Support is Good Sign for Restart of U.S. Gold-Antimony Mine
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. 
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Disclosures for Roth MKM, Perpetua Resources Corp., October 22, 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: Not Covered [NC]: ROTH Capital does not publish research or have an opinion about this security. ROTH Capital Partners, LLC 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 2024. Member: FINRA/SIPC

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ), whose Idaho-based gold-antimony project continues getting federal, state, and local support, had its share price increased to US$15 by Roth MKM, Managing Director Mike Niehuser reported in an Oct. 22 research note.

"[The company's unique potential to produce antimony for clean energy and national defense applications has the support of both parties in the U.S. Senate," Niehuser wrote. "The Department of Energy and the Department of Defense support domestic production of critical metals, including antimony."

45% Return Implied

Roth's US$15 per share target price is based on 0.35x net asset value discounted at 5% in the 2020 feasibility study at US$2,350 per ounce gold, noted Niehuser. In comparison, Perpetua was trading at the time of the report at about US$10.38 per share.

The difference between these prices suggests a potential return for investors of 45%.

Perpetua remains a Buy.

Positive Final Decision Likely

Support for restarting operations at Stibnite is "near unanimous," asserted Niehuser. Certainly, Perpetua's plan includes restoring the environment and fish spawning areas damaged by historical mining at the property, and this represents a "once-in-a-generation opportunity to resolve environmental issues," he wrote.

Given the bipartisan federal support for Stibnite, the upcoming presidential election should not hinder Perpetua from receiving the final record of decision on it, expected by year-end, Niehuser wrote. Changes in U.S. Forest Service personnel are not going to happen, so it will not be an influencing factor either. There likely is support from allied nations, too, given that China, Russia, and Tajikistan produce about 90% of the world's antimony supply.