High-Grade Gold, Antimony and Tungsten Hits Add to Idaho Mine Construction Momentum

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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 continued critical path construction progress at its Stibnite Gold Project in central Idaho, where early works and construction activities are underway following federal approvals secured in 2025.

Essential components for the project's dual autoclaves are being fabricated at a custom facility in Europe following purchase orders submitted earlier this year. The long-lead equipment is intended for the Stibnite processing facility to optimize gold extraction.

Worker housing is also advancing. Temporary workforce housing is in place, while Perpetua is developing a permanent facility for the project's construction and operations workforce. As of August 24, 2026, approximately half of the ATCO-supplied modular units had been delivered to Stibnite, with the remaining units staged about 75 miles away in Cascade. Grading at the permanent facility location has been completed, and utilities have been installed.

Construction is continuing on the administrative pad area and the Burntlog Route. The initial administrative pad buildout will include administrative infrastructure, emergency services, and other support facilities. The U.S. Forest Service identified the Burntlog Route as the preferred alternative and environmentally preferred alternative under NEPA. Once completed, the route will serve as the main access to the project.

"We continue to see tangible progress at Stibnite," Jon Cherry, president and chief executive officer of Perpetua Resources, said in a company news release. "From the arrival of new infrastructure on site and advancements in equipment fabrication to exciting drilling results, this update demonstrates the momentum, focus, and disciplined execution our team is bringing to the project."

Exploration drilling is underway with four rigs, with approximately 5,800 meters completed of a new 10,000-meter drill program. Work includes continued testing of the Clark Tunnel Fault Zone, where recent drilling returned 6.4 meters grading 16.2 grams per tonne gold and 1.7% antimony from surface, as well as 15.0 meters grading 6.3 g/t gold and 0.8% antimony from a depth of 11 meters. Perpetua also reported a new gold-tungsten discovery of 21.3 meters grading 3.2 g/t gold and 0.9% tungsten from a depth of 24 meters.

At the Huckleberry Fault Zone, drilling and surface sampling returned broad intervals of gold mineralization, including 69.6 meters grading 0.8 g/t gold. Drilling at Hangar Flats included 3.0 meters grading 14.5 g/t gold, while deeper drilling returned 22.9 meters grading 3.2% antimony and 1.2% tungsten, 9.8 meters grading 8.3% antimony and 4.6% tungsten, and 3.4 meters grading 10.6% antimony and 1.5% tungsten. Any tungsten development would require separate environmental review and permitting outside the current project's scope.

Perpetua, the U.S. Army, and Idaho National Laboratory also held a ribbon-cutting ceremony on July 29, 2026, for a modular mineral processing plant at INL in Idaho Falls. The plant will initially process antimony samples from Stibnite into antimony trisulfide for military use. Since 2022, Perpetua has been awarded more than US$87 million from the U.S. Department of War and U.S. Army, including more than US$59 million in Defense Production Act funds and a recent US$4.7 million award that increased total Army funding under the ordnance technology initiative agreement to US$27 million.

On August 18, 2026, the U.S. District Court of Idaho upheld federal approvals for Stibnite while remanding a discrete issue involving incidental take statements to the U.S. Fish and Wildlife Service for clarification of monitoring and reporting measures. The remand does not require reconsideration of the agency's no-jeopardy findings. Plaintiffs have appealed the district court's decision, while Perpetua continues critical path construction activities.

Gold Market, Antimony, and Tungsten Hold Strong Yearly Gains Despite Rate Pressure

According to an August 28 report from Kitco News, gold came under selling pressure after Federal Reserve Chair Kevin Warsh emphasized inflation risks during his speech at the annual Central Bank Symposium in Jackson Hole, Wyoming. Spot gold traded at US$4,552.00 per ounce, down more than 1% on the day, as markets increased expectations for a potential interest rate increase.

Warsh said inflation remained the greater concern within the Federal Reserve's mandate. "We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do. That's our job . . . our mandate . . . and our charge to keep," he said.

Kitco also cited Jeffrey Roach, chief economist for LPL Financial, who said the remarks supported expectations for a continued tightening bias. "The distinctly hawkish speech gave support to the dollar as the chairman appears comfortable keeping policy higher for longer," Roach said.

