On April 13, 2026, Harrow Inc HROW shares rose 3.3% to a current price of $37.10. This price movement is situated within a 52-week range of $21.12 to $54.85, indicating notable volatility over the past year.
GF Value™ verdict: HROW is currently priced at $37.10, which is 18.4% below the GF Value™ estimate of $45.49.GF Score™ is 86/100, which suggests strong potential for long-term returns based on the stock's underlying fundamentals.Most notable signal: Insiders sold $8.1 million in HROW stock over the last three months, indicating a lack of confidence from those closest to the company. Is HROW Overvalued or Undervalued? Evaluating Harrow Inc's current price in relation to its GF Value™, the stock appears to be undervalued by 18.4% based on the GF Value™ estimate of $45.49. This margin of safety presents a potential opportunity for investors seeking stocks with a favorable risk-reward profile. Furthermore, the GF Valuation label classifies HROW as "Modestly Undervalued," which supports the notion that the stock could be priced lower than its intrinsic value. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.
However, investors should be cautious, as the financial strength rating of 4/10 indicates some vulnerability, and the prediction model shows only 1 star for predictability. These factors suggest that, while there is an opportunity for upside, there are also risks involved, particularly if the company faces operational challenges or market fluctuations in the near term.
How Does HROW's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)77.3x30.3x Harrow Inc's current forward P/E of 77.3x is significantly higher than its 5-year median P/E of 30.3x. This suggests that the stock is trading above its historical valuation metrics. The P/E analysis indicates an inconsistency with the GF Value™ verdict, as a higher P/E typically signifies overvaluation in relation to historical performance. Investors may want to consider this discrepancy when assessing the stock's future potential.
What Does HROW's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns (backtested 2006-2021).
MetricRating GF Score™86 Financial Strength4/10 Profitability5/10 Growth10/10 Valuation8/10 Momentum8/10 Harrow Inc’s GF Score™ of 86/100 reflects strong growth potential, with a perfect growth rank of 10/10 and solid valuation rank of 8/10. However, the financial strength score of 4/10 highlights a weakness that may raise concerns about the company's stability. Overall, while HROW exhibits promising growth and valuation metrics, its financial strength could be a limiting factor in its long-term performance.
What Are Insiders Doing with HROW Stock? In the past three months, insiders at Harrow Inc have sold $8.1 million worth of shares without making any purchases. This pattern of selling can often be interpreted as a signal of lack of confidence in the company's future performance, which may warrant caution for potential investors. Insider selling can indicate that those with the most knowledge about the company believe that the stock may not be a favorable investment at current levels.
What This Means for Investors Based on the GF Value™ assessment, Harrow Inc HROW is currently undervalued. However, investors must weigh this opportunity against the potential risks indicated by weak financial strength and significant insider selling. The overall outlook suggests a need for careful monitoring of the company's operational performance and market environment.
For the complete analysis, visit the Harrow Inc HROW stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is HROW's GF Score™?
HROW's GF Score™ is 86/100, which indicates a strong potential for long-term returns based on the stock's fundamentals.
Is HROW overvalued or undervalued?
HROW is considered undervalued, with its current price of $37.10 being 18.4% below the GF Value™ estimate of $45.49.
What is HROW's P/E ratio?
HROW's current forward P/E is 77.3x, which is significantly above its historical 5-year median P/E of 30.3x, indicating it is trading at a higher valuation compared to its past performance.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Harrow is rated a 'Strong Buy' with a fair value of $73.25, implying 104% upside from current levels (~$35.90). I project robust long-term growth driven by Vevye, Iheezo, and pipeline assets, despite recent short-term guidance disappointment and market volatility. I model a bit conservatively, with peak sales, a 32–45% EBIT margin for 2029–2035, and an 11.3% WACC, giving undervaluation even under some risk scenarios.
, /PRNewswire/ -- LogiCare3PL today announced it has been selected by Harrow, Inc. (Nasdaq: HROW) as a distribution partner for Harrow's portfolio of ophthalmic disease management solutions. Effective February 1, 2026, LogiCare3PL is providing both non-title and 3PL title distribution services, supporting distribution of Harrow's products across the U.S. market.
LogiCare3PL was selected for its high-touch service model, proven ability to execute quickly and efficiently, and commitment to building a long-term partnership. These capabilities were essential in supporting Harrow's need for rapid onboarding and market readiness.
This partnership enables faster, more cost-effective market access for Harrow's products, while maintaining a high level of engagement and support from the LogiCare3PL team. LogiCare3PL successfully onboarded Harrow within just four weeks, meeting Harrow's implementation timeline and ensuring business continuity.
Kevin Kissling, VP/GM 3PL Services for LogiCare3PL, commented: "We are proud to partner with Harrow and support their broad portfolio of ophthalmic disease management solutions. At LogiCare3PL, we are committed to delivering on every promise we make and developing solutions that meet each manufacturer's specific needs. Harrow and LogiCare3PL's shared focus on flexibility, customer-centricity, and rapid execution makes this collaboration especially meaningful."
The agreement, effective February 1, 2026, covers LogiCare3PL's full suite of 3PL services, including non-title logistics support and title distribution for Harrow's products. Both organizations anticipate continued collaboration as Harrow expands its product offerings.
About Harrow
Harrow, Inc. (Nasdaq: HROW) is a leading provider of ophthalmic disease management solutions in North America, offering a comprehensive portfolio of products that address conditions affecting both the front and back of the eye, such as dry eye disease, wet (or neovascular) age-related macular degeneration, cataracts, refractive errors, glaucoma and a range of other ocular surface conditions and retina diseases. Harrow was founded with a commitment to deliver safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes. For more information about Harrow, please visit harrow.com and connect with us on LinkedIn.
About LogiCare3PL
LogiCare3PL, a BioCare company, is a trusted pharmaceutical third‑party logistics partner serving emerging and mid‑sized biopharmaceutical manufacturers. Specializing in specialty, rare, and ultra‑rare disease therapies, LogiCare3PL delivers tailored, end‑to‑end solutions including time‑ and temperature‑sensitive logistics, centralized warehousing, financial services, regulatory compliance and licensing support, advanced data analytics, and comprehensive manufacturer and customer care. Through an integrated, compliant, and reliable approach, LogiCare3PL ensures products move securely from manufacturer to market. With unmatched reliability and expertise, LogiCare3PL sets the standard for precision and trust in pharmaceutical logistics.
Media Contact:
BioCare, Inc.
Barbara Pantazopoulos
VP Marketing & Communications
[email protected]
biocare-us.com
Reimbursement for Office-Based Utilization to Begin in July 2026 April 16, 2026 07:00 ET | Source: Harrow, Inc.
NASHVILLE, Tenn., April 16, 2026 (GLOBE NEWSWIRE) -- Harrow (Nasdaq: HROW), a leading provider of ophthalmic disease management solutions in North America, today announced that IOPIDINE® 1% (apraclonidine hydrochloride ophthalmic solution) has been assigned a permanent J-Code (J2374) by the Centers for Medicare & Medicaid Services (CMS). Effective July 1, 2026, IOPIDINE 1% will be reimbursed when administered in the in-office setting.
J-Codes are CMS billing designations that allow physicians to be reimbursed directly for drugs administered in their offices. The assignment of a permanent J-Code removes a longstanding practical barrier to routine use of IOPIDINE 1% for office-based procedures, making it administratively and economically feasible for physicians to incorporate IOPIDINE 1% into standard glaucoma and ophthalmic laser procedure workflows.
Addressing a Well-Defined Clinical Need
IOPIDINE 1% is the only FDA-approved product indicated to prevent intraocular pressure (IOP) spikes following ophthalmic procedures, including in-office laser procedures such as Yttrium Aluminum Garnet (YAG), Nd capsulotomy, selective laser trabeculoplasty (SLT), argon laser trabeculoplasty (ALT), laser peripheral iridotomy (LPI), and others. With its established efficacy and safety profile, IOPIDINE 1% is positioned to be the front-line standard of care—administered at the time of the procedure – to help mitigate risk before IOP elevations occur.
IOP spikes — sudden, acute elevations in pressure inside the eye — are a recognized complication of these procedures. In patients who experience significant spikes, symptoms can include sudden eye pain, blurred vision, nausea, and, in vulnerable patients, optic nerve damage. Prophylactic use of IOPIDINE 1% has been shown to reduce severe IOP spikes from approximately 23% in untreated patients to approximately 2% — a roughly 91% relative risk reduction.i
Dr. Ben Gaddie, OD, added, “Optometrists are the front-line physicians diagnosing and managing glaucoma in the United States, and increasingly, performing laser procedures such as YAGs, SLTs, and LPIs. I am thrilled to now have reimbursed access to an on-label therapy to best ensure my patients are protected from intraocular pressure spikes. I truly appreciate Harrow’s commitment to helping my patients gain affordable access to sight-preserving products like Iopidine 1%.”
“This is ultimately about removing friction—for physicians and for patients,” said Dr. Jason Bacharach, MD. “As a glaucoma specialist, having a reimbursed, in-office option means I can treat patients in real time as I am counseling my patients about the worrisome potential effects of not controlling their eye pressure. For many patients, especially those patients new to navigating their glaucoma diagnosis, that first experience sets the tone. Making therapy accessible at that moment can have a meaningful impact on adherence, outcomes, and peace of mind.”
With the J-Code now issued and effective as of July 1, 2026, Harrow believes physicians will have both the clinical and economic rationale to make prophylactic IOP management a consistent part of their procedural care.
A Growing Market with Room for Adoption
Aside from the greater than 4 millionii American glaucoma patients who are regularly seen in clinics, in-office laser procedures represent a large and expanding segment of ophthalmic care. More than 1.5 millioniii ophthalmic laser procedures are performed annually in the United States, a figure that continues to grow as the population ages and earlier intervention becomes standard practice.
The J-Code designation establishes the reimbursement infrastructure to support broader and more consistent utilization of IOPIDINE 1% over time. Preventing IOP spikes also has the potential to reduce overall healthcare costs by minimizing the need for additional follow-up visits, urgent interventions, and the risk of complications that may require more complex procedures.
"Every decision we make around the time of a procedure matters,” said Dr. Kyle Linsey, DO, Cataract and Refractive Surgeon. “When I can administer a proven pressure-lowering therapy immediately following a procedure—especially for high-risk patients—it’s a game-changer for my practice protocols. It gives both the physician and the patient confidence that we’re starting from a position of control, not uncertainty. It’s a must-have for high-risk patients after a laser procedure."
“We are excited to deliver this wonderful news on IOPIDINE 1%, the first of the three Specialty products I highlighted earlier this year in my Letter to Stockholders,” said Mark L. Baum, Chief Executive Officer of Harrow. “This permanent J-Code represents an opportunity to ensure more patients in need have access to a medicine that can protect and preserve their vision. IOPIDINE 1% has a long-established and highly differentiated clinical profile, and now, with assured reimbursement from use in the physician’s office, the elimination of longstanding reimbursement friction is expected to drive broader, more consistent adoption—and is a particularly natural complement to IHEEZO® for so many office-based procedures requiring an anesthetic.”
About IOPIDINE® 1% (apraclonidine hydrochloride ophthalmic solution) as base
Indications and Usage
IOPIDINE 1% Ophthalmic Solution is indicated to control or prevent post-surgical elevations in IOP that occur in patients after argon laser trabeculoplasty, argon laser iridotomy or Nd:YAG posterior capsulotomy.
Important Safety information
CONTRAINDICATIONS
IOPIDINE 1% Ophthalmic Solution is contraindicated for patients receiving monoamine oxidase inhibitor therapy and for patients with hypersensitivity to any component of this medication or to clonidine
WARNINGS AND PRECAUTIONS
Since IOPIDINE 1% Ophthalmic Solution is a potent depressor of IOP, patients who develop exaggerated reductions in IOP should be closely monitored. Although the acute administration of two drops of IOPIDINE 1% Ophthalmic Solution has minimal effect on heart rate or blood pressure in clinical studies evaluating patients undergoing anterior segment laser surgery, the preclinical pharmacologic profile of this drug suggests that caution should be observed in treating patients with severe cardiovascular disease including hypertension. IOPIDINE 1% Ophthalmic Solution should also be used with caution in patients with severe coronary insufficiency, recent myocardial infarction, cerebrovascular disease, chronic renal failure, Raynaud’s disease or thromboangiitis obliterans. The possibility of a vasovagal attack occurring during laser surgery should be considered and caution used in patients with history of such episodes. Topical ocular administration of two drops of 0.5%, 1%, and 1.5% IOPIDINE Ophthalmic Solution to New Zealand Albino rabbits three times daily for one month resulted in sporadic and transient instances of minimal corneal cloudiness in the 1.5% group only. No histopathological changes were noted in those eyes. No adverse ocular effects were observed in cynomolgus monkeys treated with two drops of 1.5% IOPIDINE Ophthalmic Solution applied three times daily for three months. No corneal changes were observed in 320 humans given at least one dose of IOPIDINE 1% Ophthalmic Solution.
ADVERSE REACTIONS
The following adverse events, occurring in less than 2% of patients, were reported in association with the use of IOPIDINE 1% Ophthalmic Solution in laser surgery: ocular injection, upper lid elevation, irregular heart rate, nasal decongestion, ocular inflammation, conjunctival blanching, and mydriasis.
DOSAGE AND ADMINISTRATION
Instill one drop of IOPIDINE® 1% in the operative eye one hour before anterior segment laser surgery. Instill a second drop immediately after the procedure. Use a new single-use container for each drop and discard after use.
About IHEEZO (chloroprocaine HCl ophthalmic gel) 3%
Indications and Usage
IHEEZO® (chloroprocaine HCl ophthalmic gel) 3% is indicated for ocular surface anesthesia.
Important Safety information
IHEEZO is contraindicated in patients with a history of hypersensitivity to any component of this preparation.
IHEEZO should not be injected or intraocularly administered.
Patients should not touch the eye for at least 10 to 20 minutes after using anesthetic as accidental injuries can occur due to insensitivity of the eye.
Prolonged use of a topical ocular anesthetic may produce permanent corneal opacification and ulceration with accompanying visual loss.
Do not touch the dropper tip to any surface as this may contaminate the gel.
IHEEZO is indicated for administration under the direct supervision of a healthcare provider. IHEEZO is not intended for patient self-administration.
The most common adverse reactions in studies following IHEEZO administration (incidence greater than or equal to 5%) were mydriasis, conjunctival hyperemia, and eye irritation.
About Harrow
Harrow, Inc. (Nasdaq: HROW) is a leading provider of ophthalmic disease management solutions in North America, offering a comprehensive portfolio of products that address conditions affecting both the front and back of the eye, such as dry eye disease, wet (or neovascular) age-related macular degeneration, cataracts, refractive errors, glaucoma and a range of other ocular surface conditions and retina diseases. Harrow was founded with a commitment to deliver safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes. For more information about Harrow, please visit harrow.com and connect with us on LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release that are not historical facts may be considered such “forward-looking statements.” Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties which may cause results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include, among others, risks related to: liquidity or results of operations; our ability to successfully implement our business plan, develop and commercialize our products, product candidates and proprietary formulations in a timely manner or at all, identify and acquire additional products, manage our pharmacy operations, service our debt, obtain financing necessary to operate our business, recruit and retain qualified personnel, manage any growth we may experience and successfully realize the benefits of our previous acquisitions and any other acquisitions and collaborative arrangements we may pursue; competition from pharmaceutical companies, outsourcing facilities and pharmacies; general economic and business conditions, including inflation and supply chain challenges; regulatory and legal risks and uncertainties related to our pharmacy operations and the pharmacy and pharmaceutical business in general, including the ongoing communications with the U.S. Food and Drug Administration relating to compliance and quality plans at our outsourcing facility in New Jersey; physician interest in and market acceptance of our current and any future formulations and compounding pharmacies generally. These and additional risks and uncertainties are more fully described in Harrow’s filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the SEC. Such documents may be read free of charge on the SEC's web site at sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, Harrow undertakes no obligation to update any forward-looking statements to reflect new information, events, or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
Contacts:
Mike Biega
Vice President of Investor Relations and Communications [email protected]
617-913-8890
_______________________
i Iopidine® (apraclonidine HCl ophthalmic solution) 0.5% and 1% Prescribing Information. Harrow, Inc
ii Ehrlich et al. JAMA Ophthalmol 2024
iii CMS Part B laser procedure estimates
Harrow has delivered a decade-long 40% CAGR in revenue, with robust operating leverage and EBITDA margin expansion. Seasonal weakness in Q1 consistently creates compelling entry points, with share prices typically bottoming near the Q1 report date and rebounding sharply later in the year. HROW's 2026 low of $33 suggests a likely move to $100 within the year, reflecting the historical pattern of annual highs being about 3x annual lows.
