Track market-moving stories before they get noisy

(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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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.

Leopold Aschenbrenner, one of the youngest billionaire investors and a former OpenAI researcher, has revealed updated holdings for his Situational Awareness Fund.

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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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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.

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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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.

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

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

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

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

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

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

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

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

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

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

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

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

Summarized results are presented below for reference:

ECONOMIC HIGHLIGHTS1,2

Production & Cost Highlights

Early Production

Years 1-4

Life-of-Mine

Years 1-15

Recovered Gold Total (Koz) 

1,852

4,223

Recovered Antimony3 Total (Mlbs) 

69.1

106.5

Recovered Gold Annual Average (Koz) 

463

296

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

$250

$581

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

$311

$650

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

$498

$833

Initial Capital, including contingency ($M)7 

$2,576

Early Production

Years 1-4

Life-of-Mine

Years 1-15

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

After-tax Net Present Value 5%9

$3.5 billion

Annual Average EBITDA10

$1,347 million

$766 million

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

$1,111 million

$607 million

Internal Rate of Return (After-tax)12

23.5 %

Payback Period in Years (After-tax) 

2.4 years

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

After-tax Net Present Value 5%9

$5.0 billion

Annual Average EBITDA10

$1,685 million

$983 million

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

$1,373 million

$775 million

Internal Rate of Return (After-tax)12

29.0 %

Payback Period in Years (After-tax) 

2.1 years

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

After-tax Net Present Value 5%9

$6.1 billion

Annual Average EBITDA10

$1,910 million

$1,128 million

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

$1,547million

$887million

Internal Rate of Return (After-tax)12

32.3 %

Payback Period in Years (After-tax) 

1.9 years

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

After-tax Net Present Value 5%9

$7.1 billion

Annual Average EBITDA10

$2,136 million

$1,273 million

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

$1,722 million

$999 million

Internal Rate of Return (After-tax)12

35.3 %

Payback Period in Years (After-tax) 

1.8 years

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

(2) Assumes 100% equity financing. 

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

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

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

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

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

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

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

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

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

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

Annual Report 2025 Highlights and 2026 Outlook

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

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

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

About Perpetua Resources and the Stibnite Gold Project

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

FORWARD-LOOKING INFORMATION 

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

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

Cautionary Statement Regarding Reserve and Technical Information 

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

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

Non-GAAP Measures

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

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

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

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

_____________________________

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

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

SOURCE Perpetua Resources Corp.

Posted by Defense World Staff on Apr 5th, 2026

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

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

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

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

Check Out Our Latest Stock Analysis on Perpetua Resources

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

About Perpetua Resources (Get Free Report)

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

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

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Posted by Defense World Staff on Apr 10th, 2026

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

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

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

Read Our Latest Research Report on PPTA

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

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

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

Perpetua Resources Company Profile (Free Report)

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

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

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Posted by Defense World Staff on Apr 27th, 2026

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

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

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

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

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

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

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

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

About NexGen Energy (Get Free Report)

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

About Perpetua Resources (Get Free Report)

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

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Issued on behalf of Western Star Resources Inc.

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

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

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

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

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

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

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

A DIBC Submission Ahead of Washington Meetings

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

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

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

The European IR Channel

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

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

The Rowland 2026 Work Program

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

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

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

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

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

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

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

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

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

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

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

CONTACT:

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

SOURCES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Advisors

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

Website: www.perpetuaresources.com

About Perpetua Resources and the Stibnite Gold Project

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

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

Cautionary Statement Regarding Technical Information

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

SOURCE Perpetua Resources Corp.

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

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

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

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

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

Every Drillhole a Hit: What NevGold Just Reported

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

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

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

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

In other industry developments:

Perpetua Resources Corp. (NASDAQ: PPTA)

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

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

Nova Minerals Limited (NASDAQ: NVA)

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

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

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

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

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

Almonty Industries Inc. (NASDAQ: ALM)

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

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

The Real Question for 2026

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

Article Sources

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

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

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

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

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

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

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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.

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

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

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

Why antimony, and why now

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

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

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

What the Pre-Strip Dump actually shows

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

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

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

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

Read More About NevGold Here

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

The bigger prize: a maiden resource

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

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

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

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

Context, and a fair word of caution

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

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

How NevGold sits among its antimony peers

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

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

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

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

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

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

The bottom line

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

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

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

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

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

DISCLAIMER:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

TRACK THE TREND WITH EAGLE EYE:
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CONTACT:
AmericanNewsGroup.com
[email protected]
604-265-2873

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

NAU – AMERICAN NEWS GROUP DISCLAIMER:
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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.

