PPTA Q2 2026 - Preliminary Earnings Alert
Verdict
- No revenue, and none expected before the project is built. The $5.526m consensus revenue line has no counterpart anywhere in the statements of operations; Perpetua is a pre-construction developer.
- Net loss per share of $(0.78) against a $(0.19) consensus loss. The loss is $97.541m for the quarter, against $6.026m a year ago.
- No financial guidance given. The final investment and construction decision is still targeted for the second half of 2026, with the EXIM facility expected to close "later this year".
- The one thing that matters: the "miss" is an artifact — consensus cannot model expensed pre-development spend that swung from $10.966m to $103.922m in a year. What actually changed is the funding clock. Unrestricted cash fell $139.922m in six months to $574.249m while trade payables tripled to $46.717m, and the $2.9bn EXIM loan that underwrites construction is approved but still unsigned.
Consensus scorecard
| Metric / basis | Quartr actual | API Ninjas consensus | Beat/Miss | Beat/Miss % |
|---|---|---|---|---|
| Revenue | No revenue reported | $5,526,400 | Not comparable | — |
| EPS (GAAP basic and diluted, US$) | $(0.78) | $(0.19) | Miss $(0.59) | -310.5% |
Key metrics
| Metric | Reported | Prior year | Change |
|---|---|---|---|
| Net loss | $97.541m | $6.026m | +1,518% |
| Net loss per share | $(0.78) | $(0.08) | +875% |
| Exploration and pre-development | $103.922m | $10.966m | +848% |
| Interest income | $7.603m | $0.764m | +895% |
| Unrestricted cash | $574.249m | $714.171m (Dec 31) | -19.6% |
| Weighted average shares | 125.086m | 76.472m | +63.6% |
Restricted cash equivalents were $60.901m, against $59.550m at December 31.
Guidance changes
No financial guidance change disclosed.
Quality of earnings
- The entire loss is deliberate spend, not deterioration. Of the $106.578m operating loss, $103.922m is expensed exploration and pre-development as the Burntlog Route, worker housing and site works began; general and administration was $2.493m and depreciation $0.163m.
- Part of the same programme is being capitalised, so the expensed figure understates the ramp. Buildings and equipment, net rose from $1.838m to $41.823m over six months while $157.020m of half-year spend ran through the income statement.
- Two lines flatter and two lines hurt the comparison. Interest income of $7.603m on the cash pile offset the loss by more than a year ago ($0.764m), while grant income fell to $1.448m from $4.921m. Per-share deterioration is also softened by a 63.6% higher share count: the absolute loss grew 16.2x, the per-share loss 9.75x.
Gotchas & watch items
- Trade and other payables reached $46.717m from $13.565m at December 31, against $574.249m of unrestricted cash — a build that pulls forward cash demand ahead of any EXIM drawdown.
- The $2.9bn EXIM loan is board-approved but conditional on definitive documentation and conditions precedent, and the release says explicitly there is no assurance it closes or is sufficient to build the project.
- $28.9m of put premiums were paid in July and August for the right to sell up to 158,016 ounces of gold in 2031 at $3,000 — real cash out the door after quarter end, not in these numbers.
- The Ninth Circuit appeal of the Record of Decision challenge remains pending; the stay was denied on June 17, but the appeal itself is unresolved.
Event: https://web.quartr.com/companies/21643/events/666499/overview Retrieved: 2026-08-17T17:50:00Z Comparison mode: maximal · Scorecard contract: v1 The consensus row is dated three days before the release, and the transcript is not yet available.