State of Alaska Department of Revenue lifted its holdings in shares of Harrow, Inc. (NASDAQ:HROW – Free Report) by 807.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,807 shares of the company’s stock after acquiring an additional 14,065 shares during the quarter. State of Alaska Department of Revenue’s holdings in Harrow were worth $774,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently modified their holdings of HROW. Penn Capital Management Company LLC bought a new stake in shares of Harrow during the 3rd quarter valued at about $15,717,000. Luxor Capital Group LP bought a new stake in shares of Harrow during the 3rd quarter valued at about $14,807,000. New York State Common Retirement Fund boosted its stake in shares of Harrow by 1,944.7% during the 3rd quarter. New York State Common Retirement Fund now owns 213,789 shares of the company’s stock valued at $10,300,000 after purchasing an additional 203,333 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Harrow by 266.8% during the 2nd quarter. Bank of America Corp DE now owns 213,448 shares of the company’s stock valued at $6,519,000 after purchasing an additional 155,258 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Harrow by 967.6% in the 2nd quarter. Invesco Ltd. now owns 150,948 shares of the company’s stock worth $4,610,000 after acquiring an additional 136,809 shares in the last quarter. Institutional investors own 72.76% of the company’s stock.
Harrow Price Performance Shares of NASDAQ HROW opened at $39.14 on Thursday. Harrow, Inc. has a fifty-two week low of $21.12 and a fifty-two week high of $54.85. The company has a 50 day simple moving average of $40.21 and a two-hundred day simple moving average of $42.40. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of -230.22 and a beta of 0.31. The company has a debt-to-equity ratio of 4.67, a quick ratio of 2.06 and a current ratio of 2.20.
Analyst Ratings Changes Several brokerages have recently issued reports on HROW. Cantor Fitzgerald decreased their target price on Harrow from $94.00 to $91.00 and set an “overweight” rating for the company in a research report on Wednesday, March 4th. HC Wainwright reissued a “buy” rating and issued a $70.00 target price on shares of Harrow in a research report on Thursday, March 19th. B. Riley Financial reissued a “buy” rating and issued a $65.00 target price (down from $74.00) on shares of Harrow in a research report on Tuesday, April 7th. Zacks Research upgraded shares of Harrow from a “strong sell” rating to a “hold” rating in a report on Friday, April 3rd. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Harrow in a report on Thursday, January 22nd. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $69.86.
Check Out Our Latest Report on HROW
Harrow Profile (Free Report)
Harrow Health, Inc (NASDAQ: HROW) is a U.S.-based commercial-stage biopharmaceutical company specializing in ophthalmic therapeutics and diagnostics. The company focuses on the development, manufacturing and distribution of proprietary, generic and branded eye care products designed to treat a range of ocular conditions, including glaucoma, ocular hypertension, dry eye disease and other anterior segment disorders.
Through its wholly owned affiliate ImprimisRx, Harrow Health offers a direct-to-physician model for customized formulations as well as low-cost generic alternatives.
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Company to Host Conference Call to Discuss Results at 8:00 a.m. Eastern Time on May 12, 2026 April 27, 2026 07:00 ET | Source: Harrow, Inc.
NASHVILLE, Tenn., April 27, 2026 (GLOBE NEWSWIRE) -- Harrow (Nasdaq: HROW), a leading provider of ophthalmic disease management solutions in North America, today announced that it will report its financial results for the first quarter ended March 31, 2026, on Monday, May 11, 2026, after the market close. The Company will also post its first quarter Letter to Stockholders to the “Investors” section of its website, harrow.com. Harrow will host a conference call and live webcast at 8:00 a.m. Eastern Time on Tuesday, May 12, 2026, to discuss the results and provide a business update.
Conference Call Information
Participants can access the live webcast of Harrow’s presentation on the “Investors” page of Harrow’s website. A replay of the webcast will be available on the Company’s website for one year.
To participate via telephone, please register in advance using this link. Upon registration, all telephone participants will receive a confirmation email with detailed instructions, including a unique dial-in number and PIN, for accessing the call.
About Harrow
Harrow, Inc. (Nasdaq: HROW) is a leading provider of ophthalmic disease management solutions in North America, offering a comprehensive portfolio of products that address conditions affecting both the front and back of the eye, such as dry eye disease, wet (or neovascular) age-related macular degeneration, cataracts, refractive errors, glaucoma and a range of other ocular surface conditions and retina diseases. Harrow was founded with a commitment to deliver safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes. For more information about Harrow, please visit harrow.com and connect with us on LinkedIn.
Contact:
Mike Biega
VP of Investor Relations & Communications [email protected]
617-913-8890
Wall Street expects a year-over-year decline in earnings on higher revenues when Harrow (HROW - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 11. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis pharmaceutical and drug compounding company is expected to post quarterly loss of $0.43 per share in its upcoming report, which represents a year-over-year change of -13.2%.
Revenues are expected to be $50.33 million, up 5.2% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 89.66% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Harrow?For Harrow, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -62.35%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Harrow will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Harrow would post earnings of $0.4 per share when it actually produced earnings of $0.26, delivering a surprise of -35.00%.
Over the last four quarters, the company has beaten consensus EPS estimates just once.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Harrow doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerStevanato Group (STVN - Free Report) , another stock in the Zacks Medical - Drugs industry, is expected to report earnings per share of $0.12 for the quarter ended March 2026. This estimate points to a year-over-year change of +9.1%. Revenues for the quarter are expected to be $311.41 million, up 15.4% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for Stevanato has remained unchanged. Nevertheless, the company now has an Earnings ESP of -1.64%, reflecting a lower Most Accurate Estimate.
When combined with a Zacks Rank of #4 (Sell), this Earnings ESP makes it difficult to conclusively predict that Stevanato will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
VEVYE® delivered record new and total prescription performance (despite an approximate 18% decline in the overall branded dry eye category)VEVYE demand growth on track to deliver 2026 revenue of over $100 millionQuarterly revenue of $44.2 million, including a non-recurring gross-to-net revenue adjustment connected to new VEVYE commercial coverage, which lowered Q1 revenue by approximately $8 millionIHEEZO® unit demand increased 18% year-over-year, with 82% of units from retina accountsTRIESENCE® unit demand more than doubled year-over-year, the sixth consecutive quarter of growthSecond Quarter revenue expected between $71 million and $81 millionFull-year 2026 revenue guidance reaffirmed at $350 million to $365 millionCash and cash equivalents of $94.6 million as of March 31, 2026 A Media Snippet accompanying this announcement is available by clicking on this link.
NASHVILLE, Tenn., May 11, 2026 (GLOBE NEWSWIRE) -- Harrow (Nasdaq: HROW), a leading provider of ophthalmic disease management solutions in North America, announced results for the first quarter ended March 31, 2026. The Company also posted its first-quarter Letter to Stockholders and corporate presentation to the “Investors” section of its website at harrow.com. The Company encourages Harrow stockholders to review these documents, which provide additional details concerning the historical results and future expectations for the business.
“The demand for Harrow’s key products has never been stronger, and our visibility into our demand trajectory – across our portfolio – keeps us entirely on track to reach our forecasted financial goals for the year,” said Mark L. Baum, Chief Executive Officer of Harrow. “Although our first-quarter reported revenue reflects an estimated $8 million gross-to-net reduction associated with our new commercial coverage for VEVYE, this adjustment does not reflect the profitable, recurring, and significant patient base established during the quarter. Harrow is now positioned to realize the full financial benefits of this coverage relationship beginning in Q2 2026.”
Baum continued, “Prior to the quarter, we established business rules with specific assumptions regarding these new VEVYE commercial patients. As the period unfolded, the surge in demand among patients with high-deductible plans significantly outpaced our initial models. This created temporary gross-to-net pressure, which was resolved through business rules adjustments. With these rules now in place, we are now positioned to realize the expected financial benefit of our expanded commercial access, and we are already seeing highly encouraging net pricing indicators early in the second quarter.”
“Our core commercial engine is accelerating. VEVYE delivered record prescription performance and has officially surpassed XIIDRA on a monthly total prescription basis. Across our key growth drivers - VEVYE, IHEEZO, and TRIESENCE - we are seeing robust prescriber adoption, expanding market share, and durable momentum. With our expanded commercial organization now fully deployed, we remain highly confident in our ability to deliver on our 2026 revenue guidance of $350 million to $365 million.”
Key First Quarter Demand Indicators:
VEVYE:
Prescription growth of approximately 170% sequentially within our new national pharmacy benefit manager’s Tier 1 accountsRecord quarterly prescription performance, with NRx up 25% and TRx up 11% quarter-over-quarter, despite a decline in the overall branded dry eye marketSurpassed XIIDRA on a monthly TRx basis, achieving approximately 14% market share as of the end of March 2026 IHEEZO:
Unit demand increased 18% year-over-year, with March 2026 up 34% versus the prior-year periodRetina accounts represented approximately 82% of total volume, reflecting continued strength in the core marketOrdering accounts continued to expand, driven by growing adoption across both retina and in-office procedural settings TRIESENCE:
Unit demand more than doubled year-over-year, increasing 136% versus the prior-year periodSixth consecutive quarter of growth, supported by continued expansion of the customer base, including 195 new accounts in the quarter, representing approximately 28% of total ordering accounts First Quarter 2026 Financial Results:
For the Three Months Ended
March 31, 2026
2025
Total revenues$ 44,203,000 $ 47,831,000 Gross margin 61% 68%Net loss (27,602,000) (17,780,000)Adjusted EBITDA(1) (12,659,000) (1,985,000)Net loss per share, basic and diluted (0.74) (0.50) (1) Adjusted EBITDA is a non-GAAP measure. For additional information, including a reconciliation of Adjusted EBITDA to the most directly comparable measure presented in accordance with GAAP, see the explanation of non-GAAP measures and reconciliation tables at the end of this release.
Conference Call and Webcast
Harrow will host a conference call to discuss the results at 8:00 a.m. ET on Tuesday, May 12, 2026. Participants can access the live webcast of Harrow’s presentation on the “Investors” page of Harrow’s website. A replay of the webcast will be available on the Company’s website for one year.
To participate via telephone, please register in advance using this link. Upon registration, all telephone participants will receive a confirmation email with detailed instructions, including a unique dial-in number and PIN, to access the call.
About Harrow
Harrow, Inc. (Nasdaq: HROW) is a leading provider of ophthalmic disease management solutions in North America, offering a comprehensive portfolio of products that address conditions affecting both the front and back of the eye, such as dry eye disease, wet (or neovascular) age-related macular degeneration, cataracts, refractive errors, glaucoma, and a range of other ocular surface conditions and retina diseases. Harrow was founded with a commitment to deliver safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes. For more information about Harrow, please visit harrow.com and connect with us on LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release that are not historical facts may be considered such “forward--looking statements.” Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties which may cause results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include, among others, risks related to: liquidity or results of operations; our ability to successfully implement our business plan, develop and commercialize our products, product candidates and proprietary formulations in a timely manner or at all, identify and acquire additional products, manage our pharmacy operations, service our debt, obtain financing necessary to operate our business, recruit and retain qualified personnel, manage any growth we may experience and successfully realize the benefits of our previous acquisitions and any other acquisitions and collaborative arrangements we may pursue; competition from pharmaceutical companies, outsourcing facilities and pharmacies; general economic and business conditions, including inflation and supply chain challenges; regulatory and legal risks and uncertainties related to our pharmacy operations and the pharmacy and pharmaceutical business in general, including the ongoing communications with the U.S. Food and Drug Administration relating to compliance and quality plans at our outsourcing facility in New Jersey; physician interest in and market acceptance of our current and any future formulations and compounding pharmacies generally. These and additional risks and uncertainties are more fully described in Harrow’s filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the SEC. Such documents may be read free of charge on the SEC's web site at sec.gov. Undue reliance should not be placed on forward-looking- statements, which speak only as of the date they are made. Except as required by law, Harrow undertakes no obligation to update any forward-looking- statements to reflect new information, events, or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
Contact:
Mike Biega, VP of Investor Relations and Communications [email protected]
617-913-8890
HARROW, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
March 31,
2026 December 31,
2025 ASSETSCash and cash equivalents$94,644,000 $72,927,000All other current assets 131,740,000 138,823,000Total current assets 226,384,000 211,750,000All other assets 193,159,000 187,732,000TOTAL ASSETS$419,543,000 $399,482,000 LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent liabilities$91,439,000 $96,302,000Loans payable, net of unamortized debt discount 292,087,000 243,184,000All other liabilities 7,666,000 7,905,000TOTAL LIABILITIES 391,192,000 347,391,000TOTAL STOCKHOLDERS' EQUITY 28,351,000 52,091,000TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$419,543,000 $399,482,000 HARROW, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended
March 31, 2026
2025
Total revenues$44,203,000 $47,831,000 Cost of sales (17,158,000) (15,524,000)Gross profit 27,045,000 32,307,000 Selling, general and administrative 43,230,000 40,513,000 Research and development 5,895,000 3,026,000 Total operating expenses 49,125,000 43,539,000 Loss from operations (22,080,000) (11,232,000)Interest expense, net (5,497,000) (6,548,000)Income tax expense (25,000) - Net loss$(27,602,000) $(17,780,000)Net loss per share: Basic and diluted$(0.74) $(0.50) HARROW, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended
March 31,2026
2025
Net cash provided by (used in): Operating activities$ (8,992,000) $ 19,668,000 Investing activities (18,203,000) (212,000)Financing activities 48,912,000 23,000 Net change in cash and cash equivalents 21,717,000 19,479,000 Cash and cash equivalents at beginning of the period 72,927,000 47,247,000 Cash and cash equivalents at end of the period$ 94,644,000 $ 66,726,000 Non-GAAP Financial Measures
In addition to the Company’s results of operations determined in accordance with U.S. generally accepted accounting principles (GAAP), which are presented and discussed above, management also utilizes Adjusted EBITDA, an unaudited financial measure that is not calculated in accordance with GAAP, to evaluate the Company’s financial results and performance and to plan and forecast future periods. Adjusted EBITDA is considered a “non-GAAP” financial measure within the meaning of Regulation G promulgated by the SEC. Management believes that this non-GAAP financial measure reflects an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results, provides a more complete understanding of the Company’s results of operations and the factors and trends affecting its business. Management believes Adjusted EBITDA provides meaningful supplemental information regarding the Company’s performance because (i) it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making; (ii) it excludes the impact of non-cash or, when specified, non-recurring items that are not directly attributable to the Company’s core operating performance and that may obscure trends in the Company’s core operating performance; and (iii) it is used by institutional investors and the analyst community to help analyze the Company’s results. However, Adjusted EBITDA, and any other non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Further, non-GAAP financial measures used by the Company and the way they are calculated may differ from the non-GAAP financial measures or the calculations of the same non-GAAP financial measures used by other companies, including the Company’s competitors.
Adjusted EBITDA
The Company defines Adjusted EBITDA as net income (loss), excluding the effects of stock-based compensation and expenses, impairment of intangible assets, interest, taxes, depreciation, amortization, investment loss, net, and, if any and when specified, other non-recurring income or expense items. Management believes that the most directly comparable GAAP financial measure to Adjusted EBITDA is net income (loss). Adjusted EBITDA has limitations and should not be considered as an alternative to gross profit or net income (loss) as a measure of operating performance or to net cash provided by (used in) operating, investing, or financing activities as a measure of ability to meet cash needs.
The following is a reconciliation of Adjusted EBITDA, a non-GAAP measure, to the most comparable GAAP measure, net income (loss), for the three months ended March 31, 2026 and for the same period in 2025:
HARROW, INC.