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Perpetua Resources Reports Results of 2026 Annual Meeting PR Newswire

BOISE, Idaho, June 5, 2026

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

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

Name of Nominee

Votes For

Votes Withheld

Abstentions

Total Votes*

Percentage of
Votes For*

Percentage of
Votes Withheld*

Percentage of Votes
Abstained*

Marcelo Kim

72,595,988

11,973,401

135,148

84,569,389

85.84 %

14.16 %

0.16 %

Christopher Robison

82,656,825

1,912,537

121,876

84,569,389

97.74 %

2.26 %

0.14 %

Alexander Sternhell

84,171,419

397,970

74,346

84,569,389

99.53 %

0.47 %

0.09 %

Robert Dean

83,609,269

960,120

69,990

84,569,389

98.86 %

1.14 %

0.08 %

Andrew Cole

84,259,071

310,318

65,930

84,569,389

99.63 %

0.37 %

0.08 %

Richie Haddock

83,611,367

958,022

72,973

84,569,389

98.87 %

1.13 %

0.09 %

Laura Dove

83,776,106

793,283

83,193

84,569,389

99.06 %

0.94 %

0.10 %

Jeffrey Malmen

84,286,363

283,026

64,781

84,569,389

99.67 %

0.33 %

0.08 %

Jonathan Cherry

84,410,663

158,726

64,753

84,569,389

99.81 %

0.19 %

0.08 %

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

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

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

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

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

About Perpetua Resources and the Stibnite Gold Project

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

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SOURCE Perpetua Resources Corp.

SanDisk (NASDAQ:SNDK) has won a higher price target from Bank of America, with the bank lifting its objective to $2,100 from $1,550 on the back of robust NAND demand, favourable pricing trends, and a new wave of long-term supply agreements.

At BofA's 2026 Global Technology Conference in San Francisco, investor focus centred on SanDisk's so-called new business models (NBMs), structured agreements that combine fixed pricing for an initial period with variable pricing over the remainder of the contract.

BofA said the NBMs are designed so that SanDisk's margins remain within guidance range even if pricing hits the floor, which stays unchanged during the contract term.

The bank described the structure as a win-win, saying it locks in committed supply for customers while providing committed financials for SanDisk.

The company has signed more than a third of its fiscal 2027 revenue through NBMs so far, with five agreements in place carrying financial guarantees exceeding $11 billion. The three contracts signed during the third fiscal quarter alone carry minimum contractual revenue of $42 billion. The agreements also include $400 million in prepayments and other financial instruments managed by third-party institutions.

BofA said contract durations have been staggered deliberately to avoid a scenario where multiple agreements expire simultaneously.

On the pricing outlook, the bank said average selling prices are expected to continue rising through calendar 2026, with robust conditions expected to persist into the first half of 2027. Incremental new supply is not anticipated before 2028 or 2029, a dynamic the analysts said supports upside to pricing throughout the year.

BofA raised its fiscal 2027 revenue and earnings per share estimates to $44 billion and $188, respectively, from prior forecasts of $37.7 billion and $154.

The bank said its Buy rating reflects SanDisk's valuation, its joint venture partnership structure, market share gains, and long-term potential for industry consolidation.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Jim Cramer used his June 8, 2026, Squawk on the Street appearance to deliver a direct warning to anyone riding the AI chip rally. His line, after a brutal Friday that saw the Philadelphia semiconductor index post its fourth-worst decline ever: “Unless you have accelerated earnings, your stock is pretty much done. Got to go down 50% and then it doesn’t come back. Sometimes it doesn’t come back for years and years and years. So I just don’t like parabolic moves. They are indeed as dangerous as you think they are.”

If Cramer is right and you own a parabolic AI name, you can lose half your capital and wait years to recover it. If he is wrong, his rule still costs you the next leg of one of the largest earnings cycles in tech history. The test is whether earnings are actually accelerating.

Cramer’s framework is sound, but the data disagrees Cramer is correct that stocks doubling on no earnings change crater. The problem is that AI semiconductor names are posting some of the sharpest earnings acceleration ever recorded in large-cap tech.

Micron Technology (NASDAQ: MU | MU Price Prediction) exemplifies this. EPS went from $4.78 in fiscal Q1 2026 to $12.20 in Q2, with management guiding $19.15 for Q3.

