Analysts Boost Targets After Major US Financing Deal for Critical Minerals Project

1. 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. 
2. 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.
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1.  Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) is drawing strengthened conviction from analysts after securing a US$255 million private placement with Agnico Eagle Mines Ltd. (AEM:TSX; AEM:NYSE) and JPMorganChase.

The capital infusion supports early construction at the Stibnite Gold Project in Idaho, a rare U.S. source of antimony that is tied directly to defense supply chains.

Analysts described the investment as a major endorsement of the project's scale, jurisdiction, and national security relevance.

Mike Niehuser: ROTH Capital Partners

Mike Niehuser of ROTH Capital Partners first noted on October 22 that Perpetua's move into early construction marked a substantial milestone in derisking. He referenced the company's decision to post a US$139 million construction bond to keep development on schedule, writing that it allowed Perpetua to begin work "immediately, before winter." In that same report, he highlighted elevated gold prices and significant exploration opportunities beyond the current mine plan, factors he said could meaningfully improve project economics in the coming years.

By the time he followed up on October 29, Niehuser said the new US$255 million investment "corroborates the project's world-class potential and importance to re-establishing domestic manufacturing supply chains and national defense."

He reiterated a Buy rating with a US$32 target price and maintained Perpetua as a Top Pick for 2025. He emphasized that Agnico Eagle's participation validates Stibnite's geological and operational profile, while JPMorganChase's commitment, its first under a US$1.5 trillion Security and Resiliency Initiative, reinforces the project's role in national security.

Rabi Nizami: National Bank of Canada

National Bank of Canada analyst Rabi Nizami first highlighted progress on October 24, when he wrote that early construction at Stibnite was a "prudent move" that keeps timelines on track while larger financing remains pending. He maintained an Outperform rating with a CA$50 target price and noted that the work now underway reflects a "derisking milestone" for the project.

Just three days later, on October 27, he returned to coverage with the announcement of the US$255 million private placement. In that note, he described the financing and warrant structure as "a vote of confidence and a better financing alternative" than the previously planned royalty or stream arrangement.

Nizami said the deal preserves long-term value for shareholders while strengthening the path toward export credit financing expected in spring 2026. He also flagged potential offtake agreements and further U.S. government-backed support as meaningful upcoming catalysts. 

Brian Quast: BMO Capital Markets

BMO Capital Markets analyst Brian Quast took a slightly different angle, focusing on technical benefits tied to Agnico Eagle's involvement. Writing on October 27, he raised his target price to CA$44 from CA$41 and continued to rate the stock Outperform. Quast observed that replacing a potential royalty/stream with equity improves the company's balance sheet flexibility and lowers future funding burdens tied to production.

In addition, he noted that forming a joint technical and exploration advisory committee gives Perpetua direct access to Agnico Eagle's engineering and operational experience. Quast wrote that early construction activity, further drilling updates, and ongoing collaboration with U.S. agencies could provide additional share price momentum as the project advances.

Mike Kozak: Cantor Fitzgerald

Cantor Fitzgerald analyst Mike Kozak noted on October 27 that bringing in Agnico Eagle and JPMorganChase improved valuation outlooks because it removed the need to monetize future production. He increased his target price to US$27 per share while maintaining a Buy rating, calling the financing a more favorable and less restrictive path to development.

Kozak added that the structure of the deal, including warrants, demonstrates long-term commitment from the new investors. He also pointed out that the transaction meaningfully derisks the capital requirements for Stibnite and positions Perpetua to move into full construction upon financing approvals. 

Ownership and Share Structure¹

Following the closing of the private placement with Agnico Eagle and JPMorganChase, the company has 118.5 million shares issued and outstanding. On an undiluted basis, Paulson & Co. owns 27.3%, Agnico Eagle owns 6.5%, and JPMorganChase holds 2.7%. Approximately 63.5% is owned by other institutional and retail investors. 

Its market cap is CA$3.56B. Its 52-week range is CA$7.60–CA$24.38 per share.