New Gold Discovery in Idaho Returns 109.7 Meters at 3.2 g/t

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3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Perpetua Resources were compiled from the company's public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-10-22 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from 2026-04-29 through 2026-10-22 and excludes option exercises. These are public-source estimates and can differ from a later official register.

Key Investor Takeaways

• Perpetua Resources announced a new gold and antimony discovery at its Stibnite Gold Project in Idaho.
• Discovery hole SB633 at the Fiddle prospect intersected 109.7 meters grading 3.2 g/t gold and 1.1% antimony.
• Follow-up drilling traced mineralization at Fiddle across approximately 600 meters of strike length and more than 300 meters of vertical extent, with additional assays pending.
• Drilling at the Clark Tunnel Fault Zone returned 25.4 meters grading 4.5 g/t gold, including 7.8 meters grading 11.0 g/t gold.
• The Stibnite Gold Project contains approximately 4.8 million ounces of gold reserves, with projected average annual gold production of 463,000 ounces during the first four years.
• EXIM approved US$2.9 billion in project financing in May 2026, subject to definitive loan documentation and funding conditions. Perpetua reported US$574 million in unrestricted cash as of June 30, 2026.

New Gold Discovery and High-Grade Drilling at Stibnite

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) announced a new gold and antimony discovery at the Fiddle prospect and additional high-grade gold intercepts from the Clark Tunnel Fault Zone (CTFZ) at its Stibnite Gold Project in Idaho. The results followed the company's 2026 exploration drilling program, which included more than 16,000 meters of core drilling.

At Fiddle, approximately 750 meters south of the permitted Yellow Pine open pit, discovery hole SB633 intersected 109.7 meters grading 3.2 grams per tonne (g/t) gold and 1.1% antimony, beginning 189 meters downhole. Perpetua described the intercept as one of the broadest continuous intervals of gold and antimony mineralization recorded at Stibnite.

"At Fiddle, our initial hole returned broad, continuous mineralization at significant gold and antimony grades which confirm it as an important new discovery," said Jon Cherry, President and CEO of Perpetua Resources, in the company's news release.

Follow-up drilling traced the mineralized structure across approximately 600 meters of strike length and more than 300 meters of vertical extent. Another 21 holes totaling 6,188 meters were drilled along strike, with additional assay results pending.

At the CTFZ, hole SB606 intersected 25.4 meters grading 4.5 g/t gold, including 7.8 meters grading 11.0 g/t gold. Hole SB605 returned 25.0 meters grading 2.3 g/t gold. These results followed earlier drilling that included 6.4 meters grading 16.2 g/t gold and 1.7% antimony in hole SB580.

Perpetua had defined the CTFZ across approximately 200 meters of strike length and to a depth of 50 meters. Additional antimony and tungsten assay results for holes SB605 and SB606 remain pending. The company identified Fiddle and the CTFZ as priority exploration targets because of their proximity to the permitted Yellow Pine pit.

Gold Prices Hold Above US$4,100 as Critical Minerals Draw Attention

Encyclopedia Britannica described tungsten as "an exceptionally strong refractory metal" used in steelmaking, lighting, and industrial applications. The publication highlighted its high melting point, strength at elevated temperatures, and use in tungsten carbide tools, electronic components, and aerospace equipment. It also identified scheelite and wolframite as important tungsten-bearing minerals.

According to a November 4 report from Investing News Network, antimony had attracted increased attention because of its applications in defense, energy, and industrial manufacturing. The publication described the metal as "a niche but strategic investment theme" and reported that China, Russia, and Tajikistan accounted for approximately 85% of global mine production in 2025.

H.C. Wainwright analyst Heiko Ihle reiterated his "Buy" rating and a US$43.50 target on October 1.

U.S. reliance on imported antimony reached an estimated 91% of consumption in 2025, compared with 86% in 2024. Average antimony prices reached approximately US$25 per pound in 2025, more than double the previous year's average, amid supply restrictions and concentrated production.

Trading Economics reported on November 9 that gold had climbed above US$4,100 per ounce, extending gains from the previous week as weaker oil prices eased inflationary pressures. The publication noted that "expectations of a more hawkish Federal Reserve capped further upside" following stronger U.S. employment data. October job growth accelerated, while unemployment declined to 4.1%. Trading Economics also identified gold's established role as a safe-haven asset during periods of economic uncertainty, inflation, and geopolitical risk, with demand spanning investment, jewelry, and industrial applications.

Analysts Maintain Buy Ratings on Perpetua Resources

Recent analyst coverage of Perpetua Resources has remained positive, with several firms maintaining Buy ratings and price targets above the company's recent trading levels.

On August 3, B. Riley Securities analyst Soundarya Iyer initiated coverage with a Buy rating and a US$30.00 price target. H.C. Wainwright analyst Heiko Ihle followed on August 18 with a Buy rating and a US$43.50 target.

Scotiabank analyst Ovais Habib initiated coverage on September 1 with a Buy rating and a US$38.88 target, while RBC Capital analyst Harrison Reynolds reiterated a Buy rating on September 15 with a US$42.00 target.

More recent assessments included a September 29 Buy rating from Habib with a revised US$39.24 target and an October 1 reiteration from Ihle maintaining his US$43.50 target.

