Perpetua spent $32.3 million on capital projects in the six months ended June 30, up from $830,000 in the comparable period. For a company still advancing the Stibnite project, that spending is occurring before full construction of the project.
Operating cash flow was a $108.0 million outflow, versus a $32.2 million outflow a year earlier. Operating income fell to a $106.6 million loss from an $11.7 million loss, and net income moved to a $97.5 million loss from a $6.0 million loss.
The balance sheet gives the filing its more complicated shape. Cash rose 35% to $574.2 million, even as the business used more cash in operations. Diluted shares increased 63.6% to 125.1 million, so the company ended the period with more cash and a much larger share count while spending sharply more to advance the project.
Management tied the heavier spending directly to financing activity, financial-assurance requirements, and early construction work:
"Exploration and pre-development expenses during the three and six months ended June 30, 2026 were $103.9 million and $157.0 million, respectively, which was higher than both 2025 comparative periods, primarily due to an increase in spend following financings, financial assurance posting and commencement of early works construction."
10-Q, August 14, 2026
In plain English, Perpetua is no longer describing only exploration. It is paying for the work needed to get closer to a construction decision, and those costs are now large enough to dominate the income statement.
The company also disclosed that the spending phase may not be finished. Its board-approved costs are funded from cash on hand, while the next stage of construction depends on project financing:
"As such, our capital expenditures may increase significantly during the next 12 months to reflect the commencement of full construction and any such expenditures would be subject to the timing and nature of project financing."
10-Q, August 14, 2026
That sentence leaves two accounting lines pointing in opposite directions. Cash is higher at $574.2 million, while interest income was $14.5 million over six months; the filing attributed the higher interest income to higher average cash balances. But operating cash flow is deeply negative, and the company says capital expenditures may rise significantly as full construction begins.
The cash increase therefore is not the same thing as cash generation from the project. It sits alongside a 63.6% increase in diluted shares and a much larger operating spend.
The market context is less dramatic than the operating change: shares closed at $24.77 on August 13, down 2.0% that day, but up 42.6% over 12 months. Perpetua's P/E and cash-flow yield are listed as n/a here, so the filing's central question is operational rather than a tidy multiple comparison.
Perpetua's next quarterly report should provide the factual checkpoint: the balance of cash, operating cash flow, diluted shares, and capital expenditures after the company’s stated move toward full construction in the second half of 2026.
Perpetua is spending materially more ahead of construction while operating cash flow remains negative, according to its August 14, 2026 10-Q.