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
For the Three Months Ended
March 31, 2026
2025
GAAP net loss$(27,602,000) $(17,780,000)Stock-based compensation and expenses 3,837,000 4,556,000 Interest expense, net 5,497,000 6,548,000 Income tax expense 25,000 - Depreciation 455,000 465,000 Amortization of intangible assets 5,129,000 4,226,000 Adjusted EBITDA$(12,659,000) $(1,985,000)
Harrow (HROW - Free Report) came out with a quarterly loss of $0.63 per share versus the Zacks Consensus Estimate of a loss of $0.43. This compares to a loss of $0.38 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -48.24%. A quarter ago, it was expected that this pharmaceutical and drug compounding company would post earnings of $0.4 per share when it actually produced earnings of $0.26, delivering a surprise of -35%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Harrow, which belongs to the Zacks Medical - Drugs industry, posted revenues of $44.2 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 12.17%. This compares to year-ago revenues of $47.83 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Harrow shares have lost about 22% since the beginning of the year versus the S&P 500's gain of 8.1%.
What's Next for Harrow?While Harrow has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Harrow was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.02 on $81.91 million in revenues for the coming quarter and $0.48 on $351.26 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Drugs is currently in the top 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Merck KGaA (MKKGY - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026.
This company is expected to post quarterly earnings of $0.45 per share in its upcoming report, which represents a year-over-year change of -23.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Merck KGaA's revenues are expected to be $5.78 billion, up 4.1% from the year-ago quarter.
Harrow NASDAQ: HROW executives said the company’s first-quarter results were weighed down by a discrete revenue issue tied to VEVYE coverage and high-deductible patients, but management repeatedly emphasized that underlying demand for its core ophthalmic products is accelerating.
On the company’s first-quarter 2026 earnings call, CEO Mark L. Baum said the quarter’s headline revenue figure reflected “a specific isolated dynamic” rather than a deterioration in demand. Harrow reported consolidated revenue of $44.2 million and adjusted EBITDA of negative $12.7 million for the quarter, according to President and Chief Financial Officer Andrew Boll.
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“The underlying fundamentals of Harrow have never been stronger,” Baum said, adding that demand for the company’s key growth drivers is “at or above” internal expectations.
VEVYE Revenue Hit by Gross-to-Net Issue Management said VEVYE generated approximately $20.9 million in first-quarter revenue, but that reported revenue was reduced by about $8 million due to a gross-to-net modeling issue related to expanded commercial coverage that began Jan. 1.
Boll said Harrow’s initial business rules assumed a certain patient mix and level of out-of-pocket support. While January results tracked with expectations, the company later saw a significantly higher proportion of high-deductible patients filling prescriptions through pharmacy benefits, increasing average out-of-pocket buydowns and pressuring net revenue per unit.
“Due to the standard industry lag in claims reporting, the full magnitude of this mix shift was confirmed in mid-April,” Boll said. He said Harrow then implemented targeted changes, including strict caps on co-pay buydowns and other refinements intended to protect net pricing.
In response to an analyst question, Boll said CVS-covered patients were coming in about 40% higher on out-of-pocket buydown amounts than other covered patients. He said the business rule changes should move those patients from being, on average, “negative revenue” to “much more positive” contributors going forward.
Baum said the changes have shown “negligible impact” on new prescription demand. He said recent VEVYE prescription data showed “higher highs and higher lows,” which he attributed in part to the company’s expanded sales force beginning to affect field activity.
Company Reaffirms 2026 Guidance Despite the first-quarter adjustment, Harrow reaffirmed full-year 2026 revenue guidance of $350 million to $365 million. Boll said the company expects second-quarter revenue of $71 million to $81 million, with VEVYE showing sequential growth.
Management also reiterated its expectation that VEVYE will exceed $100 million in revenue for the year. Boll said April trends suggested net pricing is “much better aligned” with internal expectations and should be notably higher than in the first quarter. In response to a question on average selling prices, Boll said assuming the current setup, a roughly 30% increase was a reasonable assumption.
Baum said Harrow’s commercial investments, including the hiring of more than 90 new sales professionals, are now complete. The company doubled its VEVYE dry eye sales force, expanded its surgical and retina-related teams, and added resources for Access+ and specialty products.
Pat Sullivan, Harrow’s chief commercial officer, said VEVYE new prescriptions grew approximately 25% sequentially in the quarter, while total prescriptions grew about 11%. He said the prescriber base expanded another 12% sequentially, and the product exited March with roughly 14% branded share, surpassing Xiidra on a monthly total prescription basis.
IHEEZO, TRIESENCE and Other Products IHEEZO contributed $1.9 million in first-quarter revenue, which Boll said was in line with expectations as channel inventory was absorbed. Sullivan said IHEEZO unit demand grew 18% year over year, new ordering accounts increased by 21 during the quarter, and total accounts were up nearly 50% from last year. Retina procedures represented more than 80% of volume.
Harrow expects IHEEZO revenue to begin rebounding in the second quarter but remain below prior-year levels due to channel dynamics, Boll said. He said results should move toward a more normalized level in the third and fourth quarters, helped by a new multi-unit package launching in July and an expected 20% to 25% improvement in net pricing beginning in the second half.
Baum said the ambulatory surgery center business for IHEEZO is expected to “go to zero” following the loss of pass-through reimbursement, but he said the company expects to replace prior ASC unit volumes with in-office use cases by the end of the year. He described in-office coverage as “nearly pervasive,” with better than 95% coverage and a prior authorization rate below 5%.
TRIESENCE delivered $7.8 million in first-quarter revenue. Sullivan said the product posted 136% year-over-year unit volume growth, with March up 113% from a year earlier. He said TRIESENCE has now recorded six consecutive quarters of demand growth, with unit demand up roughly 250% over that period. Harrow also said its label expansion study in cataract surgery and pain is underway.
Access+ revenue was $13.5 million. Baum and Sullivan said Harrow had worked through prior inventory constraints in the cash-pay business and rebuilt inventory for key products.
Second-Half Catalysts and New Launches Boll said the company expects a stronger second half supported by several catalysts, including full deployment of the expanded VEVYE sales force, better VEVYE net pricing, the July 1 commercial launch of BYOOVIZ, and the July 1 effective date of a permanent J-code for IOPIDINE 1%.
Sullivan said IOPIDINE is the only FDA-approved therapy to prevent intraocular pressure spikes following various in-office procedures. He said the permanent J-code, reimbursed at ASP plus 6%, changes the economics for physicians and could unlock an addressable market of more than 1.5 million annual laser procedure use cases. Baum said IOPIDINE is expected to be an incremental contributor in the second half of 2026, with a larger impact expected in 2027.
Baum also said BYQLOVI samples are already being distributed to select customers, while the trade launch, meaning revenue-generating sales, is expected to begin in the third quarter. He said Harrow’s full-year guidance includes BYQLOVI, though the company is not providing product-specific revenue expectations for BYQLOVI or BYOOVIZ.
MELT-300 Development Remains on Track Chief Scientific Officer Amir Shojaei discussed MELT-300, Harrow’s IV- and opioid-free procedural sedation candidate acquired from Melt Pharmaceuticals. He said the company has initiated required pharmacokinetic and non-clinical toxicology studies. The non-clinical study is in the reporting phase, and the first pharmacokinetic study has been completed and is in clinical study report drafting.
Shojaei said renal and hepatic impairment studies are underway, with final reports anticipated in the fourth quarter of 2026. He also said a major manufacturing campaign scheduled for later in the quarter is expected to support the data package required for an NDA submission. Baum later said investors should think about a first-quarter 2027 submission, though he said Harrow would provide more information on the next quarterly call.
In closing, Baum said the first-quarter issue was resolved and did not change the company’s long-term trajectory. “We’re now entering a period where the foundation translates into sustained revenue growth and increasing profitability,” he said.
About Harrow NASDAQ: HROWHarrow Health, Inc NASDAQ: HROW is a U.S.-based commercial-stage biopharmaceutical company specializing in ophthalmic therapeutics and diagnostics. The company focuses on the development, manufacturing and distribution of proprietary, generic and branded eye care products designed to treat a range of ocular conditions, including glaucoma, ocular hypertension, dry eye disease and other anterior segment disorders.
Through its wholly owned affiliate ImprimisRx, Harrow Health offers a direct-to-physician model for customized formulations as well as low-cost generic alternatives.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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MONSEY, N.Y., May 13, 2026 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether Harrow, Inc. (Nasdaq: HROW) (“HROW”) has violated the federal securities laws after the company advised that VEVYE revenue of $20.9 million during the first quarter of 2026 was below expectations due to an estimated $8 million gross-to-net reduction associated with new commercial coverage for VEVYE.
Upon this news, HROW’s stock price fell 23.69% in trading on May 12, 2026. In particular, on HROW’s quarterly earnings call on May 12, 2026, several analysts inquired into the gross-to-net adjustment.
If you are or were a HROW shareholder and have suffered losses, you may contact us at the following link to discuss your legal rights and options at no charge:
https://wohlfruchter.com/cases/harrow/
Alternatively, you may contact us by phone at 866-833-6245, or via email at [email protected].
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245 [email protected]
www.wohlfruchter.com
NASHVILLE, Tenn., May 27, 2026 (GLOBE NEWSWIRE) -- Harrow (Nasdaq: HROW), a leading provider of ophthalmic disease management solutions in North America, today announced that management will present at William Blair’s 46th Annual Growth Stock Conference on Wednesday, June 3, 2026, at 8:40 AM CT, in Chicago, IL.
The presentation will be webcast live and can be found on the Company’s website. A replay will be on the website for approximately 90 days following the event.
About Harrow
Harrow, Inc. (Nasdaq: HROW) is a leading provider of ophthalmic disease management solutions in North America, offering a comprehensive portfolio of products that address conditions affecting both the front and back of the eye, such as dry eye disease, wet (or neovascular) age-related macular degeneration, cataracts, refractive errors, glaucoma and a range of other ocular surface conditions and retina diseases. Harrow was founded with a commitment to deliver safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes. For more information about Harrow, please visit harrow.com and connect with us on LinkedIn.
Contact:
Mike Biega, Vice President of Investor Relations and Communications [email protected]
617-913-8890
VERKAZIA is now supported by a comprehensive commercial strategy focused on physician education, patient access, and affordability initiatives to ensure dependable supply and remove access barriersVERKAZIA is indicated for the treatment of all forms of vernal keratoconjunctivitis (VKC), a serious allergic eye disease that primarily affects children and may lead to sight-threatening conditions if left untreated or undertreatedVERKAZIA is a calcineurin inhibitor immunomodulator that targets the underlying inflammatory mechanisms of VKC and may reduce the need for steroid rescue, all of which are associated with risks such as glaucoma or cataract formation
NASHVILLE, Tenn., June 10, 2026 (GLOBE NEWSWIRE) -- Harrow (Nasdaq: HROW), a leading provider of ophthalmic disease management solutions in North America, today announced the re-launch of VERKAZIA® (cyclosporine ophthalmic emulsion) 0.1%, a prescription therapy indicated for the treatment of vernal keratoconjunctivitis (VKC), a serious allergic eye disease that primarily affects children.
“The re-launch of VERKAZIA underscores our commitment to advancing care in underserved ophthalmic conditions,” said Mark L. Baum, Chief Executive Officer of Harrow. “As outlined in our recent Letter to Stockholders, VERKAZIA is the second of three priority products within our portfolio that we are actively executing against. VKC is a clinically significant, yet highly underdiagnosed disease, affecting a vulnerable patient population, where the central challenge has not been clinical efficacy, but consistent access to therapy. Our focus with this re-launch is straightforward: ensure dependable supply, remove access barriers, and enable physicians and patients to reliably obtain this important, evidence-based, and, most importantly, steroid-sparing treatment, for long-term disease management.”
“Vernal keratoconjunctivitis is more than a seasonal allergy—it is a chronic inflammatory disease that can meaningfully disrupt a child’s daily life and long-term ocular health,” said Dr. Angela Zhu, M.D., Pediatric Ophthalmologist at Bascom Palmer Eye Institute. “Targeted therapies like VERKAZIA that address the underlying immune response are essential to improving both symptom control and disease trajectory.”
“There remains a substantial need for effective, long-term VKC treatment options, particularly those that reduce steroid exposure,” said Dr. Elsa Sheerer, OD., Pediatric Optometrist at NYC Health + Hospitals. “The availability of a targeted cyclosporine formulation is an important advancement for clinicians managing this complex disease.”
VKC is a chronic, potentially sight-threatening condition perpetuated by significant ocular inflammation, often resulting in severe itching, pain, photophobia, and, in some cases, corneal damage. The disease typically begins in early childhood and may persist for years—often through adolescence—with seasonal exacerbations and, in some cases, continuation into adulthood. VKC has been shown to significantly impact quality of life, affecting school performance, outdoor activity, sleep, and social development—often disproportionately to clinical severity. Despite its meaningful clinical burden and impact on quality of life, treatment options for VKC—particularly in pediatric populations—have historically been limited.
Pediatric patients are typically initiated on antihistamines; however, approximately 61% of VKC patients are inadequately controlled on antihistamines alone.i When antihistamines fail to provide sufficient relief, clinicians have historically turned to corticosteroids—but chronic steroid use in children carries significant risks, including glaucoma and cataract formation. Prior to VERKAZIA, no FDA-approved steroid-sparing therapy existed for VKC, leaving a substantial gap in care for both mild and severe patients.
VERKAZIA is a topical calcineurin inhibitor immunomodulator that targets the underlying inflammatory mechanisms of VKC. Consensus guidelines increasingly support the early use of calcineurin inhibitors to control inflammation, reduce reliance on corticosteroids, and improve long-term outcomesii. Unlike chronic steroid use, VERKAZIA does not carry risks such as glaucoma or cataract formation, making it particularly important in pediatric populations.
In randomized, controlled clinical trials, VERKAZIA demonstrated statistically significant improvements in corneal damage (keratitis), meaningful reductions in hallmark symptoms such as itching, photophobia, and tearing, and decreased need for corticosteroid rescue therapy compared to control—supporting its role as a foundational, steroid-sparing therapy for long-term VKC management.iii
From a market perspective, VKC represents a durable and underdiagnosed segment within ophthalmology, with increasing clinical awareness and a growing emphasis on early, disease-modifying treatment. The condition’s chronicity, pediatric onset, and need for long-term management contribute to sustained demand for safe, well-tolerated therapies.
Harrow’s re-launch of VERKAZIA is supported by a comprehensive commercial strategy focused on physician education, patient access, and affordability initiatives, with the goal of improving diagnosis, treatment adoption, and continuity of care.
Clinicians seeking to prescribe VERKAZIA can contact 1-833-4HARROW (1-833-442-7769) or at this link. Additional product details can be found on the product website.
VERKAZIA®
(cyclosporine ophthalmic emulsion) 0.1%
Indications and Usage
Verkazia® (cyclosporine ophthalmic emulsion) 0.1% is a calcineurin inhibitor immunosuppressant indicated for the treatment of vernal keratoconjunctivitis in children and adults.
Important Safety information
WARNINGS AND PRECAUTIONS
Potential for eye injury and contamination: To avoid the potential for eye injury and contamination, advise patient not to touch the vial tip to the eye or other surfaces.
ADVERSE REACTIONS
The most common adverse reactions reported in greater than 5% of patients were eye pain (12%) and eye pruritus (8%), which were usually transitory and occurred during instillation.