Yahoo Personal Finance reported on August 31 that renewed military conflict in the Middle East and growing expectations for higher U.S. interest rates had weighed on precious metals. Gold futures opened at US$4,483.20 per troy ounce, down 1% from the previous close. Despite the decline, the opening price remained 9.3% higher than one month earlier and 30.6% higher than one year earlier.

The report distinguished between the two principal forms of gold pricing. "The two main gold prices investors should know about are spot prices and gold futures prices," Yahoo Personal Finance wrote. It described spot gold as the current market price per ounce for physical gold as a raw material, while futures represented exchange-traded contracts requiring a gold transaction at a specified price on a future date.

Trading Economics reported on September 1 that gold traded below US$4,450 per ounce and remained near two-week lows as higher oil prices and Warsh's remarks strengthened expectations for a U.S. rate increase. Markets had priced in a greater than 65% probability of a September increase, compared with about 36% before his remarks.

Despite the recent pullback, Trading Economics reported that gold had gained about 10% during August after the U.S. Treasury announced plans to double liquidity-support buybacks of longer-dated bonds. Its market data put gold at US$4,382.57 per ounce, with a monthly gain of 8.12% and a yearly increase of 24.04%.

According to Trading Economics, "Gold is one of the most widely followed precious metals and is often regarded as a safe-haven asset during periods of economic uncertainty, inflation, and geopolitical risk." The source said demand had been driven by financial markets, jewelry consumption, and industrial use, while gold was primarily traded through the over-the-counter London market and major exchanges.

According to August 31 pricing data, antimony was US$51.80 per kilogram, representing a 42.67% decline from one year earlier but a 25.36% increase over two years and a 165.91% increase over three years. The metal was also up 171.77% since the start of 2024. Antimony prices had been increasingly influenced by supply pressures and geopolitical developments, reflecting a market with concentrated production and sensitivity to supply disruptions and export controls. Antimony was used across flame retardants, lead-acid batteries, specialized alloys, electronics, and defense applications, while global production was estimated at approximately 80,000 to 90,000 tonnes annually. China had historically dominated both antimony mining and refining, with additional production coming from Russia, Tajikistan, Bolivia, Turkey, and Myanmar.

S&P Global Energy reported in its August Tungsten Market Report that tungsten had remained a strategic metal for industrial machinery and defense applications, while concentrated supply had increased its exposure to geopolitical and supply-chain risks. China accounted for approximately 80% of current mine production and about 85% of ammonium paratungstate production, while tungsten APT CIF prices had risen from US$83 per kilogram WO3 in January to US$340 per kilogram WO3 in July. "Concentration of mining and refining capacity in China makes tungsten sourcing vulnerable to geopolitical and supply chain risks," S&P Global stated. The report said cemented carbides accounted for nearly two-thirds of tungsten demand, connecting consumption with manufacturing, mining, and construction, while aerospace, defense, and semiconductor applications represented smaller but strategically important sources of demand. S&P Global also reported that available ex-China mine production totaled 22,000 metric tonnes of WO3 in 2026, leaving an estimated supply gap of approximately 21,000 tonnes WO3.

Analysts Maintain Positive Ratings

National Bank of Canada Capital Markets analyst Rabi Nizami reiterated an Outperform rating and CA$55.00 price target on May 22. He estimated that the US$2.9 billion EXIM financing package and US$670 million in first-quarter cash provided "a buffer of roughly US$494 million for early works, interim exploration, G&A, or potential cost overruns" compared with the year-end 2025 capital expenditure estimate of US$2.58 billion.

Nizami's own capital expenditure forecast was US$2.703 billion, approximately 5% above the technical report estimate of US$2.576 billion. National Bank had previously expected the company to raise another US$200 million in equity later in 2026, but Nizami said the larger financing facility could remove that need and described the loan's 13-year maturity as "a positive surprise." He also addressed renewed exploration following nearly a decade of limited activity, writing that "exploration potential is currently underrepresented in existing reserves and resources, given the company's prior focus on permitting and funding." His CA$55.00 target used a 1.0x NAV multiple.

Also on May 22, BMO Capital Markets analyst Brian Quast maintained an Outperform rating and CA$47.00 price target. Quast said the EXIM package and Perpetua's cash were "expected to fully fund the direct construction of the Stibnite Gold Project." BMO estimated capital expenditures at US$2.834 billion, compared with the company's US$2.576 billion estimate, while its CA$47.00 target was based on a 1.7x price-to-NPV multiple using a 5% discount rate.

