Perpetua Resources Finds High-Grade Gold at Stibnite
Perpetua Resources' Hole SB633 intercepted 109.7 meters at 3.2 g/t gold and 1.1% antimony—nearly double the project average—strengthening the Stibnite resource case. With $180 million in annual burn a
Perpetua Finds High-Grade Gold at New Stibnite Zone
NEW YORK, November 5 —
Perpetua Resources Corp. (PPTA) is closing a 16,000-meter campaign with one of Stibnite's broadest continuous gold-antimony intervals to date, yet the development-stage miner has missed Wall Street earnings estimates in each of its last four quarters by margins ranging from 115% to 1,267%, against zero revenue since 2009. The geological and geopolitical case is growing; the income statement is not.
- Hole SB633: 109.7 meters at 3.2 g/t gold and 1.1% antimony; grades more than double the project's life-of-mine average
- Army awarded up to $40 million over 36 months for a tungsten-concentrate study; only the first 18-month phase is committed
- $570 million cash against $167 million of annual FCF burn; trailing EPS of -$2.02 with no near-term revenue forecast
What SB633 Changes
Hole SB633 sits at the Fiddle prospect, south of the permitted Yellow Pine open pit, placing the new discovery outside Stibnite's existing mine footprint. That matters because expanding the resource beyond the already-permitted area requires additional permitting work. Per Perpetua's Nov. 4 announcement, the 109.7-meter intercept at 3.2 grams per tonne gold and 1.1% antimony begins 189 meters downhole; nearby, the Clark Tunnel Fault Zone returned 25.4 meters at 4.5 g/t gold and 25 meters at 2.3 g/t. At grades more than double the project's life-of-mine average, the Fiddle discovery extends the resource argument while also lengthening the development timeline if permitting must expand.
Three Commodities, One Balance Sheet
Perpetua's Stibnite Gold Project, the company's sole principal asset and an 11,526-hectare land package in Valley County, Idaho, now carries three commodity theses at once. The company, formerly named Midas Gold Corp. until a 2021 rebrand, operates with 47 employees and has never generated revenue. Gold and antimony were the original pillars; the Army's Defense Ordnance Technology Consortium added tungsten on Oct. 28, awarding Perpetua up to $40 million over 36 months to study whether the site can produce tungsten concentrate. The U.S. has not mined tungsten commercially since 2015. Only the first 18-month phase is committed; results from that phase determine whether the full contract materializes.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| PPTA | $2.0B | n/a | -25.0% |
| UAMY | $446M | 28.4x | -54.7% |
| NB | $433M | n/a | -50.9% |
| CRML | $943M | n/a | -40.9% |
| TMQ | $397M | n/a | -45.3% |
| IDR | $317M | 25.4x | -37.3% |
The Window Is Narrowing
The financial math is direct: with $570 million in trailing cash and $180 million in annual operating outflows, the runway runs approximately three years. The Oct. 26 SEC 8-K disclosed unregistered equity sales per filing, and short interest at 13.6% of float reflects continued skepticism about timing. Analysts price shares at $36.90 against $16.35; the gap closes only when Stibnite advances from geological argument to construction permit. The two nearest checkpoints are the first 18-month tungsten phase results and an updated resource estimate from the 2026 drilling campaign. Run the free Perpetua Resources Corp. deep-dive or model the scenario in a DCF calculator.
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Frequently Asked Questions
What grades did Perpetua find at Stibnite?
Hole SB633 returned a 109.7-meter intercept at 3.2 grams per tonne gold and 1.1% antimony, grades more than double the project's life-of-mine average. The discovery sits at the Fiddle prospect, south of the permitted Yellow Pine open pit.
Does the discovery require new permitting?
Yes. The Fiddle prospect sits outside the existing mine footprint, requiring additional permitting work to expand the resource beyond the already-permitted area.
How long is Perpetua's cash runway?
With $570 million in cash and $180 million in annual operating outflows, the runway is approximately three years. The company has never generated revenue since 2009.
What is the Army tungsten award?
The Defense Ordnance Technology Consortium awarded Perpetua up to $40 million over 36 months for a tungsten-concentrate study, though only the first 18-month phase is currently committed.
What commodities does Perpetua pursue?
Perpetua operates the Stibnite Gold Project, an 11,526-hectare property in Valley County, Idaho. The development-stage miner now pursues three commodity theses simultaneously: gold, antimony, and tungsten.
Perpetua Resources announced on Nov. 4, 2026, that its first drill hole at a newly identified zone returned gold and antimony at grades more than double Stibnite's life-of-mine average—completing a 16,000-meter campaign that follows the Army's second critical-mineral award in months. The discovery keeps expanding the geological case for a project that has never generated a dollar of revenue and has missed quarterly earnings estimates by between 115% and 1,267% in each of its last four reported periods.