About Harrow
Harrow, Inc. (Nasdaq: HROW) is a leading provider of ophthalmic disease management solutions in North America, offering a comprehensive portfolio of products that address conditions affecting both the front and back of the eye, such as dry eye disease, wet (or neovascular) age-related macular degeneration, cataracts, refractive errors, glaucoma and a range of other ocular surface conditions and retina diseases. Harrow was founded with a commitment to deliver safe, effective, accessible, and affordable medications that enhance patient compliance and improve clinical outcomes. For more information about Harrow, please visit harrow.com and connect with us on LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release that are not historical facts may be considered such “forward-looking statements.” Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties which may cause results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include, among others, risks related to: liquidity or results of operations; our ability to successfully implement our business plan, develop and commercialize our products, product candidates and proprietary formulations in a timely manner or at all, identify and acquire additional products, manage our pharmacy operations, service our debt, obtain financing necessary to operate our business, recruit and retain qualified personnel, manage any growth we may experience and successfully realize the benefits of our previous acquisitions and any other acquisitions and collaborative arrangements we may pursue; competition from pharmaceutical companies, outsourcing facilities and pharmacies; general economic and business conditions, including inflation and supply chain challenges; regulatory and legal risks and uncertainties related to our pharmacy operations and the pharmacy and pharmaceutical business in general, including the ongoing communications with the U.S. Food and Drug Administration relating to compliance and quality plans at our outsourcing facility in New Jersey; physician interest in and market acceptance of our current and any future formulations and compounding pharmacies generally. These and additional risks and uncertainties are more fully described in Harrow’s filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the SEC. Such documents may be read free of charge on the SEC's web site at sec.gov. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, Harrow undertakes no obligation to update any forward-looking statements to reflect new information, events, or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
Contacts:
Mike Biega
Vice President of Investor Relations and Communications [email protected]
617-913-8890
i Ophthalmology, 2024 — Steroids Dominate Treatment of VKC
ii VKC Consensus Statement 2023
iii VERKAZIA Clinical Data
AUSTIN, Texas--(BUSINESS WIRE)--Core Scientific, Inc. (Nasdaq: CORZ) (“Core Scientific” or the “Company”), a leader in digital infrastructure for high-density colocation (“HDC”), today announced a multi-tiered strategy to scale its Pecos, Texas campus to approximately 1.5 gigawatts (“GW”) of gross power, or approximately 1.0 GW of leasable power. Earlier this year, Core Scientific began transforming its Pecos campus, where 300 megawatts (“MW”) of gross power capacity are currently used for bitc.
AUSTIN, Texas--(BUSINESS WIRE)--Core Scientific, Inc. (Nasdaq: CORZ) (“Core Scientific” or the “Company”), a leader in digital infrastructure for high-density colocation (“HDC”), today announced a multi-tiered strategy to scale its Muskogee, Oklahoma campus to approximately 1.5 gigawatt (“GW”) of gross power, or approximately 1.0 GW of leasable power. As part of this strategy, Core Scientific has entered into an agreement to acquire Polaris DS LLC, which has contracted 440 megawatts (“MW”) of g.
AUSTIN, Texas--(BUSINESS WIRE)--Core Scientific, Inc. (NASDAQ: CORZ), a leader in digital infrastructure for high-density colocation services (“HDC”), today announced financial results for the first quarter of 2026.
“Core Scientific is differentiated by our ability to combine capital readiness with speed to delivery,” said Adam Sullivan, Chief Executive Officer of Core Scientific. “We are investing ahead of contracts, advancing ready-for-service dates and moving development forward across multiple sites. That execution capability is accelerating customer discussions and reinforcing the value of our high-density compute infrastructure platform.”
First Quarter 2026 Financial Results
Total revenue was $115.2 million compared to $79.5 million in the first quarter of 2025. Colocation revenue was $77.5 million, up from $8.6 million in the first quarter of 2025, driven by incremental billable customer power capacity delivered to our customer during the quarter. Digital asset self-mining revenue was $30.1 million, down from $67.2 million in the first quarter of 2025, driven by the 45% decrease in bitcoin mined primarily due to the continued strategic shift to our colocation business and the 18% decrease in the average bitcoin price. Gross profit was $30.1 million compared to $8.2 million in the same period last year. Net loss was $347.2 million, compared to net income of $576.3 million in the first quarter of 2025. The net loss included $266.5 million of non-cash impairment charges, and a $30.8 million non-cash loss from changes in the fair value of warrants and contingent value rights. Non-GAAP Adjusted EBITDA was $4.4 million, compared to $(6.1) million for the prior year period, driven by a $35.7 million increase in total revenue and a $4.1 million favorable change in fair value of digital assets, partially offset by a $17.5 million increase in cash cost of revenue and a $11.9 million increase in adjusted operating expenses. Capital expenditures were $389.2 million, $129.9 million of which were funded by CoreWeave, Inc. pursuant to its existing colocation service agreements with the Company. Liquidity was $1.04 billion as of March 31, 2026, consisting of $1.01 billion of cash and cash equivalents and $37.3 million of bitcoin. Conference Call and Earnings Presentation
In conjunction with this release, Core Scientific, Inc. will host a conference call today, Wednesday, May 6, 2026, at 4:30 pm Eastern Time that will be webcast live. Adam Sullivan, Chief Executive Officer, Matt Brown, Chief Operating Officer, Jim Nygaard, Chief Financial Officer and Jon Charbonneau,Vice President, Investor Relations will host the call.
Investors with Internet access may listen to the live audio webcast via the Investor Relations page of the Core Scientific, Inc. website, http://investors.corescientific.com or by using the following link https://event.choruscall.com/mediaframe/webcast.html?webcastid=VZaoQ5yv.
A supplementary investor presentation for the first quarter 2026 may be accessed at https://investors.corescientific.com/news-events/presentations.
Audio Replay
An audio replay of the event will be archived on the Investor Relations section of the Company's website at http://investors.corescientific.com.
Upcoming Investor Events
Core Scientific will be attending the following investor events in May:
TD Cowen 54th Annual Technology, Media & Telecom Conference, May 28, 2026; and B. Riley Annual Investor Conference, May 20, 2026 If applicable, live presentation webcasts and replay information will be available on the Company’s Investor Relations website.
About Core Scientific
Core Scientific is a leader in designing, building and operating large scale, purpose-built data centers for high-density colocation (“HDC”) services. Core Scientific operates facilities for high-density colocation services serving artificial intelligence-related (“AI”) workloads and is a premier provider of digital infrastructure, software solutions and services to its third-party customers. The majority of the Company's revenue is derived from high-density colocation services, with the remainder derived from earning digital assets for the Company's own account and from digital asset mining hosting services. The Company is in the process of repurposing its remaining mining facilities to support its high-density colocation services business as circumstances allow. Core Scientific’s facilities are located in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1) and Texas (4). To learn more, visit www.corescientific.com.
Special Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). Forward-looking statements may include words such as “aim,” “estimate,” “plan,” “project,” “forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, successfully complete construction of its data centers, source sufficient electrical energy, necessary long lead infrastructure components, supplies and equipment, the advantages and expected growth of the Company, the Company’s ability to source and retain talent, and our ability to source and consummate acquisitions of entities holding suitable land and power. These statements are provided for illustrative purposes only and are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company.
These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions, known or unknown, that could cause actual results to vary materially from those indicated or anticipated. These risks, assumptions and uncertainties include those described in Part I. Item 1A. — “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. If one or more of these risks or uncertainties materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.
There may be additional risks that the Company could not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release and should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. The Company anticipates that subsequent events and developments will cause the Company’s assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.
Core Scientific, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par value)
March 31,
2026
December 31,
2025
Assets
Current Assets:
Cash and cash equivalents
$
1,005,148
$
311,378
Restricted cash, current portion
60,244
—
Digital assets
37,312
222,000
Customer funding receivable and other current assets
352,128
362,159
Total Current Assets
1,454,832
895,537
Property, plant and equipment, net
1,344,924
1,293,299
Operating lease right-of-use assets
105,986
108,484
Restricted cash, net of current portion
80,593
—
Other noncurrent assets
83,229
50,324
Total Assets
$
3,069,564
$
2,347,644
Liabilities and Stockholders’ Deficit
Current Liabilities:
Accounts payable
$
218,857
$
126,106
Accrued expenses
364,479
511,957
Deferred revenue
219,555
127,561
Notes payable, current portion
993,944
—
Warrant liabilities, current portion
844,752
—
Other current liabilities
20,196
15,777
Total Current Liabilities
2,661,783
781,401
Convertible and other notes payable, net of current portion
1,061,651
1,060,325
Warrant liabilities, net of current portion
116,495
936,107
Deferred revenue, net of current portion
434,672
428,290
Other noncurrent liabilities
100,649
104,261
Total Liabilities
4,375,250
3,310,384
Commitments and contingencies
Stockholders’ Deficit:
Preferred stock; $0.00001 par value; 2,000,000 shares authorized; none issued and outstanding at March 31, 2026 and December 31, 2025
—
—
Common stock; $0.00001 par value; 10,000,000 shares authorized at March 31, 2026 and December 31, 2025; 316,949 and 314,231 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively
3
3
Additional paid-in capital
3,188,202
3,183,960
Accumulated deficit
(4,493,891
)
(4,146,703
)
Total Stockholders’ Deficit
(1,305,686
)
(962,740
)
Total Liabilities and Stockholders’ Deficit
$
3,069,564
$
2,347,644
Certain prior year amounts have been reclassified for consistency with the current year presentation.
Core Scientific, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31,
2026
2025
Revenue:
Colocation revenue
$
77,539
$
8,573
Digital asset self-mining revenue
30,105
67,179
Digital asset hosted mining revenue from customers
7,600
3,773
Total revenue
115,244
79,525
Cost of revenue:
Cost of Colocation services
33,618
8,106
Cost of digital asset self-mining
47,189
61,170
Cost of digital asset hosted mining services
4,331
2,036
Total cost of revenue
85,138
71,312
Gross profit
30,106
8,213
Decrease in fair value of digital assets
6,558
10,688
Loss on disposal of property, plant and equipment
13,638
6
Impairment of property, plant and equipment
266,488
—
Colocation organizational and site startup costs
8,665
11,667
Advisor fees
333
603
Selling, general and administrative
44,846
32,287
Operating loss
(310,422
)
(47,038
)
Non-operating expense (income), net:
Interest expense (income), net
4,857
(2,187
)
Change in fair value of warrants and contingent value rights
30,799
(621,464
)
Loss on legal settlements
500
—
Other non-operating expense, net
10
157
Total non-operating expense (income), net
36,166
(623,494
)
(Loss) income before income taxes
(346,588
)
576,456
Income tax expense
600
205
Net (loss) income
$
(347,188
)
$
576,251
Net (loss) income per share, basic
$
(1.06
)
$
1.42
Net (loss) income per share, diluted
$
(1.06
)
$
1.24
Weighted average shares outstanding, basic
322,911
315,186
Weighted average shares outstanding, diluted
322,911
363,314
Certain prior year amounts have been reclassified for consistency with the current year presentation.
Core Scientific, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands) (Unaudited)
Three Months Ended March 31,
2026
2025
Cash flows from Operating Activities:
Net (loss) income
$
(347,188
)
$
576,251
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization
16,648
19,731
Loss on disposal of property, plant and equipment
13,638
6
Impairment of property, plant and equipment
266,488
—
Change in right-of-use assets
3,169
2,676
Stock-based compensation
17,761
16,185
Digital asset self-mining
(30,119
)
(67,441
)
Proceeds from sale of digital assets generated by self-mining revenues1
208,249
—
Decrease in fair value of digital assets
6,558
10,688
Change in fair value of warrant liabilities
31,835
(634,280
)
Change in fair value of contingent value rights
(1,036
)
12,816
Amortization of debt discount
1,675
1,732
Changes in operating assets and liabilities:
Customer funding receivable and other current assets
10,107
(10,463
)
Accounts payable
5,874
(14,295
)
Accrued expenses
(16,361
)
2,712
Deferred revenue from colocation services
98,832
42,005
Deferred revenue from hosted mining services
(456
)
734
Other noncurrent assets and liabilities, net
(35,797
)
(4,098
)
Net cash provided by (used in) operating activities
249,877
(45,041
)
Cash flows from Investing Activities:
Purchases of property, plant and equipment
(389,226
)
(83,980
)
Proceeds from sales of property and equipment
2,629
—
Purchase of equity investments
—
(5,000
)
Investments in intangible assets
(55
)
(36
)
Net cash used in investing activities
(386,652
)
(89,016
)
Cash flows from Financing Activities:
Principal repayments of finance leases
(1,095
)
(509
)
Principal payments on debt
—
(3,955
)
Taxes paid related to net share settlement of equity awards
(21,722
)
—
Proceeds from exercise of warrants
81
266
Proceeds for the issuance of term loan facility, net
995,000
—
Issuance costs for term loan facility
(882
)
—
Net cash provided by (used in) financing activities
971,382
(4,198
)
Net increase (decrease) in cash, cash equivalents and restricted cash
834,607
(138,255
)
Cash, cash equivalents and restricted cash—beginning of period
311,378
836,980
Cash, cash equivalents and restricted cash—end of period
$
1,145,985
$
698,725
Certain prior year amounts have been reclassified for consistency with the current year presentation.
1 Proceeds from digital assets received as noncash revenue consideration liquidated upon management’s discretion.
Core Scientific, Inc.
Segment Results
(in thousands, except percentages)
(Unaudited)
Three Months Ended March 31,
2026
2025
Colocation Segment
(in thousands, except percentages)
Colocation revenue:
License fees
$
59,195
$
5,995
Power fees passed through to customer
21,059
2,586
Maintenance and other
(2,715
)
(8
)
Total colocation revenue
77,539
8,573
Cost of colocation services:
Power fees passed through to customer
21,059
2,586
Depreciation expense
2,075
67
Employee compensation
2,986
1,295
Facility operations expense
6,755
3,852
Other segment items
743
306
Total cost of colocation services
33,618
8,106
Colocation gross profit
$
43,921
$
467
Colocation gross margin
57
%
5
%
Digital Asset Self-Mining Segment
Digital asset self-mining revenue
$
30,105
$
67,179
Cost of digital asset self-mining:
Power fees
27,271
30,319
Depreciation expense
13,909
19,259
Employee compensation
3,527
7,335
Facility operations expense
1,972
3,280
Other segment items
510
977
Total cost of digital asset self-mining
47,189
61,170
Digital Asset Self-Mining gross profit
$
(17,084
)
$
6,009
Digital Asset Self-Mining gross margin
(57
)%
9
%
Digital Asset Hosted Mining Segment
Digital asset hosted mining revenue from customers
$
7,600
$
3,773
Cost of digital asset hosted mining services:
Power fees
3,303
1,367
Depreciation expense
306
145
Employee compensation
427
332
Facility operations expense
234
148
Other segment items
61
44
Total cost of digital asset hosted mining services
4,331
2,036
Digital Asset Hosted Mining gross profit
$
3,269
$
1,737
Digital Asset Hosted Mining gross margin
43
%
46
%
Consolidated
Consolidated total revenue
$
115,244
$
79,525
Consolidated cost of revenue
$
85,138
$
71,312
Consolidated gross profit
$
30,106
$
8,213
Consolidated gross margin
26
%
10
%
Core Scientific, Inc.
Non-GAAP Financial Measures
(Unaudited)
Adjusted EBITDA is a non-GAAP financial measure defined as our net (loss) income, adjusted to eliminate the effect of (i) interest income, interest expense, and other income (expense), net; (ii) provision for income taxes; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) loss on disposal and impairment of property, plant and equipment; (vi) site demolition costs incurred in connection with the conversion of existing facilities to colocation data center operations; (vii) change in fair value of warrant and contingent value rights; (viii) loss on legal settlements; (ix) post-emergence bankruptcy advisory costs incurred related to reorganization, and (x) certain additional non-cash items that do not reflect the performance of our ongoing business operations. For additional information, including the reconciliation of net income (loss) to Adjusted EBITDA, please refer to the table below. We believe Adjusted EBITDA is an important measure because it allows management, investors, and our Board of Directors to evaluate and compare our operating results, including our return on capital and operating efficiencies, from period-to-period by making the adjustments described above. In addition, it provides useful information to investors and others in understanding and evaluating our results of operations, as well as provides a useful measure for period-to-period comparisons of our business, as it removes the effect of net interest expense, taxes, certain non-cash items, variable charges and timing differences. Moreover, we have included Adjusted EBITDA in this earnings release because it is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic and financial planning.
The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature or because the amount and timing of these items are not related to the current results of our core business operations which renders evaluation of our current performance, comparisons of performance between periods and comparisons of our current performance with our competitors less meaningful. However, you should be aware that when evaluating Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating this measure. Our presentation of this measure should not be construed as an inference that its future results will be unaffected by unusual items. Further, this non-GAAP financial measure should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). We compensate for these limitations by relying primarily on GAAP results and using Adjusted EBITDA on a supplemental basis. Our computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because not all companies calculate this measure in the same fashion. You should review the reconciliation of net (loss) income to Adjusted EBITDA below and not rely on any single financial measure to evaluate our business.
