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Government Grants

9 Months Ended

Sep. 30, 2025

Government Grants

Government Grants

7.Government Grants

The Company has been awarded government grants by the U.S. Department of War (“DOW”) as described below. Accounting for these DOW grants does not fall under Accounting Standard Codification 606, Revenue from Contracts with Customers, as the DOW does not meet the definition of a customer under this standard. The DOW grant proceeds, which will be used to reimburse expenses incurred, meet the definition of grants related to expenses as the primary purpose for the payments is to fund research and development on antimony trisulfide and advancement of the Company’s Stibnite Gold Project.

During the three and nine months ended September 30, 2025 and 2024, grant income included the following:


		Three months ended September 30,						Nine months ended September 30,
Government Grant		2025			2024			2025			2024
DPA		$	—		$	12,615,643		$	10,003,859		$	23,665,277
DOTC			3,332,365			304,774			4,633,075			2,900,521
Total		$	3,332,365		$	12,920,417		$	14,636,934		$	26,565,798

As of September 30, 2025 and December 31, 2024, grant receivable, which is included in receivables on the consolidated balance sheets, include the following:


		September 30,			December 31,
		2025			2024
DPA		$	—		$	2,382,594
DOTC			1,915,015			106,827
Total		$	1,915,015		$	2,489,421

Information regarding each individual grant is as follows:

DPA Grant: On December 16, 2022, the Company entered into an undefinitized Technology Investment Agreement (“TIA”) with the DOW - Air Force Research Laboratory for an award of up to $24.8 million under Title III of the DPA. On July 25, 2023, the TIA was definitized with the DOW, establishing the full not-to-exceed amount of $24.8 million. On May 2, 2024, the TIA was modified with an additional $34.4 million in funding, bringing the total amount of the TIA to $59.2 million. The funding objective of the TIA is to complete environmental and engineering studies necessary to obtain a Final Environmental Impact Statement, a ROD, and other ancillary permits to sustain the domestic production of antimony trisulfide capability for defense energetic materials at the Stibnite Gold Project. Proceeds from the grant were used primarily to reimburse the Company for certain costs incurred through June 16, 2025 related to environmental baseline data monitoring, environmental and technical studies and other activities related to advancing the Company’s construction readiness and the permitting process for the Stibnite Gold Project. During the three and nine months ended September 30, 2025, the Company received cash from this grant of $592,242 (2024: $11,667,011) and $12,386,454 (2024: $16,417,506), respectively, for reimbursement of certain costs incurred. The TIA expired on June 16, 2025 and no additional funds are available under the program.

DOW Ordnance Technology Consortium (“DOTC”) Grant: On August 18, 2023, the Company was awarded an Ordnance Technology Initiative Agreement (“OTIA”) of up to $15.5 million under the Prototype Other Transaction Authority of the DOW through the DOTC. On May 28, 2025, the Company was awarded up to $6.9 million in additional funding by the DOTC under the OTIA. The funding objective of the OTIA is to demonstrate a fully domestic antimony trisulfide supply chain using ore from the Stibnite Gold Project. The OTIA designates funding to the Company to conduct activities to meet this objective, including obtaining additional core samples from the Project site, conducting a pilot plant study to produce mil-spec antimony trisulfide from the samples, designing a full-scale process circuit, and delivering a modular pilot plant for the DOW to use in further investigations. Under the OTIA, the Company will be reimbursed for these activities on a cost-plus fixed fee basis over the 24-month period of performance. The current estimated amount is $22.4 million, which is subject to adjustment by the DOW based on scope, costs, budget, or other factors as the program advances. Perpetua will be entitled to reimbursement for all costs incurred under the agreement, with the negotiated fee being 12%. The OTIA contains customary terms and conditions for OTIAs, including ongoing reporting obligations. During the three and nine months ended September 30, 2025, the Company received cash from this grant of $2,436,321 (September 30, 2024: $39,329) and $2,824,887 (September 30, 2024: $4,505,821), respectively, for reimbursement of certain costs incurred of $2,175,287 (September 30, 2024: $35,115) and $2,522,221 (September 30, 2024: 4,023,054) and 12% fee income of $261,034 (September 30, 2024: $4,214) and $302,666 (September 30, 2024: 482,767), respectively. During the three and nine months ended September 30, 2025, grant income includes $357,039 (September 30, 2024: $32,654) and $496,401 (September 30, 2024: $310,770), respectively, of 12% fee income earned on costs incurred.