAV multiplier, yielding US$24.90 per share for the proposed project, with an additional US$6.27 per share assumed from upgrading roughly half of the resources outside reserves at US$540 per ounce, for a combined US$31.17 per share. The US$32.00 price target excluded potential tungsten credits and approximately US$5.35 per share of cash on hand. Niehuser also cited exploration during the construction period, noting that the Hangar Flats and Yellow Pine deposits remained open at depth.

Exploration, Construction and Project Milestones

Perpetua's July presentation identified ongoing gold and critical-mineral exploration during 2026 as a company catalyst. The presentation identified exploration areas within existing deposits northeast of Yellow Pine, below the Hangar Flats pit and old Defense Minerals Exploration Act working area, and at West End along strike and at depth. It also identified Garnet, Scout and Upper Midnight as high-grade exploration targets; Cinnamid-Ridgetop, Saddle-Fern and Rabbit as bulk-tonnage targets; and Mule, Salt & Pepper and Blow-out as undefined airborne targets. Some of the prospects were described as conceptual, with insufficient exploration to define a mineral resource and uncertainty as to whether further exploration would delineate a mineral resource.

At Yellow Pine, the presentation identified mineralization northeast of the deposit, including intercepts outside the pit of 49 meters grading 5.42 g/t gold and 34 meters grading 2.82 g/t gold. Step-out drilling was scheduled to continue testing these structures during the 2026 exploration program, with a stated focus on expanding the mineralized envelope to add higher-grade feed to the front end of the mine plan and supplement later production years.

At Hangar Flats, the presentation stated that the deposit remained open at depth and along strike. Intercepts outside the pit included 106 meters grading 3.16 g/t gold and 0.08% antimony, 75 meters grading 2.82 g/t gold and 2.14% antimony, 75 meters grading 4.69 g/t gold and 0.2% antimony, and 43 meters grading 3.51 g/t gold and 1.8% antimony. Upcoming drilling was focused on defining higher-grade mill feed to supplement later years of the mine plan.

Previously drilled holes were also identified at exploration targets outside resources. At Scout, reported intercepts included 120 meters grading 1.2 g/t gold and 0.5% antimony and 6 meters grading 6.0 g/t gold and 6.0% antimony. Garnet included an intercept of 7 meters grading 10.7 g/t gold, while Upper Midnight included 30 meters grading 6.72 g/t gold and 22 meters grading 14.7 g/t gold.

The presentation also outlined definition drilling within existing approved footprints with the goal of upgrading inferred resources to measured and indicated categories. Additional testing was planned for known high-grade targets near the current pits and close to planned future milling infrastructure. Development of additional resources or reserves discovered outside areas approved for mining would be subject to applicable environmental review and permitting requirements.

Beyond exploration, the company identified several project milestones. Perpetua had received the final Record of Decision in January 2025 and the final federal permit in May 2025. It posted construction-phase financial assurance and began early works construction in October 2025. Hatch was selected as EPCM contractor in December 2025.

The project's financing sources outlined in the presentation included approximately US$670 million in cash and equivalents as of March 31, up to US$172 million from outstanding warrants if exercised in full, and a US$2.9 billion approved U.S. EXIM senior secured loan. The presentation stated that U.S. EXIM board approval was received on May 21, with the loan subject to execution of definitive documentation. The US$2.9 billion consisted of a US$2.4 billion direct loan for project construction, financial assurance and certain discretionary corporate and exploration costs, with the remainder for capitalized interest and fees. The presentation outlined up to US$3.6 billion of available capital, assuming full warrant exercise and the full US$2.9 billion of EXIM debt funding.

Additional milestones identified for 2026 included commissioning of the Idaho National Laboratory antimony pilot plant and a final investment decision. Perpetua had announced its partnership with Idaho National Laboratory on the antimony pilot plant in December 2025.

The presentation listed ongoing construction updates from 2026 through 2029, followed by commercial operations in 2029. These timelines were stated as being based on the latest permitting agency schedules and management expectations.

Ownership and Share Structure¹

The company has 125.1 million shares issued and outstanding. On an undiluted basis, Paulson & Co. owns 25.91%, Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) owns 6.41%, and JPMorganChase holds 2.23%.

About 45.73% is owned by institutions. The rest is held by retail.

The company trades within a 52-week range of CA$22.60 to CA$51.10 per share, commanding a market capitalization of approximately CA$4.0 billion.