Perpetua Resources Corp. reported a net loss of $100.4 million for the fiscal year ended December 31, 2025, compared to a net loss of $14.5 million in 2024, primarily due to increased exploration and pre-development expenses. The company achieved significant milestones for its Stibnite Gold Project, including the U.S. Forest Service (USFS) issuing its Record of Decision (ROD) approving the Modified Mine Plan on January 3, 2025, and the U.S. Army Corps of Engineers (USACE) issuing its Clean Water Act (CWA) Section 404 permit on May 19, 2025. Early works construction for the Project commenced on October 21, 2025, following the posting of construction phase financial assurance and receipt of required notices from USFS, IDL, and USACE. The company raised $862 million in aggregate gross proceeds from several equity offerings between June and December 2025. The U.S. Export-Import Bank (U.S. EXIM) board initiated a 25-day Congressional Notice Period on March 30, 2026, for final approval of an approximately $2.7 billion senior secured loan for the Project's construction and development. The Stibnite Gold Project's updated Technical Report Summary (TRS) shows a base case unlevered, after-tax Net Present Value (NPV 5%) of $3.46 billion and an Internal Rate of Return (IRR) of 23.5% at consensus pricing. Total initial capital cost for the Project is estimated at $2,576 million, excluding debt service and other financing costs, with an adjusted total of $2,524 million net of pre-production revenue. Life-of-mine (LOM) recovered gold is projected at 4,223 thousand ounces (koz) and antimony at 106 million pounds (Mlbs) over 15 years. Average LOM All-In Sustaining Costs (AISC) are estimated at $833 per ounce of gold, net of by-product credits. The company had $714.2 million in cash and cash equivalents and $59.5 million in restricted cash as of December 31, 2025. Ongoing legal challenges include two federal lawsuits by environmental groups and the Nez Perce Tribe challenging federal project approvals, a putative federal class action lawsuit regarding capital expenditure statements, and a state lawsuit challenging an air permit. Perpetua Resources is focused on advancing the Project towards a full construction decision in the second half of 2026, finalizing remaining state permits, and securing project financing.