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CHARLOTTE, N.C., July 15, 2026 (GLOBE NEWSWIRE) -- USA News Group / Palladium spent the first half of 2026 falling out of favor. Prices dropped roughly 47% from their January high, and the metal now trades near $1,274/oz, well off the $2,195.50 peak posted in late January. For most of the market, that has been reason enough to look elsewhere.

The structural picture underneath the price, however, is not improving. Metals Focus expects total PGM mine supply to decline another 2.2% in 2026 to 13.9 million ounces, following production disruptions in South Africa and falling North American output. South African operations have been slow to recover from 2025 flooding, and palladium supply took a further hit when the Stillwater West mine in the United States was placed on care and maintenance. The world is producing less of this metal, not more, and roughly 70% to 80% of what does get produced comes out of Russia and South Africa.

Which is what makes the news out of southeast Greenland this week worth a second look.

Key Takeaways

Greenland Mines Ltd. (Nasdaq: GRML) reported the first S-K 1300-compliant Technical Report Summary ever prepared for Skaergaard, with an updated resource showing a 31% increase in Indicated palladium-equivalent ounces and grade improvements of 36% to 44%.

The upgrade came from the same drill database as the 2022 estimate. No new holes. A corrected block model and a current price deck did the work.

The conversion clears the way for an Initial Assessment, the SEC's equivalent of a PEA, which will evaluate an open-pit scenario at Skaergaard for the first time.

Same Rock, Different Answer

On July 15, 2026, Greenland Mines Ltd. (Nasdaq: GRML) reported that SLR Consulting (Canada) Ltd., the company's independent Qualified Person, completed a Technical Report Summary for the Skaergaard precious and critical metals project in southeast Greenland. The report conforms to the SEC's requirements under Subpart 229.1300 of Regulation S-K, and it is the first S-K 1300-compliant report ever prepared for the property.

Measured against the November 2022 NI 43-101 baseline, Indicated palladium-equivalent contained metal rose 31% from 11.41 Moz to 15.00 Moz PdEq, and Inferred rose 24% from 14.11 Moz to 17.49 Moz. Indicated PdEq grade climbed 36%, from 2.23 g/t to 3.04 g/t; Inferred grade climbed 44%, from 2.14 g/t to 3.07 g/t. The 2026 estimate carries an effective date of July 3, 2026.

The detail that deserves attention is what did not change. The 2026 estimate draws on exactly the same drill database as its predecessor, 93 diamond drill holes and 30 channel samples totaling 42,050 meters of drilling completed between 1989 and 2021. Not one new meter of core went into it.

Three things changed instead. The first is price. The 2022 estimate assumed gold at US$1,800/oz. The 2026 estimate assumes US$3,500/oz, alongside US$1,725/oz palladium and US$2,100/oz platinum, and swaps the old 1.43 g/t PdEq cut-off for a net smelter return cut-off of US$84 per tonne. The company identifies this as the primary driver of the higher reported grades.

The second is geometry, and it is the more interesting of the two. SLR's Qualified Person determined that the flat-panel Deswik methodology used previously was poorly suited to the shallow bowl-shaped geometry of the Skaergaard deposit, causing excess dilution that pushed material below cut-off. In plain terms, the old model was squaring off a curve, and every place the square did not fit the curve, real ounces were getting averaged into waste. SLR reverted to a standard block model with inverse-distance-cubed grade interpolation, the same interpolation used in 2022. The third change updated classification boundaries using a drill-spacing-based NSR approach.

The trade-off is visible in the tonnage. Indicated tonnes fell 3.4% to 153.6 Mt, Inferred fell 13.6% to 177.5 Mt. Fewer tonnes, higher grade, more contained metal. The company describes the result as a leaner but substantially more valuable resource, with a higher NSR value per tonne mined.

"This is a genuine and material step forward for Skaergaard," said Dr. Bo Møller Stensgaard, President of Greenland Mines Ltd. "We have taken the 2022 mineral resource, already substantial, applied current gold and palladium prices and an improved block model methodology that better reflects the true geometry of the deposit, and the result is a resource that is more than 31 percent larger in Indicated PdEq ounces with a grade 36 percent higher."

The Price Deck Is the Quiet Part

There is a wrinkle in the 2026 estimate that the release states plainly and does not dwell on. The resource assumes gold at US$3,500 per ounce. Gold was trading around $4,074 on the morning of the announcement. The deck the resource is built on sits roughly 14% below where the metal actually trades.

That cuts in the company's favor rather than against it. A resource modeled at a conservative price is a resource with less air in it, and the same rock run at spot would report differently again. The caveat is obvious: metal prices move in both directions, and a deck below spot today is not a promise about tomorrow. But as disclosure posture, using US$3,500 gold in a US$4,000 gold market is the opposite of aggressive.

The same restraint shows up in the mining assumption. The 2026 estimate was modelled entirely on underground costs, at US$32.17 per tonne, with processing at US$35 and G&A at US$16.67. Underground is the expensive way to take rock out of the ground. The company notes that as it advances evaluation of a potential open-pit scenario targeting near-surface mineralization on the northern plateau, there is a clear pathway to a more favorable cost structure.

Skaergaard's mineralization sits in seven stratiform horizons within the upper 90 meters of the Middle Zone, each typically two to five meters thick, and some of it sits at or near surface on the northern plateau. The resource, in other words, was costed as though all of it has to be mined the hard way, including the part that may not.

What S-K 1300 Actually Buys

The regulatory conversion is easy to file under housekeeping. It is not. S-K 1300 is the SEC's mining disclosure standard, and converting to it does three things. It establishes Skaergaard's Mineral Resources under the SEC's current standard, giving investors disclosure directly comparable to peer companies reporting under the same rules. It creates a compliant technical foundation from which the company can proceed to an Initial Assessment, the S-K 1300 equivalent of a PEA. And it sets up the IA to evaluate an open-pit scenario for the northern plateau, where mineralization occurs at or near surface.

That third point is the one that matters. As the company puts it, an open-pit first approach would typically offer materially lower capital and operating costs than an underground operation, potentially shortening the timeline to first production.

"The S-K 1300 conversion gives us the regulatory foundation to move directly into an Initial Assessment, which will, for the first time, formally evaluate what an open-pit scenario looks like at Skaergaard alongside underground options," Stensgaard said.

The inputs are being collected now. The 2026 field program includes drilling, bulk sampling, mapping and geotechnical work on the northeastern plateau and toward the west, areas the TRS identifies as having near-surface open-pit potential. A contract with Nordisk Fundering covers roughly 7,500 meters of helicopter-supported diamond core drilling this season.

Skaergaard sits about 400 km west of Iceland with direct sheltered deep-water fjord access and a nearby gravel airstrip, a position the company frames as its North Atlantic Critical Metals Corridor. The deposit also carries elevated titanium, vanadium and gallium in the surrounding iron-oxide sequence, described as potential by-product credits subject to further technical evaluation. Greenland Mines holds an 80% interest in the three Mineral Exploration Licenses covering Skaergaard through its subsidiary Major Precious Greenland A/S, with an option on the remaining 20%.

The Company Skaergaard Keeps

Greenland has become a jurisdiction that Western governments talk about in strategic terms rather than geological ones, and Greenland Mines is not the only company being carried by that current.

Critical Metals Corp. (Nasdaq: CRML) is the closest thing Skaergaard has to a jurisdictional twin. Its flagship Tanbreez project sits in southern Greenland and shares the same year-round deep-water fjord shipping access. The company closed its acquisition of the final 50.5% interest in Tanbreez in April 2026, bringing ownership to 92.5%, and has since launched a 10,000-meter diamond drilling campaign. On July 8, 2026, it retained Clear Street as financial advisor to evaluate value-maximizing pathways centered on accelerating Tanbreez. Shares have surged 757% over the past year. Tanbreez is a rare earth story and Skaergaard is a PGM story, so the two are not substitutes. What they share is a bet that Greenland's geology and its geopolitics are about to be priced together.

Perpetua Resources Corp. (Nasdaq: PPTA) shows where the road leads when Washington takes a critical-metals story seriously. Its Stibnite Gold Project in Idaho pairs a 4.22 Moz gold deposit with 106 million pounds of antimony, a mineral where China controls roughly 80% of global supply. The U.S. Export-Import Bank finalized a $2.9 billion loan for the project in May 2026, and construction is underway with initial production targeted for late 2029. The parallel to Skaergaard is structural rather than geological: both are precious-metals deposits whose strategic by-product changes the conversation.

Ivanhoe Mines Ltd. (TSX: IVN) (OTCQX: IVPAF) is the reality check on scale. Its Platreef mine in South Africa is the rare PGM project actually ramping into production rather than studying its way toward it. Shaft #3 completed on schedule in late March 2026, lifting hoisting capacity roughly fivefold to about 5.0 Mtpa, and ground broke on the Phase 2 concentrator on April 9. Phase 2 is expected to lift output more than fourfold, to over 450,000 ounces of platinum, palladium, rhodium and gold annually from Q4 2027. Ivanhoe is a producer with tier-one assets and a market capitalization to match, which is exactly why it is useful here: it is the yardstick, not the peer.

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) is the by-product argument in corporate form. The company runs the White Mesa Mill in Utah, the only fully licensed conventional uranium mill operating in the United States, and has widened it into rare earths, vanadium and heavy mineral sands. In June 2026 it secured a conditional $725 million loan commitment from the U.S. Office of Strategic Capital and agreed to acquire German magnet maker Vacuumschmelze for roughly $1.9 billion. Skaergaard's titanium, vanadium and gallium credits remain unevaluated, and Energy Fuels illustrates how a company builds value out of the metals that come up alongside the main event. Note that UUUU shares have declined over 7% year-to-date and trade near the bottom of their 52-week range, a reminder that a strong strategic position and a strong chart are different things.

These four are included for industry context only. None is a proxy for Greenland Mines, and their performance says nothing about how Skaergaard will fare.

The Next Chapter

The case for Skaergaard has never been that it is a small, clever deposit. It is that it is a very large one, sitting in a jurisdiction that has become strategically interesting to the Western alliance at the exact moment palladium supply is contracting.

What this week's report changes is the paperwork, and paperwork is what has been missing. A large resource nobody can compare to anything is a curiosity. A large resource reported under the same SEC standard as every other U.S.-listed developer is an asset that can be underwritten, financed and studied.

"Skaergaard is advancing fast, this release is proof of that," Stensgaard said. "The resource is bigger, the grade is higher, and the next chapter starts now."

What has to happen next is straightforward to state and hard to do. The 2026 field season has to deliver the drilling, metallurgical and geotechnical inputs. The Initial Assessment has to be completed. And the open-pit scenario on the northern plateau has to survive contact with real engineering. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability, and no economic study has been completed on Skaergaard.

For now, the market gets a simpler fact to sit with. The same 42,050 meters of core that were in the ground in 2022 are in the ground today. The rock did not change. The estimate did, and it got 31% bigger.

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FORWARD-LOOKING STATEMENTS

The following forward-looking statements are reproduced from Greenland Mines Ltd.'s news release dated July 15, 2026:

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by words such as "believe," "expect," "anticipate," "intend," "plan," "potential," "could," "may," "will," "should," "estimate" and similar expressions. These forward-looking statements include, but are not limited to, statements regarding the expected benefits of the S-K 1300 conversion; the potential of the Skaergaard Project; the anticipated results of the 2026 field program; the timing and scope of an Initial Assessment; the potential to evaluate open-pit and underground mining scenarios; potential by-product credits from vanadium, gallium and titanium; and the Company's North Atlantic Critical Metals Corridor strategy. These statements involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update any forward-looking statement except as required by applicable law.

CAUTIONARY NOTE REGARDING MINERAL RESOURCES

The 2026 Mineral Resource Estimate referenced in this article was prepared by SLR Consulting (Canada) Ltd., an independent Qualified Person as defined under S-K 1300, in accordance with the U.S. Securities and Exchange Commission's Modernized Property Disclosure Requirements for Mining Registrants under Subpart 229.1300 of Regulation S-K, with an effective date of July 3, 2026, and is disclosed in the Technical Report Summary prepared for the Skaergaard Project. The Technical Report Summary will be filed as an exhibit with the SEC. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The 2026 Mineral Resource Estimate is reported on a 100% ownership basis; Greenland Mines Ltd. holds an 80% interest in the Mineral Exploration Licenses comprising the Project through its subsidiary Major Precious Greenland A/S. Mineral Resources are estimated using long-term prices of US$3,500/oz gold, US$1,725/oz palladium and US$2,100/oz platinum, and assume metallurgical recoveries of 86% palladium, 89% gold and 80% platinum; these are assumptions and not forecasts, and actual metal prices and recoveries may differ materially. Comparisons to the November 2022 NI 43-101 mineral resource estimate are provided for reference only; the two estimates were prepared under different reporting standards using different price assumptions, cut-off criteria and modelling methodologies, and are not directly comparable. No preliminary economic assessment, pre-feasibility study, or feasibility study has been completed on the Skaergaard Project. Statements regarding a potential open-pit mining scenario are conceptual, have not been the subject of any completed economic study, and there is no certainty that any such scenario will prove economically viable. There is no certainty that the Mineral Resources disclosed will be converted to Mineral Reserves or that an economically viable mining operation can be established. Potential by-product credits from titanium, vanadium and gallium are subject to further technical evaluation and no economic value should be ascribed to them at this time.