Revenue grew 196% year over year, and operating income jumped 810%. The stock is up 203% year to date. Quadrupling earnings against a tripling stock is multiple compression.

SanDisk (NASDAQ: SNDK) shows the same pattern more sharply. EPS climbed from $1.22 to $6.20 to $23.41 across three quarters, with Q4 guidance of $30 to $33. The datacenter segment grew 645% year over year.

The stock is up 557% year to date, but EPS is tracking from $1.22 to a guided $30-plus in nine months. That is earnings acceleration outrunning price.

Broadcom (NASDAQ: AVGO) is the cleanest counterpoint. AI semi revenue went $8.4B to $10.8B with Q3 guidance of $16B, growth accelerating from 106% to 143% to a guided 200%-plus.

The stock is up only 12% year to date and just took a hit. Earnings accelerated, multiples compressed, and Cramer is calling it dangerous.

The metric that determines Cramer’s warning The single number that matters is the ratio of price change to earnings change over the same period.

If a stock doubled and EPS tripled, the multiple shrank, and the rally is supported. If a stock tripled and EPS rose 20%, the multiple expanded, and Cramer’s 50% rule applies.

Run it on NVIDIA (NASDAQ: NVDA). Revenue growth accelerated from 56% to 62% to 73% to 85% year over year across four quarters. The stock is up 10% year to date, with a P/E at 31.

That looks like multiple compressions in real time. Run it on Alphabet (NASDAQ: GOOGL): Q1 EPS of $5.11 beat consensus by 94%, Cloud backlog nearly doubled to $460 billion, and shares are up 18% year to date. Again, earnings ahead of price.

Micron is where the comparison gets uncomfortable. Prediction markets currently show only a 39% probability that MU stays above $1,000 by the end of June, and the AI fair-value model implies 39% downside. That is where Cramer’s rule has teeth.

How to test this yourself Pull up each AI-exposed name you own and write down two numbers: percentage price change over the last six months, and percentage EPS change (trailing plus next-quarter guidance) over the same window. If price is growing faster than earnings, your multiple expanded and Cramer’s parabolic rule is your risk. If earnings outpaced price, the multiple compressed, and the stock got cheaper while you held it.

David Faber’s point on the same segment is the second test: watch hyperscaler capex. Alphabet’s $175 billion to $185 billion 2026 capex guide is the leading indicator. If that number gets cut, the earnings acceleration thesis breaks, and Cramer’s warning becomes the base case.

Cramer’s rule is right. His chosen targets, for now, are the ones where the math disagrees with him.

Key Takeaways Sandisk expects fiscal Q4 2026 revenues of up to $8.25B amid strong AI memory demand. SNDK projects current-year earnings growth of 2067.9% with rising customer partnerships. MRVL forecasts fiscal Q2 2027 revenues of about $2.7B on strong AI networking demand. With the rise of artificial intelligence (AI), NVIDIA Corporation (NVDA - Free Report) has become one of Wall Street’s biggest winners. Its cutting-edge Blackwell chips and graphics processing units (GPUs) have witnessed strong demand. However, the stock has delivered modest gains over the past year, as much of its strong quarterly performance has already been priced in. Ongoing concerns over China-related export restrictions and their potential impact on NVIDIA’s future revenue growth and profit margins have further dampened investor enthusiasm. 

Investors are increasingly searching for the next AI-driven stocks to replicate NVIDIA’s notable success. Among the names drawing attention are AI memory stock, Sandisk Corporation (SNDK - Free Report) and AI networking chipmaker Marvell Technology, Inc. (MRVL - Free Report) . Over the past year, shares of Sandisk and Marvell surged 3628.6% and 281%, respectively, far outpacing NVIDIA’s gain of 43.8%. 

With growth momentum behind these companies, it’s worth exploring their growth drivers, which could position them as the next major winners in the AI space. 

Sandisk Growth Boosted by AI Data Center Demand and Partnerships Sandisk saw a significant improvement in revenue growth as it shifted its focus toward high-value customers in the expanding data center segment. For the fiscal third quarter of 2026, Sandisk reported revenues of $5.95 billion, representing a 97% sequential increase and way more than its own guidance, according to investor.sandisk.com.  

Sandisk expects revenues to further improve to $7.75 billion and $8.25 billion for the fiscal fourth quarter of 2026, as strong pricing power across its product portfolio is likely to boost the top-line performance. Incessant demand for memory products in AI-driven data centers amid tight supply is expected to remain a key near-term growth driver for Sandisk. 

