Perpetua Resources

Q2 FY2026 EarningsQ2 FY26 reported a significant miss on bottom-line expectations: GAAP Net Loss was $97.5M vs. $61.5M expected, and GAAP EPS was -$0.78 vs. -$0.27 consensus. The variance was driven by an aggressive acceleration in exploration and pre-development spending ($103.9M) as the company fast-tracked engineering and early-works construction for the Stibnite Gold Project. Despite the earnings miss, the investment thesis is bolstered by the unanimous U.S. EXIM board approval of a $2.9B loan, providing a clear path to fully fund the $2.58B estimated construction costs.