Exploration Work Could Grow US Au-Sb Project
Research Report

1. 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.
2. 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.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

Disclosures for Roth Capital Partners, Perpetua Resources Corp., October 9, 2025:

Valuation: Perpetua Resources Corp. (PPTA) We are revising our target price at a gold price of $2,850 per ounce, slightly above our long-term price assumption of $2,750 per ounce, and rely on the sensitivity analysis in PPTA’s February 13, 2025, press release, concluding NPV5% of $3.288 million. Based on our conviction of successful financing and construction, we are increasing our price-to-NAV multiplier to 0.8 from 0.75, resulting in a share price of $24.45 per share for the proposed Stibnite Gold Project. Not including the additional potential for exploration outside of the resource envelope, we speculate that one half of the identified resources outside of reserves may be upgraded and included in the mine plan at a value of $540 per ounce. We calculate that this would add $6.27 per share to the proposed project and a total value of $30.72 per share. We maintain our Buy rating and increase our price target to $30 from $21 per share. Factors that could impede PPTA from achieving our price target include but are not limited to metal price volatility, successful conclusion of EXIM financing, unexpected cost overruns due to inflation specific to the mining sector, a potentially higher discount rate, the inability to receive ancillary permits, lawsuits, access to additional capital, the ability to define additional resources, and exploration risk. Risks: Perpetua Resources Corp. (PPTA) Political risk. Natural resource companies are subject to significant political risk. Although most mining jurisdictions have known laws, potential exists for these laws to change. Commodity price risk. All natural resource companies have some form of commodity price risk. This risk is not only related to final products, but can also be in regards to input costs and substitute goods. Operational and technical risk. Natural resources companies have significant operational and technical risks. Despite completing NI 43-101 compliant (or similar) resource estimates, deposits can still vary significantly compared to expectations. Additionally, numerous unforeseeable issues can occur with operations and exploration activities. Pre-revenue risk. Pre-revenue natural resource companies are dependent on available cash, marketable assets and the ability to borrow or sell equity into capital markets to fund development including exploration and construction. PPTA may not generate positive cash flow. Market risk. Although most natural resource companies are more closely tied to individual commodity price performance, large business cycle forces or economic crises can impact a company’s valuation significantly. Cautionary Note to US Investors: Estimates of Measured, Indicated and Inferred Resources “Measured Mineral Resources” and “Indicated Mineral Resources.” U.S. investors are advised that although these terms are required by Canadian regulations, the U.S. Securities and Exchange Commission (SEC) does not recognize them, and describes the equivalent as “Mineralized Material.” U.S. investors are cautioned not to assume that these terms are any form of guarantee. “Inferred Mineral Resources.” U.S. Investors are advised that while this term is required by Canadian regulations, the SEC does not recognize it. “Inferred Mineral Resources” are not delineated with a great deal of certainty and should not be considered likely to be brought into production in whole or in part. Company Description: Perpetua Resources Corp. (PPTA) Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States.

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.. Rating and Price Target History for: Perpetua Resources Corp. (PPTA) as of 10-08-2025 25 20 15 10 5 0 Q3 2023 Q1 Q2 Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 2026 10/17/22 I:B:$4 04/06/23 B:$7.25 04/09/24 B:$10 09/05/24 B:$12 10/22/24 B:$15 01/06/25 B:$19 09/22/25 B:$21 Created by: BlueMatrix Each box on the Rating and Price Target History chart above represents a date on which an analyst made a change to a rating or price target, except for the first box, which may only represent the first note written during the past three years. Distribution Ratings/IB Services shows the number of companies in each rating category from which Roth or an affiliate received compensation for investment banking services in the past 12 month. Distribution of IB Services Firmwide IB Serv./Past 12 Mos. as of October 9, 2025 Rating Count Percent Count Percent Buy [B] 350 74.47 97 27.71 Neutral [N] 82 17.45 7 8.54 Sell [S] 2 0.43 1 50.00 Under Review [UR] 36 7.66 9 25.00 Our rating system attempts to incorporate industry, company and/or overall market risk and volatility. Consequently, at any given point in time, our investment rating on a stock and its implied price movement may not correspond to the stated 12-month price target. Ratings System Definitions - ROTH Capital employs a rating system based on the following: Buy: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return of at least 10% over the next 12 months. Neutral: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return between negative 10% and 10% over the next 12 months. Sell: A rating, which at the time it is instituted and or reiterated, that indicates an expectation that the price will depreciate by more than 10% over the next 12 months. Under Review [UR]: A rating, which at the time it is instituted and or reiterated, indicates the temporary removal of the prior rating, price target and estimates for the security. Prior rating, price target and estimates should no longer be relied upon for UR-rated securities. Not Covered [NC]: ROTH Capital does not publish research or have an opinion about this security. ROTH Capital Partners, LLC and its affiliates 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) keeps moving closer to the start of construction at its Stibnite gold-antimony project in Idaho, reported Mike Niehuser, managing director and senior research analyst at ROTH Capital Partners, in an Oct. 9 research note. ROTH raised its target price on the U.S.-based mining developer by 43% for several reasons.

