Perpetua Resources Corp.'s (PPTA:TSX; PPTA:NASDAQ) Stibnite gold-antimony project in Idaho, the U.S.' only prospective domestic producer of antimony trisulfide, was placed on the U.S. Permitting Council's list of mineral projects important for the domestic supply chain, reported Mike Niehuser, managing director and senior research analyst at ROTH Capital Partners, in an April 23 research note.
"Though Perpetua received a Final Record of Decision in January 2025, its inclusion on the list demonstrates the [Trump] Administration's support for the project currently moving through the EXIM (Export-Import Bank of the United States) financing process," Niehuser wrote. "This is the critical path to a construction decision and integral to our investment thesis."
43% Return Implied
ROTH reiterated its $19 per share target price on the U.S. mining company, now trading at about $13.30 per share, noted Niehuser. From the current share price, the return to target is 43%.
Perpetua remains a Buy.
The company has 71.26 million shares outstanding. Its market cap is $947.79 million ($947.79M). Its 52-week range is $5.01–13.74 per share.
Transparency in Permitting
Niehuser explained that Stibnite (and nine other projects) being placed on the list resulted from President Donald Trump's March 20, 2025 Executive Order titled "Immediate Measures to Increase American Mineral Production." This mandated that various federal agency heads identify projects that could improve the domestic mineral supply chain.
The projects on this priority list represent a range of commodities, indicating the scope of the directive, the analyst wrote. Stibnite being among the projects demonstrates its importance in the eyes of the Administration. One aim of this list is to increase transparency throughout all permitting stages.
"Transparency is important for the public to efficiently observe that the law is followed, without commercial or activist influence, resulting in a more efficient process," wrote Niehuser.
Previous Federal Support
Niehuser reiterated that Perpetua previously received other federal governmental support. This included a total of about $75M in grants from the U.S. Department of Defense for exploration, development and permitting of Stibnite. Also, more recently, Perpetua received a letter of intent from the Export-Import Bank of the United States (EXIM) for up to $1.8 billion ($1.8B) in debt financing, based on the amount of capex estimated in the 2020 Stibnite feasibility study. Since then, Perpetua updated the budget, leading to an increase in initial capital costs to $2.215B.
Niehuser reported that the company is preparing its application for EXIM funding, which likely would be more attractive than conventional debt financing. He expects Perpetua will submit its funding application to EXIM soon.
"The series of Executive Orders and inclusion on the Permitting Council's list suggest that EXIM should fully review Perpetua's formal application," Niehuser commented.
Short-Term Catalysts
Perpetua receiving, for Stibnite, final federal approval (a Clean Water Act 404 permit from the U.S. Army Corps of Engineers), expected in Q2/25, and securing financing, anticipated in the near term, are potential upcoming catalysts for the company's stock, Niehuser noted.
"Inclusion on the Permitting Council's initial list indicates federal support to grant the Clean Water Act 404 permit and for approval of EXIM financing, leading to a construction decision," wrote the analyst.
Were this decision positive, Perpetua could begin construction this year.
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