Sandisk’s high-value, multi-year partnerships under its New Business Model agreements are expected to strengthen customer retention, improve revenue visibility and boost profitability. Consequently, the company expects non-GAAP earnings per share (EPS) of $30 to $33 in the fiscal fourth quarter of 2026, up from $23.41 in the fiscal third quarter of 2026, signaling continued sequential growth momentum.

Sandisk’s expected earnings growth rate for the current year is 2067.9%. The Zacks Consensus Estimate of $64.82 for SNDK’s EPS is up 1057.5% year over year.

 

Image Source: Zacks Investment Research

Marvell’s AI Networking Strength Drives Growth Marvell’s products are key to AI networking, with its connectivity and networking chips powering data centers, where workloads are distributed across thousands of interconnected processors that need to exchange data quickly and efficiently. This is the reason why Jensen Huang, CEO of NVIDIA, expects Marvell to be the “next trillion-dollar company”.  

For the second quarter of fiscal 2027, Marvell expects revenues of around $2.7 billion at the midpoint of its guidance, representing 35% year-over-year growth, according to investor.marvell.com. This follows stronger-than-expected first-quarter fiscal 2027 revenues of $2.418 billion that exceeded expectations, driven primarily by robust demand in AI-related infrastructure. 

Marvell has increased its revenue outlook for 2027 and 2028, indicating strong customer demand and improved revenue visibility. The company’s record $638.8 million in operating cash flow in the first quarter of fiscal 2027 also provides support for research and development, and future growth. 

Marvell’s expected earnings growth rate for the current year is 41.2%. The Zacks Consensus Estimate of $4.01 for MRVL’s EPS is up 12.3% year over year.

 

Image Source: Zacks Investment Research

While Sandisk has a Zacks Rank #1 (Strong Buy), Marvell has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

Sandisk (SNDK 0.04%) stock is in the red in Tuesday's trading despite having initially posted big gains. As of 12:30 p.m. ET, the company's share price was down 3.5%. Meanwhile, the S&P 500 was off 1.6%, and the Nasdaq Composite was down 3.2%. The stock had been up as much as 9.8% early in the day's trading.

Sandisk opened today's daily session with bullish momentum at its back, but its valuation has retreated as investors turned bearish on the broader market. Weakening momentum for the artificial intelligence (AI) chip stock trade and some market jitters ahead of SpaceX's massive upcoming initial public offering (IPO) are to blame.

Image source: Getty Images.

Sandisk is slipping as the chip trade takes a step back AI chip stocks have been red hot this year, and Sandisk has been one of the biggest winners in the category. The memory technologies specialist's share price is up 571% across 2026's trading and 3,950% over the last year. Fundamental Chart Creator

Soaring demand for AI memory solutions has supercharged the company's sales and created pricing power that has produced a massive surge in margins. On the other hand, the company's valuation has already seen a massive upward rally. With investors broadly turning more cautious on chip plays today, Sandisk stock is seeing a pullback.

Today's Change

(

-0.04

%) $

-0.60

Current Price

$

1645.94

Investors are nervous about SpaceX's $1.77 trillion IPO SpaceX is set to go public on June 12 and has set a fixed price of $135 per share for its stock, which values the company at $1.77 trillion. It's poised to be the largest-ever IPO by a wide margin, and the stock's debut will likely have spillover effects for the broader market.

For better or worse, early trading for SpaceX can be expected to have a significant near-term impact on valuations for other growth stocks. The IPO could be viewed as a referendum on growth-dependent tech sector valuations, and overall market volatility could be high as we move through the month.

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Memory and storage stocks are taking it on the chin at midday Tuesday, but the sell-off isn’t hitting every name equally. Micron Technology (NASDAQ:MU | MU Price Prediction) shares are down 6%, and Western Digital (NASDAQ:WDC) stock is off 5%. Yet, SanDisk (NASDAQ:SNDK) shares are holding firm (comparatively speaking) as they trade flat on the session.

The backdrop is a broad chip selloff, with the VanEck Semiconductor ETF (NYSEARCA:SMH) down 4% on the session. Against that tape, SanDisk stock standing green qualifies as genuine relative strength, even if the move itself is modest.

The “memory massacre” framing being thrown around financial social media feels a bit overstated. In the context of these names’ enormous year-to-date runs, a flat day for SanDisk and a 4% to 5% intraday dip for Micron and Western Digital are routine volatility.

