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Co. Behind Idaho Au-Sb Asset Awarded US$34.6M by DOD
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This capital should fully fund the project through federal permitting, noted a Cantor Fitzgerald report.

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) was conditionally awarded an additional amount of up to US$34.6 million (US$34.6M) by the U.S. Department of Defense under the existing Technology Investment Agreement (TIA), reported Cantor Fitzgerald Mike Kozak in a February 12 research note.

"This additional financial support from the DOD should fully fund Perpetua's Stibnite gold-antimony project through completion of the federal permitting process," Kozak wrote.

The analyst reiterated the dates the U.S. Forest Service has guided to for completing the key steps of this process: Q2/24 for the Final Environmental Impact Statement and a Draft Record of Decision and Q4/24 for the Final Record of Decision.

Possible Gain of 338%

Given the news, Cantor maintained its Speculative Buy rating and CA$16.50 per share target price on the Idaho-based mining company, currently trading at about CA$3.77 per share, noted Kozak.

The difference between these prices reflects a significant potential return for investors of around 338%.

Perpetua remains rated Speculative Buy.

Agreement Must Be Amended

To receive the US$34.6M in nondilutive cash infusion, Kozak pointed out, Perpetua must submit a modified TIA outlining the work necessary to advance Stibnite through permitting and readiness for construction.

The company intends to complete this by late Q1/24.

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Important Disclosures:

  1. Perpetua Resources Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. 
  2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
  3.  This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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Disclosures for Cantor Fitzgerald, Perpetua Resources Corp., February 12, 2024

The opinions, estimates and projections contained in this report are those of Cantor Fitzgerald Canada Corporation. (“CFCC”) as of the date hereof and are subject to change without notice. Cantor makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; however, Cantor makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to Cantor that is not herein. This report is provided, for informational purposes only, to institutional investor clients of Cantor Fitzgerald Canada Corporation, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. This report is issued and approved for distribution in Canada, CFCC., a member of the Investment Industry Regulatory Organization of Canada ("IIROC"), the Toronto Stock Exchange, the TSX Venture Exchange and the CIPF. This report is has not been reviewed or approved by Cantor Fitzgerald & Co., a member of FINRA. This report is intended for distribution in the United States only to Major Institutional Investors (as such term is defined in SEC 15a-6 and Section 15 of the Securities Exchange Act of 1934, as amended) and is not intended for the use of any person or entity that is not a major institutional investor. Major Institutional Investors receiving this report should effect transactions in securities discussed in the report through Cantor Fitzgerald & Co.

Non US Broker Dealer 15a-6 disclosure: This report is being distributed by (CF Canada/CF Europe/CF Hong Kong) in the United States and is intended for distribution in the United States solely to “major U.S. institutional investors” (as such term is defined in Rule15a-6 of the U.S. Securities Exchange Act of 1934 and applicable interpretations relating thereto) and is not intended for the use of any person or entity that is not a major institutional investor. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. It is prohibited for distribution to non-institutional clients including retail clients, private clients and individual investors. Major Institutional Investors receiving this report should effect transactions in securities discussed in this report through Cantor Fitzgerald & Co. This report has been prepared in whole or in part by research analysts employed by non-US affiliates of Cantor Fitzgerald & Co that are not registered as broker-dealers in the United States. These non-US research analysts are not registered as associated persons of Cantor Fitzgerald & Co. and are not licensed or qualified as research analysts with FINRA or any other US regulatory authority and, accordingly, may not be subject (among other things) to FINRA’s restrictions regarding communications by a research analyst with a subject company, public appearances by research analysts, and trading securities held by a research analyst account. Potential conflicts of interest The author of this report is compensated based in part on the overall revenues of Cantor, a portion of which are generated by investment banking activities. Cantor may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Cantor and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although Cantor makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.

Disclosures as of February 12, 2024 Cantor has provided investment banking services or received investment banking related compensation from Perpetua Resources Corp. within the past 12 months. The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of Perpetua Resources Corp. The analyst responsible for this report has not visited the material operations of Perpetua Resources Corp. No payment or reimbursement was received for related travel costs. ='Analyst certification The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal v

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