Perpetua Announces New Gold Discovery at Stibnite Gold Project & Continued High Grades from Clark Tunnel Fault Zone

Perpetua Resources Corp. (PPTA) announced the completion of its 2026 exploration program, which included more than 16,000 meters of core drilling. The company released initial assay results from the new Fiddle prospect and follow-up assays from the Clark Tunnel Fault Zone.

Key intercepts from the Fiddle prospect include:

• Fiddle SB633: 109.7 m from 189.0 m downhole at 3.2 g/t Au and 1.1% Sb; including 2.0 m at 10.5 g/t Au and 0.2% Sb from 218.9 m.
• Fiddle SB637: 37.4 m from 93.8 m at 0.7 g/t Au and 0.1% Sb, described as extending mineralization 110 m north.
• Fiddle SB643: 7.2 m from 96.7 m at 1.7 g/t Au and 0.5% Sb.
• Fiddle SB646: 6.0 m from 141.0 m at 0.3 g/t Au and 0.1% Sb.

Results from the Clark Tunnel Fault Zone (CTFZ) include:

• CTFZ SB606: 25.4 m from 12.6 m at 4.5 g/t Au; including 7.8 m at 11.0 g/t Au from 25.9 m. Additional separate intervals include 34.3 m at 1.1 g/t Au, 9.5 m at 0.5 g/t Au, 21.0 m at 0.5 g/t Au, 16.5 m at 0.4 g/t Au and 37.8 m at 1.0 g/t Au.
• CTFZ SB605: 25.0 m from 18.0 m at 2.3 g/t Au; plus 34.3 m at 1.1 g/t Au from 86.1 m.

Antimony and tungsten assays for SB605 and SB606 are pending. Assays for SB665 and SB671 at Fiddle are also awaiting results; while core logging identified stibnite and sulphides in those holes, no assay data has been reported. Additionally, no assays have been released for the 21 other Fiddle holes drilled along strike.

Perpetua Resources Corp. (PPTA) is an advanced developer, distinct from both grassroots explorers and active producers. The company’s equity stands at approximately US$3.06 billion, valued at US$24.49 per share, with the Stibnite construction path, a US$2.9 billion EXIM loan approval, and a 4.2 moz life-of-mine gold plan already factored into the price. Consequently, a new discovery at Fiddle is measured against this substantial existing net asset value base rather than that of a pre-resource junior.

The recent announcement marks a genuinely new target. The first drill hole at Fiddle returned an excellent-band intercept of 351 g/t Au with 1.1% Sb. The structure has been traced over a 600 m strike and 300 m vertical extent. Prior to the release, the stock was near its 52-week low at US$22.50 on Nov. 3. It closed at US$24.49 on Nov. 4, an increase of about 8.8%. The market was not priced for another strong result, as the prior August discovery run-up had previously round-tripped. This context frames the news as an unpriced positive rather than a priced disappointment.

However, one hole does not create a resource. Follow-up holes have been much weaker, and true width and cutoff criteria are absent. Antimony and tungsten assays, along with most Fiddle holes, remain pending. While the CTFZ results are high-grade and near surface, the zone is small and still being defined. The release adds material optionality to the Stibnite system and could support a higher resource or mine-life case if pending holes confirm width and grade. It does not yet change reserves or the current mine plan.

Perpetua Resources Corp. (PPTA) is developing the Stibnite Gold Project in central Idaho, a brownfield gold-antimony-tungsten deposit that holds an existing U.S. gold reserve and the only identified domestic antimony reserve. The company’s investor presentation outlines 4.8 million ounces of gold reserves and 149 million pounds of antimony reserves. Additionally, the project contains 1.5 million ounces of measured and indicated resources and 1.6 million ounces of inferred resources, alongside exploration targets at Yellow Pine, Hangar Flats, West End, Scout, Garnet, Upper Midnight, and Fiddle/CTFZ.

Recent financial data from the second quarter of 2026 reported US$574.2 million in unrestricted cash and a quarterly net loss of US$97.5 million. The company carries no debt and has 125.1 million shares outstanding. In May 2026, Perpetua secured a US$2.9 billion senior secured loan from the U.S. Export-Import Bank, which remains subject to definitive documentation. Construction and permitting activities are currently underway, with production targeted for 2029. This release focuses on exploration results rather than earnings or financing updates.