Quast also increased his revenue forecasts to US$32 million for 2026 from US$19 million and to US$57 million for 2027 from US$18 million. He additionally noted the project's "potential sources of tungsten that could enhance the value of Perpetua's broader land package."

Roth Capital Partners analyst Mike Niehuser reiterated a Buy rating and US$32.00 price target on June 2. Following a May 18 site visit, Niehuser pointed to construction activity at Stibnite, including initial development of the alternate Burntlog Route, which he called "essential to keeping the project on schedule." He also noted that the US$2.9 billion EXIM loan package, including capitalized interest, combined with US$669.5 million in first-quarter cash, exceeded the project's US$2.576 billion construction budget.

Niehuser's valuation used a 0.90x price-to-NAV multiple, assigning US$24.90 per share to the project and US$6.27 per share for converting approximately half of the resources outside reserves at US$540 per ounce, for a combined US$31.17 per share. His US$32.00 target excluded tungsten credits and approximately US$5.35 per share in cash. He also identified Hangar Flats and Yellow Pine as remaining open at depth.

According to TipRanks, RBC Capital analyst Josh Wolfson issued a Buy rating with a US$42 price target on June 4.

B. Riley Securities analyst Soundarya Iyer initiated coverage with a Buy rating and US$30 target on August 3, while H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating with a US$43.50 target on August 18.

Construction, Financing, and Exploration Milestones

Perpetua's August 2026 investor presentation identified a final investment decision in 2026, ongoing construction updates from 2026 through 2029, and commencement of production in 2029 among the company's stated Stibnite milestones. The presentation also listed ongoing gold and critical minerals exploration activities during 2026.

Project financing remains another stated work stream. Perpetua reported US$574 million of unrestricted cash as of June 30, 2026, along with outstanding strategic investor warrants that could provide up to US$172 million if exercised in full. The U.S. Export-Import Bank approved a US$2.9 billion senior secured loan on May 21, 2026, comprising US$2.4 billion for project construction, financial assurance, and certain ancillary costs, with the remainder allocated to capitalized interest and fees during construction. The loan remains subject to execution of definitive documentation and satisfaction of applicable conditions.

Construction activities currently encompass several areas of the project. In addition to autoclave fabrication and worker housing development, the investor presentation identifies temporary camp work, site preparation, administrative pad preparation, and Burntlog Route construction among activities at Stibnite.

Exploration remains active under the 10,000-meter 2026 drill program. At the Clark Tunnel Fault Zone, Perpetua elected to continue testing near-surface mineralization within the permitted Yellow Pine pit footprint. At the Huckleberry Fault Zone, work is following broad gold mineralization immediately adjacent to the Yellow Pine reserve pit limits. Hangar Flats remains open at depth and along strike and is identified as a key focus of the 2026 drill program.

The broader exploration inventory includes areas northeast of the Yellow Pine deposit, below the Hangar Flats pit, and the former Defense Minerals Exploration Administration working area, and along strike and at depth at West End. The presentation also identifies Garnet, Scout, and Upper Midnight as high-grade targets; Cinnamid-Ridgetop, Saddle-Fern, and Rabbit as bulk-tonnage targets; and Mule, Salt & Pepper, and Blow-out as undefined airborne targets.

Perpetua is also engaged with third parties to review antimony offtake opportunities. The company's modular antimony pilot plant with Idaho National Laboratory and the U.S. Army opened in July 2026, with the facility designed to process Stibnite samples into antimony trisulfide for military use. The presentation lists more than US$87 million in U.S. government awards since 2022.

The company's government-funded critical minerals work includes obtaining additional core samples from Stibnite, conducting a pilot plant study to produce military specification antimony trisulfide, designing a full-scale process circuit, and delivering a modular pilot plant for Department of Defense use. Separate Defense Production Act work included environmental and engineering studies associated with permitting and construction readiness.

Ownership and Share Structure¹

The company has 125.1 million shares issued and outstanding. On an undiluted basis, Paulson & Co. owns 25.86%, Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) owns 6.4%, and JPMorganChase holds 2.23%.

