Perpetua Resources Corp.
Perpetua Resources is constructing the Stibnite Gold Project in central Idaho, a roughly $1.3 billion open-pit gold-antimony mine expected to produce about 450,000 ounces of gold annually over its first four years from 4.8 million ounces of gold reserves; the project is backed by a $2.9 billion U.S. Export-Import Bank loan -- the fourth-largest in EXIM's history -- and the company held $669.5 million in cash as of March 31, 2026, after receiving final federal approval and commencing critical-path construction in 2026.
Notable vs. Peers
- Financials score of 10/10 is stronger than the peer average of 6.5/10.
- All-in sustaining cost of $833/oz is 54% lower than the peer producer average of $1,818/oz.
Lifecycle Milestones
Construction Milestones
3 of 5 reached- Reached — date not disclosed
- May 2026 · Source
- Reached — date not disclosed
- Not yet reached
- Not yet reached
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Not in place: mill, tailings facility, grid power.
Jurisdiction (40%)9/10
Idaho: Fraser PPI 2025 is 77.16 of 100 (rank 27 of 68), which maps to 9 on this site's scale. Idaho, United States — top-tier jurisdiction, further de-risked by the project's federal FAST-41 permitting designation, a completed US Forest Service Record of Decision, and a $2.9 billion US Export-Import Bank loan reflecting strong government support for the critical-minerals project.
Infrastructure (40%)2.9/10
No confirmed mill, confirmed road access, no confirmed grid power, and no confirmed tailings facility at Stibnite Gold Project, Valley County, Idaho.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Continental (Butte) (Montana Resources, LLP), 252 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score:8.2/10
Agnico Eagle Mines Limited holds 6.5% (reported 27 Oct 2025) See holders
An operating producer's stake scores 8 at 5%, rising to 10 at 20% (the take-over-bid threshold) and holding there up to 50%.
Weight 25% · 34% here - Distance to a producing mineSub-score:0/10
Nearest producing mine: Continental (Butte) (Montana Resources, LLP), 252 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 31% here - Lifecycle stageSub-score:7/10
Stage: Construction
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 20% here - JurisdictionSub-score:9/10
United States: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 9% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 6% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
President, Chief Executive Officer and Director of Perpetua Resources Corp., succeeding Laurel Sayer. 36+ years in the mining industry (permitting, capital raising, project development, joint-venture formation, operations), beginning as an engineering technician at Thompson Creek in Idaho. Most recently Chairman, President & CEO of PolyMet Mining Corp., where the NorthMet project received the EPA's highest-ever rating for a mining project and he negotiated a joint venture with Teck Resources, through PolyMet's real sale to Glencore. Earlier career: senior leader, Resolution Copper JV Project (Rio Tinto/BHP); General Manager, Rio Tinto's Eagle Mine; Senior Project Engineer, Rio Tinto Kennecott Utah Copper.
Chief Financial Officer of Perpetua Resources Corp. effective 1 Oct 2025, succeeding Jessica Largent (retired). 25+ years of finance, mining and capital-project experience. Career: 7 years as CFO of Alacer Gold Corporation, including a US$750M autoclave expansion at the Copler mine (Turkey) and 300%+ total shareholder return, through Alacer's 2020 merger with SSR Mining Inc. to create a US$5.0B diversified gold producer; CFO & Secretary of US Vanadium (2022-2025), immediately before Perpetua; 12 years in various financial leadership roles at Rio Tinto.
Senior Vice President, External Affairs of Perpetua Resources Corp., leading direct advocacy and social-license development for the Stibnite Gold Project. BA, Santa Clara University (1998-2002). Career: Associate, Principal (2006-2015) then Partner at Gallatin Public Affairs, before six years consulting for Midas Gold Idaho (Perpetua's predecessor company) and formally joining the team in 2017 as Director of Public Affairs, rising through VP of Public Affairs to VP/SVP External Affairs.
Senior Vice President, Technical Services of Perpetua Resources Corp., joined Dec 2025 after consulting to the Company for nearly two years as operations lead and subject-matter expert for processing and Pressure Oxidation. 30+ years of experience in design, construction, commissioning and operating complex mining/process operations across North and South America. Career: Process Manager, Pueblo Viejo mine (Dominican Republic, Barrick); most recently General Manager, Operations, Penasquito mine (Mexico, Newmont), immediately before consulting to Perpetua.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Two informed holders: Paulson & Company at 25.86% (31 Mar 2026), a long-standing discretionary backer, and Agnico Eagle at 6.5% from a cash strategic investment announced in October 2025. Sprott also appears, small, across two vehicles. Pulling the other way, insiders have been consistent net sellers -- fourteen open-market sales by six people in the last twelve months and no purchases at all -- which is why this is a 6 rather than an 8.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Perpetua Resources is developing the 100%-owned Stibnite Gold Project in Valley County, central Idaho, an open-pit gold mine that will also produce antimony. Indicated resources total 6,320,000 oz of gold, with no measured category, and include a probable reserve of 4.82 Moz; a further 1,611,000 oz is inferred. The S-K 1300 technical report summary effective 31 December 2025 shows an after-tax NPV5% of US$3.46B and a 23.5% IRR at US$3,250/oz gold, US$40/oz silver and US$10.00/lb antimony, with initial capital of US$2.58B, a 12-year mine life and an all-in sustaining cost of US$833/oz over years 1-15. In May 2026 the Export-Import Bank of the United States approved a US$2.9B senior secured 13-year loan facility which, with cash on hand, is expected to fully fund direct construction costs. Critical-path construction began in 2026, and a final investment decision is expected in the second half of 2026.
Balance sheet (in thousands of USD): Total liabilities $38,546, consisting of trade and other payables ($32,425), lease liabilities (current $811 + non-current $2,752), CWA settlement payable ($2,000 total), and reclamation liabilities ($558). No notes payable, credit facility, or the proposed EXIM Bank project loan (~$2.7B, not yet closed) on the balance sheet.