Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) announced the appointment of new CEO Jon Cherry, according to Roth MKM analyst Mike Niehuser in a March 14 research note.
Niehuser wrote that he had foresaw this change upon permitting later in the year. "The appointment of Jon Cherry as CEO, ahead of the Record of Decision, demonstrates PPTA's confidence in receiving permits," Niehuser said.
The company noted that former CEO Laural Sayer will stay as an advisor until April 2025 to ensure an easy transition for Perpetua.
"We view the appointment favorably as a timely and natural addition necessary for the development of the project," Niehuser commented.
Niehuser also pointed out Cherry's robust background, which includes over 33 years of experience. The report noted that in the past, Cherry had been the CEO of PolyMet before its sale to Glencore Plc., a senior leader in Resolution Copper's joint venture project with Rio Tinto and BHP Group Ltd, a general manager for RIO Eagle Mine, and a senior project engineer at Rio Tinto's Kennecott Utah Copper.
With this, Niehuser wrote that he believes Cherry's extensive experience in the field might give Perpetua the ability "to advance the project to
operation and to meet unexpected challenges."
The report also stated that they believe the management team at PPTA possesses the exceptional skills and expertise necessary to navigate the complex permitting process for the Stibnite Gold Project. Niehuster believes that by actively reaching out to and collaborating with stakeholders at all levels — local, regional, and federal — PPTA was able to secure a rare and valuable opportunity.
Niehuser also stated that while confident in Cherry's ability, he is excited to meet Cherry and see how this project is handled moving forward.
With this, Niehuser maintained his Buy rating, and US$7.25 target price on the stock.
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Disclosures for Roth MKM, Perpetua Resources Corp., March 14, 2024
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: Shares of Perpetua Resources Corp. may be subject to the Securities and Exchange Commission's Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.
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