Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) began early works construction at its Stibnite gold-antimony project in Idaho, reported Mike Niehuser, managing director and senior research analyst with ROTH Capital Partners, in an Oct. 22 research note.
ROTH boosted its target price on the mining company by 7% to reflect construction being started, the project's exploration upside, and record gold prices.
"Progress through completion of technical reports, permitting, financing, and commencing construction are all reasons for lifting price:net asset (price:NAV) assumptions," Niehuser wrote. "We are increasing our price:NAV multiplier to 0.85 from 0.80, resulting in a share price of US$25.98 per share for the proposed Stibnite gold project."
35% Return Implied
ROTH's new target price on Perpetua is US$32 per share, up from US$30 previously, noted Niehuser. In comparison, the junior miner was trading at the time of the analyst's report at about US$23.71 per share.
From this price to the new target, the return is 35%. Perpetua remains a Buy.
The U.S.-based company has 107.57 million shares outstanding, a market cap of US$2.9 billion (US$2.9B) and a 52-week range of US$8.03–28 per share.
Financing Through Construction
Acting on the conditional notice to proceed from the U.S. Forest Service (USFS) in September, Perpetua paid the requisite US$139 million (US$139M) performance construction bond, using funds from its earlier equity financing, Niehuser reported. After, the USFS signed the plan of operations, giving the company the green light to start full construction.
Previously, Perpetua had planned to make a royalty or stream agreement worth US$200–250M to cover the bond cost. The company still plans to pursue this "to maintain liquidity through the construction phase," wrote Niehuser.
Perpetua expects to receive a final decision in spring of next year from the Export-Import Bank of the United States (EXIM) on whether it will provide a debt financing package for Stibnite and whether it will be in the desired amount of US$2B, needed "to balance the construction budget." ROTH has a "high level of confidence" that the EXIM financing will go through. This is because the U.S. Department of War (formerly the U.S. Department of Defense) already has awarded Perpetua US$80M in grants for Stibnite and because gold prices are much higher than consensus estimates.
Between now and the final word from EXIM, it is likely, according to ROTH, the DOW would provide additional funding to Perpetua in the form of grants were it needed to continue advancing Stibnite.
Significance of Gold Prices
Perpetua should benefit from the gold price, despite its volatility, noted Niehuser. Gold has seen record prices and at the time of this report were much higher than the US$2,100 per ounce (US$2,100/oz) consensus price in Perpetua's 2024 financial update and ROTH's US$2,850/oz gold prize assumption in its Stibnite valuation. Further, the analyst reiterated, the antimony component of the project will enhance economics. Credits for antimony production should lower the all-in sustaining cost materially.
Potential for Bigger Operation
Niehuser highlighted that Perpetua has significant exploration upside at Stibnite because to date, it has focused only on brownfield areas for mining. With further exploration of prospective greenfield areas, the company likely could expand the resource and incorporate it into the mine plan for after year four. This addition could increase production, extend the life of mine and improve project economics.
"This may have a larger-than-expected contribution to project economics relatively early in the mine plan," Niehuser added.
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Important Disclosures:
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Perpetua Resources Corp.
- Perpetua Resources Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
- 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 ROTH, Perpetua Resources Corp., October 22, 2025
Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Disclosures: Within the last twelve months, ROTH Capital Partners, or an affiliate to ROTH Capital Partners, has received compensation for investment banking services from Perpetua Resources Corp.. Within the last twelve months, ROTH Capital Partners, or an affiliate to ROTH Capital Partners, has managed or co-managed a public offering for Perpetua Resources Corp.. Rating and Price Target History for: Perpetua Resources Corp. (PPTA) as of 10-21-2025 30 25 20 15 10 5 0 Q3 2023 Q1 Q2 Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 2026 10/17/22 I:B:$4 04/06/23 B:$7.25 04/09/24 B:$10 09/05/24 B:$12 10/22/24 B:$15 01/06/25 B:$19 09/22/25 B:$21 10/09/25 B:$30 Created by: BlueMatrix Each box on the Rating and Price Target History chart above represents a date on which an analyst made a change to a rating or price target, except for the first box, which may only represent the first note written during the past three years. Distribution Ratings/IB Services shows the number of companies in each rating category from which Roth or an affiliate received compensation for investment banking services in the past 12 month. Distribution of IB Services Firmwide IB Serv./Past 12 Mos. as of October 22, 2025 Rating Count Percent Count Percent Buy [B] 356 74.95 98 27.53 Neutral [N] 83 17.47 7 8.43 Sell [S] 2 0.42 1 50.00 Under Review [UR] 34 7.16 8 23.53 Our rating system attempts to incorporate industry, company and/or overall market risk and volatility. Consequently, at any given point in time, our investment rating on a stock and its implied price movement may not correspond to the stated 12-month price target. Ratings System Definitions - ROTH Capital employs a rating system based on the following: Buy: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return of at least 10% over the next 12 months. Neutral: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return between negative 10% and 10% over the next 12 months. Sell: A rating, which at the time it is instituted and or reiterated, that indicates an expectation that the price will depreciate by more than 10% over the next 12 months. Under Review [UR]: A rating, which at the time it is instituted and or reiterated, indicates the temporary removal of the prior rating, price target and estimates for the security. Prior rating, price target and estimates should no longer be relied upon for UR-rated securities. Not Covered [NC]: ROTH Capital does not publish research or have an opinion about this security. ROTH Capital Partners, LLC and its affiliates expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2025. Member: FINRA/SIPC