DISCLAIMER:

Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed for Market Equities Limited, a company incorporated under the laws of Ireland ("MEL"), which wholly owns and operates USA News Group. MEL has been paid a fee for Greenland Mines Ltd. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of Greenland Mines Ltd., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. MEL and/or its owner/operators also own shares of Greenland Mines Ltd. which were purchased in the open market and reserve the right to buy and sell shares of Greenland Mines Ltd. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MEL has been reviewed and approved on behalf of Greenland Mines Ltd. by CDMG. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

A Junior Explorer Just Mapped 37,000 Hectares of Critical-Minerals Ground From the Air, and the Drill Targets Come Next PR News

Perpetua Resources is transitioning from a typical gold developer to a strategic U.S. gold/antimony project with sovereign-style financing and early construction underway. PPTA's Stibnite Gold Project benefits from a $2.9B EXIM Bank loan, robust cash reserves, and key permits, materially reducing financing and permitting risk. The project features a 15-year mine plan with 4.22M oz gold and 106M lbs antimony, low AISC, and strategic alignment with U.S. critical mineral priorities.

Updated Project Economics demonstrate Stibnite as a premier gold-antimony asset with base case after-tax NPV5% of $3.5 billion at $3,250/oz gold, increasing to $6.1 billion NPV5% at $4,500/oz gold1

Cash balance of $714 million at year-end together with proposed $2.2 billion direct loan, if approved, would fund all estimated direct capital costs, ongoing exploration & corporate costs

, /PRNewswire/ - Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or "Perpetua" or the "Company") announced today the Board of the Export-Import Bank of the United States ("U.S. EXIM") unanimously agreed to notify Congress of a proposed $2.7 billion senior secured long-term loan for development of Perpetua's Stibnite Gold Project ("Stibnite" or "Project"). The proposed total comprises a direct loan of approximately $2.2 billion and the remainder for capitalized interest and fees. The proposed loan directly supports the goals and objectives of U.S. EXIM's Make More in America ("MMIA") program.

This decision triggers a 25-day notice period to Congress and is the last formal step before U.S. EXIM's Board will vote on final approval, which Perpetua anticipates shortly after the notice period ends. If the proposed loan is approved, the Company would have sufficient capital, together with the $714 million of cash on hand at year end, to finance the estimated capital cost of $2,576 million to build the Project per the updated Technical Report Summary ("TRS") as of December 31, 2025.2

"Today's decision marks the final phase of EXIM approval," said Jon Cherry, President & CEO of Perpetua Resources. "We've worked diligently with U.S. EXIM for over two years on a financing solution aimed at strengthening America's supply chains, creating jobs right here at home, and fortifying national security. This puts Perpetua on track for a Final Investment Decision later this year. We are also pleased to publish updated project economics reflecting current commodity prices as well as capital and operating cost estimates as of the end of 2025. Assuming a $4,500/oz gold price, the updated model reports Stibnite's unlevered, after-tax project NPV of $6.1 billion and after-tax IRR of 32.3% reaffirming Stibnite as a premier gold-antimony project."

Perpetua advises the notification to Congress of the proposed loan does not represent a financing commitment from U.S. EXIM. A final funding commitment, if any, is conditional upon the satisfaction of certain conditions, including final approval by the U.S. EXIM Board following the notification period to Congress. The loan, if approved, is expected to be comprised of a direct loan of approximately $2.2 billion for construction of the Project, financial assurance and certain discretionary corporate and exploration costs, with the remainder representing capitalized interest and fees. Based on the Congressional review timeline and U.S. EXIM process, the Company anticipates a final vote on the loan by the Board of U.S. EXIM shortly after the notice period ends. Funding under the loan would be subject to finalization of definitive loan documents and satisfaction of all conditions to closing and drawdown, which the Company anticipates could occur in the second half of 2026.

Technical Report Summary (TRS) Updated to December 31, 2025

In connection with the filing of the Company's 2025 Annual Report on Form 10-K with the U.S. Securities Exchange Commission, Perpetua Resources published an updated TRS, which reflects current commodity pricing as well as capital and operating cost estimates for the Project as of December 31, 2025. The Company previously published a Technical Report Summary, dated as of December 31, 2021, and amended as of June 6, 2022 (the "2022 TRS"). The economic information in the 2022 TRS was supplemented by an updated cash flow model published by the Company on February 13, 2025 ("Financial Update"). The TRS updates and replaces, as of December 31, 2025, the 2022 TRS and Financial Update.

Since announcing the Financial Update in February 2025, Perpetua has advanced project engineering and has made significant progress in financing the future development of the Stibnite Gold Project. Key achievements include obtaining all permits to commence early-works construction, posting construction stage financial assurance with federal and state agencies, commencing early works construction in October 2025, welcoming significant new strategic investors (Agnico Eagle Mines Limited & JPMorganChase) and strengthening the Company's management and operations team.

The most notable updates from the 2022 TRS and the Financial Update include the following:

The TRS incorporates engineering designs developed during the basic engineering phase completed in 2025, including design improvements to the mineral processing plant, site infrastructure, and tailings management. Perpetua estimates overall project engineering was approximately 45% complete as of December 31, 2025. The TRS incorporates updates derived from recent and ongoing environmental baseline studies, permitting application submittals and authorizations, and other environmental compliance and regulatory activities. The study also integrates cost and technical data derived from signed contracts (including Hatch, ATCO) and active contract negotiations across construction, professional services, and capital equipment procurement as of December 31, 2025. The TRS presents revised operating costs, capital costs, taxes and various long-term metal price assumptions based on consensus estimates provided by a survey of international investments banks. The economic analysis reflects cost estimates for construction and operations, as well as current and consensus commodity pricing for sales, each as of December 31, 2025. The TRS does not revise any of the Mineral Reserves or Mineral Resources reported in the 2022 TRS and no material changes were made to the Company's proposed mine plan as reported in the 2022 TRS and approved in the U.S. Forest Service's 2025 Final Record of Decision. The economic model in the TRS has been prepared using consistent methodology as previously presented in the Financial Update. The TRS includes a revised capital cost estimate of $2.576 billion as of December 31, 2025, as well as certain increases in sustaining capex and operating costs in response to industry-wide inflationary pressures including increased input costs, geopolitical uncertainty and potential tariffs. The Company notes the revised project capital budget excludes pre-production revenues anticipated prior to the declaration of commercial production. Engineering, contracting and early works construction activities are ongoing, and may result in revisions to the costs, figures, methods and assumptions presented in the TRS as they progress.

Despite the increased costs, the Company's base case economics have improved due to higher gold price assumptions. Incorporating both updated metal price assumptions and updated capital and operating cost estimates, the Project exhibits compelling project economics across a range of different gold price scenarios. Using long-term consensus pricing of $3,250/oz gold, $10/lb antimony and $40/oz silver, the base case reported a $3.5 billion unlevered, after-tax NPV5% and 23.5% project IRR. Assuming a $4,500/oz gold price, the TRS presents an unlevered after tax NPV5% of $6.1 billion and IRR of 32.3%.  

Summarized results are presented below for reference:

ECONOMIC HIGHLIGHTS1,2

Production & Cost Highlights

Early Production

Years 1-4

Life-of-Mine

Years 1-15

Recovered Gold Total (Koz) 

1,852

4,223

Recovered Antimony3 Total (Mlbs) 

69.1

106.5

Recovered Gold Annual Average (Koz) 

463

296

Cash Costs (net of by-product credits, $/oz)4 

$250

$581

Total Cash Costs (net of by-product credits, $/gold oz)5

$311

$650

All-in Sustaining Costs (net of by-product credits, $/oz)6 

$498

$833

Initial Capital, including contingency ($M)7 

$2,576

Early Production

Years 1-4

Life-of-Mine

Years 1-15

Assumptions: ($3,250/oz Au, $10.00/lb Sb, $40/oz Ag) – Base Case8

After-tax Net Present Value 5%9

$3.5 billion

Annual Average EBITDA10

$1,347 million

$766 million

Annual Average After-Tax Free Cash Flow (FCF) 11

$1,111 million

$607 million

Internal Rate of Return (After-tax)12

23.5 %

Payback Period in Years (After-tax) 

2.4 years

Assumptions: ($4,000/oz Au, $10.00/lb Sb, $40/oz Ag)

After-tax Net Present Value 5%9

$5.0 billion

Annual Average EBITDA10

$1,685 million

$983 million

Annual Average After-Tax Free Cash Flow (FCF) 11

$1,373 million

$775 million

Internal Rate of Return (After-tax)12

29.0 %

Payback Period in Years (After-tax) 

2.1 years

Assumptions: ($4,500/oz Au, $10.00/lb Sb, $40/oz Ag)

After-tax Net Present Value 5%9

$6.1 billion

Annual Average EBITDA10

$1,910 million

$1,128 million

Annual Average After-Tax Free Cash Flow (FCF) 11

$1,547million

$887million

Internal Rate of Return (After-tax)12

32.3 %

Payback Period in Years (After-tax) 

1.9 years

Assumptions: ($5,000/oz Au, $10.00/lb Sb, $40/oz Ag)8

After-tax Net Present Value 5%9

$7.1 billion

Annual Average EBITDA10

$2,136 million

$1,273 million

Annual Average After-Tax Free Cash Flow (FCF) 11

$1,722 million

$999 million

Internal Rate of Return (After-tax)12

35.3 %

Payback Period in Years (After-tax) 

1.8 years

(1) For additional information regarding the updated TRS, including underlying assumptions and risks, see the TRS and Annual Report on Form 10-K for the year ended December 31, 2025, filed March 31, 2026

(2) Assumes 100% equity financing. 

(3) Antimony is a chemical element included on the U.S. Interior Department's list of Critical Minerals.

(4) Cash Costs consist of mining costs, processing costs, mine-level G&A and by-product credits. By-product credits calculated based on flat $10/lb Sb and $40/oz Ag pricing. Cash Costs are a non-GAAP measure. See Non-GAAP Measures at the end of this release.

(5) Total Cash Costs consist of Cash Costs, royalty costs, treatment costs, refining costs, and transportation costs. By-product credits calculated based on flat $10/lb Sb and $40/oz Ag pricing. Total Cash Costs is a non-GAAP measure. See Non-GAAP Measures at the end of this release 

(6) AISC includes Total Cash Costs plus sustaining capital costs. By-product credits calculated based on flat $10/lb Sb and $40/oz Ag pricing. AISC is a non-GAAP measure. See Non-GAAP Measures at the end of this release.

(7) Initial Capital, reflects estimated total capital expenditures of $2,576 million as of December 31, 2025, including a contingency of $191.9 million, but exclusive of pre-production revenue.

(8) Base Case corresponds to long-term average metal price forecast of global investment banks as of December 31, 2025, and long-term average price forecasts for silver and antimony.

(9) Net Present Value (NPV) is defined as the present value of future after-tax cash flows of the project discounted at an annual rate of 5%. Assumes a combined state and federal effective tax rate of approximately 26.45%.

(10) EBITDA consists of total revenue minus operating costs, offsite charges and royalties. EBTIDA is a non-GAAP measure. See Non-GAAP Measures at the end of this release.

(11) After-Tax Free Cash Flow consists of EBITDA as adjusted for changes in net working capital, all capital expenditures (initial, sustaining, and closure capital expenditures), and salvage value, less taxes payable. Free Cash Flow is a non-GAAP measure. See Non-GAAP Measures at the end of this release.

(12) Internal rate of return (IRR) is defined as the after-tax discount rate at which the NPV of the Project reaches zero. Assumes a combined state & federal effective tax rate of approximately 26.45%.

Annual Report 2025 Highlights and 2026 Outlook

On March 31, 2026, Perpetua filed its annual report for 2025 reporting on a year of critical permitting, financing and development milestones. These included the U.S. Forest Service's issuance of the Final Record of Decision and approval of the Plan of Operations for the Project, over $850 million of equity financing raised, posting of approximately $160 million of construction phase financial assurance with federal and state agencies, and commencement of early works construction at Stibnite on October 21, 2025.  Perpetua completed basic engineering in January 2025 and progressed detailed engineering for the Project throughout 2025, appointing Hatch Ltd. as the EPCM contractor in December to manage key project components including the processing plant, pressure oxidation facility, and certain other in-scope infrastructure, utilities and facilities. Perpetua executed key contracts to progress engineering and construction readiness during the year, including a procurement contract with Idaho Power for critical long-lead power line items and a contract with ATCO for the design, construction and installation of camp housing.

Looking ahead to 2026, the Company's highest priority near-term key objective remains closing the proposed senior secured loan with U.S. EXIM to finance the construction and development of the Project. Meanwhile, detailed engineering, contracting, and procurement continue as the Company plans to be construction-ready in the second half of 2026. Expanding in-house expertise through additions to management and the operational team will further support construction and operational readiness.

