Last U.S. Permit for Antimony Mine Expected in Q2/25
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Disclosures for H.C. Wainwright & Co., Perpetua Resources Corp., May 13, 2025

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Perpetua Resources Corp.'s (PPTA:TSX; PPTA:NASDAQ) Stibnite gold-antimony project in Idaho should receive its final federal approval this quarter as it continues to receive priority by the current U.S. administration, reported H.C. Wainwright & Co. Analyst Heiko Ihle in a May 13 research note. H.C. Wainwright lowered its price target on the U.S.-based mining company to reflect its decreased cash and cash equivalents balance and slight dilution.

"We remain confident in Perpetua and stress that the company remains a key player in securing a domestic critical mineral supply of antimony through the advancement and further derisking of Stibnite," Ihle wrote.

H.C. Wainwright's new target price on Perpetua is US$27.50 per share, previously US$28, noted Ihle. Currently, the junior miner was trading at about US$11.74 per share at the time of the report. Thus, the new target implies a potential investment return of 134%.

Perpetua remains a Buy.

Chosen as 'Transparency Project'

Ihle highlighted that the Stibnite remains a project of critical importance to the White House. In response to President Donald Trump's recent Executive Order calling for collective efforts to strengthen domestic mineral production, the National Energy Dominance Council chose Stibnite as a "Transparency Project" last month, one of the first 10 to be singled out for placement on the Federal Permitting Improvement Steering Council dashboard. As such, Stibnite is to get increased interagency transparency, coordination and oversight, which, purported Ihle, should provide "immense value in the near, intermediate and longer term."

This latest development, the analyst added, is just another in a series highlighting Stibnite's strategic value. Previous past validating events include various grants from the U.S. Department of Defense (DOD), a letter of interest from the Export-Import Bank of the United States for up to US$1.8 billion in debt financing and a positive record of decision from the U.S. Forest Service in Q1/25.

"We maintain our view that Stibnite should receive more attention from lawmakers, policymakers and potential financiers as [additional] milestones are reached, given the current gaps in the domestic supply chain for antimony," Ihle commented.

Expenses Up YOY

Ihle reported the key points of Perpetua's Q1/25 financial results, noting their irrelevance given the company's lack of production. The company posted a net loss of US$8.2 million (US$8.2M), or US$0.12 per share, which compares to its net loss a year earlier of US$2.9M, or US$0.05 per share.

Last year in Q1/24, the company received a total of US$5.2M in grants from the DOD, half from the Defense Production Act and half from the DOD's Ordnance Technology Consortium. Overall in 2024, the DOD awarded Perpetua US$6.4M in grants.

During Q1/25, Perpetua spent US$13.1M on exploration initiatives, nearly double the amount in Q1/24 of US$6.6M.

"Going forward, we expect the firm to continue increasing its exploration expenses as management looks to derisk its flagship Stibnite gold project," wrote Ihle.

What to Watch For

The key near-term catalyst for Perpetua, highlighted the analyst, is receipt of the U.S. Army Corps of Engineers Clean Water Act 404 permit, the final federal decision. It is expected the company will receive it this quarter.

Stock Specifics

Ihle reported that Perpetua has 71.5 million shares outstanding. The company's market cap is US$839M. Its 52-week range is US$5.01–15.44 per share.