Profit-Taking Hits the High Flyers Micron stock entered Tuesday up 233% year to date (YTD), and Western Digital shares were up 206% YTD through Monday’s close. Those are the kind of runs that invite profit-taking on any risk-off catalyst, and today’s broad semiconductor weakness gave traders a reason to ring the register.

The fundamentals haven’t changed. Micron’s last report, filed March 18, showed revenue of $23.86 billion, with management guiding fiscal Q3 2026 revenue to $33.5 billion and gross margin near 81%. Micron Technology CEO Sanjay Mehrotra stated, “In the AI era, memory has become a strategic asset” when announcing a 30% dividend hike.

Western Digital, now a hard disk drive (HDD) pure-play after spinning off its flash business, posted its fourth consecutive EPS beat in late April with revenue of $3.34 billion. CEO Irving Tan declared, “Virtually every AI workload, from training, inference, agentic AI to physical AI, creates data that is stored persistently and cost-efficiently on HDDs.” Today’s pullback in WDC stock looks like positioning, not a thesis break.

SanDisk Stands Tall on NAND Tightness SanDisk’s resilience makes more sense after looking at its last earnings report. The company delivered Q3 FY2026 revenue of $5.95 billion, beating consensus by 26%, with non-GAAP EPS of $23.41 against a $14.66 estimate.

Furthermore, SanDisk’s Gross margin expanded to 78% from 23% a year earlier. CEO David Goeckeler asserted, “This quarter marks a fundamental inflection point for Sandisk where our technology leadership is enabling a deliberate shift in our mix toward the highest-value end markets, led by Datacenter.” SanDisk’s Datacenter revenue jumped 645% year over year (YoY), and management retired $650 million in debt to reach a zero long-term debt balance sheet.

Analysts also cite a structural NAND shortage that may not ease before 2028, and SanDisk has signed five multi-year New Business Model agreements that lock in firm financial commitments. With SNDK stock up 592% YTD, holding green on a heavy chip-down day says plenty about where flows are concentrating.

What to Watch Now The Reddit tape echoes the profit-taking thesis on Micron, where sentiment registered 68/100 bullish on the WallStreetBets feed even as MU stock slid. One widely circulated post lamented going from a “+6,467.76% gain to a measly +4,735.41 gain on MU LEAPS,” a complaint that says more about the size of the run than about a thesis break.

Keep an eye on whether SanDisk stock can avoid breaking down into the close. If the broader chip tape stabilizes this afternoon, the divergence may signal where money is rotating within the AI hardware complex. However, traders may seek cautious position sizing here. After all, these names tend to move fast in both directions.

Nvidia (NVDA 3.39%) has long been considered the industry standard for artificial intelligence (AI) computing stocks. Since 2023, it has been an amazing performer and has delivered strong, market-crushing returns for shareholders. However, 2026 hasn't been so kind.

Nvidia's stock is up about 12% this year, which isn't a bad return, but it's only beating the S&P 500 (^GSPC 1.62%) by a few percentage points (the index is up about 8% so far). Investors are used to much stronger double-digit percentage returns from Nvidia, leaving many investors disappointed in its 2026 results, especially when other stocks like Micron (MU 3.81%) and Sandisk (SNDK 0.04%) have crushed Nvidia and the market so far in 2026.

Micron is up 228% in 2026, while Sandisk is up nearly 600%. Those are returns that Nvidia investors can only dream about, but could that continue throughout 2026? Let's take a look.

Image source: Getty Images.

Micron and Sandisk are red hot Both Micron and Sandisk are involved in the memory chip sector. Although Micron makes both NAND and DRAM memory, Sandisk only makes NAND. NAND demand from an AI perspective mostly comes from solid-state drives (SSDs), which are used for long-term data storage in data centers. DRAM is used in computing chips as these devices need to rapidly pull from a memory bank to process computations quickly. Demand far outpaces supply for both memory chip types, causing prices to soar. This effect has led to a boom in both stocks, and that growth may not slow down for a while.

SNDK Revenue (Quarterly YoY Growth) data by YCharts

This could allow both stocks' returns to extend through 2026 and well into 2027 and beyond. Both companies (and their peers) are racing to build up more supply, but demand from data centers could still outpace new supply, leading to sustained memory chip constraints. That would bode well for both businesses and could lead them to outperform Nvidia for the rest of the year. But that doesn't mean investors should race out to swap Nvidia shares for Sandisk and Micron stock, either.