The following table reconciles the non-GAAP financial measure to the most directly comparable U.S. GAAP financial performance measure, which is net (loss) income, for the periods presented (in thousands):
Three Months Ended March 31,
2026
2025
Adjusted EBITDA
Net (loss) income
$
(347,188
)
$
576,251
Adjustments:
Interest expense (income), net
4,857
(2,187
)
Income tax expense
600
205
Depreciation and amortization
16,553
19,731
Stock-based compensation expense
17,761
16,185
Loss on disposal of property, plant and equipment
13,638
6
Impairment of property, plant and equipment
266,488
—
Site conversion demolition costs
—
4,442
Change in fair value of warrants and contingent value rights
CORZ stock is moving. Watch the price action here. Core Scientific Q1 Details Core Scientific reported quarterly losses of 10 cents per share, which missed the consensus estimate for losses of seven cents, according to Benzinga Pro data.
Quarterly revenue came in at $115.24 million, which beat the Street estimate of $111.25 million and was up from $79.53 million in the same period last year.
Core Scientific reported the following first-quarter metrics:
“Core Scientific is differentiated by our ability to combine capital readiness with speed to delivery,” said CEO Adam Sullivan.
“We are investing ahead of contracts, advancing ready-for-service dates and moving development forward across multiple sites,” Sullivan added.
CORZ Stock Price: According to data from Benzinga Pro, Core Scientific stock was down 9.61% to $22.26 in Wednesday's extended trading.
Photo: Shutterstock
Market News and Data brought to you by Benzinga APIs
Core Scientific, Inc. (CORZ - Free Report) came out with a quarterly loss of $0.1 per share versus the Zacks Consensus Estimate of a loss of $0.02. This compares to a loss of $0.1 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -566.67%. A quarter ago, it was expected that this company would post a loss of $0.27 per share when it actually produced a loss of $0.29, delivering a surprise of -7.41%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Core Scientific, Inc., which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $115.24 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 4.12%. This compares to year-ago revenues of $79.53 million. The company has not been able to beat consensus revenue estimates over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Core Scientific, Inc. shares have added about 52.4% since the beginning of the year versus the S&P 500's gain of 6%.
What's Next for Core Scientific, Inc.?While Core Scientific, Inc. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Core Scientific, Inc. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is breakeven on $148.07 million in revenues for the coming quarter and $0.07 on $629.9 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
TeraWulf Inc. (WULF - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 8.
This company is expected to post quarterly loss of $0.17 per share in its upcoming report, which represents a year-over-year change of -6.3%. The consensus EPS estimate for the quarter has been revised 12.1% higher over the last 30 days to the current level.
TeraWulf Inc.'s revenues are expected to be $33.62 million, down 2.3% from the year-ago quarter.
For the quarter ended March 2026, Core Scientific, Inc. (CORZ - Free Report) reported revenue of $115.24 million, up 44.9% over the same period last year. EPS came in at -$0.10, compared to -$0.10 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $120.2 million, representing a surprise of -4.12%. The company delivered an EPS surprise of -566.67%, with the consensus EPS estimate being -$0.02.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Core Scientific, Inc. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenue- Digital asset self-mining revenue: $30.11 million versus $44.68 million estimated by four analysts on average.Revenue- Colocation revenue: $77.54 million compared to the $72.66 million average estimate based on four analysts.Revenue- Digital asset hosted mining revenue from customers: $7.6 million versus $3.81 million estimated by three analysts on average.Digital Asset Hosted Mining gross profit: $3.27 million versus $0.64 million estimated by two analysts on average.Digital Asset Self-Mining gross profit: $-17.08 million versus $4.23 million estimated by two analysts on average.Colocation gross profit: $43.92 million compared to the $42.4 million average estimate based on two analysts.View all Key Company Metrics for Core Scientific, Inc. here>>>
Shares of Core Scientific, Inc. have returned +31.9% over the past month versus the Zacks S&P 500 composite's +10.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
(Editor’s note: The future prices of benchmark tracking ETFs, and the headline, the lede and the economic were updated in the story.)
U.S. stock futures rose on Thursday after Wednesday’s record rally. This followed President Donald Trump‘s celebration of record stock market gains.
On the economic data front, initial jobless claims for the week ending May 2 increased by 10,000 to a seasonally adjusted 200,000. Simultaneously, preliminary first-quarter data revealed that nonfarm business labor productivity increased by 0.8%, while unit labor costs advanced by 2.3%, offering investors insight into wage pressures and the broader trajectory of the U.S. labor market.
Trump said that strong job growth and rising retirement accounts reflected continued economic momentum. He posted on Truth Social, “Stock Market hit an ALL-TIME HIGH TODAY. Jobs & 401-K’s are BOOMING!!!”
Speaking to reporters about Iran at the White House, Trump said, “They want to make a deal. We’ve had very good talks over the last 24 hours, and it’s very possible that we’ll make a deal.”
Meanwhile, the 10-year Treasury bond yielded 4.33%, and the two-year bond was at 3.85%. The CME Group's FedWatch tool‘s projections show markets pricing a 94.1% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting.
IndexPerformance (+/-)Dow Jones0.11%S&P 5000.13%Nasdaq 1000.14%Russell 20000.10%Stocks In FocusZillow Group Zillow Group Inc. (NASDAQ:Z) fell 5.71% in premarket on Thursday despite reporting upbeat first-quarter results after Wednesday’s closing bell. Benzinga’s Edge Stock Rankings indicate that Z maintains a strong price trend in the short term but a weak trend in the medium and long terms, with a poor growth score. Beyond Meat Beyond Meat Inc. (NASDAQ:BYND) plunged 11% after it reported in-line loss for the first quarter and guided for second-quarter revenue below the analyst estimate. Benzinga’s Edge Stock Rankings indicate that BYND maintains a weak price trend in the long term but a strong trend in the medium and short terms. Whirlpool Whirlpool Corp. (NYSE:WHR) slipped 16.50% as it missed its first-quarter earnings expectations. Benzinga’s Edge Stock Rankings indicate that WHR maintains a weak price trend in the short, medium, and long terms, with a poor quality ranking. Core Scientific Core Scientific Inc. (NASDAQ:CORZ) declined 6.25% after missing the first quarter EPS estimates. Benzinga’s Edge Stock Rankings indicate that CORZ maintains a strong price trend in the short, medium, and long terms. Benzinga’s Edge Stock Rankings indicate that FTNT maintains a strong price trend in the short, medium, and long terms, with a good growth score. Cues From Last SessionCommunication services, information technology, and industrials led the S&P 500’s broad gains on Wednesday, though energy and utilities shares retreated.
Insights From AnalystsAnalysts at BlackRock maintain a “pro-risk stance” on the U.S. stock market, driven by powerful corporate earnings momentum. The firm is currently overweight U.S. equities, viewing strong profitability as a primary driver of market outperformance amid ongoing geopolitical disruptions.
A central pillar of this outlook is the “AI mega force,” which BlackRock notes is “now delivering tangible revenues, allaying worries over outsized capital spending.”
This trend has led to an atypical pattern of upward earnings revisions for both 2025 and 2026. While Magnificent 7 tech stocks remain dominant, BlackRock observes that “broad earnings growth looks healthy in a still resilient U.S. economy.”
Regarding the broader economy, BlackRock anticipates a “resilient but gradually cooling labor market,” characterized by moderate payroll growth and steady layoffs.
However, they remain vigilant about persistent inflation. The firm is tactically underweight long-term U.S. Treasuries, cautioning that “the recent energy price shock compounds this by aggravating pre-existing inflationary pressures.”
Ultimately, BlackRock favors AI beneficiaries and infrastructure sectors to navigate this environment.
Upcoming Economic DataHere's what investors will be keeping an eye on Thursday.
Commodities, Crypto, And Global Equity MarketsCrude oil futures were trading lower in the early New York session by 1.99% to hover around $93.19 per barrel.
Gold Spot US Dollar rose 0.94% to hover around $4,734.95 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.16% lower at the 97.8660 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.51% lower at $81,343.40 per coin, as per the last 24 hours.
Asian markets closed higher on Thursday, as South Korea's Kospi, Japan's Nikkei 225, China’s CSI 300, Australia's ASX 200, Hong Kong's Hang Seng, and India’s Nifty 50 indices rose. European markets were mostly higher in early trade.
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Stock Momentum Joins Top 10%Despite reporting a wider-than-expected first-quarter loss this week, the digital infrastructure company is experiencing a massive surge in market momentum.
According to Benzinga Edge’s Stock Rankings, CORZ‘s momentum score leaped from 89.33 to 91.95 week-on-week, officially placing the stock in the top 10% of market performers. This quantitative surge aligns with universally bullish technical indicators, flashing green across short, medium, and long-term price trends.
Earnings Miss Overshadowed By AI ExpansionWhile the company reported a first-quarter loss of 10 cents per share—missing the consensus estimate of a 7-cent loss—Wall Street quickly looked past the bottom line.
Armed with a $3.3 billion project bond, the company is accelerating its infrastructure builds, including massive 1.5 GW capacity plans at its Pecos, Texas, and Muskogee, Oklahoma campuses.
The CoreWeave Catalyst And Road AheadCentral to this bullish narrative is Core Scientific’s execution with AI cloud provider CoreWeave. The company has already delivered and is billing for 243 megawatts (MW) of capacity, which translates to roughly $350 million in annualized colocation revenue.
As Core Scientific intentionally winds down its Bitcoin mining operations throughout 2026 to free up power, it is cementing its position as a premier infrastructure provider for the AI revolution, making its first quarter earnings dip a minor footnote in a much larger growth story.
CORZ Stock Gains In 2026The shares are up 53.57% year-to-date and have soared over 151% over the past year. Over the last six months, the stock was 10.75% higher.
With a 52-week range of $9.17 to $25.01, it closed Thursday 9.22% lower at $22.36 apiece, and it was higher by 1.30% in premarket on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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CORZ has executed a brilliant reversal from the prior bankruptcy in 2022, as they deliver a successful diversification across bitcoin mining and HPC operations. Their FQ1 '26 results show colocation revenue up +801% YoY with notable gross margin expansion, and further top/bottom-line outperformance is likely as they ramp up their power capacity. Despite the recent rally and the elevated EV/Sales of 13.55x, CORZ's expanding power capacity of up to 3 GW supports their compelling high-growth prospects, pending new customer agreements.
Core Scientific (CORZ) offers a more attractive risk/reward profile than Applied Digital (APLD) due to its larger, immediately leasable power capacity and faster delivery schedule. CORZ is set to deliver 590 MW to CoreWeave over 12 months, with 243 MW already being billed and the remainder expected ahead of APLD's timeline. APLD's near-term upside is limited, with most capacity set for delivery further out, while trading at a premium 23x FY27 sales versus CORZ's 14x CY26 sales.
Leopold Aschenbrenner, one of the youngest billionaire investors and a former OpenAI researcher, has revealed updated holdings for his Situational Awareness Fund.
Analyst Price Forecasts ExtendedMixed Earnings Mask Infrastructure ProgressThe bullish sentiment follows Core Scientific's first-quarter financial report delivered after the closing bell on May 6. The company reported quarterly losses of 10 cents per share, missing the consensus estimate of a seven-cent loss.
However, quarterly revenue beat Street estimates, coming in at $115.24 million versus the projected $111.25 million, driven by a monumental jump in colocation revenue to $77.5 million—up from just $8.6 million in the first quarter of 2025.
Capital Readiness and Delivery SpeedFirst-quarter capital expenditures reached $389.2 million, with $129.9 million funded by CoreWeave Inc. (NASDAQ:CRWV) under existing colocation agreements.
Critical Price Levels To Watch For CORZThe bigger-picture trend remains bullish: CORZ is trading above its 20-day SMA ($22.22), 50-day SMA ($19.24), 100-day SMA ($18.21), and 200-day SMA ($17.40), and it's up 123.01% over the last 12 months.
Price is also pressing into a crowded area near the top of the 52-week range — $10.40 low to $25.17 high, which can attract profit-taking and quick reversals.
CORZ Stock Price Activity: Core Scientific shares were up 5.57% at $24.47 at the time of publication on Thursday, according to Benzinga Pro data.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Industry Veteran with 35+ Years of Leadership Experience in Data Center, Digital Infrastructure and Technology Industries
AUSTIN, Texas--(BUSINESS WIRE)--Core Scientific, Inc. (Nasdaq: CORZ) (“Core Scientific” or the “Company”), a leader in digital infrastructure for high-density colocation (“HDC”), today announced the appointment of Steve Smith to its Board of Directors, effective immediately. Mr. Smith will also serve on the Company’s Nominating and Corporate Governance Committee.
Mr. Smith brings over 35 years of leadership experience in the data center, digital infrastructure and technology industries. He is currently Chief Executive Officer of Zayo Group, a global internet network provider since 2020. Previously, Mr. Smith served as CEO and President of Equinix from 2007 to 2018, where he led the company in scaling annual revenue from approximately $400 million to more than $4 billion and oversaw the successful integration of more than 20 acquisitions. Prior to Equinix, Mr. Smith held senior leadership roles at HP Services, Lucent Technologies and Electronic Data Systems Corporation.
Mr. Smith currently serves on the boards of directors of Zayo and NEXTDC, a publicly traded Australian data center company. He graduated from the U.S. Military Academy at West Point with a Bachelor of Science in Engineering.
“Steve is a respected industry veteran with a proven record of value creation, deep commercial relationships and extensive operational expertise. His experience will be highly valuable as Core Scientific executes one of the market’s largest multi-site AI infrastructure build-outs,” said Adam Sullivan, Chief Executive Officer of Core Scientific. “We look forward to welcoming him to the Board and benefiting from his insights as we continue our evolution to scale the business and advance our long-term power infrastructure strategy.”
“Core Scientific is well-positioned to capture the meaningful opportunities ahead as demand for high-performance compute infrastructure continues to accelerate,” said Mr. Smith. “The Company has demonstrated an impressive ability to deliver large-scale infrastructure projects, and I am excited to work alongside the Board and management team to help build on that momentum and support the Company’s continued growth and value creation.”
About Core Scientific, Inc.
Core Scientific is a leader in designing, building and operating large scale, purpose-built data centers for high-density colocation (“HDC”) services. Core Scientific operates facilities for high-density colocation services serving artificial intelligence-related (“AI”) workloads and is a premier provider of digital infrastructure, software solutions and services to its third-party customers. The majority of the Company's revenue is derived from high-density colocation services, with the remainder derived from earning digital assets for the Company's own account and from digital asset mining hosting services. The Company is in the process of repurposing its remaining mining facilities to support its high-density colocation services business as circumstances allow. Core Scientific’s facilities are located in Alabama (1), Georgia (2), Kentucky (1), North Carolina (1), North Dakota (1), Oklahoma (1) and Texas (4). To learn more, visit www.corescientific.com.
Special Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”). Forward-looking statements may include words such as “aim,” “estimate,” “plan,” “project,” “forecast,” “goal,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding projections, estimates and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, successfully complete construction of its data centers, source sufficient electrical energy, necessary long lead infrastructure components, supplies and equipment, the advantages and expected growth of the Company, the Company’s ability to source and retain talent, and our ability to source and consummate acquisitions of entities holding suitable land and power. These statements are provided for illustrative purposes only and are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management. These forward-looking statements are not intended to serve, and must not be relied on by any investor, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company.
These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions, known or unknown, that could cause actual results to vary materially from those indicated or anticipated. These risks, assumptions and uncertainties include those described in Part I. Item 1A. — “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. If one or more of these risks or uncertainties materializes, or if underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.
There may be additional risks that the Company could not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release and should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. The Company anticipates that subsequent events and developments will cause the Company’s assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.
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Leopold Aschenbrenner, known as one of the youngest billionaires and a former member of the OpenAI research team, has just disclosed one of his largest stock positions yet.
According to the latest Schedule 13G filings submitted on May 27 by Aschenbrenner’s Situational Awareness Fund, the young investor holds 12.4 million shares in Nebius (NASDAQ: NBIS).
The position represents a 5.6% stake, which makes the fund one of the largest institutional investors in the artificial intelligence (AI) company.
At the stock’s last closing price of $208.37, the position is worth around $2.6 billion, a fact that sent NBIS stock up 12% in pre-market trading.
Situational Awareness Fund’s Nebius position. Source: SEC.gov Nebius becomes Leopold Aschenbrenner’s largest holding Currently, Nebius stands as the fund’s largest holding. The other notable positions include various AI infrastructure, energy, and compute bets.