Key priorities outside of construction are focused on advancing downstream antimony processing and offtake discussions and ramping up Project-wide exploration. While many exploration targets represent opportunities to expand current gold and antimony resources and reserves, Perpetua is also seeking to validate potential tungsten opportunities at the Project given extensive historical production. Additional environmental review and permitting may be required to proceed with certain opportunities, if they are available and depending on their scope. Additional information on 2026 goals and objectives can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the Securities and Exchange Commission and with Canadian securities regulators on March 31, 2026.

About Perpetua Resources and the Stibnite Gold Project

Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Stibnite Gold Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Antimony trisulfide from Stibnite is the only known domestic reserve of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types.

FORWARD-LOOKING INFORMATION 

Investors should be aware that the U.S. EXIM notification to Congress does not represent a financing commitment from U.S. EXIM and is subject to approval of the proposed loan by the U.S. EXIM board following the 25-day notice period.  There can be no assurance that the board of U.S. EXIM will approve the proposed loan after the notice period, or at all, that we will be able to successfully negotiate definitive loan documents to close the loan or that, if closed, any funding provided by U.S. EXIM will be sufficient for us to construct the Project.  Further, release of funding under any such commitment would be subject to the satisfaction of certain conditions and covenants by the Company. 

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding the review process, anticipated timing and potential outcome of the Company's U.S. EXIM financing application and notification to Congress; the amount of potential debt financing available to the Company through U.S. EXIM or otherwise; timing of anticipated milestones related to the Project and financing; ongoing funding and anticipated liquidity; our ability to comply with, obtain and defend permits related to the Project; the expected outcomes of the Project, including our mineral reserves and mineral resources; environmental clean-up actions by us and our contractors; the expected commercial demand for antimony and the Company's ability to supply it; our ability to successfully implement and fund the Project; the occurrence of the expected benefits from the Project; the realization of benefits from strategic partnerships; the timing and results of future exploration and material sampling by the Company, including with respect to tungsten; plans for the design and construction of the Project; the viability of the Project; expected construction, development and operating costs in the event that a production decision is made; planned exploration and development of properties and the results thereof; and development of any additional resources and reserves and the permitting requirements with respect to any such additional resources and reserves. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, the U.S. EXIM financing application will close and fund within the expected timeframe at the amount equal to or higher than the current indicative amount; that the U.S. EXIM board will approve the proposed loan on substantially the terms initially indicated by the U.S. EXIM board and that the Company will be able to satisfy the conditions to signing and closing of the U.S. EXIM loan and to receive committed funds when needed; that the Company's proposed financing package will be sufficient to finance permitting, pre-construction and construction of the Stibnite Gold Project or that the Company will be able to secure alternate financing if necessary; that the Company will be able to maintain compliance with covenants contained in its financing agreements or that may be contained in future financing agreements; that the Company will be able to satisfy additional bonding or financial assurance requirements in the future; that no pending or future litigation will result in the loss of any permits or material delay to the Project schedule or a material increase to Project costs; and that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that its other  corporate activities will proceed as expected. Forward-Looking Information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in construction, operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedarplus.com. Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. 

Cautionary Statement Regarding Reserve and Technical Information 

The reserves information in respect of the Stibnite Gold Project in this news release is based upon information contained in the technical report titled "Stibnite Gold Project, S-K 1300 Technical Report Summary, Valley County, Idaho, USA," dated as of December 31, 2025 (the "TRS"), developed for the Stibnite Gold Project in accordance with the mining property disclosure rules specified in Regulation S-K subpart 1300 ("S-K 1300") promulgated by the SEC and published on March 31, 2026. Such information is as of December 31, 2025 and is subject to the assumptions, exclusions and qualifications set forth in the TRS. For additional information regarding the TRS, investors are encouraged to refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026. Data regarding domestic antimony reserves based on U.S. Geological Survey, Mineral Commodity Summaries, dated as of January 2026. 

Qualified Persons: The technical information in this press release has been reviewed and approved by Christopher Dail, AIPG CPG #10596, Exploration Manager for Perpetua Resources Idaho, Inc. and James Norine, P.E., Senior Vice President, Projects for Perpetua Resources Idaho, Inc. and each meet the definition of a "qualified person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") and in S-K 1300. Mr. Dail and Mr. Norine are not responsible for statements attributed to officers and directors of the Company or third parties, or other non-technical information in this press release. 

Non-GAAP Measures

This news release includes disclosure of certain non-GAAP financial measures or ratios, including expected Cash Costs, Total Cash Costs, All-In Sustaining Costs (AISC), Average Annual EBITDA and Annual Average Free Cash Flow (FCF) with respect to the expected results of the Project. The Company uses these measures to evaluate the Company's future operating performance and provide visibility into the economics of our future mining operations. We believe the projected non-GAAP financial measures included in this news release provide readers with additional meaningful comparisons between the Company's Project and its peer companies. These projected non-GAAP financial measures are not historical measures of financial performance and are not presented in accordance with GAAP. They may exclude items that will be significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative or superior to GAAP measures. You should be aware that these measures have no standardized meaning under GAAP and may not be comparable to similarly-titled measures used by other companies.

We define "Cash Costs" as the sum of mining costs, processing costs, mine-level G&A and by-product credits; we define "Total Cash Costs" as the sum of Cash Costs, royalty costs, treatment costs, refining costs, and transportation costs; we define "All-In Sustaining Costs" as the sum of Total Cash Costs and sustaining capital costs (all costs required to sustain operations); we define earnings before interest, taxes and depreciation and amortization (EBITDA) as total revenue minus operating costs, offsite charges and royalties; we define "Free Cash Flow" as EBITDA as adjusted for changes in net working capital, all capital expenditures (initial, sustaining, and closure capital expenditures), and salvage value; and we define After-Tax FCF as FCF less taxes payable. FCF does not entirely represent cash available for discretionary expenditures due to the fact that the measure does not deduct payments required for debt service and other items. Annual averages of non-GAAP measures represent the total value of the non-GAAP measure divided by the number of years during the forecast period.

As the Project is not in production, the prospective non-GAAP financial measures are based on the estimated revenues, costs and other metrics set forth in the TRS, and are subject to the assumptions, qualifications and exceptions set forth in the TRS. The economic analysis in the TRS is not a true cash flow model as defined by financial accounting standards but rather a representation of Project economics at a level of detail appropriate for a pre-feasibility study level of engineering and design. As such, the projected non-GAAP measures included in this news release cannot be reconciled to comparable GAAP measures without unreasonable effort.

The non-GAAP financial measures included in this news release are forward-looking statements and remain subject to the risks and uncertainties set forth in the section titled "Forward-Looking Information" in this news release.

_____________________________

1 Net Present Value (NPV) is defined as the present value of future after-tax cash flows of the project discounted at an annual rate of 5%. All NPV calculations reflect antimony and silver pricing of $10/lb and $40/oz, respectively. Please refer to Technical Report Summary section below for additional information.

2 TRS filed as exhibit 96.1 to the Company's annual report on Form 10-K for the year ended December 31, 2025.

SOURCE Perpetua Resources Corp.

Posted by Defense World Staff on Apr 5th, 2026

Perpetua Resources Corp. (NASDAQ:PPTA – Get Free Report) insider Jonathan Cherry sold 4,079 shares of the business’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $29.31, for a total transaction of $119,555.49. Following the sale, the insider owned 44,895 shares in the company, valued at $1,315,872.45. The trade was a 8.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Perpetua Resources Price Performance Shares of PPTA opened at $29.43 on Friday. The company has a 50-day simple moving average of $30.05 and a 200-day simple moving average of $26.81. The company has a market capitalization of $3.67 billion, a PE ratio of -28.03 and a beta of 0.15. Perpetua Resources Corp. has a 52-week low of $8.84 and a 52-week high of $37.37.

Perpetua Resources (NASDAQ:PPTA – Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.60). On average, research analysts anticipate that Perpetua Resources Corp. will post -0.21 EPS for the current year.

Wall Street Analysts Forecast Growth PPTA has been the topic of several research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Perpetua Resources in a research note on Thursday, January 22nd. B. Riley Financial lifted their price objective on Perpetua Resources from $30.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, March 18th. Finally, HC Wainwright boosted their target price on Perpetua Resources from $30.00 to $41.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $35.00.

Check Out Our Latest Stock Analysis on Perpetua Resources

Hedge Funds Weigh In On Perpetua Resources A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Purpose Unlimited Inc. purchased a new stake in shares of Perpetua Resources in the fourth quarter valued at about $1,798,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Perpetua Resources by 318.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 13,930 shares of the company’s stock worth $337,000 after purchasing an additional 10,601 shares in the last quarter. Invesco Ltd. raised its position in shares of Perpetua Resources by 3.6% during the 4th quarter. Invesco Ltd. now owns 49,849 shares of the company’s stock worth $1,207,000 after purchasing an additional 1,755 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of Perpetua Resources by 59.3% during the 4th quarter. NewEdge Advisors LLC now owns 84,280 shares of the company’s stock worth $2,040,000 after purchasing an additional 31,375 shares during the last quarter. Finally, Yaupon Capital Management LP purchased a new stake in Perpetua Resources in the 4th quarter valued at approximately $4,612,000. Institutional investors and hedge funds own 70.07% of the company’s stock.

About Perpetua Resources (Get Free Report)

Perpetua Resources Inc (NASDAQ: PPTA), formerly known as eCobalt Solutions Inc, is a mineral exploration and development company focused on critical metals that support the global clean-energy transition. The company’s primary objective is to advance its flagship Idaho Cobalt Project, a permitted underground mine located near Stibnite, Idaho. This project is designed to produce cobalt, copper, gold and silver, with an emphasis on providing responsibly sourced materials to North American battery and technology markets.

In addition to its Idaho Cobalt Project, Perpetua Resources holds exploration licenses and mineral tenures across the United States and Canada.

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Posted by Defense World Staff on Apr 10th, 2026

Accordant Advisory Group Inc acquired a new stake in shares of Perpetua Resources Corp. (NASDAQ:PPTA – Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 67,733 shares of the company’s stock, valued at approximately $1,640,000. Perpetua Resources accounts for about 1.1% of Accordant Advisory Group Inc’s investment portfolio, making the stock its 22nd largest holding. Accordant Advisory Group Inc owned about 0.05% of Perpetua Resources at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Private Trust Co. NA bought a new position in Perpetua Resources in the third quarter worth approximately $35,000. Aventura Private Wealth LLC bought a new position in Perpetua Resources in the fourth quarter worth approximately $48,000. Farther Finance Advisors LLC bought a new position in Perpetua Resources in the third quarter worth approximately $52,000. Jones Financial Companies Lllp raised its position in Perpetua Resources by 50.7% in the third quarter. Jones Financial Companies Lllp now owns 2,751 shares of the company’s stock worth $58,000 after acquiring an additional 925 shares during the period. Finally, Harbor Investment Advisory LLC raised its position in Perpetua Resources by 519.6% in the third quarter. Harbor Investment Advisory LLC now owns 3,098 shares of the company’s stock worth $63,000 after acquiring an additional 2,598 shares during the period. 70.07% of the stock is currently owned by institutional investors.

Analyst Ratings Changes Several research analysts have weighed in on PPTA shares. HC Wainwright reiterated a “buy” rating and issued a $41.00 price target on shares of Perpetua Resources in a research report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Perpetua Resources in a research note on Thursday, January 22nd. Finally, B. Riley Financial increased their price objective on shares of Perpetua Resources from $30.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, March 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $35.00.

Read Our Latest Research Report on PPTA

Insiders Place Their Bets In other news, insider Jonathan Cherry sold 4,079 shares of the stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $29.31, for a total value of $119,555.49. Following the completion of the sale, the insider directly owned 44,895 shares of the company’s stock, valued at $1,315,872.45. This represents a 8.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mckinsey Margaret Lyon sold 8,699 shares of the firm’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $29.53, for a total transaction of $256,881.47. Following the transaction, the insider directly owned 142,329 shares of the company’s stock, valued at $4,202,975.37. The trade was a 5.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 56,500 shares of company stock valued at $1,581,853. Corporate insiders own 1.50% of the company’s stock.

Perpetua Resources Price Performance Shares of NASDAQ PPTA opened at $30.13 on Friday. The firm has a fifty day moving average price of $29.73 and a 200-day moving average price of $27.08. The stock has a market cap of $3.76 billion, a PE ratio of -28.70 and a beta of 0.15. Perpetua Resources Corp. has a 1 year low of $10.64 and a 1 year high of $37.37.

Perpetua Resources (NASDAQ:PPTA – Get Free Report) last announced its quarterly earnings data on Tuesday, March 31st. The company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.60). On average, research analysts expect that Perpetua Resources Corp. will post -0.21 EPS for the current year.

Perpetua Resources Company Profile (Free Report)

Perpetua Resources Inc (NASDAQ: PPTA), formerly known as eCobalt Solutions Inc, is a mineral exploration and development company focused on critical metals that support the global clean-energy transition. The company’s primary objective is to advance its flagship Idaho Cobalt Project, a permitted underground mine located near Stibnite, Idaho. This project is designed to produce cobalt, copper, gold and silver, with an emphasis on providing responsibly sourced materials to North American battery and technology markets.

In addition to its Idaho Cobalt Project, Perpetua Resources holds exploration licenses and mineral tenures across the United States and Canada.