Financing, Exploration and Construction Milestones

The company received its final federal permit in May 2025, began early construction activities in October 2025, and selected Hatch as its engineering, procurement, and construction management contractor in December 2025. EXIM approved US$2.9 billion in project financing in May 2026, including approximately US$2.4 billion for construction, financial assurance, and related costs. The financing remains subject to definitive documentation and funding conditions. Perpetua also reported US$574 million in unrestricted cash as of June 30, 2026.

The company's updated Technical Report Summary estimated initial capital expenditures of US$2.576 billion and outlined a 15-year mine plan involving Yellow Pine, Hangar Flats, West End and historical tailings. The base-case model estimated average annual gold production of 463,000 ounces during the first four years and 296,000 ounces over the mine life, with all-in sustaining costs of US$498 and US$833 per ounce, respectively, net of by-product credits.

Exploration remains focused on extending gold and critical-mineral mineralization near existing deposits. Priority areas include Yellow Pine, Hangar Flats and West End, alongside targets at Garnet, Scout, Upper Midnight, Cinnamid-Ridgetop, Saddle-Fern, Rabbit, Mule, Salt & Pepper and Blow-out. The company also reported high-grade antimony and tungsten intercepts beneath Hangar Flats, where drilling was conducted to collect samples for metallurgical testing.

Separately, Perpetua commissioned an antimony pilot plant with Idaho National Laboratory and the U.S. Army in July 2026. The company had received more than US$87 million in government awards supporting antimony research, processing, engineering, and construction readiness. It is also reviewing antimony offtake opportunities with third parties.

Environmental restoration remains part of the development plan, including reprocessing approximately 10.5 million tons of historical tailings, restoring fish passage at Yellow Pine, and conducting reclamation and water treatment activities. The presentation estimated a post-operations closure period exceeding 10 years and approximately 25 years of water treatment.

Frequently Asked Questions About Perpetua Resources Stock and the Stibnite Gold Project

What is the latest news about Perpetua Resources stock?

Perpetua Resources announced a new gold and antimony discovery at its Stibnite Gold Project in Idaho on November 4, 2026. The company also reported additional high-grade gold drilling results from the Clark Tunnel Fault Zone following its 2026 exploration program.

What did Perpetua Resources discover at the Stibnite Gold Project?

Perpetua Resources reported a new gold and antimony discovery at the Fiddle prospect, approximately 750 meters south of the permitted Yellow Pine open pit. Discovery hole SB633 intersected 109.7 meters grading 3.2 grams per tonne (g/t) gold and 1.1% antimony.

How significant were the latest high-grade gold drilling results?

At the Clark Tunnel Fault Zone, drill hole SB606 returned 25.4 meters grading 4.5 g/t gold, including 7.8 meters grading 11.0 g/t gold. Hole SB605 intersected 25.0 meters grading 2.3 g/t gold. The results added to previously reported high-grade mineralization near the permitted Yellow Pine pit.

Where is Perpetua Resources' Stibnite Gold Project located?

The Stibnite Gold Project is located in central Idaho, United States. The project includes the Yellow Pine, Hangar Flats, and West End gold deposits, along with historical tailings identified for reprocessing.

How much gold does the Stibnite Gold Project contain?

Perpetua Resources' September 2026 investor presentation identified approximately 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.

How much gold is Perpetua Resources planning to produce?

The Stibnite Gold Project's 15-year mine plan estimated average annual gold production of 463,000 ounces during the first four years and 296,000 ounces over the life of the mine. These figures were projections from the company's Technical Report Summary, not historical production results.

Does Perpetua Resources mine antimony and tungsten as well as gold?

Perpetua Resources is developing the Stibnite Gold Project for gold and antimony production. Exploration also identified tungsten mineralization, including high-grade intercepts beneath Hangar Flats. Tungsten was not included in the project's current mine plan.

Has Perpetua Resources secured financing for the Stibnite Gold Project?

The Export-Import Bank of the United States approved US$2.9 billion in financing for the project in May 2026. The financing remained subject to definitive documentation and funding conditions. Perpetua also reported US$574 million in unrestricted cash as of June 30, 2026.

What are the estimated costs and economics of the Stibnite Gold Project?

The company's updated Technical Report Summary estimated initial capital expenditures of US$2.576 billion, including contingency. Its base-case economic model calculated an after-tax net present value of US$3.457 billion at a 5% discount rate and an after-tax internal rate of return of 23.5%, based on the model's commodity price assumptions.

When is the Stibnite Gold Project expected to begin production?

Perpetua Resources' September 2026 investor presentation scheduled the commencement of production for 2029. 

What exploration results are still pending at Stibnite?

Perpetua reported outstanding assays from additional drilling at the Fiddle prospect and Clark Tunnel Fault Zone, including antimony and tungsten analyses. The company continued processing and logging drill core following completion of more than 16,000 meters of drilling during its 2026 exploration program.

Do Perpetua Resources' new gold discoveries increase its mineral reserves?

The November 2026 drilling announcement reported additional gold and antimony mineralization but did not establish an increase in mineral reserves. Perpetua cautioned that exploration results did not guarantee additional resources or reserves and that further development remained subject to applicable environmental review and permitting requirements.