For example, the portfolio’s second-largest disclosed position is Bloom Energy (NYSE: BE), worth $878.7 million. Other comparable investments include Sandisk (NASDAQ: SNDK), at $724.4 million, and CoreWeave (NASDAQ: CRWV), at $556.1 million.
Also worth mentioning is Aschenbrenner’s exposure to Bitcoin (BTC) via mining companies and the energy sector. For instance, his previous 13F filings disclosed positions in Iren Limited (NASDAQ: IREN), Core Scientific (NASDAQ: CORZ), and CleanSpark (NASDAQ: CLSK).
His other noteworthy bets include various semiconductor and AI supply chain names, most notably AMD (NASDAQ: AMD), Intel (NASDAQ: INTC), and Micron (NASDAQ: MU).
Situational Awareness Fund holdings. Source: SEC.gov Nebius stock surges As mentioned, Nebius’s stock surged 12% in pre-market trading on May 28, following the disclosure. The reason for the explosive rally likely lies in the fact that Nebius had already enjoyed strong momentum.
Indeed, the company reported Q1 2026 revenue of $399 million, up 684% year-over-year, while raising its 2026 contracted power capacity guidance from 3 GW to over 4 GW.
Accordingly, firms such as Citizens and DA Davidson have increased their Nebius price targets, arguing the company’s ‘hyper-growth’ profile offers a key competitive advantage.
In other words, Aschenbrenner’s endorsement was only anothe thumbs-up in a series of bullish forecasts and ‘Buy’ recommendations that have come in this year.
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Core Scientific’s $10 Billion AI Shift Unlocks Triple-Digit UpsideCore Scientific NASDAQ: CORZ is focused on expanding five new data center sites under development, diversifying its customer base and positioning itself to win long-term artificial intelligence infrastructure contracts, CEO Adam Sullivan said at the 54th Annual TD Cowen TMT Conference.
In a conversation with TD Cowen communications infrastructure analyst Michael Elias, Sullivan said the company’s recent capital raise was important because it helped pre-fund a significant amount of equity required for its projects. He said Core Scientific has been putting capital into the ground, securing general contractors and locking in long-lead equipment.
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The Great Pivot: Bitcoin Miners Are Becoming AI’s Landlords“Building out that breadth of portfolio, putting the capital in the ground, getting GC secured, long lead equipment secured, those were all incredibly important and put us in a position to win contracts here,” Sullivan said.
AI demand and site design are evolving Sullivan said customer requirements have changed significantly over the past six months as hyperscalers have moved more directly into the market after previously routing demand through “neoclouds” in late 2024. He said the first data halls being built across Core Scientific’s five sites are “essentially for GB300,” while future buildings are expected to shift toward 800-volt designs for deliveries in 2028.
The 5 Best GPU-as-a-Service Providers for 2026—And 1 Clear WinnerThose changes, Sullivan said, are affecting supply chains, purchasing and engineering decisions. He said the company is trying to remain flexible in its designs so it can sign long-term contracts with multiple years of deployment.
Core Scientific also has been aggressive in land purchases, according to Sullivan, as customer willingness to use behind-the-meter power has increased. He said the company has enough power secured for its development pipeline for the next three years.
Credit backstops remain a requirement Discussing potential customers that are not investment grade, Sullivan said Core Scientific has a “hardline requirement” that there be some type of credit backstop. He said the company has spent significant time negotiating credit wraps with investment-grade counterparties for deals involving neoclouds.
Sullivan said some neocloud companies have the talent and scale to be successful, while others face a more difficult path. He pointed to CoreWeave as a market leader and said chip makers may also try to support additional winners in the market.
“Giving the credit backstop is essentially a forcing mechanism to not only sell that first 40 billion in chips, but to lock in the next $40 billion sale six years from now,” Sullivan said, discussing how chip vendors may use support mechanisms to create longer-term customer relationships.
Pecos and Muskogee highlight labor and power challenges Sullivan said labor remains the primary challenge at several sites, including Pecos, Texas. He said Core Scientific has reduced risk there by engaging general contractors and subcontractors and by building a concrete plant on site because concrete could not be shipped from the nearest facility at the necessary scale.
At Muskogee, Oklahoma, Sullivan said the company is already building a 70-megawatt data center for CoreWeave, while Google is building a 600-megawatt data center on neighboring property. He said that makes the labor market highly competitive.
Even so, Sullivan said Pecos’ expansion potential and proximity to natural gas pipelines in West Texas make it attractive to customers. He also said Core Scientific is working with Oklahoma officials on behind-the-meter power opportunities at Muskogee.
When asked whether utility power is a meaningful differentiator, Sullivan said speed to power is the priority. He said initial buildings at some sites are supported by utility power, which provides customers with comfort, while behind-the-meter power can add hundreds of megawatts within about 18 months.
Build costs rise as labor and switchgear remain constraints Sullivan said Core Scientific had 245 megawatts fully commissioned and live, with GPUs running, and another 200 megawatts going through commissioning at the time of its last earnings call. He said the company expects to be around 450 megawatts by the end of the summer.
He cited two major lessons from the CoreWeave buildout: the need for more flexible designs and the importance of strong national labor partners that can support construction across multiple sites.
On costs, Sullivan said labor inflation has been significant, with nearly 20% increases across the board and 30% increases for electricians. Labor, which he said used to represent about 30% of overall build cost, is now closer to 40% or higher.
He said data center build costs have risen from roughly $8 million per megawatt several years ago to about $11.5 million to $12 million per megawatt today. However, he said design changes associated with NVIDIA’s Vera Rubin cycle and a move to 800-volt architectures could eventually reduce costs closer to $10 million per megawatt by removing some long-lead components.
Sullivan identified medium-voltage switchgear as the biggest lead-time issue, with roughly 100-week lead times. He said Core Scientific has been proactive in pre-buying medium-voltage capacity that can be shifted among sites if needed.
Pricing, consolidation and community concerns On deal economics, Sullivan said hyperscalers have limited pricing flexibility and know what they are willing to pay on development yield. He said hyperscale deals are likely to come down to a 12% to 14% yield range, while higher returns may be available in neocloud deals for companies that select the right customers.
Sullivan said Core Scientific is primarily focused on delivering full “GPU-ready” facilities, though it has evaluated hybrid structures that combine powered shell and turnkey components. He said hybrid deals can reduce last-mile delivery risk but are not currently the company’s main focus.
Looking ahead, Sullivan said execution will become more important across the sector over the next year and could create consolidation opportunities if companies with missteps see valuations come down. He said Core Scientific’s near-term focus is signing additional large customers and expanding its organic pipeline.
Sullivan also said a real estate investment trust structure could be relevant longer term, though the company has significant net operating losses today and remains a few years away from that discussion.
Asked what keeps him up at night, Sullivan pointed to community-level concerns about data centers. He said Core Scientific has experience engaging with local communities from its bitcoin mining history, but public backlash against data centers has become more significant.
“How do we continue to stay at the forefront of being heavily engaged in the community?” Sullivan said. “Working really closely with community leaders to ensure that we’re getting the right information out about what we do as a company.”
About Core Scientific NASDAQ: CORZCore Scientific, Inc NASDAQ: CORZ is a leading provider of large-scale blockchain infrastructure and digital asset mining services. The company develops, owns and operates high-performance data centers optimized for the mining of Bitcoin and other proof-of-work cryptocurrencies. In addition to its core mining operations, Core Scientific offers colocation, hosting and managed services designed to support institutional clients and enterprise users in deploying and scaling blockchain nodes and computing hardware.
Core Scientific's service portfolio includes hardware procurement, deployment and maintenance, real-time monitoring, power management and network connectivity.
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If you’re not familiar with the name Leopold Aschenbrenner, you should be.
A 24-year-old wunderkind, Aschenbrenner was hired by OpenAI in 2023 to work on the company’s “superalignment” team, essentially trying to figure out how to keep AI systems safe once they become smarter than the humans building them. After being let go in 2024, he published a 165-page essay called Situational Awareness that went viral in Silicon Valley, Washington and on Wall Street.
His central argument in a nutshell: AI models could become capable of doing the work of AI researchers by around 2027. If that happens, AI begins improving itself, and the timeline to artificial general intelligence—or AGI—compresses dramatically.
Aschenbrenner also created a hedge fund, Situational Awareness LP, specifically to invest in the AGI growth trend. In its 13F filing for the first quarter, the company disclosed it held a respectable $13.7 billion in assets. That’s up from just $254 million at the end of 2024, a head-spinning 54x increase.
Leopold Aschenbrenner's Situational Awareness Held $13.7 Billion in Assets in Q1
U.S. Global Investors
I’m happy to report that Aschenbrenner’s fund disclosed a purchase of nearly 3.4 million shares of HIVE Digital Technologies. As many of you know, I serve as executive chairman of HIVE, and on behalf of everyone at the company, I want to express my gratitude in Aschenbrenner and Situational Awareness’s conviction in the HIVE story.
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The bigger story, though, is what’s driving Aschenbrenner’s thesis, and how quickly the rest of the world is catching up to it.
The AGI Consensus Is Building FastWhat’s changed since Aschenbrenner published Situational Awareness is that the voices agreeing with his outlook have only multiplied. And these aren’t fringe figures.
Marc Andreessen, co-founder of venture capital firm a16z and co-creator of some of the earliest web browsers, said he believes AGI is already here. On a recent airing of Joe Rogan’s podcast, he claimed that the top AI chatbot platforms (OpenAI, Claude, et al) now give him better answers on any topic than what world-class experts could give him.
Demis Hassabis, CEO of Google DeepMind, claimed at Google’s developer conference last month that humanity is “standing in the foothills of the singularity”—another word for the moment when AI surpasses human cognitive capacity. He now expects AGI to arrive in 2029.
Ambitious forecasts, maybe, but the financial data appears to support this breakneck growth. Microsoft’s AI business alone just surpassed an unbelievable $37 billion run rate, up over 120% year-over-year. Morningstar reports that AI-focused funds attracted over $16 billion in net inflows in 2025, nearly eight times the prior year. Despite broader market turbulence, flows remained strong in the first quarter of 2026.
The Semiconductor Boom Tells the StoryIf you want a single indicator of how fast this industry is moving, just look at the chip sector.
The PHLX Semiconductor Index has climbed 82% so far in 2026, its best-ever performance through the first 100 trading days of any year. The previous record was set in 1995. Believe it or not, companies in the index have added roughly $5.7 trillion in market capitalization this year alone.
The Chip Rally of 2026 Is the Strongest on Record
U.S. Global Investors
Last week, memory chipmakers Micron and SK Hynix both crossed the $1 trillion valuation mark. UBS raised its price target on Micron from $535 to $1,625.
UBS Raised Micron's Price Target to $1,625
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Power, Land and InfrastructureDespite the breakneck momentum, Aschenbrenner’s fund is actually shorting chipmakers.
Instead, he’s going long on companies that own the electricity, data centers and physical infrastructure that AI requires to scale.
His largest holding is the VanEck Semiconductor ETF, but the filing also disclosed significant stakes in Bitcoin miners and infrastructure firms. Beside HIVE, you’ll find IREN, Core Scientific, Riot Platforms, CleanSpark and others.
Why? Because as Aschenbrenner wrote in Situational Awareness:
“The race to AGI won’t just play out in code and behind laptops—it’ll be a race to mobilize America’s industrial might.”
He’s not wrong. Global AI computing capacity is doubling every seven months, according to Epoch AI. Training clusters are on track to cost hundreds of billions of dollars individually by 2028, each requiring power equivalent to a small U.S. state.
Put another way, you can design all the chips you want, but without secured megawatts and physical sites, they have nowhere to run.
It takes roughly three years to build a data center from the ground up. But if you already have the infrastructure from Bitcoin mining, you can cut that to nine months.
That’s the advantage that Bitcoin miners such as HIVE bring to the table. We already control the power contracts, the substations, the cooling system and the land.
New Demand, Old ConstraintsI’ve spent my career investing in commodities and natural resources, and I’ve learned that the biggest opportunities tend to emerge when a new source of demand collides with physical constraints. Gold, oil, copper—every great commodity cycle has followed this pattern.
AGI is no different, except the constrained resource this time is electricity and the infrastructure to deliver it.
As Aschenbrenner points out, the timeline to AGI is compressing. The capital flowing into the space is accelerating. And the people who understand the technology best—the builders, the researchers, the fund managers who staked their reputations on it—are placing their bets not on software, but on the physical infrastructure required to make it all real.
Bitcoin prices fell to their lowest levels since early April on Tuesday after a decline spurred by crypto treasury company Strategy selling a small amount of its bitcoin holding intensified.
Traders on prediction market platform Kalshi think the cryptocurrency has more room to fall in its current "crypto winter."
There's a nearly 80% chance that the flagship crypto's price will fall below $60,000 in 2026. That would mean bitcoin hitting a new low, tumbling below February's levels. Early that month, bitcoin dropped as low as $60,062.
Traders also think there's a 52% chance prices will dip under $50,000 this year. Bitcoin hasn't traded with a four in front of its price since August 2024.
Bitcoin prices are off more than 45% since their highs of more than $120,000 last October.
Week to date, the cryptocurrency is down nearly 10% and bitcoin was last trading around $66,500.
Traders on Kalshi have also grown more bearish on the outlook for when the cryptocurrency might hit six figures again. They give just a 27% chance that happens in 2026, after giving it nearly 50% odds as recently as early May.
Traders on Polymarket, meanwhile, see a 12% likelihood bitcoin hits all-time highs in 2026.
Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.
Renewed geopolitical tensions and the global race for critical minerals are bringing rare earth stocks back into focus. In a recent conversation with Dylan Jovine of Behind the Markets, attention turned to how the United States and its allies are attempting to rebuild domestic supply chains for materials that power everything from AI infrastructure to advanced weapons systems.
Jovine argues the rare earth story is far bigger than most investors realize. These materials are critical to national security, energy independence and the global technology race. As governments look to reduce reliance on China for key minerals and processing capacity, companies positioned across the rare earth supply chain could see renewed investor interest.
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Three companies stood out in the discussion, each targeting a different part of the rare earth ecosystem: processing, mining and emerging resource extraction.
The Geopolitics Behind the Rare Earth Boom Asked about the broader drivers behind renewed interest in the sector, Jovine pointed to an increasingly complex global power struggle between the United States and China.
“There are two chess boards that are at play here,” Jovine said. “There’s the Middle East chessboard, but there’s also a bigger global chessboard where the two players are the United States and China.”
Rare earth minerals have become a central piece of that global contest. While the materials themselves are relatively abundant, processing them into usable components remains heavily concentrated in China.
That imbalance has forced Western governments to rethink supply chains. Jovine emphasized that the issue extends well beyond electric vehicles or consumer electronics.
“A lot of folks don’t know that every F-35 fighter jet carries about 920 pounds of rare earths in it,” Jovine explained. “This is about national security, AI development and a whole bunch of industries we depend on.”
As a result, policymakers are increasingly focused on reshoring both mining and processing capabilities.
A Rare Earth Processing Opportunity One company that caught Jovine’s attention is Solvay OTC: SLVYY, a European chemical firm with growing importance in rare earth processing.
Processing is often the overlooked piece of the supply chain. Mining may receive most of the attention, but turning raw materials into usable components requires specialized chemical expertise.
Solvay has quietly built a position in this niche. The company processes key rare earth elements used in magnets and defense technologies, including neodymium and praseodymium. These materials are essential for advanced manufacturing, military systems and electric motors.
Despite its strategic importance, Jovine noted the stock trades at a relatively modest valuation.
“It’s selling for roughly eight to ten times normalized cash flow,” he said. “And the company generates a lot of free cash flow that it pays out to shareholders.”
With a dividend yield near 9% and a market capitalization around $3 billion, the stock represents what Jovine described as a rare value opportunity within the sector.
As Western governments push to rebuild processing capacity outside China, companies like Solvay could see growing demand for their capabilities.
A Gold Miner With a Critical Minerals Twist The second company discussed was Perpetua Resources NASDAQ: PPTA, which is developing the Stibnite Gold Project in Idaho.
At first glance, Perpetua appears to be a conventional gold mining company. But Jovine highlighted a unique factor that makes the story more compelling.
Perpetua Resources Today
PPTA
Perpetua Resources
$21.36 -1.30 (-5.74%)
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The project also produces antimony, a critical mineral used in military applications, batteries and advanced materials.