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Posted by Defense World Staff on Apr 27th, 2026

NexGen Energy (NYSE:NXE – Get Free Report) and Perpetua Resources (NASDAQ:PPTA – Get Free Report) are both mid-cap basic materials companies, but which is the superior stock? We will contrast the two businesses based on the strength of their institutional ownership, valuation, analyst recommendations, earnings, profitability, risk and dividends.

Volatility & Risk NexGen Energy has a beta of 1.44, meaning that its stock price is 44% more volatile than the S&P 500. Comparatively, Perpetua Resources has a beta of 0.15, meaning that its stock price is 85% less volatile than the S&P 500.

Earnings and Valuation This table compares NexGen Energy and Perpetua Resources”s revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio NexGen Energy N/A N/A -$221.63 million ($0.38) -32.63 Perpetua Resources N/A N/A -$100.39 million ($1.05) -27.75 NexGen Energy is trading at a lower price-to-earnings ratio than Perpetua Resources, indicating that it is currently the more affordable of the two stocks.

Analyst Recommendations This is a summary of recent ratings and target prices for NexGen Energy and Perpetua Resources, as reported by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score NexGen Energy 1 1 4 0 2.50 Perpetua Resources 2 0 6 0 2.50 Perpetua Resources has a consensus price target of $35.00, indicating a potential upside of 20.11%. Given Perpetua Resources’ higher possible upside, analysts plainly believe Perpetua Resources is more favorable than NexGen Energy.

Profitability This table compares NexGen Energy and Perpetua Resources’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets NexGen Energy N/A -16.68% -11.37% Perpetua Resources N/A -20.02% -19.57% Insider & Institutional Ownership 42.4% of NexGen Energy shares are held by institutional investors. Comparatively, 70.1% of Perpetua Resources shares are held by institutional investors. 5.6% of NexGen Energy shares are held by company insiders. Comparatively, 1.9% of Perpetua Resources shares are held by company insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a stock will outperform the market over the long term.

About NexGen Energy (Get Free Report)

NexGen Energy Ltd., an exploration and development stage company, engages in the acquisition, exploration, and evaluation and development of uranium properties in Canada. It holds a 100% interest in the Rook I project that consists of 32 contiguous mineral claims totaling an area of 35,065 hectares located in the southwestern Athabasca Basin of Saskatchewan. The company is headquartered in Vancouver, Canada.

About Perpetua Resources (Get Free Report)

Perpetua Resources Corp. engages in the exploration and development of mineral properties in the United States. The company primarily explores for gold, silver, and antimony deposits. Its principal asset is the 100% owned Stibnite Gold project, which includes 1,672 unpatented lode claims, mill sites, and patented land holdings covering an area of approximately 11,548 hectares located in Valley County, Idaho. The company was formerly known as Midas Gold Corp. and changed its name to Perpetua Resources Corp. in February 2021. Perpetua Resources Corp. was incorporated in 2011 and is headquartered in Boise, Idaho.

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Issued on behalf of Western Star Resources Inc.

A CMETC-eligible flow-through financing, a €200,000 European IR mandate, and a DIBC application land in the same week — under eight months before the U.S. defense procurement cliff for Chinese tungsten.

VANCOUVER, British Columbia, May 13, 2026 (GLOBE NEWSWIRE) -- Canada News Group News Commentary — Canada’s critical minerals strategy has spent the last three years building toward a single proposition: the country has the tax framework, the listing venues, and the geological endowment to underwrite Western tungsten supply at a moment when the United States cannot. The tape is now starting to test that proposition. Rotterdam ammonium paratungstate (APT) is changing hands near US$3,185 per metric tonne unit — up roughly 350% year-to-date and approximately 900% over the trailing 12 months — while a January 1, 2027 federal procurement rule will bar Chinese, Russian, Iranian, and North Korean tungsten from key U.S. defense applications.[1] China still controls roughly 80% of global mine supply and has restricted exports to 15 approved firms through 2027.[1] The U.S. has had no commercial tungsten mine production since 2015.[1]

Against that setup, Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) has, over a roughly six-week stretch, executed a sequence that reads less like a junior explorer’s standing news flow and more like a deliberate effort to price into the reshoring trade through the Canadian tax and listing infrastructure: a U.S. Defense Industrial Base Consortium (DIBC) application targeting tungsten, a 12-month European investor relations mandate with Plutus Invest & Consulting GmbH commencing May 1, 2026, and a non-brokered flow-through financing eligible for the Canadian Critical Mineral Exploration Tax Credit (CMETC).[1]

The Canadian Tax Architecture, Applied to a U.S. Asset

The financing component is structurally interesting. Western Star announced a non-brokered private placement of 833,333 flow-through common shares at $0.60 per FT Share for gross proceeds of $500,000.[1] The proceeds are earmarked for Canadian exploration expenses (“CEE”) that qualify as flow-through mining expenditures related to the Company’s Western Star Project, with proceeds also expected to qualify for the CMETC.[1] The flow-through shares carry a four-month-and-one-day statutory hold period, with the offering subject to CSE approval.[1]

The mechanism matters for two reasons. First, CMETC eligibility broadens the pool of Canadian investors willing to fund critical-mineral exploration by attaching enhanced after-tax economics — a 30% non-refundable tax credit on top of the standard 100% CEE deduction — to the subscription. The timing of WSR’s financing aligns it with a recent, specific policy change: tungsten was added to the CMETC’s list of eligible critical minerals on November 4, 2025 (Budget Day 25), with the expansion enacted into law when Bill C-15 (the Budget 2025 Implementation Act, No. 1) received Royal Assent on March 26, 2026. The expanded list — which also added bismuth, cesium, chromium, fluorspar, germanium, indium, manganese, molybdenum, niobium, tantalum, and tin — applies to flow-through share agreements entered into after Budget Day 25 and on or before March 31, 2027.[12] WSR’s FT agreement, entered into in the run-up to its May 1, 2026 announcement, sits squarely inside that window.

Second, the proceeds are directed to work on the Company’s British Columbia Western Star Property — a nine-claim, 4,740-hectare package in the Revelstoke mining division — even while the flagship Rowland Tungsten Property sits in Elko County, Nevada.[2] The structure aligns Canadian fiscal incentives with the dual-jurisdiction asset base Western Star has assembled, with the Nevada flagship positioned to address the U.S. defense supply gap and the British Columbia ground qualifying for the Canadian tax credit.

A DIBC Submission Ahead of Washington Meetings

The DIBC is managed by Advanced Technology International on behalf of the U.S. Department of War (DoW), and issued its critical minerals request for project proposal in February 2026.[1] Western Star’s submission focuses on tungsten (WO3) and is anchored to the past-producing Rowland property in the Jarbidge mining district of Nevada.

CEO and President Blake Morgan stated in the May 1, 2026 release: “Western Star Resources is pleased to support DIBC initiatives focusing on strategic critical minerals. Our team will be traveling to Washington in May for meetings to discuss our past-producing tungsten asset. We believe this asset offers significant upside and look forward to demonstrating its potential as we approach our maiden drill program in 2026.”[1] Historical Rowland production, as reported in Western Star’s news releases dated November 5, 2025 and April 9, 2026, consists of 4.5 tons of ore at 3.38% WO₃ shipped in 1943 and approximately 1,000 tons of ore at 0.5–1.0% WO₃ produced from 1954 to 1956.[2]

The Company is at an early stage; no current NI 43-101 mineral resource has been established at Rowland, and historical production does not constitute a current mineral resource estimate.[2] The maiden drill program is planned for 2026. The scientific and technical information regarding Rowland has been reviewed and approved by Jasper Mowatt, MAusIMM, a Qualified Person as defined by National Instrument 43-101.[2]

The European IR Channel

Western Star also entered into a 12-month investor relations and marketing services agreement with Plutus Invest & Consulting GmbH of Bremen, Germany, dated April 28, 2026 and commencing May 1, 2026.[1] The mandate covers advertorial marketing, an advertisement-based investor awareness campaign focused on the European investment market, financial-news portals, investor newsletters, paid digital advertising, and sponsored articles and video interviews.[1] The Company has agreed to pay Plutus a fee of €200,000 payable on commencement of services, with the term ending April 30, 2027. The engagement is subject to certain conditions including submission of all required forms to the Canadian Securities Exchange.[1]

The European channel is a deliberate piece of the architecture. Tungsten reshoring is a U.S. policy story but the metal’s industrial customer base is global, and German automotive, aerospace, and machine-tool manufacturers are themselves dependent on non-China tungsten supply. The Plutus mandate positions the Company for European market awareness during the back half of 2026 and through Q1 2027 — precisely the window during which the January 1, 2027 U.S. federal procurement rule will be taking effect and Western Star’s maiden drill program will be generating its first modern technical results from Rowland.

The Rowland 2026 Work Program

On March 23, 2026, Western Star disclosed preparations to mobilize for the first modern exploration program at the past-producing Rowland Tungsten Property.[3] The 2026 spring work program is designed to advance the project toward drill targeting and includes: rock sampling of all historically disturbed areas identified through LiDAR analysis to verify historical grades, define mineralized zones, and establish vectors toward higher-grade mineralization; orientation soil sampling to evaluate the effectiveness of soil geochemistry ahead of a potential larger-scale survey; and a high-resolution UAV magnetic survey at 50-metre line spacing — representing the first modern geophysical survey on the property.[3]

The LiDAR review has identified over 17 historical open pits, trenches, shafts and adits.[3] The Company has indicated that extensive historical workings are expected to classify the project as previously disturbed, which is expected to streamline the permitting process.[3] The Rowland property is road accessible, located approximately 6 miles southwest of Jarbidge, and tungsten mineralization has been traced over 2 kilometres — the full length of the existing property package.[3] Mineralization is hosted in skarn zones up to 100 feet wide, developed along intrusive contacts, with scheelite as the primary tungsten mineral alongside molybdenite, powellite, chalcopyrite, and pyrite within a garnet-epidote skarn system.[3]

In Morgan’s words on March 23: “With the start of the spring field season coinciding with strong tungsten prices, we are ideally positioned to initiate the maiden exploration program at Rowland.”[3] Morgan also noted that since the Company acquired the project, tungsten prices have “experienced a meteoric rise in value moving from $600 range to as high as $2400” per MTU.[3] APT prices have continued higher since.

CONTINUED… Read the full article and stay updated on Western Star’s developments here

In other news circulating across the tungsten and critical minerals supply-chain reshoring trade:

American Tungsten Corp. (CSE: TUNG) (OTCQB: TUNGF) (FSE: RK90) on May 5, 2026 reported the first results from drilling on the Zero Level of the IMA Mine in Lemhi County, Idaho — a past-producing underground tungsten mine on 22 patented claims that produced approximately 199,449 MTUs of WO3 between 1945 and 1957.[4] CEO Ali Haji stated the initial Zero Level results “are highly encouraging and validate our approach to revitalizing the Ima Mine,” noting that intersecting multiple high-grade tungsten-bearing veins, including both historical and newly identified structures, “underscores the significant untapped potential of the property.”[4] On March 25, 2026, American Tungsten had reported initial drilling results from the second drill station on the D-Level of the IMA Mine, with highlights including 28.3 ft @ 0.39% WO3, 26.2 ft @ 0.33% WO3, and 10 ft @ 0.80% WO3, and Phase 1 drilling completing 23 holes (~7,800 ft) across D- and Zero levels.[5] On March 3, 2026, the Company had also reported positive results of initial metallurgical test work conducted by Sepro Laboratories with head grade averaging 1.1% WO3.[6]

Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) on May 8, 2026 announced first quarter 2026 financial results and highlighted continued progress at the Stibnite Gold Project, a gold-antimony-silver redevelopment in central Idaho that the Company describes as the only identified domestic reserve of antimony.[7] The Company reported that the U.S. Export-Import Bank advanced a proposed approximately US$2.7 billion senior secured loan to a final board vote — capital that, if approved, would combine with US$669.5 million of cash to cover the project’s US$2,576 million direct capital costs.[7] Perpetua also confirmed the final Stream Alteration Permit and final IPDES permit for wastewater discharges were received in early 2026, and that EPCM duties have transitioned to Hatch Ltd.[7]

NioCorp Developments Ltd. (Nasdaq: NB) on April 9, 2026 entered into a non-binding agreement with Traxys North America outlining a long-term marketing and offtake arrangement for the remaining planned critical minerals products from the Elk Creek Critical Minerals Project in southeast Nebraska.[8] The agreement, if finalized, would make Traxys the exclusive offtake and marketing partner for all planned production from Elk Creek during the first 10 years of operation, with the exception of the ferroniobium tranche allocated to ThyssenKrupp. NioCorp had earlier in Q1 2026 priced a U.S. public offering for gross proceeds of approximately $100 million and begun excavation of its $44.6 million Mine Portal Project, with the company indicating that a formal groundbreaking will follow completion of overall project financing. The Company’s U.S. Export-Import Bank application for up to $780 million in project financing remains under active consideration.[8]

Critical Metals Corp. (Nasdaq: CRML) on April 30, 2026 closed the transfer of the remaining 50.5% interest in Tanbreez Mining Greenland A/S, bringing total ownership to 92.5% in what the Company describes as one of the world’s largest known deposits of heavy rare earth elements.[9] On May 5, 2026, Critical Metals received Greenland Government approval for its 70% acquisition of 60° North ApS, a Greenland-based provider of construction, logistics, drilling, and project development services.[10] On May 12, 2026, the Company highlighted that the proposed joint-venture refinery in Romania, which is expected to process approximately 50% of Tanbreez concentrate output, is anticipated to become a strategic supplier of hafnium to the European Union, NATO member states, and the United States.[11]

The pattern across these names is consistent. Western capital — Canadian flow-through structures, EXIM debt, U.S. preferred equity, EU-aligned offtake — is being marshaled to anchor non-China supply across tungsten, antimony, niobium, scandium, heavy rare earths, and the rest of the critical-minerals stack. The market, in turn, is repricing the operators positioned to deliver inside the window before procurement bans take force. With a DIBC submission filed, an EU investor campaign launched, and a maiden drill program at a past-producing U.S. tungsten asset on the 2026 schedule, Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) is positioned to keep building news flow into the back half of 2026.

