PPTA — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-11

• ●Complete project financing, including closing an approximately $2.7 billion proposed senior secured long-term loan from U.S. EXIM, to finance the construction and development of the Project, described in the “Financing Activities” section below;

• ●Commence full construction of the Project following a final investment and construction decision for the Project in the second half of 2026;

• ●Continue to expand the management team and workforce to support full-scale construction, detailed engineering and operations;

• ●Advance commercial downstream antimony off-site processing and offtake agreements; and

• ●Continue project-wide exploration and testing to further expand the Company’s gold and antimony resources and reserves, and validate potential tungsten opportunities at the Project; any such expansion and other opportunities may be subject to further environmental review and permitting requirements…

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• ●Advance comprehensive project financing plan described in “Financing Update” below, which includes progressing the U.S. EXIM application for project financing;

• ●Expand the management team and workforce to support full-scale construction and operations.

• ●Full exercise of underwriter option for June equity offering for $49 million in gross proceeds closed July 14, 2025.

• ●Received the Preliminary Project Letter and Indicative Term Sheet from U.S. EXIM on September 8, 2025 regarding the Company’s application for $2.0 billion debt financing.

• ●Conditional Notice to Proceed received from the USFS on September 19, 2025 authorizing Project development upon placement of financial assurance.

Text added vs the prior filing · source: 10-Q · 2026-05-11

• The U.S. District Court on October 2, 2025 issued a general order staying all civil cases listed in the order due to the partial shutdown of the federal government over appropriations for the government. The list included the Federal Environmental Case and Federal NPT Case. This stay did not affect …

• The District Court has not ruled on any of the dispositive motions filed by the parties. The scheduling order in the Federal NPT requires all dispositive motions and briefs to be filed by all parties. before the end of June 2026. These two lawsuits remain pending.

• On May 8, 2026, the plaintiffs in the Federal Environmental Case filed a motion for a preliminary injunction seeking to delay certain planned construction activities for the Project. The plaintiffs’ motion expressly excluded early works construction activities that were contemplated under previously…

• As to the merits of the Federal Environmental Case and the Federal NPT Case, the Company believes the USFS ROD and other federal regulatory processes challenged in these lawsuits were conducted thoroughly and completely by the relevant federal regulatory agencies. However, the District Court has not…

• On March 20, 2025, a putative federal class action lawsuit was filed in the United States District Court for the District of Idaho against the Company and certain of its current officers and directors, on behalf of a proposed class of purchasers of the Company’s common shares during the period from …

Text removed vs the prior filing · source: 10-Q · 2025-11-14

• The U.S. District Court on October 2, 2025 issued a general order staying all civil cases listed in the order due to the partial shutdown of the federal government over appropriations for the government. The list included the separate lawsuits filed by the Nez Perce Tribe and by the environmental me…

• The Company believes the USFS ROD and other federal regulatory processes challenged in the two foregoing federal lawsuits were conducted thoroughly and completely by the relevant federal regulatory agencies. However, there can be no assurance that the Project approvals challenged in those two cases …

• On March 20, 2025, a putative federal class action lawsuit was filed in the United States District Court for the District of Idaho against the Company and certain of its current officers and directors, on behalf of a proposed class of purchasers of the Company’s common shares during the period from …

• The Idaho Board of Environmental Quality (“IBEQ”) published an order on May 27, 2025 upholding the air permit to construct (“PTC”) issued for the Project by the Idaho Department of Quality (“IDEQ”) in June 2022 and denying certain petitioners’ appeal from various administrative proceedings with resp…