Target Price Increased on Co. with US Antimony Project
Research Report

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Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) released last year's financial results and got its target price increased by H.C. Wainwright & Co. due to several small tweaks to its model, reported Analyst Heiko Ihle in a March 21 research note.

H.C. Wainwright's new target price on the owner of the Stibnite gold-antimony project in Idaho is US$28 per share, up from US$25, noted Ihle. The small changes made to H.C. Wainwright's model of Perpetua included rolling its discounted cash flow forward by one year

Perpetua is trading at the time of this article at about US$11.46 per share. Thus, the target implies a potential return of 144%.

The company remains a Buy.

Financials Better YOY

Ihle reviewed the highlights of Perpetua's 2024 financial results but noted they are "largely irrelevant" given the company is not yet a producer.

"In short, Perpetua remains a key player in securing a domestic critical mineral supply of antimony through ongoing advancement of the Stibnite gold project," the analyst wrote.

Perpetua posted a net loss of US$14.5 million (US$14.5M), or US$0.22 per share, for the year, better than in 2023, when its net loss was US$18.8M, or US$0.30 per share.

During 2024, grant income totaled US$37.4M, an increase over US$21.1M the year prior. With these funds, Perpetua spent more on exploration, US$45.3M versus US$29.9M in 2023.

Watch for Permits, Financing

Ihle presented the near-term catalysts for Perpetua. They include receipt of the necessary federal and state permits for Stibnite and project financing updates.

"We anticipate continued interest from institutional investors as the domestic antimony supply remains quite scarce while Stibnite continues to get more and more derisked," Ihle wrote.

As for sources of possible project funding, Ihle again pointed out that Perpetua previously had received a letter of interest from the U.S. Export-Import Bank (EXIM) for debt financing up to US$1.8 billion, available potentially via EXIM's "Make More in America" and its "China and Transformational Exports" programs. Plus, Stibnite is likely to attract the attention of additional prospective financiers as well as policymakers and legislators, especially because the global antimony supply chain is broken in places.