CONTINUED… For more information about Western Star Resources Inc., visit their website here

CONTACT:

Canada News Group
[email protected]
(604) 265-2873

SOURCES

Western Star Resources Inc. — “Western Star Resources Submits Application in Response to Solicitation from the U.S. Defense Industrial Base Consortium; Engages Plutus Invest & Consulting GMBH for Investor Relations Services,” company news release, May 1, 2026; and “Western Star Files Application With U.S. Defense Industrial Base Consortium as Tungsten Prices Rip and the West Scrambles for Non-China Supply,” GlobeNewswire, May 4, 2026, https://www.globenewswire.com/news-release/2026/05/04/3286787/0/en/Western-Star-Files-Application-With-U-S-Defense-Industrial-Base-Consortium-as-Tungsten-Prices-Rip-and-the-West-Scrambles-for-Non-China-Supply.htmlWestern Star Resources Inc. news releases dated November 5, 2025 and April 9, 2026.Western Star Resources Inc. — “Western Star Resources Announce the First Modern Exploration Program at the Past Producing Rowland Tungsten Property, in Elko, Nevada, USA,” March 23, 2026.American Tungsten Corp. — “American Tungsten Confirms High-Grade Tungsten Mineralization from Initial Zero Level Underground Drilling at Ima Mine,” May 5, 2026.American Tungsten Corp. — “American Tungsten Extends Strike Length of Tungsten Mineralization at IMA Mine, Idaho, U.S.,” March 25, 2026, https://americantungstencorp.com/news/american-tungsten-extends-strike-length-of-tungsten-mineralization-at-ima-mine-idaho-u-s/American Tungsten Corp. — initial metallurgical test work results from Sepro Laboratories, March 3, 2026.Perpetua Resources Corp. — “Perpetua Resources Announces First Quarter 2026 Financial Results,” May 8, 2026.NioCorp Developments Ltd. — Traxys North America offtake agreement announcement, April 9, 2026; U.S. public offering priced February 24, 2026 and closed February 25, 2026; Mine Portal Project excavation commenced March 4, 2026.Critical Metals Corp. — “Critical Metals Corp. Closes Acquisition of Final 50.5% Interest in Tanbreez, Bringing Current Ownership to 92.5%,” GlobeNewswire, April 30, 2026, https://www.globenewswire.com/news-release/2026/04/30/3284849/0/en/Critical-Metals-Corp-Closes-Acquisition-of-Final-50-5-Interest-in-Tanbreez-Bringing-Current-Ownership-to-92-5.htmlCritical Metals Corp. — “Critical Metals Corp. (NASDAQ: CRML) Secures Greenland Government Approval for 70% Acquisition of 60° North ApS, Accelerating Development of World-Class Tanbreez Project,” GlobeNewswire, May 5, 2026, https://www.globenewswire.com/news-release/2026/05/05/3287919/0/en/Critical-Metals-Corp-NASDAQ-CRML-Secures-Greenland-Government-Approval-for-70-Acquisition-of-60-North-ApS-Accelerating-Development-of-World-Class-Tanbreez-Project.htmlCritical Metals Corp. — “CRML Set to Become the Market Leader for Hafnium Production and Supply Security Taking Away China’s Current 75% Market Share,” GlobeNewswire, May 12, 2026, https://www.globenewswire.com/news-release/2026/05/12/3292835/0/en/CRML-Set-to-Become-the-Market-Leader-for-Hafnium-Production-and-Supply-Security-Taking-Away-China-s-Current-75-Market-Share.htmlGovernment of Canada — Budget 2025: Canada Strong (November 4, 2025) proposed the expansion of the Critical Mineral Exploration Tax Credit (CMETC) eligible critical minerals list to include tungsten (along with bismuth, cesium, chromium, fluorspar, germanium, indium, manganese, molybdenum, niobium, tantalum, and tin). The expansion was enacted by Bill C-15 (Budget 2025 Implementation Act, No. 1), which received Royal Assent on March 26, 2026. Applies to flow-through share agreements entered into after Budget Day 25 (November 4, 2025) and on or before March 31, 2027. DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. CanadaNewsGroup.com is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for Western Star Resources Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares Western Star Resources Inc., and may liquidate their shares which could have a negative effect on the price of the stock. Previous compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ do not own any shares of Western Star Resources Inc. but reserve the right to buy and sell, and will buy and sell shares of Western Star Resources Inc. at any time hereafter without any further notice. We also expect further compensation in the future as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

FORWARD-LOOKING, CAUTIONARY & CHART NOTES: This communication contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include statements regarding the future exploration plans of Western Star Resources Inc., the potential of the Rowland Tungsten Project and the Company’s British Columbia Western Star Property, anticipated drilling and exploration programs, anticipated catalysts, and the regulatory and macro-economic environment for tungsten and other critical minerals. Such statements involve known and unknown risks, including market, legal, listing, volatility, and commodity-related risks. Western Star is at an early stage of exploration; the Company has not yet established a current NI 43-101 mineral resource at the Rowland property, and historical production from the property does not constitute a current mineral resource estimate. Comparable companies referenced are at different stages of development and are shown for context only. ¹Historical reported grade and production figures are sourced from Western Star Resources Inc. news releases dated November 5, 2025 and April 9, 2026; historical production at Rowland is reported as 4.5 tons of ore at 3.38% WO₃ shipped in 1943 and approximately 1,000 tons of ore at 0.5–1.0% WO₃ produced from 1954–1956. ²Western Star Property description sourced from Western Star Resources Inc. corporate disclosures and news releases. The scientific and technical information related to the Rowland Project has been reviewed and approved by Jasper Mowatt, MAusIMM, a Qualified Person as defined by National Instrument 43-101. ³The APT Tungsten “Thesis View” chart on this page reflects an approximate 12-month trajectory of Rotterdam ammonium paratungstate spot prices anchored to the latest reported reference of approximately US$3,185/MTU (Western Star Resources news release, May 4, 2026) and the publicly cited +900% trailing-12-month / +350% year-to-date moves; intermediate monthly values are illustrative interpolations. The “Weekly Detail” chart approximates the FastMarkets weekly Low/Average/High band as published by Almonty Industries, with a referenced latest weekly average of US$3,044.50/MTU; weekly granular values are illustrative interpolations between cited reference points. For authoritative tungsten price data, consult FastMarkets or Argus Media. The TradingView chart and macro-symbol widgets on this page provide third-party market data for informational purposes only. Map locations shown are approximate and for illustrative purposes only.

Landmark loan under EXIM's Make More in America Initiative supports domestic critical mineral supply chain and hundreds of jobs in rural Idaho

Stibnite Gold Project is poised to develop the only domestic reserve of critical mineral antimony

$2.9 billion loan, combined with Perpetua's cash on hand, is expected to fully fund estimated capital costs for the construction of the Stibnite Gold Project

BOISE, Idaho, May 21, 2026 /PRNewswire/ - Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or "Perpetua" or the "Company") announced today that the Board of the Export-Import Bank of the United States ("EXIM") has unanimously approved a $2.9 billion senior secured long-term loan ("Loan") under the Make More in America Initiative ("MMIA") to support the development of Perpetua's Stibnite Gold Project ("Stibnite" or "Project"). EXIM's approval comes after extensive technical, financial, environmental and social due diligence and a 25-day notice period to Congress.

"It is time to make more in America and today marks not only a key milestone for Perpetua Resources, but a significant step in mineral security for our country," said Jon Cherry, President and CEO of Perpetua Resources. "When the federal government and private industry work together on a shared national priority, big things are made possible. The $2.9 billion loan positions us to bring the Stibnite Gold Project to life and signals a new day in American mineral independence and responsible mining. We are immensely proud of our role in strengthening America's national security, creating hundreds of jobs in rural Idaho, and reducing our dependence on foreign adversaries for a mineral we cannot do without."

The Stibnite Gold Project is an ideal candidate for U.S. EXIM financing as it sits at the nexus of EXIM's highest priority mandates – strengthening America's industrial manufacturing supply chains, domestic job support, and critical mineral independence to advance both national security and domestic industrial and commercial manufacturing needs.

EXIM's decision marks a landmark transaction under the MMIA Initiative and advances American production and manufacturing to be more competitive on the world stage. As the only identified domestic reserve of antimony, EXIM's investment in the Project advances American critical mineral independence for antimony. 

"Idaho's abundant critical and rare earth minerals are essential to reducing U.S. dependence on foreign suppliers," said U.S. Senator for Idaho James Risch. "This investment will help expand our domestic critical mineral supply, create high-quality jobs in rural America, and strengthen our national security."

"This investment strengthens America's economic and national security by advancing a reliable domestic supply of critical minerals essential to our manufacturing and defense industries," said U.S. Senator for Idaho Mike Crapo. "The Export-Import Bank's Make More in America initiative is helping secure the infrastructure needed to reduce our dependence on foreign adversaries, support American workers and reinforce our long-term industrial competitiveness.  It is encouraging to see this effort moving forward in Idaho, where it has the potential to create hundreds of high-quality jobs, long-term economic competitiveness and supply chain security."

The EXIM financing package, combined with Perpetua's cash on hand, is expected to fully fund the direct construction of the Stibnite Gold Project based on the current capital cost estimates as reported in the Company's Technical Report Summary as of December 31, 2025. Underpinned by robust economics from gold, the Stibnite Gold Project is designed to responsibly redevelop and restore the abandoned Stibnite Mining District in Idaho to produce gold and the nation's only reported reserve of the critical mineral antimony. In doing so, the Project would provide investments in environmental cleanup of the historical site, secure a source of antimony for American commercial and defense manufacturing, and create an average of over 700 direct jobs a year over the life of the mine and significant tax revenue for local communities and the state of Idaho.

"There is no better place to deploy US EXIM's $2.9 billion investment than right here in the heart of Idaho," said Idaho Governor Brad Little. "The Stibnite Gold Project is exactly the kind of project America needs. It will create hundreds of family-wage jobs and break America's dependence on our adversaries for the antimony our military and manufacturers need. Thank you to EXIM for this vote of confidence in the Gem State, and congratulations to Perpetua Resources on a milestone that strengthens Idaho and the nation."

To date, the Stibnite Gold Project has gone through rigorous scientific and public review, was identified as a Transparency Project under the FAST-41 Program and has received substantial support and partnership from the Department of War. Today's EXIM financing announcement illustrates a whole-of-government approach to advance this project towards production.

The Loan will be available upon completion of definitive documentation and satisfaction of customary conditions precedent, which is expected to occur in the second half of 2026. The Loan is to be structured as a 13-year senior secured credit facility of $2.9 billion, consisting of an upfront facility of $2.4 billion with the remainder to cover capitalized interest during construction and EXIM's exposure fee. The increase in the principal amount of the Loan compared to the initial EXIM Board review primarily relates to adding an option to move certain planned equipment financing from a third-party financing company into the EXIM Loan.

Interest on the Loan is to be set at the applicable long-dated U.S. Treasury bond rate plus 100 basis points and will be fixed at the time of the first drawdown. Scheduled repayments are anticipated to commence in 2030.

The MMIA Initiative is a Congressionally authorized financing program through EXIM designed to help companies make more in America – especially in sectors critical to national security. The goal of the program is to help American producers obtain financing, compete on a global scale and, in the process, generate economic opportunities for hardworking Americans.

EXIM is an independent Executive Branch agency and the official export credit agency of the United States. EXIM's mission is to support American jobs by facilitating the export of U.S. goods and services. In 2024, Perpetua Resources submitted a Letter of Interest application to EXIM. After EXIM expressed interest in potential debt financing, Perpetua worked on its application for more than a year, officially submitting it in May 2025. In September 2025, the Company received a preliminary project letter and indicative term sheet from EXIM for financing. Since that time, EXIM has conducted extensive due diligence and legal review, including its own environmental and social evaluation of the Project. The final approval from EXIM's Board of Directors comes two years after the initial interest application was submitted and a year after Perpetua submitted its formal application.

Advisors

The Company's transaction advisors for the Loan include Endeavour Financial acting as financial advisor, and Hunton Andrews Kurth LLP serving as legal counsel.