Nvidia could be set up for a strong second half of 2026 Nvidia may have had a slow start to 2026, but it may not stay that way for long. There has really been nothing to be disappointed about with Nvidia, besides its lackluster returns. During its latest earnings announcement, it beat expectations and revenue rose an outstanding 85% year over year. It gave a forecast for $91 billion in revenue for the next quarter, which could result in more than a 100% year-over-year growth if Nvidia beats expectations by a similar amount as it typically does.

Today's Change

(

-3.39

%) $

-7.05

Current Price

$

201.14

It also told investors to expect $1 trillion in AI capital expenditures by hyperscalers next year, up from about $650 billion this year. That unlocks another year of strong growth for investors, but none of that has been priced into the stock to date.

NVDA PE Ratio (Forward) data by YCharts

Nvidia trades for 23.3 times fiscal year 2027 earnings (ending January 2027) and 16 times 2028 earnings. That's a pretty low price to pay for Nvidia, especially if Nvidia's other projection comes true. It believes global data center capital expenditures will rise to $3 trillion to $4 trillion annually by 2030.

None of that is priced into Nvidia's stock right now. If some of it is priced into the stock at the end of this year, it could ignite a significant rally in the stock price, but it likely won't be enough to catch Micron or Sandisk's 2026 performance. Nvidia is still a great investment, but its growth capabilities still trail Micron and Sandisk.

© Loren Elliott/Getty Images

The semiconductor cycle has always moved in waves — shortage, oversupply, correction, repeat. But the current cycle feels different. Demand isn’t just being pulled forward by smartphones or cloud servers. It’s being reshaped by artificial intelligence infrastructure that requires vastly more memory, more bandwidth, and more advanced packaging than the industry was ever scaled to deliver. 

That imbalance has helped push memory names like Micron Technology (NYSE:MU | MU Price Prediction), SK hynix, and SanDisk (NASDAQ:SNDK) flash business into renewed investor favor.

Yet as valuations climb alongside AI optimism, a second force is emerging. Not a new customer or a cyclical downturn, but a buildout ambition large enough to potentially reset the supply curve itself. That force is Elon Musk.

Musk’s Core Argument: Memory Is the Bottleneck In recent interviews tied to SpaceX’s ongoing road show, Musk has repeatedly returned to one theme: there simply isn’t enough advanced memory manufacturing capacity in the U.S. — or globally — to meet AI-driven demand.

As Musk stated:

“There’s not a single high volume computer memory fab in America right now, zero… even if you take the best case assumptions… it is not enough to meet the demand that is anticipated… which is why you’re seeing stocks like Micron go to… 1.2 trillion… there will not be enough chips.”

He points specifically to delayed capacity additions from Micron, including a New York fab that is not expected to reach volume production until around 2028. He also highlights new projects tied to New York–based memory expansion that may not scale meaningfully until 2029–2030.

In short, Musk is arguing that the industry is structurally underbuilding relative to AI demand — not temporarily, but systemically.

Scarcity is driving memory stocks to new heights—but Elon Musk’s $122 billion 'Terafab' is designed to shatter the supply curve and redefine AI infrastructure forever. © 24/7 Wall St. A Market Already Pricing Scarcity Investors are already behaving as if supply tightness will persist for years. Memory makers have seen renewed valuation support as pricing discipline holds across the industry.

Micron continues to benefit from DRAM and HBM pricing strength tied to AI servers SK hynix has signaled plans to roughly double production capacity by 2030 SanDisk is tied to NAND pricing cycles that were once constrained by cautious capex across the industry What’s notable is not just demand strength, but restraint. Across the memory ecosystem, companies have been deliberately cautious about new capacity. That discipline has helped maintain pricing — but it also sets up the exact condition Musk is targeting: a gap between projected demand and actual buildout.

That “hold the line” strategy has been rational. Memory has historically been a brutal industry where oversupply can erase margins quickly. But in an AI-first economy, underbuilding carries its own risk.

Terafab: Long-Term Disruptor, Not Short-Term Catalyst Musk’s answer is what he calls “Terafab” — a massive, vertically integrated manufacturing complex aimed at producing AI logic chips, HBM-class memory, and advanced packaging under one roof. Internal projections and filings suggest potential investment of up to $122 billion, with upside if additional capital from SpaceX‘s IPO is deployed.