Because the antimony is extracted alongside gold, it dramatically improves the project’s economics.
The company’s all-in sustaining cost (AISC) for gold production is estimated at roughly $435 per ounce, placing it among the lowest-cost producers globally. “That makes it one of the most efficient miners in the world,” Jovine said.
The ability to produce both gold and antimony creates a powerful combination. As governments search for secure sources of critical minerals, Perpetua’s dual-resource project could attract strategic interest.
Mining Critical Metals From the Ocean Floor The final company highlighted in the conversation was The Metals Company NASDAQ: TMC, which is developing technology to harvest polymetallic nodules from the ocean floor.
TMC the metals Today
TMC
TMC the metals
$4.83 -0.18 (-3.59%)
As of 06/10/2026 04:00 PM Eastern
52-Week Range$3.93▼
$11.35Price Target$10.58
These potato-shaped rocks contain high concentrations of nickel, copper, cobalt and manganese—all metals essential for batteries, energy infrastructure and defense technologies.
The company has spent years developing systems capable of retrieving these nodules from deep-sea environments.
“They’ve actually proven they can mine this kind of material under the ocean,” Jovine noted.
The real catalyst for investors could come from the regulatory side. Mining projects depend heavily on permits and government approvals, and recent signals from policymakers have been encouraging.
“In mining, these stories are really permitting stories,” Jovine said.
If approvals move forward, the company could gain access to vast undersea deposits that remain largely untapped.
A Supply Chain Story Investors Should Watch Taken together, the three companies illustrate how broad the rare earth opportunity has become.
Some firms are focused on mining new sources of critical materials. Others specialize in processing and refining them into usable components. Still others are exploring entirely new resource frontiers.
What unites them is a growing geopolitical push to rebuild secure supply chains.
As Jovine put it, the shift is inevitable.
“This is just a massive wave as rare earth production gets reshored,” he said.
For investors, the challenge may not be identifying the trend—but finding companies positioned early enough to benefit from it.
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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
(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.
Perpetua Resources Corp. remains a pre-revenue, single-asset developer focused on advancing its project post-permitting, with financials reflecting early-stage construction preparation. PPTA's liquidity position improved due to significant equity raises, providing sufficient cash for early project work, engineering, and equipment deposits before securing project debt. Much of PPTA's cash is restricted or committed, limiting flexibility despite headline liquidity strength; future profitability depends on actual project execution, not current non-operating income.
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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JPMorgan Chase & Co. grew its holdings in shares of Perpetua Resources Corp. (NASDAQ:PPTA – Free Report) by 30.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 90,766 shares of the company’s stock after acquiring an additional 21,423 shares during the period. JPMorgan Chase & Co. owned about 0.07% of Perpetua Resources worth $1,836,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the business. Cantor Fitzgerald L. P. grew its stake in shares of Perpetua Resources by 196.5% during the third quarter. Cantor Fitzgerald L. P. now owns 50,700 shares of the company’s stock valued at $1,026,000 after acquiring an additional 33,600 shares in the last quarter. NewEdge Advisors LLC lifted its position in shares of Perpetua Resources by 52,805.0% during the third quarter. NewEdge Advisors LLC now owns 52,905 shares of the company’s stock worth $1,070,000 after purchasing an additional 52,805 shares during the last quarter. Worth Venture Partners LLC lifted its position in shares of Perpetua Resources by 48.6% during the third quarter. Worth Venture Partners LLC now owns 26,000 shares of the company’s stock worth $526,000 after purchasing an additional 8,500 shares during the last quarter. Alyeska Investment Group L.P. lifted its position in shares of Perpetua Resources by 40.4% during the third quarter. Alyeska Investment Group L.P. now owns 4,581,234 shares of the company’s stock worth $92,678,000 after purchasing an additional 1,318,008 shares during the last quarter. Finally, Quarry LP bought a new position in shares of Perpetua Resources during the third quarter worth about $702,000. 70.07% of the stock is currently owned by institutional investors and hedge funds.
Perpetua Resources Stock Performance Shares of PPTA stock opened at $29.37 on Wednesday. Perpetua Resources Corp. has a one year low of $9.28 and a one year high of $37.37. The company’s 50-day simple moving average is $29.86 and its 200-day simple moving average is $27.04. The stock has a market capitalization of $3.67 billion, a price-to-earnings ratio of -27.97 and a beta of 0.15.
Perpetua Resources (NASDAQ:PPTA – Get Free Report) last issued its earnings results 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). As a group, research analysts forecast that Perpetua Resources Corp. will post -0.21 EPS for the current year.
Insider Transactions at Perpetua Resources In other Perpetua Resources news, insider Mckinsey Margaret Lyon sold 43,722 shares of the firm’s stock in a transaction dated Thursday, February 12th. The shares were sold at an average price of $27.57, for a total value of $1,205,415.54. Following the transaction, the insider owned 132,110 shares of the company’s stock, valued at $3,642,272.70. This trade represents a 24.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jonathan Cherry sold 4,079 shares of the firm’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $29.31, for a total transaction of $119,555.49. Following the completion of the transaction, the insider directly owned 44,895 shares in the company, valued at $1,315,872.45. This represents a 8.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 56,500 shares of company stock worth $1,581,853 in the last three months. 1.50% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes Several brokerages have recently commented on PPTA. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Perpetua Resources in a research report on Thursday, January 22nd. HC Wainwright increased their price target on shares of Perpetua Resources from $30.00 to $41.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Finally, B. Riley Financial increased their price target on shares of Perpetua Resources from $30.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, March 18th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.00.
Check Out Our Latest Analysis on PPTA
About Perpetua Resources (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.
Recommended Stories Five stocks we like better than Perpetua Resources Want to see what other hedge funds are holding PPTA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Perpetua Resources Corp. (NASDAQ:PPTA – Free Report).
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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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Shares of Perpetua Resources Corp. (NASDAQ:PPTA – Get Free Report) have been assigned a consensus recommendation of “Moderate Buy” from the eight brokerages that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $35.00.
A number of equities research analysts recently commented on PPTA shares. HC Wainwright reaffirmed a “buy” rating and issued a $41.00 price target on shares of Perpetua Resources in a report on Wednesday, April 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Perpetua Resources in a report on Thursday, January 22nd. B. Riley Financial boosted their target price on shares of Perpetua Resources from $30.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, March 18th. Finally, Zacks Research cut shares of Perpetua Resources from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 8th.
View Our Latest Research Report on Perpetua Resources
Insiders Place Their Bets In other Perpetua Resources news, insider Mckinsey Margaret Lyon sold 8,699 shares of the business’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $29.53, for a total value of $256,881.47. Following the completion of the sale, 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. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 56,500 shares of company stock worth $1,581,853 in the last three months. Insiders own 1.50% of the company’s stock.
Hedge Funds Weigh In On Perpetua Resources Hedge funds and other institutional investors have recently modified their holdings of the company. Y Intercept Hong Kong Ltd raised its stake in Perpetua Resources by 73.9% in the third quarter. Y Intercept Hong Kong Ltd now owns 101,353 shares of the company’s stock worth $2,050,000 after buying an additional 43,086 shares in the last quarter. TD Asset Management Inc bought a new position in Perpetua Resources in the third quarter worth about $2,648,000. Benjamin Edwards Inc. bought a new position in Perpetua Resources in the third quarter worth about $2,066,000. CIBC Asset Management Inc bought a new position in Perpetua Resources in the third quarter worth about $1,239,000. Finally, Hohimer Wealth Management LLC bought a new position in Perpetua Resources in the third quarter worth about $1,812,000. 70.07% of the stock is owned by institutional investors.
Perpetua Resources Stock Performance PPTA stock opened at $33.90 on Friday. The company has a market capitalization of $4.24 billion, a P/E ratio of -32.29 and a beta of 0.15. Perpetua Resources has a 52-week low of $11.22 and a 52-week high of $37.37. The business has a 50-day simple moving average of $30.21 and a two-hundred day simple moving average of $27.64.
Perpetua Resources (NASDAQ:PPTA – Get Free Report) last posted its earnings results on Tuesday, March 31st. The company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.60). As a group, sell-side analysts forecast that Perpetua Resources will post -0.21 earnings per share for the current fiscal year.
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.
Further Reading Five stocks we like better than Perpetua Resources
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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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, /PRNewswire/ - Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or "Perpetua" or the "Company") announced today the filing of its unaudited condensed consolidated financial results for the period ended March 31, 2026. For details, please see the Company's filings available on EDGAR and SEDAR+.
Perpetua Resources' vision is to provide the U.S. with a domestic source of the critical mineral antimony while developing one of the largest and highest-grade open pit gold mines in the Americas and restoring an abandoned brownfield site. The Company is currently advancing a comprehensive project financing plan along with detailed engineering, long-lead time procurement, early works construction activities and execution planning in anticipation of a final investment and construction decision in the second half of 2026.
"After breaking ground late last year at our Stibnite project, we maintained our momentum in Q1 2026," said Jon Cherry, President and CEO of Perpetua Resources. "The first quarter saw considerable progress towards securing our comprehensive project financing plans with U.S EXIM and a final vote is expected in the coming weeks. Meanwhile, we significantly advanced detailed engineering, continued early works construction and began procurement for long-lead time items ahead of our Final Investment Decision expected in the second half of 2026."
First Quarter 2026 and Recent Highlights
The U.S. Export-Import Bank ("U.S. EXIM") Board posted the Congressional notice for an approximately $2.7 billion proposed senior secured loan for the Project. The notification period has since expired, and U.S. EXIM's board has advanced the loan to a final vote anticipated in the second quarter of 2026. The Company's loan has been placed on the agenda for the U.S. EXIM Board meeting on May 21, 2026, reflecting meaningful progress toward financing approval. The agenda is subject to change by the board of U.S. EXIM at any time, and there can be no assurance that the board will vote to approve the loan at the May 21 meeting, at a different meeting, or at all. If approved, the loan is expected to consist of approximately $2.2 billion for construction of the Project, financial assurance, and certain discretionary corporate and exploration costs, with the remainder comprising capitalized interest and fees. If approved by the U.S. EXIM Board in the amount indicated, the Company would have sufficient capital to fully finance the Project's estimated direct capital costs of $2,576 million — combining the U.S. EXIM loan with $669.5 million of cash on hand as of March 31, 2026 — as well as financial assurance and discretionary corporate and exploration costs, consistent with the capital expenditure estimate set forth in the December 31, 2025 Technical Report Summary ("TRS"). The Company maintained an exemplary safety and environmental record during the quarter, with zero lost time incidents and zero reportable environmental spills. In March 2026, the Company published an updated TRS incorporating revised capital and operating expense estimates that reflect continued advancement in engineering, contracting, and Project development through December 2025. The TRS continued to demonstrate compelling project economics for the Stibnite Gold Project across a wide range of gold and antimony price assumptions. In January 2026, the Company received the final remaining Stream Alteration Permit from the Idaho Department of Water Resources ("IDWR"), finalizing necessary state approvals for work in various streams and other water resources. Also in January 2026, the Company received the final Idaho Pollutant Discharge Elimination System ("IPDES") permit for industrial wastewater discharges. This permit is currently subject to an automatic stay under Idaho law until an administrative appeal process is completed. In April 2026, the Idaho Department of Environmental Quality ("IDEQ") issued a final modified Clean Water Act Section 401 Water Quality Certification for the Project, advancing a key state water quality approval through a further stage of regulatory review. A contested case proceeding challenging certain aspects of the Certification remains pending, and a new hearing date has not yet been scheduled. The Certification remains valid during the pendency of the contested case proceeding. The Company anticipates receipt of the second phase cyanidation permit from IDEQ in the second quarter of 2026, advancing regulatory approval of the Project's cyanidation facility. IDEQ released a draft of the second phase permit for public comment in February 2026. Perpetua is aware that the environmental plaintiffs in the 2025 NEPA challenge in the U.S. District Court in Idaho on May 8, 2026, filed a motion for a preliminary injunction seeking to delay certain construction activities on federal land planned for the Stibnite Gold Project. The motion excludes the early works activities that Perpetua has been advancing under a prior stipulation agreed to by the Company and the plaintiffs, and those activities will continue. The hearing on the motion is set for May 28th, and a ruling is expected shortly thereafter. The Company successfully transitioned its Engineering, Procurement, and Construction Management ("EPCM") responsibilities for the Project's processing plant and related scopes of work from Ausenco to Hatch, ensuring continuity and strengthening execution capacity as the Project advances toward construction. 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 approval by the EXIM board, 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.
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 Company's beliefs with respect to the outcome of the judicial hearing; the Company's expected defense against the legal action taken by Project opponents; the continued advancement of the Project toward full construction activities; potential outcome of the Company's proposed U.S. EXIM financing application and approval process; timing of anticipated milestones related to the Project and financing; ongoing funding and anticipated liquidity; the Company's ability to comply with, obtain and defend permits related to the Project; the expected outcomes of the Project; the Company's ability to successfully implement and fund the Project; and the occurrence of the expected benefits from the Project. 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, that the Company will successfully defend against the legal action taken by Project opponents; that the judicial hearing will result in a favorable outcome for the Company; 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 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, delays in the judicial hearing concerning the motion by Project opponents; adverse outcomes from such hearing, including the granting of the motion, in full or in part; the impacts or delays that an adverse outcome from such hearing may have on construction readiness and early works activities; delays in the review, negotiation, board approval and 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, if approved; 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 Perpetua Resources' 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.sedarplus.ca. 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.
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
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.
Mining company Perpetua Resources has secured a $2.9 billion loan from the U.S. Export-Import Bank, CNBC has learned. The deal comes as the U.S. looks to secure access to critical minerals and break China's stronghold on essential supply chains.
The financing, which is the largest loan under EXIM's "Make More in America" initiative and the agency's fourth largest loan on record, will fund Perpetua's Stibnite Gold project in Idaho. The mine will also produce antimony, which is essential for defense applications – including for munitions – as well as semiconductor manufacturing and renewable energies including solar panels and wind turbines, among other things.
Perpetua shares rose more than 12% on the news.
The U.S. Geological Survey deems antimony a "critical mineral." In 2024 there was no "marketable antimony" mined in the U.S., according to USGS. Perpetua and at least two other companies are now working to lift U.S. production. China is the dominant producer of antimony globally, satisfying more than half of U.S. demand, according to USGS.
The Stibnite site is the only source of domestic antimony that can meet the U.S.' requirements for weapons production, according to the company, with the ability to supply about 35% of U.S. demand within the first six years of production.
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This is the latest in a string of deals from the government focused on shoring up domestic production of critical minerals, especially as China has in the past weaponized natural resources by curbing exports.
In February, the White House unveiled "Project Vault," a first-of-its-kind public-private partnership focused on stockpiling minerals. The $12 billion initiative includes $10 billion in funding from the Export-Import Bank, and an additional $2 billion in private capital.
The administration has also taken equity stakes in mining companies directly, including rare earths producer MP Materials. In July the Pentagon announced an investment in the company that includes an offtake agreement as well as a price floor. The U.S. was once the largest rare earths producer, but output plummeted after China flooded the market and depressed prices. The government has also inked deals with miners including USA Rare Earth, Lithium Americas and Trilogy Metals. Shares of all three stocks traded higher on Thursday.
Perpetua has begun construction on the Stibnite site and said it should be operational in 2029. The company is working with the Department of Defense to supply antimony, and is in the process of securing additional commercial partners.
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Correction: A U.S. Geological Survey report said there was no "marketable antimony" mined in the U.S. in 2024. An earlier version of this story misstated the operation of U.S. antimony mines. Perpetua and at least two other companies are working to mine antimony in the U.S.
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.
Vancouver, British Columbia, May 22, 2026 (GLOBE NEWSWIRE) -- NevGold Corp. (“NevGold” or the “Company”) (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) congratulates Perpetua Resources Corp. (TSX:PPTA, NASDAQ:PPTA, “Perpetua”) on the approved US$2.9 billion senior secured project loan from the Export-Import Bank of the United States (“EXIM”) (see Perpetua Resources News Release from May 21, 2026) under the “Make More in America Initiative”. The loan supports the development of the Stibnite gold‑antimony project in Idaho and represents a major commitment by the U.S. Government to rebuilding a secure domestic antimony supply chain.