Website: www.perpetuaresources.com

About Perpetua Resources and the Stibnite Gold Project

Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration, and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho. The Stibnite Gold Project is one of the highest grade, open pit gold deposits in the United States and holds the only identified domestic reserve of the critical mineral antimony, which is essential to the defense, energy, and manufacturing sectors. The Project is designed to apply a modern, responsible mining approach to restore an abandoned mine site and provide uplift to water quality, improve fish habitat access, and invest in river restoration while supporting local economic development in rural Idaho.

Forward-Looking Information
Investors should be aware that funding under the EXIM loan is subject to completion of definitive documentation and satisfaction of conditions precedent. There can be no assurance that we will be able to successfully negotiate definitive loan documents to close the loan or that, if closed, any funding provided by U.S. EXIM will be sufficient for us to construct the Project. Further, release of funding under the loan would be subject to the satisfaction of certain conditions and covenants by the Company.
Investors should be aware that the Project's designation as a Transparency Project does not imply endorsement of or support for the Project by the federal government, or create a presumption that the Project will receive federal funding. The designation of a project as a Transparency Project may be reconsidered based on updated information.
Information and statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. We use words such as "may," "would," "could," "should," "will," "likely," "expect," "anticipate," "believe," "intend," "plan," "potential," "forecast," "outlook," "project," "estimate" and similar expressions suggesting future outcomes or events to identify forward-looking statements or forward-looking information. Forward-Looking Information includes, but is not limited to, disclosure regarding the, anticipated timing, documentation, closing and funding of the Company's proposed U.S. EXIM financing and the final terms of the proposed U.S. EXIM financing; timing of anticipated milestones related to the Project and financing; ongoing funding and anticipated liquidity; our ability to comply with, obtain and defend permits related to the Project; the expected outcomes of the Project, including our mineral reserves and mineral resources; the expected commercial demand for antimony and the Company's ability to supply it; our ability to successfully implement and fund the Project; the occurrence of the expected benefits from the Project, including contributions to national security; and timing of anticipated milestones related to the Project and financing.
In preparing the Forward-Looking Information herein, the Company has applied several material assumptions, including, but not limited to, certain assumptions that the U.S. EXIM financing application will close and fund within the expected timeframe; that the Company will be able to negotiate and execute definitive documentation for the proposed U.S. EXIM financing on acceptable terms, satisfy the conditions to signing, closing and funding of the U.S. EXIM loan and receive funds when needed; that the final terms of the proposed U.S. EXIM financing will be substantially consistent with those currently indicated; that the Company's proposed financing will be sufficient to finance permitting, pre-construction and construction of the Project or that the Company will be able to secure alternate financing if necessary; that the Company will be able to maintain compliance with covenants contained in its financing agreements or that may be contained in future financing agreements; that the Company will be able to satisfy additional bonding or financial assurance requirements in the future; that no pending or future litigation will result in the loss of any material permits or material delay to the Project schedule or a material increase to Project costs; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that the Company's other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting, construction and operations costs will not materially increase; that the Company will satisfy or will continue to satisfy the requirements of applicable permits and the requirements of various governmental approvals; and that the Company or applicable governmental agencies will be able to successfully defend against any challenges to governmental approvals for the planned exploration, construction, development, operation and environmental protection activities on the Project.
Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, delays in the closing of the U.S. EXIM loan or material changes to the anticipated size or terms of the loan; delays in, or inability to satisfy the conditions to signing, closing or funding of the U.S. EXIM loan; risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in development, construction, operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all; as well as those factors discussed in the Company's public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Because it is not possible to predict or identify all such factors, this list cannot be considered a complete set of all potential risks or uncertainties. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at www.sec.gov and with the Canadian securities regulators, which are available at www.sedar.com. Except as required by law, the Company expressly disclaims any obligation to update the Forward-Looking Information herein.

Cautionary Statement Regarding Technical Information

The technical information in respect of the Stibnite Gold Project in this news release is based upon information contained in the technical report titled "Stibnite Gold Project, S-K 1300 Technical Report Summary, Valley County, Idaho, USA," dated as of December 31, 2025 (the "TRS"), developed for the Stibnite Gold Project in accordance with the mining property disclosure rules specified in Regulation S-K subpart 1300 ("S-K 1300") promulgated by the SEC and  published on March 31, 2026. Such information is as of December 31, 2025 and is subject to the assumptions, exclusions and qualifications set forth in the TRS. For additional information regarding the TRS, investors are encouraged to refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 31, 2026. Data regarding domestic antimony reserves based on U.S. Geological Survey, Mineral Commodity Summaries, dated as of January 2026.

SOURCE Perpetua Resources Corp.

All 17 sonic drillholes from a historic Nevada leach pad return oxide antimony-gold mineralization — including 0.32% antimony and 0.39 g/t gold over 14.9 meters — advancing one of the only near-term domestic antimony solutions in the United States

NEW YORK, May 25, 2026 (GLOBE NEWSWIRE) -- USA News Group News Commentary — The United States has no operating primary antimony mines. Zero. And antimony is now classified as a top-priority Critical Mineral by the U.S. Geological Survey, the Department of Defense, and the Department of War. Federal capital is flowing toward a very short list of advanced domestic projects — and the names attracting that capital are mostly years away from a single ton of production. That backdrop is exactly why the latest drill results out of Nevada matter. NevGold Corp. (TSXV: NAU) (OTCQX: NAUFF) (Frankfurt: 5E50) has just reported that every single drillhole from the historic Crushed leach pad at its Limousine Butte (Limo Butte) project returned positive, consistent oxide antimony and gold grades — sitting at surface, on a brownfield mine site, in the world’s top-ranked mining jurisdiction. Alongside NevGold, names like Perpetua Resources Corp. (NASDAQ: PPTA), Nova Minerals Limited (NASDAQ: NVA), Idaho Strategic Resources, Inc. (NYSE American: IDR), and Almonty Industries Inc. (NASDAQ: ALM) are all moving on the same thesis — a U.S.-aligned critical minerals supply chain that no longer waits for Beijing’s permission.

A Critical Mineral the U.S. Cannot Source at Home

Antimony hardens armor-piercing rounds, sharpens night vision optics, primes ammunition, and lives inside flame retardants, lead-acid batteries, and semiconductors. It is also one of the few critical minerals where China’s grip on the global market translates directly into U.S. defense procurement risk. China, Russia, and Tajikistan together account for roughly 90% of global antimony mine supply, with China dominating downstream refining. In December 2024, China imposed antimony export restrictions specifically targeting the United States. Those restrictions were suspended in November 2025 for a 12-month pause running through November 27, 2026 — but the licensing controls remain in place, and the structural supply problem has not gone away.

Washington has spent the last 18 months trying to rebuild the supply chain from scratch. On January 14, 2026, President Trump invoked Section 232 to direct the negotiation of agreements securing critical-mineral supply for the United States, with a 180-day reporting window. The Defense Production Act, the Department of War’s Industrial Base Consortium grants, FAST-41 permitting status, and EXIM Bank financing have all been deployed to fast-track a small handful of domestic antimony names. The catch: most of those names are years from first metal. NevGold’s Limo Butte is on a different clock. Read the full landing page on the project here.

Every Drillhole a Hit: What NevGold Just Reported

On May 14, 2026, NevGold Corp. (TSXV: NAU) (OTCQX: NAUFF) (Frankfurt: 5E50) announced that all assays from its sonic drilling campaign on the historic Crushed leach pad at Limousine Butte in Nevada returned consistent oxide antimony and gold mineralization — with elevated grades in the lower levels of the pad. [1] The Crushed pad dates from 1989–1990 mining operations that were never processed for antimony, in a sub-US$400/oz gold price environment. That material sat on surface for more than three decades, crushed and stacked, waiting for a market that has now arrived.

LBS26-014: 0.32% Sb and 0.39 g/t Au over 14.9 metersLBS26-019: 0.30% Sb and 0.37 g/t Au over 16.5 metersLBS26-016: 0.27% Sb and 0.37 g/t Au over 14.0 metersLBS26-015: 0.27% Sb and 0.41 g/t Au over 18.0 metersCrushed Pad Phase I test pit average: 0.27% Sb and 0.34 g/t Au across 15 sample pits
NevGold CEO Brandon Bonifacio commented: “With consistent oxide antimony and gold in all drillholes from the Crushed leach pad, Limo Butte is emerging as one of the most important Critical Minerals projects in the United States. The Project has a near-term opportunity to play a key role in establishing a vertically integrated, domestic antimony supply chain. We have oxide antimony mineralization at surface in the historic leach pads that is ready to be processed without large-scale mining activities.” [1]

The reason this matters: the Company is advancing a maiden antimony-gold Mineral Resource Estimate (MRE) covering the historic leach pads plus broader project area at Resurrection Ridge and Cadillac Valley — a critical step toward potential antimony production by 2027 from material that has already been mined and crushed. A 20,000-meter 2026 drill program focused on expansion and new discoveries is also set to commence over the coming weeks. For context on how the Limo Butte thesis stacks against the broader U.S. antimony peer set, see the full investor breakdown here.

Bonifacio added: “We will have further updates released shortly including additional drill results from the historic Run of Mine (ROM) leach pad, sampling results from the newly defined at-surface pre-strip dump from the historic Golden Butte pit, and the upcoming maiden antimony-gold Mineral Resource Estimate. We will also commence our 2026 20,000 meter drill program over the coming weeks focused on expansion and new discoveries utilizing our NevGold geological model of Limo Butte.” [1]

In other industry developments:

Perpetua Resources Corp. (NASDAQ: PPTA)

Perpetua Resources Corp. (NASDAQ: PPTA) on May 21, 2026 announced that the Board of the U.S. Export-Import Bank unanimously approved a $2.9 billion senior secured long-term loan for the Stibnite Gold Project under EXIM’s Make More in America Initiative. [2] The Idaho gold-antimony project, which is positioned to develop the only domestic reserve of the critical mineral antimony, is being supported by a 13-year senior secured credit facility consisting of a $2.4 billion upfront facility plus capitalized interest and EXIM’s exposure fee. Combined with Perpetua’s existing cash on hand, the loan is expected to fully fund the estimated capital costs of construction. Disbursement is subject to definitive documentation and customary conditions precedent, expected to be completed in the second half of 2026.

Perpetua President and CEO Jon Cherry commented: “The $2.9 billion loan positions us to bring the Stibnite Gold Project to life and signals a new day in American mineral independence and responsible mining.” [2] The updated Technical Report Summary published in March 2026 showed an after-tax NPV5% of $3.5 billion at $3,250/oz gold, rising to $6.1 billion at $4,500/oz — underscoring that even the largest U.S. antimony name in the public market still has years of permitting, financing, and construction ahead of any antimony being delivered to the Department of War.

Nova Minerals Limited (NASDAQ: NVA)

Nova Minerals Limited (NASDAQ: NVA) on May 11, 2026 announced the successful completion of its 2026 winter freight mobilization to the Estelle Project in Alaska, delivering approximately 1.5 million pounds of heavy mining and processing equipment to site. [3] All essential equipment needed for the mining, extraction, and processing of antimony ore under the company’s US$43.4 million U.S. Department of War award has now been delivered, and ore sorters plus downstream refinery procurement at Port MacKenzie are advancing in parallel.

Nova Minerals CEO Christopher Gerteisen confirmed in a follow-up interview that the company is targeting military-grade antimony trisulfide production by late 2026 or early 2027 — six to nine months ahead of the company’s original schedule. Estelle hosts more than 20 advanced gold and antimony prospects across a 35-kilometer mineralized trend in Alaska’s Tintina Gold Belt, with antimony mineralization sitting alongside two defined multi-million-ounce gold resources.

Idaho Strategic Resources, Inc. (NYSE American: IDR)

Idaho Strategic Resources, Inc. (NYSE American: IDR) on May 14, 2026 reported record first-quarter 2026 results, with revenue up 98.97% year-over-year to $14,482,286 and record quarterly net income of $6,387,992. [4] The Coeur d’Alene-based company is Idaho’s largest primary gold producer, operating the Golden Chest underground mine and the New Jersey Mill, while simultaneously advancing rare earth and thorium projects at Mineral Hill, Lemhi Pass, and Diamond Creek in central Idaho’s REE-Th belt.

IDR has executed a long-term lease on the Niagara copper-silver project in the Murray Gold Belt, which hosts a historic inferred resource estimated to contain approximately 150 million pounds of copper and 8.8 million ounces of silver. The IDR story is a real-world template for the production-backed exploration model that domestic-supply-chain investors are increasingly looking for: existing gold cash flow funding critical minerals discovery, all on U.S. soil. The stock has gained more than 133% over the prior 12-month period.

Almonty Industries Inc. (NASDAQ: ALM)

Almonty Industries Inc. (NASDAQ: ALM) on May 11, 2026 reported first-quarter 2026 financial results showing revenue up 221% year-over-year to $25.4 million, with adjusted EBITDA of $6.1 million versus a $2.4 million loss in the prior year period. [5] The result was driven by a sharp rise in tungsten APT prices and continued strong operational performance at the Panasqueira Mine. On March 17, 2026, Almonty hosted the formal commissioning ceremony at its Sangdong tungsten mine in South Korea, marking the transition toward commercial operations at one of the largest and highest-grade tungsten deposits outside of China.