That scale matters because it reframes the discussion. Terafab isn’t just incremental supply. It is an attempt to compress an entire supply chain into a single industrial system designed around AI workloads.

That said, timing is everything. Even under aggressive assumptions, a project of this magnitude would take many years to influence global supply. Equipment lead times, talent constraints, and fabrication complexity all point to a long ramp.

So investors in Micron, SK hynix, and SanDisk should not expect immediate pressure. But they should pay attention to the trajectory.

Key Takeaway In short, memory stocks are currently priced for sustained scarcity — and Musk is proposing a system that could eventually eliminate it. The catch is that “eventually” likely means late this decade or beyond.

That creates a strange but important setup for investors: near-term strength driven by tight supply, paired with long-term uncertainty if Terafab scales successfully. The winners today may still be the winners in five years — but the ceiling on pricing power may not be as high as the current cycle suggests.

For now, the market is still on the incumbents’ side. Musk is simply arguing that the game board is about to get rebuilt.

Wall Street has never met an acronym it didn’t like. FAANG gave way to the Magnificent 7, and now a fresh label is making the rounds among investors trying to capture the next leg of the artificial intelligence (AI) trade. The new grouping, half marketing slogan and half investment thesis, goes by the name MANGOS: Meta Platforms (NASDAQ:META | META Price Prediction), Anthropic, NVIDIA (NASDAQ:NVDA), Google, OpenAI, and SpaceX.

The logic behind the basket is straightforward. Five of the six are building frontier AI models, while NVIDIA supplies the chips powering the entire industry. Investor Gavin Baker has suggested that these companies could be worth up to $2 trillion combined if they were public today, a figure that captures both the enthusiasm and the speculative nature of the label.

This follows a broader trend of investors rotating into themed cohorts. Just last week, traders were buzzing about the Parabolic 7, a group made up of SanDisk (NASDAQ:SNDK), Marvell Technology (NASDAQ:MRVL), Micron Technology (NASDAQ:MU), Intel (NASDAQ:INTC), Dell Technologies (NYSE:DELL), Advanced Micro Devices (NASDAQ:AMD), and Broadcom (NASDAQ:AVGO). The MANGOS concept extends that acronym-driven energy into the frontier-model layer of the AI stack.

The Three MANGOS Names You Can Actually Buy Of the six MANGOS members, only three trade publicly today. Meta Platforms posted Q1 2026 revenue of $56.31B, up 33% year over year, with EPS of $10.44. CEO Mark Zuckerberg told investors the company is “on track to deliver personal superintelligence to billions of people,” while FY26 capex guidance climbed to $125 to $145 billion.

Meta Platforms stock has lagged the rally, with shares down 13% year to date. META’s trailing P/E ratio of 21x sits well below the broader Magnificent 7 average, and prediction markets show an 89% probability the stock closes above $520 at month-end.

NVIDIA reported Q1 FY2027 revenue of $81.62B, up 85% year over year, with Data Center revenue reaching $75.25B. CEO Jensen Huang described the moment as “the largest infrastructure expansion in human history.” NVIDIA stock is up 9% year to date, and the board approved an additional $80 billion share buyback.

Alphabet‘s (NASDAQ:GOOGL) Google rounds out the public trio. Alphabet’s Q1 2026 revenue hit $109.9 billion, up 22%, with Google Cloud growing 63% and backlog nearing $460 billion. GOOGL stock has led the public MANGOS members, rising 14% year to date. Reddit chatter has openly flagged it as “the only MAG7 worth owning” among some retail traders.

The Pending IPOs That Complete the Acronym The other three MANGOS members remain private, though that may change soon. SpaceX is expected to IPO next week, and its S-1 filing disclosed $4,694 million in Q1 2026 revenue, alongside a 2025 Connectivity segment that generated $7,168 million in Segment Adjusted EBITDA. The company also acquired xAI in February to form its AI segment.

OpenAI has reportedly filed confidentially for an IPO, and Anthropic is expected to come public later this year. Amazon‘s (NASDAQ:AMZN) ties to Anthropic add another wrinkle, with CEO Andy Jassy noting Anthropic is securing up to 5 GW of Trainium capacity. Microsoft (NASDAQ:MSFT) holds the deepest OpenAI relationship, and its AI business surpassed a $37 billion annual revenue run rate, up 123% year over year.