Perpetua’s Stibnite Project is currently the only large-scale, domestic resource of the Critical Mineral antimony. NevGold is rapidly advancing its maiden antimony-gold Mineral Resource Estimate (“MRE”) at the Limo Butte Project in Nevada, which is nearing completion. Additionally, the Company expects to benefit from the oxide-antimony material contained within the historically mined gold leach pads at surface, potentially providing a faster pathway toward near-term antimony production.
Brandon Bonifacio, NevGold’s CEO comments: “Perpetua has played a foundational role in establishing the framework for a U.S. antimony supply chain, and we congratulate their team on this important milestone. The US$2.9 billion EXIM commitment underscores the strategic importance of antimony and the need for multiple domestic sources to close the large supply deficit in the United States. Even with Stibnite moving toward production, the antimony supply gap remains substantial now and into the future. Advanced U.S. antimony projects must co-exist to achieve true mineral independence and security for America.”Bonifacio continues: “NevGold is entering a pivotal period with the upcoming release of our maiden antimony‑gold MRE at Limo Butte. Several key attributes differentiate Limo Butte within the broader landscape of global antimony projects:
Oxide antimony‑gold mineralization, avoiding the complexity and cost of sulphide processing and downstream smelting - particularly relevant given there is only one active antimony smelter in the United States. At‑surface, historically mined material in the gold leach pads that was not processed for antimony, providing a potential rapid pathway to antimony production. Straightforward permitting and environmental landscape in Nevada, supporting an efficient development timeline. These factors position Limo Butte as one of the nearest‑term, antimony production opportunities in the United States over the next 12 to 18 months.”
ON BEHALF OF THE BOARD
“Signed”
Brandon Bonifacio, President & CEO
For further information, please contact Brandon Bonifacio at [email protected], call 604-337-4997, or visit our website at www.nev-gold.com.
About the Company
NevGold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada and Idaho. NevGold owns a 100% interest in the Limousine Butte gold/antimony project and Cedar Wash gold projects in Nevada, and the Nutmeg Mountain gold project and Zeus copper project in Idaho.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Forward-looking statements include, but are not limited to, the future project milestones such as the potential gold-antimony Mineral Resource Estimate (“MRE”), and potential near-term antimony production at the Project. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such risks include, but are not limited to, general economic, market and business conditions, and the ability to obtain all necessary regulatory approvals. There is some risk that the forward-looking statements will not prove to be accurate, that the management’s assumptions may not be correct or that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
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.
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. 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.
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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.
This publication contains forward-looking statements, including statements regarding expected continual growth of the featured companies and/or industries. The publisher of these statements assumes no responsibility to update any such forward-looking statements. Forward-looking statements by their nature involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the subject companies to be materially different from those expressed or implied by such forward-looking statements. Issued on behalf of NevGold Corp. by USA News Group / Market IQ Media Group, Inc.
A brownfield site in eastern Nevada is delivering exactly what the U.S. critical minerals strategy has been asking for — antimony at surface, in every drillhole, ready to process without breaking new ground.
NEW YORK, May 25, 2026 (GLOBE NEWSWIRE) -- World Street Intelligence News Commentary — There are not many places in America where you can walk onto a mine site that was last worked when George H.W. Bush was in the White House, pick up a fistful of crushed rock from a pile that has been sitting in the sun for 35 years, and have it assay at a grade of antimony the U.S. defense industry would gladly pay a premium for. There is at least one such place. It sits in White Pine County, Nevada, on a property called Limousine Butte, and as of May 14, 2026, every single sonic drillhole punched into the historic Crushed leach pad there has come back with positive, consistent oxide antimony and gold mineralization. [1]
The company doing the drilling is NevGold Corp. (TSXV: NAU) (OTCQX: NAUFF) (Frankfurt: 5E50), a Vancouver-headquartered junior with a portfolio of four 100%-owned gold, antimony, and copper projects across Nevada and Idaho. The flagship is Limo Butte. The story everyone is paying attention to right now is the crushed pile.
Here is what happened. Between 1989 and 1990, the previous operators of the Golden Butte pit ran a gold heap leach operation on the site. They crushed the ore, stacked it on lined pads, sprayed it with cyanide solution, and recovered gold. They did all of this in a sub-US$400 per ounce gold price environment, and they did all of it without anyone in the industry caring about a metal called antimony. Antimony was in the rock. They simply did not process for it. They walked away. The pads sat there for the next 35 years.
Fast-forward to 2026. Gold is trading in the mid-$4,000s. China has banned antimony exports to the United States, then partially suspended that ban in November 2025 — a suspension that expires on November 27, 2026. The Department of Defense, recently renamed in part the Department of War under a 2025 executive order, has been writing checks under the Defense Production Act to anyone who can credibly show they can produce military-grade antimony from American rock. There are no operating primary antimony mines in the United States. None.
Against that backdrop, NevGold reported the following results from its sonic drilling on the Crushed leach pad. Drillhole LBS26-014 returned 0.32% antimony and 0.39 grams per tonne gold over 14.9 meters. LBS26-019 returned 0.30% antimony and 0.37 grams per tonne gold over 16.5 meters. LBS26-016 came in at 0.27% antimony and 0.37 grams per tonne gold over 14.0 meters. LBS26-015 hit 0.27% antimony and 0.41 grams per tonne gold over 18.0 meters. The average across the company’s 15 Phase I test pits on the Crushed pad sits at 0.27% antimony and 0.34 grams per tonne gold, and the elevated grades are showing up in the lower levels of the pad. [1]
Read that again. Antimony grades, in every drillhole, in surface material that has already been mined, crushed, and stacked. There is no new pit to dig. There is no environmental impact statement waiting on a federal Record of Decision. There is no $2 billion EXIM Bank loan needing congressional notice. There is a permitted brownfield site, in the world’s top-ranked mining jurisdiction, with antimony sitting on top of it. Full project overview is available here.
NevGold CEO Brandon Bonifacio put it this way in the May 14 release: “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] That last clause is the operative one. The Company is advancing a maiden antimony-gold Mineral Resource Estimate covering the leach pads and the broader project area at Resurrection Ridge and Cadillac Valley, with the production target being antimony output by 2027 — not 2030, not 2032.
To understand why a 2027 production target is unusual in this sector, it helps to look at what the rest of the U.S. antimony peer set is doing. Perpetua Resources Corp. (NASDAQ: PPTA) has the only currently identified U.S. antimony reserve at its Stibnite Gold Project in central Idaho. It is a phenomenal asset. It also requires roughly $2.5 billion in direct construction capital — and on May 21, 2026, the Board of the U.S. Export-Import Bank unanimously approved a $2.9 billion senior secured 13-year loan in support of the project under EXIM’s Make More in America Initiative. [2] Combined with cash on hand, the financing package is expected to fully fund construction. Disbursement is subject to definitive documentation and customary conditions precedent, expected to be completed in the second half of 2026. Perpetua broke ground on early works construction in October 2025. Full commercial antimony production from Stibnite is targeted for 2028.
Up in Alaska, Nova Minerals Limited (NASDAQ: NVA) has been working its Estelle Gold and Critical Minerals Project, a 514-square-kilometre district-scale property in the Tintina Gold Belt. On May 11, 2026, Nova confirmed the successful completion of its 2026 winter freight mobilization, moving approximately 1.5 million pounds of mining and processing equipment to the Estelle camp under a US$43.4 million U.S. Department of War award. [3] CEO Christopher Gerteisen has said publicly the company believes it can produce military-grade antimony trisulfide by late 2026 or early 2027 — six to nine months ahead of its original schedule. That timeline puts Nova in the same approximate window as NevGold’s targeted 2027 antimony production from the historic leach pads in Nevada.
Both Perpetua and Nova are tier-one, well-financed names. The Perpetua story is gigantic but back-end loaded and capital-intensive. The Nova story is happening in Alaska, which means a winter freight season of its own, plus the logistics of getting equipment 150 kilometres northwest of Anchorage onto a property that is largely fly-in or snow-road. Neither of those things is bad. Both are simply expensive. The structural question both companies face — and that the entire U.S. antimony peer set faces — is the gap between the day Washington needs metal and the day the metal actually shows up.
NevGold’s pitch is that the gap is shorter at Limo Butte because the work has, in a sense, already been done. The leach pads were stacked. The pit was excavated. Phase II metallurgical testwork released earlier in 2026 confirmed a sequential processing path: leach the antimony first, recover the gold second, both from the same crushed feed. Antimony extraction across the tested samples ranged from 54% to 92%, and the residual gold recoveries after antimony leaching averaged above 93% with individual samples reaching 99%. That metallurgy is what makes the 2027 production target feasible. Full landing page detail here.
The financing piece has also fallen into place. On April 20, 2026, NevGold upsized its previously announced C$25 million brokered private placement to C$42 million — a roughly 69% increase on strong institutional demand — led by Clarus Securities Inc. as sole agent and bookrunner. That financing closed May 12, 2026, and is earmarked for advancing Limousine Butte, the Nutmeg Mountain gold project in Idaho, working capital, and general corporate purposes. With over C$50 million in the treasury and a maiden antimony-gold MRE expected within weeks, NevGold enters the back half of 2026 in a financial position that most explorers chasing the same critical minerals theme do not enjoy.
The broader market context here is also worth pausing on. Idaho Strategic Resources, Inc. (NYSE American: IDR) reported record first-quarter 2026 results on May 14, 2026 — the same day NevGold dropped its leach pad assays — with revenue up 98.97% year-over-year to $14.48 million and record quarterly net income of $6.39 million. [4] Idaho Strategic is a different kind of company: it is an operating gold producer in Idaho that has used its cash flow to fund rare earth and thorium exploration along the Idaho REE-Th Belt. But the underlying market signal is the same. Investors are paying for U.S. mining companies that produce, or are credibly close to producing, the critical materials the country has decided it cannot continue to import from China.
Tungsten producer Almonty Industries Inc. (NASDAQ: ALM) offered another data point in the same week. On May 11, 2026, Almonty reported first-quarter 2026 revenue up 221% year-over-year to $25.4 million, with adjusted EBITDA of $6.1 million versus a loss in the prior year period. [5] The company’s flagship Sangdong Mine in South Korea, which is one of the largest and highest-grade tungsten deposits outside China, transitioned toward commercial operations following its March 17 commissioning ceremony. Tungsten APT prices have risen by more than 200% since the beginning of 2026, and Bank of America raised its price target on Almonty to $23 per share on the same day the results were reported. Tungsten and antimony sit on the same U.S. critical minerals list, and the Almonty result is essentially a preview of what revenue inflection looks like when a Western-aligned critical minerals producer comes online into a tight market.
There is also the question of what comes after the leach pad. Earlier 2026 drilling at the adjacent Resurrection Ridge target returned 1.93 grams per tonne gold equivalent over 100.6 meters from surface (1.07 g/t Au plus 0.22% Sb), including a 1.11% antimony intercept over 6.1 meters within the broader envelope. That is in addition to whatever the upcoming maiden MRE turns up across the leach pads, Cadillac Valley, and the broader project area. Bonifacio has flagged additional drill results from the Run-of-Mine leach pad, sampling results from a newly defined at-surface pre-strip dump from the historic Golden Butte pit, and the 2026 20,000-meter drill program focused on expansion and new discoveries, all of which are scheduled to land in the coming weeks and months. [1]
Pull all of that together and the picture comes into focus. The United States has decided, through three different administrations and across three different policy regimes, that it cannot continue to import its antimony, its tungsten, its rare earths, or its critical mineral supply more broadly from a single geopolitical adversary. The federal government has put real money behind that decision, in the form of EXIM loans, DPA awards, Section 232 tariff threats, FAST-41 permitting, and Department of War contracts. The companies that get to monetize that capital are the ones who can credibly deliver tons of metal into the supply chain inside the next 24 months. That list is short.
NevGold’s Limo Butte sits on that short list because the material that needs to be processed is already on the surface, crushed, and waiting. The drill bit has done its job: every hole on the Crushed leach pad has come back positive. The metallurgy has done its job: antimony first, gold second, both recoverable from the same feed. The capital markets have done their job: C$42 million raised, no warrants. What remains is the maiden Mineral Resource Estimate, the additional drilling on the Run-of-Mine pad, and the path to 2027 production. Investors who want the full project overview can find it 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. Source
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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. WorldStreetIntelligence.com is owned by Creative Direct Marketing Group (“CDMG”). This article is being distributed by Market IQ Media Group, Inc. (“MIQ”) on behalf of World Street Intelligence. MIQ has been paid a fee for NevGold Corp. advertising and digital media from 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.
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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.
This publication contains forward-looking statements, including statements regarding expected continual growth of the featured companies and/or industries. The publisher of these statements assumes no responsibility to update any such forward-looking statements. Forward-looking statements by their nature involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the subject companies to be materially different from those expressed or implied by such forward-looking statements. Issued on behalf of NevGold Corp. Distributed by Market IQ Media Group, Inc. on behalf of World Street Intelligence.
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/
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.
Construction ramps up as Idaho Federal Court rejects efforts to stop critical path activities
Company commences Burntlog Route construction
Critical-path activities target on-time delivery of antimony for U.S. defense interests.
, /PRNewswire/ - Perpetua Resources Corp. (Nasdaq: PPTA) (TSX: PPTA) ("Perpetua Resources" or the "Company") announced today that the Stibnite Gold Project ("Project") continues to advance previously planned critical path construction and infrastructure activities following the May 29 decision by the United States District Court of Idaho denying the Project opponents' motion for a preliminary injunction related to a lawsuit filed in 2025 by special interest groups. In the decision, the Court found that the Plaintiffs failed to show that the planned activities would cause the Plaintiffs irreparable harm.
Perpetua crews begin construction of Burntlog Route, May 30, 2026 On Saturday, May 30, Perpetua commenced additional critical path construction activities for the 2026 field season, including initial work associated with the Burntlog Route, a key infrastructure project designed to support safe and efficient access to the Project site while minimizing impacts to nearby communities and sensitive environmental areas. These road upgrades will continue in parallel with additional planned construction of on-site worker housing facilities, selected powerline upgrades, and approved exploration and geotechnical drilling. This new activity builds upon the early works construction Perpetua began in October 2025 and is focused on maintaining construction schedule for 2029 operations and delivery of urgently needed antimony to the United States military.
"We are focused on responsibly advancing the Project and executing on the important work ahead of us," said Jon Cherry, President and CEO of Perpetua Resources. "This construction season is narrow and important to advance major infrastructure for the on-time delivery of antimony to support demand from the U.S. military. We also are pleased to continue with important environmental restoration and our commitment to economic development in Idaho."
The Stibnite Gold Project is designed to redevelop and rehabilitate the abandoned Stibnite mining district, which was largely mined for antimony and tungsten during World War II and the Korean War. The approved project includes extensive environmental restoration measures intended to improve water quality, remove legacy mine waste, reconnect fish habitat, and restore streams and wetlands within the Project area.
Following years of evaluation of alternatives and study of potential environmental impacts, the U.S. Forest Service identified the Burntlog Route as the preferred access road after determining it provides safer travel, limits proximity to sensitive water ways, and reduces impacts on the environment and residents and recreationalists. Perpetua has also placed financial assurances approved by federal and state agencies to ensure reclamation of construction-related impacts.
The U.S. Department of War has identified the Stibnite Gold Project as the only U.S. mine that would be capable of producing antimony volumes sufficient to meet defense demand by 2029. Antimony from the Stibnite Gold Project also provides a domestic source to support growing commercial demand for antimony. Perpetua's planned construction activities for this construction season target critical items that must be completed in order to keep development on track to commence gold and antimony production in 2029.
In preparation for the summer construction season, Perpetua Resources has engaged local contractors and service providers to support initial construction activities. These contracts represent approximately $45 million in direct work expected for businesses and communities across Idaho.
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 The United States District Court's decision denying the motion for a preliminary injunction is not a final decision on the ongoing lawsuit filed by the plaintiffs in this case and the decision could be appealed.
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 timing of anticipated milestones related to the Project and financing; 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 defense and commercial demand for antimony and the Company's ability to supply it; our ability to successfully implement and fund the Project; and the occurrence of the expected benefits from the Project, including providing a domestic source of antimony, contributions to national security, creation of jobs as well as environmental and economic benefits.
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's proposed financing will be successful and 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 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, 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.