Almonty Chairman, President and CEO Lewis Black commented: “The results speak for themselves — revenue increased 221% to $25.4 million, we generated positive Adjusted EBITDA of $6.1 million and positive operating cash flow of $9.7 million, marking a decisive inflection point in the Company’s financial trajectory.” [5] BofA raised its price target on Almonty to $23 per share on the same day. Tungsten, like antimony, sits on the U.S. critical minerals list — and Almonty’s Q1 print is exactly the kind of revenue inflection that domestic critical-minerals plays such as NevGold are setting up for as 2027 production approaches.

The Real Question for 2026

The U.S. needs domestic antimony. The federal government has spent the last 18 months proving it with executive orders, Defense Production Act awards, Section 232 investigations, FAST-41 status, EXIM loan reviews, and Department of War contracts. The companies positioned to actually deliver tons of antimony to U.S. defense buyers inside the next 24 months — not 36, not 48 — form a very, very short list. NevGold’s pathway, reprocessing crushed-and-stacked material that already exists on a brownfield site in Nevada, with antimony grades returning in every drillhole, slots cleanly into that list. For the full investor write-up and project overview, see the dedicated landing page here.

Article Sources

[1] NevGold Corp. — “NevGold Intercepts Consistent Oxide Antimony-Gold Mineralization in All Drillholes From Historic Crushed Leach Pad Including 0.32% Antimony And 0.39 g/t Au Over 14.9 Meters” — May 14, 2026. Source

[2] Perpetua Resources Corp. — “Export Import Bank of the United States Approves $2.9 Billion Loan for Development of Perpetua Resources’ Stibnite Gold Project” — May 21, 2026. Source

[3] Nova Minerals Limited — “Nova Winter Freight Season Complete” — May 11, 2026. Source

[4] Idaho Strategic Resources, Inc. — “Idaho Strategic Reports Record First Quarter 2026 Operating and Financial Performance” — May 14, 2026. Source

[5] Almonty Industries Inc. — “Almonty Industries Reports First Quarter 2026 Financial Results” — May 11, 2026.

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Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. (“MIQ”). MIQ has been paid a fee for NevGold Corp. advertising and digital media from Creative Direct Marketing Group (“CDMG”). There may be 3rd parties who may have shares of NevGold Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision.

The owner/operator of MIQ owns shares and/or stock options of the featured company, NevGold Corp., purchased in the open market, and reserves the right to buy and sell, and will buy and sell shares of the featured company at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles.

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A pile of leftover rock that a gold miner walked past in 1990 is turning into one of the highest-grade antimony stories in America — right as Washington pours billions into breaking China’s grip on the metal.

VANCOUVER, British Columbia, May 29, 2026 (GLOBE NEWSWIRE) -- Equity Insider Market Commentary - Sometimes the best discoveries are the ones somebody already dug up and left behind. In 1989 and 1990, a gold mining operation at Golden Butte in Nevada stripped away the rock sitting on top of the ore it actually wanted, piled it off to the side, and never processed it. That pile — the Pre-Strip Dump — sat untouched for more than three decades. NevGold Corp. (TSXV: NAU) (OTCQX: NAUFF) (Frankfurt: 5E50) just sampled it, and the numbers are striking: surface grades up to 53.7% antimony, six samples over 10% antimony, and fourteen samples grading better than 2% antimony.

To put 53.7% in plain terms: more than half the rock, by weight, is antimony. That is not a trace anomaly you chase with a thousand metres of drilling. That is high-grade material sitting at surface, in a pile that has already been moved once.

Why antimony, and why now

Antimony is not a metal most investors thought about two years ago. They think about it now. It is a critical mineral with no easy substitute in flame retardants, military munitions, night-vision optics, and increasingly in next-generation batteries and solar-panel glass. And the supply chain has been, until very recently, dominated by a single country.

China historically controlled the lion’s share of global antimony — mining, refining, and processing. In December 2024, Beijing escalated a series of export controls into an outright ban on antimony shipments to the United States. The ban caused real shortages and drove Western antimony prices to record highs through 2024 and into mid-2025. Then, on November 9, 2025, China suspended that ban — but only through November 27, 2026, and crucially, the metal remains on China’s dual-use export-control list, meaning shippers still need licenses from Beijing. Prices have eased from their 2025 peak since the suspension, but they remain multiples above pre-2024 levels and structurally elevated by the same supply concentration that caused the spike. In other words: the door is open a crack, on a clock, at China’s discretion. For any US manufacturer or defense planner, that is not a supply chain you build a strategy around. It is exactly the kind of fragility that has Washington moving fast.

How fast became clear on May 21, 2026, when the Export-Import Bank of the United States approved a US$2.9 billion loan to Perpetua Resources for its Stibnite gold-antimony project in Idaho — the only large-scale domestic antimony reserve currently advancing toward production. NevGold publicly congratulated Perpetua on that milestone, and the reason is strategic rather than ceremonial: a single project, however large, does not close America’s antimony gap. As NevGold framed it, advanced US antimony projects need to co-exist to achieve genuine mineral independence. That is the lane NevGold is driving into.

What the Pre-Strip Dump actually shows

The headline number — 53.71% antimony in sample LRSUD-27 — is the kind of grade that gets attention, but the real story is the spread. The Company reported six samples above 10% antimony (53.71%, 35.62%, 24.32%, 16.68%, 16.27%, and 11.89%), several of them carrying gold credits alongside the antimony, and fourteen samples in total above 2%. That is not one lucky rock. That is a consistently mineralized body of material sitting at the surface.

Pre-Strip Dump Sample Results (samples over 2% Sb)

Sample ID% Sbg/t AuLRSUD-2753.71%0.05LRSUD-3135.62%0.20LRSUD-2824.32%0.07LRSUD-3016.68%0.21LRSUD-2916.27%0.16LRSUD-3311.89%0.11LRSUD-327.60%0.22LRSUD-105.19%0.09LRSUD-184.01%0.48LRSUD-093.95%0.05LRSUD-243.87%0.21LRSUD-073.48%0.15LRSUD-112.44%0.30LRSUD-152.17%0.03
Source: NevGold Corp. news release, May 28, 2026. Surface grid and grab samples are a preliminary indicator of mineralization. Twenty-nine samples were reported in total; those over 2% Sb shown above.

The geological backstory explains why. NevGold estimates the Pre-Strip Dump material came from rock adjacent to the historical Nevada Antimony Mine and the Lage Antimony Prospect — sites that produced high-grade antimony during the World War II era, when the metal was a wartime priority for exactly the same reasons it is a priority today. Those two historical sites are now key drill targets for NevGold in 2026. The Pre-Strip Dump, in effect, is a surface fingerprint pointing back toward the source.

Read More About NevGold Here

There is an important near-term wrinkle here. After the grid and grab sampling, NevGold ran a follow-up test-pit program — digging pits to roughly 3.5 metres — using the same methodology it applied to the project’s historical gold leach pads. Those test-pit results are still pending. If they come back consistent with the surface grades, the Pre-Strip Dump could be folded directly into the resource estimate NevGold is racing to complete.

The bigger prize: a maiden resource

Everything at Limousine Butte right now is building toward one milestone: the first-ever modern Mineral Resource Estimate for the project. NevGold’s maiden antimony-gold MRE — covering the historical gold leach pads, the Pre-Strip Dump, and the broader project area including the Resurrection Ridge and Cadillac Valley zones — is described by the Company as advancing and nearing completion. CEO Brandon Bonifacio noted it will be the first time in modern history this milestone has been reached at Limo Butte, and that it will draw on an approximately 130,000-metre drillhole database spanning the entire project.

That database matters. A maiden resource built on 130,000 metres of drilling is not a back-of-the-envelope estimate; it is a substantial body of historical and recent data finally being pulled into a single, modern, NI 43-101-compliant picture. And the Pre-Strip Dump results land at precisely the moment that picture is being assembled.

“The initial surface sampling program on the Pre-Strip Dump has yielded some of the highest antimony grades seen at Limo Butte,” Bonifacio said, pointing to the up-to-53.7% antimony and the six samples over 10%, and framing the new area as a potential addition to the at-surface, near-term antimony production scenario alongside the historical gold leach pads.

The phrase worth underlining there is “at-surface, near-term.” NevGold’s thesis at Limo Butte is not a decade-out development story. It is built around oxide antimony-gold material sitting at or near surface — the historical leach pads, and now potentially the Pre-Strip Dump — that could feed a near-term production scenario rather than waiting on the multi-year permitting and construction timeline a from-scratch underground mine would require.

Context, and a fair word of caution

NevGold is an exploration and development company targeting large-scale mineral systems in Nevada and Idaho. It owns 100% of the Limousine Butte and Cedar Wash gold projects in Nevada, and the Nutmeg Mountain gold project and Zeus copper project in Idaho. The antimony story at Limo Butte has moved to the front of the queue, but the broader portfolio gives the Company more than one card to play.

The honest caveats apply, as they do to every exploration story. Surface grab and grid samples are, by the Company’s own statement, a preliminary indicator of mineralization — they are selective by nature and are not necessarily representative of the deposit as a whole. The test-pit results are pending. The maiden MRE is not yet published. And antimony’s price strength is partly a function of a geopolitical situation that could ease as quickly as it tightened. None of that erases the significance of half-the-rock-is-antimony surface grades in a country desperate for domestic supply — but it is the difference between a promising signal and a proven mine, and that distinction is worth keeping in view.

How NevGold sits among its antimony peers

For investors trying to place NevGold in the rapidly heating US antimony space, a few reference points help — not as equivalents, but as markers of how the market is treating the theme.

Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) is the benchmark. Its Stibnite project in Idaho is the only large-scale domestic antimony reserve advancing toward production, and the US$2.9 billion EXIM loan approved in May 2026 is the single clearest signal of how seriously Washington takes domestic antimony supply. Perpetua sets the strategic backdrop against which every other US antimony developer — NevGold included — is now measured.

United States Antimony Corporation (NYSE American: UAMY) is the producer-side reference point. It operates the only significant antimony smelter in the United States, at Thompson Falls, Montana, plus a smelter in Mexico, and has restarted domestic mining while holding defense-related supply contracts. UAMY illustrates the downstream end of the chain — the processing capacity that domestic feedstock ultimately needs to reach.

Military Metals Corp. (CSE: MILI) (OTCQB: MILIF) is a closer read on the explorer-stage end of the spectrum, with an antimony-focused portfolio spanning the Trojárová project in Slovakia, West Gore in Nova Scotia, and the Last Chance antimony-gold property in Nevada. Like NevGold, its thesis leans heavily on high-grade historical antimony districts being re-examined with modern tools.

Nova Minerals Limited (ASX: NVA) (Nasdaq: NVA) rounds out the picture with its Estelle gold-antimony project in Alaska, where high-grade stibnite targets sit alongside a multi-million-ounce gold resource — and where a US$43.4 million US Department of War grant has helped fund the antimony work. Nova’s dual gold-and-antimony profile is a useful parallel to NevGold’s own gold-plus-antimony setup at Limo Butte.

None of these companies is NevGold, and each carries its own risks, jurisdiction, and stage of development. But together they map a sector that has gone from obscure to strategic in roughly eighteen months — and NevGold’s at-surface, high-grade antimony at Limo Butte places it squarely on that map.

The bottom line

The most compelling thing about the Pre-Strip Dump result is how little it cost to find. This was not a discovery hole drilled hundreds of metres down. It was surface sampling of material a previous operator had already excavated and set aside as waste — and it returned some of the highest antimony grades the project has ever produced. With test-pit results pending and a maiden, 130,000-metre-database resource estimate nearing completion, NevGold has stacked several catalysts into a tight window, against a policy backdrop that is actively rewarding domestic antimony supply with billions of dollars.

Whether Limo Butte becomes a producing antimony source is a question the MRE, the metallurgy, and the permitting will ultimately answer. But for a company chasing near-term, at-surface antimony in Nevada at the exact moment America has decided it cannot afford to depend on China for the metal, the timing is hard to script better.

For full project detail and ongoing updates, visit NevGold’s Equity Insider landing page: https://usanewsgroup.com/nau-landing/

Contact:
Equity Insider
[email protected]
604-265-2873

Sources:
[1] NevGold Corp., “NevGold Announces Up To 53.7% Antimony, And Fourteen Samples Over 2% Antimony, From Surface Sampling On Pre-Strip Dump,” company release dated May 28, 2026, distributed via GlobeNewswire May 28, 2026.
[2] NevGold Corp., “NevGold Congratulates Perpetua Resources On US$2.9 Billion Loan…,” GlobeNewswire, May 22, 2026; “NevGold Commences 20,000 Meter Drill Program at Antimony-Gold Limo Butte Project, Nevada,” GlobeNewswire, May 21, 2026.
[3] Perpetua Resources Corp. / Export-Import Bank of the United States, US$2.9 billion EXIM loan approval, May 21, 2026.
[4] United States Antimony Corporation Q1 2026 results and operational updates, 2026 (Thompson Falls smelter; defense supply contracts).
[5] Military Metals Corp. corporate disclosure, 2025–2026 (Trojárová, West Gore, Last Chance antimony projects).
[6] Nova Minerals Limited corporate disclosure, 2025–2026 (Estelle gold-antimony project, Alaska; DoW grant).
[7] China Ministry of Commerce antimony export-ban suspension (effective Nov 9, 2025 through Nov 27, 2026); Fastmarkets / Reuters antimony market coverage, 2025–2026.