About 47% is owned by institutions, about 6% by strategic investors, and about 1% by insiders and management. 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$4.23 billion.

Frequently Asked Questions

What is the latest news from Perpetua Resources and the Stibnite Gold Project?

Perpetua Resources reported continued critical-path construction at the Stibnite Gold Project in Idaho, including work on worker housing, the administrative pad, the Burntlog Route, and long-lead processing equipment. The company also continued its 2026 exploration drilling program with four drill rigs operating at the project.

How much drilling has Perpetua Resources completed at the Stibnite Gold Project in 2026?

Perpetua reported that approximately 5,800 meters of its planned 10,000-meter 2026 drill program had been completed. Drilling included work at the Clark Tunnel Fault Zone, Huckleberry Fault Zone, and Hangar Flats areas.

What gold results has Perpetua Resources reported from its 2026 drilling program?

Recent results from the Clark Tunnel Fault Zone included 6.4 meters grading 16.2 grams per tonne gold and 1.7% antimony from surface, along with 15.0 meters grading 6.3 grams per tonne gold and 0.8% antimony from a depth of 11 meters. At Hangar Flats, drilling returned a near-surface interval of 3.0 meters grading 14.5 grams per tonne gold.

Has Perpetua Resources discovered tungsten at the Stibnite Gold Project?

Perpetua reported a gold-tungsten discovery at the Clark Tunnel Fault Zone that returned 21.3 meters grading 3.2 grams per tonne gold and 0.9% tungsten from a depth of 24 meters. The company also reported tungsten alongside antimony in deeper drilling below the Hangar Flats reserve pit. Any development of tungsten would require separate environmental review and permitting outside the current project scope.

How much financing does Perpetua Resources have for Stibnite construction?

Perpetua's August investor presentation listed US$574 million in unrestricted cash as of June 30, up to US$172 million from outstanding strategic investor warrants if exercised in full, and an approved US$2.9 billion U.S. Export-Import Bank senior secured loan. The EXIM financing included US$2.4 billion for construction capital, with the remainder allocated to capitalized interest and fees during construction. The loan remained subject to execution of definitive documentation.

What is the construction budget for the Stibnite Gold Project?

The project's initial capital estimate, including contingency, was US$2.576 billion. The company's presentation identified more than US$3 billion of anticipated construction capital based on unrestricted cash, potential proceeds from outstanding warrants, and US$2.4 billion of construction capital from the approved EXIM loan.

When could the Stibnite Gold Project begin production?

Perpetua's August investor presentation identified a final investment decision in 2026, ongoing construction updates from 2026 through 2029, and commencement of production in 2029 among its listed project catalysts.

What is the Burntlog Route at the Stibnite Gold Project?

The Burntlog Route was identified by the U.S. Forest Service as its preferred and environmentally preferred alternative under NEPA. Construction was underway, and the route was planned to serve as the project's main access route once completed.

How much gold does the Stibnite Gold Project contain?

Perpetua's investor presentation listed 4.8 million ounces of gold reserves, 1.5 million ounces of measured and indicated gold resources and 1.6 million ounces of inferred gold resources. The reserves were calculated using a US$1,600-per-ounce gold price, while resources were calculated at US$1,500 per ounce.

How much antimony does the Stibnite Gold Project contain?

The company's presentation identified Stibnite as containing the only U.S. antimony reserve, totaling 149 million pounds. Perpetua also reported receiving more than US$87 million in U.S. government awards since 2022 related to antimony research, construction readiness, permitting and engineering.

What is Perpetua Resources doing with antimony from Stibnite?

Perpetua, the U.S. Army, and Idaho National Laboratory held a ribbon-cutting ceremony on July 29 for a modular mineral processing plant in Idaho Falls. The plant was initially intended to process Stibnite antimony samples into antimony trisulfide for military use. Perpetua's investor presentation also said the company was engaged with third parties to review antimony offtake opportunities.

What are analysts' price targets for Perpetua Resources stock?

The analyst targets cited in the article included US$32.00 from Roth Capital Partners, CA$55.00 from National Bank of Canada Capital Markets, CA$47.00 from BMO Capital Markets, US$42 from RBC Capital, US$30 from B. Riley Securities, and US$43.50 from H.C. Wainwright. The cited analysts maintained or issued Buy or Outperform ratings.