Perpetua Resources Corp.'s (PPTA:TSX; PPTA:NASDAQ) recent US$255 million (US$255M) investment from Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) and JPMorgan Chase & Co. (JPM:NYSE) constitutes additional third-party validation of the Stibnite gold-silver-antimony project in Idaho, reported Mike Niehuser, managing director and senior research analyst at ROTH Capital Partners, in an October 29 research note.
"The investment corroborates the project's world-class potential and importance to re-establishing domestic manufacturing supply chains and national defense," Niehuser wrote. Stibnite is "one of the highest-grade, low-cost gold mines with the only antimony classified as reserves in the U.S."
26% Return Implied
ROTH reiterated its US$32 per share target price on Perpetua, trading at the time of Niehuser's report at about US$25.38 per share, noted the analyst. From this price, the return to target is 26%.
Perpetua remains a Buy.
The company has a market cap of US$2.7 billion (US$2.7B), and a 52-week range of US$8.03–28 per share.
Alternative Funding Source
Niehuser explained that with the recent investment, Agnico Eagle's portion was US$180M and JPMorgan & Chase's portion was US$75M. Perpetua plans to use this US$255M to cover the gaps in its Stibnite construction budget.
"The equity financing further derisks the approval of debt financing by the Export-Import Bank of the United States (EXIM), which is likely to be at a lower cost, with more flexible terms than otherwise would be available in the market," Niehuser wrote.
The analyst also noted that the US$255M private placement replaces the funding Perpetua previously planned to garner and use to pay the required construction bond. The company intended to sell a stream or royalty for about US$200–250M on future gold production at Stibnite but instead, funded the bond with cash from an equity raise earlier this year. Perpetua made this move so it could begin construction sooner.
Validation of Stibnite
Niehuser discussed the implications of each investor's investment. Having Agnico Eagle as a shareholder validates Stibnite's jurisdiction and exploration potential. The mining major's chief executive officer Ammar Al-Joundi described Stibnite as "in a premier mining jurisdiction" and "one of the highest-grade, open-pit gold mines in the United States, with significant exploration potential."
Now that Perpetua has all required permits and has begun construction at Stibnite, it may explore and develop additional gold-antimony prospects outside of what is included in the mining plan.
As for JPMorgan & Chase's investment, it was the first tied to JPM's US$1.5 trillion Security and Resiliency Initiative, its effort to facilitate, finance and invest in industries critical to U.S. national economic security and resiliency. Thus, JPM's contribution validates Stibnite's strategic importance. This equity investment could lead to offtake agreements or other governmental support for antimony production, the analyst pointed out.
"This is consistent with our view that the U.S. may experience a supercycle in mining and supply chain development under the current Administration," Niehuser added.
U.S. Needs Stibnite, Antimony
The federal government recognizes Stibnite as a project vital to the country's domestic supply chains of critical minerals, given its antimony, and thus important to the Trump Administration, Niehuser wrote. As such, regulators and governmental agencies have been prioritizing the facilitation of its advancement.
As for antimony, the U.S. Department of War, formerly the Department of Defense (DOD), considers it vital to its purposes given its use in about 300 military applications. However, the country lacks a domestic supply, and China curtailed imports of it to the U.S. last year. The significance of Stibnite to the DOD and to national security is evidenced by the US$80M in grants the agency thus far has awarded Perpetua for Stibnite.
Keeps Moving Forward
Niehuser highlighted that Perpetua continues advancing Stibnite toward production. In October, the company broke ground on early works construction after it posted a US$139M construction bond and the U.S. Fish and Wildlife signed off on the plan of operation.
Also, Perpetua contracted ATCO Ltd. (ACO.X:TSX) to build a 1,052-person dormitory lodge and office facilities for Stibnite, to be up and running in Q1/27. The contract is for US$130M.
"Perpetua is successfully advancing toward production and is exceeding our expectations as a Top Pick for 2025."
Capital Sources for Stibnite
Niehuser pointed out that the current total of all available capital for Stibnite is US$2.9B. The various sources and amounts are:
- US$70M from a public offering announced in October 2025
- US$255M from AEM and JPM's equity investment
- US$142M in outstanding warrants held by AEM and JPM
- US$459M of other equity
- US$2B or less from EXIM, amount and terms still unknown
"Most importantly, the combined measures of support [of Stibnite] taken by private and public interests contributes to the reduction of financing risk associated with EXIM," Niehuser wrote.
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Important Disclosures:
- 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.
- 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. and Agnico Eagle Mines Ltd.
- 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 Capital Partners, Perpetua Resources Corp., October 29, 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 10-27-2025 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 10/22/25 B:$32 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 28, 2025 Rating Count Percent Count Percent Buy [B] 357 75.00 100 28.01 Neutral [N] 83 17.44 6 7.23 Sell [S] 2 0.42 1 50.00 Under Review [UR] 34 7.14 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.