What Investors Should Watch The MANGOS concept captures a real shift. The AI build-out has expanded beyond the original Magnificent 7, and the next wave of mega-IPOs could reshape index weightings in ways traders haven’t seen since the late-1990s tech listings. However, IPO timing and valuation can shift quickly, so investors might want to size any speculative allocations accordingly.

For now, the three public names offer the cleanest exposure. The Alphabet, NVIDIA, and Meta Platforms combination already gives investors a position in search-driven AI, training silicon, and consumer-scale model deployment. The SPDR S&P 500 ETF (NYSE ARCA:SPY) is up 7% year to date, and the dispersion within the AI cohort definitely matters.

The takeaway here is that catchy acronyms can capture genuine themes, but they also invite hype. Treating MANGOS as a research framework rather than a shopping list may serve investors better as the IPO calendar develops and prediction-market expectations get tested against real listings.

At $1,646.54, SanDisk (NASDAQ:SNDK | SNDK Price Prediction) looks fully valued. The June rebound has pushed the stock into the upper band of its 52-week range after a 593.63% year-to-date run, leaving investors a choice between chasing momentum and respecting cycle math.

SanDisk is a pure-play NAND flash storage company spun out last year, selling SSDs, embedded memory, and consumer cards into datacenter, edge, and consumer markets. The setup that took shares from $41.55 in August 2025 to current levels reflects a once-in-a-cycle collision of AI-driven hyperscaler NAND demand, a structural memory shortage analysts do not expect to ease before 2028, and a margin reset that lifted gross margin from 22.5% a year ago to 78.4% last quarter.

Why The AI Memory Bull Case Still Has Teeth Q3 FY26 revenue hit $5.95 billion, up 251% year over year, with EPS of $23.41 against a $14.66 consensus. The Datacenter segment alone grew 645% YoY to $1.467 billion.

Management guided for Q4 revenue of $7.75B to $8.25B and non-GAAP EPS of $30.00 to $33.00. CEO David Goeckeler cited “a fundamental inflection point” driven by 5 New Business Model agreements with multi-year financial commitments. With zero long-term debt, $2.993 billion in quarterly free cash flow, and a fresh buyback authorization, bulls argue the forward P/E of 27 is reasonable for a hyperscaler-levered memory leader.

Why The Bear Case Centers On One Customer And One Cycle The most concerning structural risk is SanDisk’s dependence on Kioxia Corporation through the Flash Ventures manufacturing joint venture. Capacity decisions, capex timing, and yield outcomes all run through a partner SanDisk does not control.

NAND is the most cyclical major memory category. Consumer revenue declined 10% sequentially last quarter, signaling that pricing power outside hyperscalers is softening. The internal valuation model pegs fair value at $1,455.29, an 11.62% downside, with a bear case at $1,029.35 if hyperscaler capex hits an air pocket.

Why Patience Beats Conviction Right Now Neither side gets to claim victory at this price. The business is firing on every cylinder, yet the stock has already priced in the inflection. Reddit sentiment spiked into very bullish territory at 82 in late May, then cooled to bearish 35 to 45 range in early June even as the price held up.

Watch for sequential deceleration in Datacenter bookings, non-GAAP gross margin falling below the 79% to 81% guide, or Kioxia commentary hinting at supply normalization.

What The Numbers Actually Say Shares trade at $1,646.54 against a consensus analyst target of $1,659.27, implied upside of roughly 0.8%. Of 22 analysts covering the name:

Strong Buy: 3 Buy: 15 Hold: 3 Strong Sell: 1 The stock carries a trailing P/E of 53 and forward P/E of 27, with EV/EBITDA at 48. Year to date, SNDK is up 593.63% versus the S&P 500’s 8.08%, though shares have given back 4.07% over the past week.

The Verdict On SanDisk At Current Levels At $1,646.54, SanDisk looks fully valued on the numbers.

The deeply concerning signal is the math, not the business fundamentals. Consensus target sits essentially on top of the current price, the base case model implies -11.62% over twelve months, and the bear case opens a path to $1,029.35. Multiple expansion has done the heavy lifting in 2026, and a trailing P/E above 50 leaves no cushion if NAND pricing rolls over or Kioxia capacity shifts unfavorably.

For existing holders, the New Business Model contracts still have time to season. Fresh entries look more attractive toward the $1,350 zone, where the forward earnings stream actually carries the price. The thesis would strengthen on a confirmed Q4 beat with another guide raise, and weaken on gross margin compression paired with Datacenter deceleration.

Patience costs little when the chart has already done a year of work in six months.