DISCLAIMER:

Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed by Equity Insider on behalf of Market IQ Media Group Inc. (“MIQ”). Regarding this publication, MIQ has been paid a fee for NevGold Corp. advertising and digital media from Creative Digital Marketing Group (“CDMG”). There may be 3rd parties who may have shares of NevGold Corp., and may liquidate their shares which could have a negative effect on the price of the stock. The owner/operator of MIQ does not currently own shares of NevGold Corp. but reserves the right to buy and sell, and will buy and sell shares of NevGold Corp. at any time without any further notice commencing immediately and ongoing. This potential for trading constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this, individuals are strongly encouraged to not use this publication as the basis for any investment decision. Please let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been reviewed and approved on behalf of NevGold Corp. by CDMG.

While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.

Issued on behalf of NevGold Corp. (TSXV: NAU) (OTCQX: NAUFF) (Frankfurt: 5E50)

With a freshly funded treasury, a 20,000-meter drill program underway and a maiden antimony-gold resource targeted for Q2, a Nevada brownfield project is positioning itself near the front of a very short line of domestic antimony hopefuls.

, /PRNewswire/ -- American News Group News Commentary – There is a strategic vulnerability buried in the supply chain of nearly every modern weapons system, and Washington has finally started treating it like one. The metal is antimony — a hardener for munitions, a component in flame retardants, night-vision gear and a long list of defense applications — and the United States does not have a single operating primary antimony mine. That gap is precisely the opportunity that NevGold Corp. (TSXV: NAU) (OTCQX: NAUFF) (Frankfurt: 5E50) has spent the past several months racing to address at its Limousine Butte project in Nevada.

The Backstory: From Gold Explorer to Critical-Minerals Contender
NevGold is a Vancouver-based exploration and development company with a portfolio of 100%-owned projects across Nevada and Idaho, led by the Limousine Butte gold-antimony project in Nevada and the Nutmeg Mountain gold project in Idaho. What began as a gold story has, over the past year, evolved into something more strategically charged. As drilling at Limo Butte repeatedly returned not just gold but meaningful antimony grades, the company recognized it was sitting on something the U.S. government increasingly wants: a domestic, at-surface source of a critical mineral that is overwhelmingly controlled by China.

Limo Butte is a brownfield site — a former mine with existing disturbance and historical infrastructure — hosting near-surface oxide mineralization amenable to leaching. That combination matters. Brownfield status can ease permitting and shorten timelines, while oxide, heap-leachable material is generally cheaper and faster to process than refractory, sulphide ore. The company has framed the project around a two-part thesis: near-term antimony production from historical leach pads, followed by broader gold-antimony development across the wider property.

The News: A Catalyst-Dense Stretch
NevGold has packed an unusual amount of news into a short window. In May, the company closed an upsized brokered private placement of approximately C$42 million, giving it one of the stronger treasuries among junior antimony-gold developers and removing the financing overhang that so often stalls exploration plays at exactly the wrong moment. Around the same time, it commenced a 20,000-meter drill program at Limo Butte, with a streamlined focus on resource building, expansion and new discoveries.

On the technical side, the company has reported consistent oxide antimony-gold mineralization from the historic crushed leach pad — including an interval of 0.32% antimony and 0.39 g/t gold over 14.9 meters — and, in late May, striking surface sampling results from the historical Pre-Strip Dump, with grades reported up to 53.7% antimony and fourteen samples exceeding 2% antimony. Earlier metallurgical testwork had indicated up to 99% gold recovery and a processing sequence in which antimony can be leached first with minimal impact on subsequent gold recovery — a potential pathway to near-term antimony output followed by gold extraction.

Crucially, the company has reiterated that its maiden antimony-gold Mineral Resource Estimate remains targeted for the second quarter of 2026, a milestone that would convert a steady stream of drill headlines into a defined, quantifiable resource. Investors tracking that catalyst can follow the company's progress through its American News Group profile page.

Why It Matters Now: A Policy Tailwind With Real Money Behind It
Antimony has moved from obscure industrial input to front-page strategic priority. It is classified as a top-priority critical mineral by the U.S. Geological Survey and prioritized by U.S. defense authorities, and the urgency intensified after China tightened its grip on antimony exports. The policy response is no longer rhetorical — it now comes with capital. The clearest signal arrived when the board of the U.S. Export-Import Bank approved a US$2.9 billion loan commitment in support of Perpetua Resources' Stibnite gold-antimony project in Idaho, a landmark vote of federal confidence in domestic antimony supply.

NevGold publicly congratulated Perpetua on that milestone while positioning its own at-surface oxide Limo Butte project as a complementary, potentially faster-to-first-production story. The logic is straightforward: the United States needs more than one domestic antimony source, and projects that can reach production quickly — brownfield, oxide, heap-leachable — carry strategic weight out of proportion to their size. More technical and project background is available on the company's investor landing page.

The China Factor
To understand why a Nevada brownfield project is suddenly strategically interesting, it helps to understand how concentrated antimony supply has become. China has long dominated global antimony mining and processing, and when it moved to restrict exports of the metal, the effect rippled quickly through Western defense and industrial supply chains. Antimony is not easily substituted in many of its uses — it hardens lead in munitions and batteries, plays a role in flame retardants, and is essential to certain night-vision and infrared applications — which means a supply squeeze is not merely an inconvenience but a national-security concern. Prices responded accordingly, climbing to levels that transformed the economics of projects that had languished for years.

That repricing is the backdrop against which NevGold's Limo Butte results should be read. Surface samples grading as high as 53.7% antimony are extraordinary by any historical standard, and while grab and grid samples are selective by nature and not necessarily representative of the broader deposit, they point to the presence of very high-grade antimony at surface on a site that has already been disturbed by prior mining. For a country with zero operating primary antimony mines, even a modest domestic source carries strategic value that its tonnage alone would not capture.

Inside Limousine Butte
Limo Butte's appeal is rooted in a combination of factors that rarely appear together. It is located in Nevada, consistently ranked among the world's most attractive mining jurisdictions for its geology, infrastructure and permitting environment. It is a brownfield site, meaning prior disturbance and historical data reduce some of the uncertainty and timeline risk that greenfield projects face. And its mineralization is oxide and near-surface — the kind of material that lends itself to lower-cost heap-leach processing rather than the capital-intensive flotation and roasting required for refractory ores.

The company's near-term thesis centers on the historical leach pads and waste dumps left behind by past operations, which appear to contain significant antimony that was never the target when the site was mined for gold decades ago. Recovering antimony from already-mined material is, in principle, one of the fastest possible routes to production, since much of the heavy lifting of extraction has already been done. Layered on top of that is the broader exploration upside across the wider property, where the ongoing 20,000-meter program is testing for resource expansion and new discoveries using the geological model NevGold has refined through successive drill campaigns. The interplay between a quick-to-production leach-pad scenario and a larger conventional resource is what gives the project two distinct ways to create value.

The Peer Group
NevGold sits within a small cohort of companies that federal capital and defense planners are watching closely. Perpetua Resources Corp. (Nasdaq: PPTA) is the most advanced of the group, advancing its Stibnite gold-antimony project in Idaho with the backing of that US$2.9 billion EXIM loan commitment and expectations of supplying a meaningful share of U.S. antimony demand in its early production years. United States Antimony Corporation (NYSE American: UAMY) operates antimony smelting and processing capacity in North America and has been expanding its domestic footprint as demand for non-Chinese supply accelerates.

Beyond the pure antimony names, the comparison broadens to critical-minerals developers tying resource projects to defense demand. Almonty Industries Inc. (Nasdaq: ALM) is best known for tungsten but is squarely part of the Western critical-minerals supply-chain build-out, while Nova Minerals Limited (Nasdaq: NVA) has advanced an antimony-gold angle at its Estelle project in Alaska, drawing its own share of government interest. Against that backdrop, NevGold's distinguishing features are its brownfield, at-surface oxide setting and its explicit near-term production framing — attributes that, if borne out by the coming resource estimate, could position it as one of the more execution-ready names in the domestic antimony conversation.

The Bottom Line
NevGold has assembled the ingredients that junior-mining investors look for in a catalyst window: a funded treasury, an active drill program, consistent grades, a clear near-term production thesis and a maiden resource estimate on the near horizon — all set against a policy backdrop in which Washington is actively writing checks for domestic antimony. None of that guarantees an economic mine; resource estimates, metallurgy, permitting and commodity prices all still have to cooperate. But few junior developers are as well-positioned to capitalize on America's antimony gap. Readers can follow the maiden resource estimate and drill results as they land via the company's NevGold landing page.

TRACK THE TREND WITH EAGLE EYE:
To help investors track sentiment and market-forum activity around developing stories like this one, MIQ offers Eagle Eye, a free investor-signal tool that scans market-forum discussion for emerging trends. It is available to everyone at EagleEye.usanewsgroup.com as a research aid — not investment advice — to help investors make more informed decisions.

CONTACT:
AmericanNewsGroup.com
[email protected]
604-265-2873

SOURCES:
[1] NevGold Corp., "NevGold Announces Up To 53.7% Antimony, And Fourteen Samples Over 2% Antimony, From Surface Sampling On Pre-Strip Dump," May 28, 2026.
[2] NevGold Corp., "NevGold Commences 20,000 Meter Drill Program at Antimony-Gold Limo Butte Project, Nevada," May 21, 2026; and "Closing of Upsized $42M Brokered Private Placement Financing," May 12, 2026.
[3] NevGold Corp., "NevGold Congratulates Perpetua Resources On US$2.9 Billion Loan...," May 22, 2026.
[4] Yahoo Finance issuer listings for referenced comparable companies (tickers/exchanges as of June 2026).

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Perpetua Resources Reports Results of 2026 Annual Meeting PR Newswire

BOISE, Idaho, June 5, 2026

, /PRNewswire/ - Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or "Perpetua" or the "Company") today announced the results of its annual general meeting (the "Annual Meeting"), which was held online through a virtual meeting platform on June 4, 2026.

A total of 100,523,482 common shares were represented at the Annual Meeting, or 80.35% of the votes attached to all outstanding shares at the Company's record date of April 8, 2026. The Company's shareholders voted for the election of all director nominees listed in the Company's management information proxy circular. Detailed results of the vote for the election of directors are as follows:

Name of Nominee

Votes For

Votes Withheld

Abstentions

Total Votes*

Percentage of
Votes For*

Percentage of
Votes Withheld*

Percentage of Votes
Abstained*

Marcelo Kim

72,595,988

11,973,401

135,148

84,569,389

85.84 %

14.16 %

0.16 %

Christopher Robison

82,656,825

1,912,537

121,876

84,569,389

97.74 %

2.26 %

0.14 %

Alexander Sternhell

84,171,419

397,970

74,346

84,569,389

99.53 %

0.47 %

0.09 %

Robert Dean

83,609,269

960,120

69,990

84,569,389

98.86 %

1.14 %

0.08 %

Andrew Cole

84,259,071

310,318

65,930

84,569,389

99.63 %

0.37 %

0.08 %

Richie Haddock

83,611,367

958,022

72,973

84,569,389

98.87 %

1.13 %

0.09 %

Laura Dove

83,776,106

793,283

83,193

84,569,389

99.06 %

0.94 %

0.10 %

Jeffrey Malmen

84,286,363

283,026

64,781

84,569,389

99.67 %

0.33 %

0.08 %

Jonathan Cherry

84,410,663

158,726

64,753

84,569,389

99.81 %

0.19 %

0.08 %

* Not all shares were voted in respect of all resolutions therefore the combined number of shares voted for or withheld (and corresponding percentages) may not add up to the total shares represented at the Annual Meeting.

The directors were elected to hold offices until the next annual meeting of shareholders or until their respective successors are elected and qualified. The Company's shareholders also approved setting the number of directors at nine (99.73% voted in favor).

The Company's shareholders also ratified the appointment of PricewaterhouseCoopers LLP, Chartered Accountants, as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2026 at a remuneration to be set by the directors (99.84% voted in favor, 0.05% voted against, and 0.11% abstained).

The proposal to approve the Company's 2026 Equity Incentive Plan was also approved by shareholders (98.93% voted in favor).

Detailed voting results for the meeting will be available on EDGAR at www.sec.com.

About Perpetua Resources and the Stibnite Gold Project

Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration, and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho. The Stibnite Gold Project is one of the highest grade, open pit gold deposits in the United States and holds the only identified domestic reserve of the critical mineral antimony, which is essential to the defense, energy, and manufacturing sectors. The Project is designed to apply a modern, responsible mining approach to restore an abandoned mine site and provide uplift to water quality, improve fish habitat access, and invest in river restoration while supporting local economic development in rural Idaho.

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SOURCE Perpetua Resources Corp.