Co. Stands Out as One of a Kind in the US
Research Report

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.
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*Streetwise Average Price Target Formula

Streetwise Reports has attained an average price target and rating for this company from our system's formula. The system calculates an average of all analyst target prices. For the recommendation, it selects whichever rating (Buy, Sell, Hold, etc.) appears most frequently among analysts. When there's a tie for the most common recommendation, all tied ratings are included.

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) owns a gold-antimony project in Idaho of critical importance to the United States and continues moving it toward production.

"Stibnite represents a significant opportunity to restore a domestic supply chain of this critical mineral, essential to U.S. national security, the energy industries and advanced technologies, given that China stopped antimony exports to the States last December," Mike Niehuser, managing director and senior research analyst, ROTH Capital Partners, wrote in a May 14 research report.

Most recently, U.S.-based Perpetua formally applied to the Export-Import Bank of the United States (EXIM) for up to US$2 billion (US$2B) in debt financing for Stibnite following up on EXIM's letter of interest last year. When Perpetua submitted the application recently, it just had received its final federal approval needed for Stibnite, the Clean Water Act Section 404 permit, from the U.S. Army Corps of Engineers.

Unique Selling Points

Here we report what various analysts and other experts find compelling about Perpetua.

Niehuser is optimistic Perpetua will receive EXIM financing and, thus, can and will make a positive construction decision, by midyear in his estimation. He expects EXIM will approve the full amount of debt financing Perpetua applied for and the terms will be better than those possible with conventional financing, he wrote in a May 23 research report.

His view is based on Stibnite's forecasted economics and its alignment with the Trump Administration's priority to develop a domestic supply chain of critical minerals and, thereby, reduce reliance on ex-U.S. sources, particularly China. He also wrote that Perpetua may have nondilutive public and private financing available as well to help cover capex but if not, should be able to get conventional equity after EXIM agrees to financing.

"EXIM financing would lead to a higher valuation [of Perpetua]," wrote Niehuser.

Also favorable, the analyst noted in his May 14 report, is that other U.S. companies support developing a domestic antimony supply chain. United States Antimony Corp. (UAMY:NYSE.American) has said it can produce 99.7% pure antimony trisulfide from Stibnite's antimony concentrate. Another U.S. company, Sunshine Silver Mining & Refining, is evaluating whether and how it could refine the same.

From these analysts' ratings, Streetwise Reports came up with an average rating of Buy / Outperform, with an average target price of US$17.58 / CA.$24.26. 

"We believe both [companies] have the potential to process concentrate from the Stibnite gold project," Niehuser wrote.

The analyst rates Perpetua Buy and has a target price on it suggesting a 33% uplift from the current share price.

Cantor Fitzgerald Analyst Mike Kozak likes that Stibnite could be "shovel ready" in less than a year's time, he wrote in his May 23 research report. Perpetua has two pending state permits that it expects to receive soon. As for the financing timeline, the analyst estimated, once EXIM completes due diligence, it will issue Perpetua a formal "preliminary project letter," in 45–60 days, or early to mid-July. The financing then would be finalized in late 2025-early 2026.

Kozak has a Buy rating on Perpetua. His target price, which he said "has a clear bias to the upside," implies a 54% return.

H.C. Wainwright & Co. Analyst Heiko Ihle appreciates the importance of Stibnite to the U.S. and presented proof of its strategic value.

"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 in his May 13 research report.

Last month, the National Energy Dominance Council selected Stibnite as a "Transparency Project," one of the first 10 chosen for placement on the Federal Permitting Improvement Steering Council dashboard. This means Stibnite is to get increased interagency transparency, coordination and oversight, which, purported Ihle, should provide "immense value in the near, intermediate and longer term."

Prior events validating Stibnite include various grants from the U.S. Department of Defense, EXIM's letter of interest and the U.S. Forest Service's positive record of decision.

"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," commented Ihle. 

He has a Buy rating on Perpetua and a target price suggesting a 93% potential return.

National Bank of Canada Analyst Michael Parkin recognizes Perpetua's value. He purported the company warrants a higher valuation given "the positive factors linked to Stibnite", he wrote in a January research report. These include exposure to the critical mineral antimony, strong governmental support and EXIM's letter of interest. A rerating of PPTA shares is likely, he noted.

Parkin has a target price on Perpetua indicating 54% upside. He rates the company Outperform.

*From these analysts' ratings, Streetwise Reports came up with an average rating of Buy / Outperform, with an average target price of US$17.58 / CA.$24.26. 

Ownership and Share Structure

According to Refinitiv, management and insiders own approximately 0.50% of Perpetua. 

Institutions own about 63.52%. Top institutional shareholders include Paulson & Co. with 35.08%, Sun Valley Gold LLC with 4.2%, Sprott Asset Management LP with 4.16%, Kopernik Global Investors LLC with 3.05%, and Sprott Asset Management USA Inc. with 3.41%. The rest is in retail.

Perpetua has 71.29 million (71.29M) outstanding shares and 70.65M free float traded shares. Its market cap is CA$983.38 million. Its 52-week range is CA$6.85–21.18.