Decision Nears on Construction of Gold Mine in US
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., January 6, 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..

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 2025. Member: FINRA/SIPC.

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) had its Stibnite gold-antimony mine plan just approved by the U.S. Forest Service, and on the news, Roth MKM increased its target price on the explorer by 27%, Analyst Mike Niehuser reported in a Jan. 6 research note.

"This is the major milestone in the reopening of the mine and central to our investment thesis," wrote Niehuser. "The Final Record of Decision (FROD) is the keystone authorization to commence construction."

72% Return Potential

ROTH's new target price on Perpetua is US$19 per share, up from US$15. It implies a 72% return for investors given the company was trading at about US$11.08 per share at the time of the report.

Perpetua remains a Buy.

Pre-construction Work To Do

Before advancing to a construction decision on Stibnite, Perpetua still needs to receive some permits, and it is likely they will come in short order, this quarter, Niehuser wrote, given the importance of the project to Idaho and the U.S. However, he is cognizant of the potential for "spurious lawsuits following the FROD," he added.

The federal Clean Water Act Section 404 permit, in process with the U.S. Army Corps of Engineers, is outstanding. For the U.S., Stibnite represents a potential domestic source of military-grade antimony, desperately needed since China banned exports of the metal to the States.

Perpetua also needs a cyanidation permit and a water discharge permit, both from the state. Idaho stands to benefit from Stibnite economically and environmentally. Regarding the latter, for instance, Perpetua has agreed to fund restoration of 20 miles of fish habitat that has been blocked for 80-plus years.

"[The company] plans to accelerate preconstruction activities, including final engineering, updating project economics and considering financing options, to make a positive construction decision in 2025," wrote Niehuser.