"We expect that [the company] should accelerate preconstruction through to the spring of 2026 when construction activities accelerate," Niehuser wrote. "Perpetua remains our Top Pick for 2025."

23% Uplift Suggested

ROTH's new target price on Perpetua is US$30 per share, up from US$21 previously, noted Niehuser. This new target reflects that the company has derisked Stibnite as much as possible, that higher metals prices boost its economics and that upside could be realized through revising the mine plan and capitalizing on the resources inside and outside of it.

To derive its new target price, ROTH used a higher, US$2,850 per ounce (US$2,850/oz), gold price in its valuation of Stibnite and Perpetua. Based on the assumption it will obtain the needed financing and construct the mine successfully, ROTH then applied a 0.8x multiplier, resulting in a US$24.45 share price for the proposed Stibnite project. ROTH then added US$6.27 per share to the value to reflect that about one-half of the identified resources outside of reserves could be upgraded and incorporated into the mine plan, at a value of US$540/oz. This resulted in a total value to US$30.72 per share, and rounded off, a US$30 per share target price.

Compared to the US$30 target, Perpetua was trading at about US$24.34 per share at the time of the Niehuser's report. The difference between these two prices implies a possible return of 23%.

The company remains rated Buy. It has 107.57 million shares outstanding, a market cap of US$2.5 billion (US$2.5B) and a 52-week range of US$8.03–24.34 per share.

Extensive Derisking Done

Niehuser described Stibnite as being "substantially derisked" now that several events have taken place. They include receipt of a record of decision (ROD) from the U.S. Forest Service (USFS) in January of this year, Perpetua's updated US$2.2B construction budget in February, the US$474 million (US$474M) equity financing in July to fund preconstruction; receipt of the conditional notice to proceed from the USFS in September; and Perpetua providing its plan for processing antimony concentrate, in the same month. 

Impacts of Higher Prices

The highest gold price and antimony price used in Perpetua's 2024 financial update on Stibnite were US$3,100/oz and US$22 per pound (US$22/lb), respectfully, reported Niehuser. The assumed gold price for the mineral resource estimate was US$1,250/oz. At US$2,100/oz gold, the project should be financeable by the Export-Import Bank of the United States under a "whole of government" approach. At US$2,850/oz, the project would yield satisfactory economic returns.

"At a higher gold price, the cutoff rate for production drops," Niehuser noted. "This increases the amount of economic material resulting in a potential reduction in waste and an increase in gold production."

At US$25/lb antimony versus US$22, the byproduct credit dollar per gold is an estimated US$545/oz. Cash flow from antimony sales would offset the cost to produce gold fully and increase Stibnite's after-tax net present value (NPV) discounted at 5% to US$943M.

Perpetua and Stibnite should continue benefitting from the current U.S. Administration's push to establish domestic supply chains of critical metals, antimony being one, reported Niehuser. Already, the U.S. Department of Defense provided US$80M in grants to Perpetua for Stibnite and deemed it a national project of interest and a FAST-41 Transparency Project.

"With an increase in metal prices and [the] strategic importance of antimony, we believe that there is the potential to locate additional resources to enhance cash flow after the first four years and extend life of operations that result in increased cash flow and NPV," wrote Niehuser.

Exploration Put on Hold

Niehuser pointed out that Perpetua had focused permitting on brownfield areas — the deposits at the Yellow Pine, the Hangar Flats and the West End open pits and long-term reclamation — and exploration had not been a priority.

The ROD allows for ongoing exploration to encompass pit expansion, portals for underground exploration and greenfield exploration. However, for expansion of mining activities, the company must obtain supplemental permits, and this would require an evaluation under the National Environmental Policy Act.

Resource Reclassification

At consensus or spot prices, it is likely that a material quantity of Inferred resources could be reclassified as economic and included in the mine plan, given the open pits were limited by a US$1,250/oz gold price. Higher prices most likely would impact Hangar Flats the most and Yellow Pine to a lesser extent; both remain open at depth. This suggests operations at both deposits could be expanded.

ROTH estimates that with additional infill drilling, about 2,500,000 ounces could be added to the mine plan at a higher gold price. Also, infill drilling should boost confidence in the resource, allowing for higher grades while estimating those resources.

Upside Beyond the Pit

Further, there are broad zones of potentially economic gold and antimony material beyond the resource area that are prospective for underground exploration and development. The highest-grade stream samples in a geochemical plot are outside the Yellow Pine, Hanger Flats, and West End resource areas, suggesting the most prospective areas at Stibnite may not have been found yet.

"Most importantly, as activities have focused on disturbed areas, we view the greenfield opportunities for gold, antimony, and tungsten as overlooked," Niehuser wrote.

Final Preconstruction Tasks

Niehuser pointed out that Perpetua still has to effect a royalty or stream agreement for US$200–250M royalty to cover the roughly US$155M financial assurance bond it must pay.

Also pending is final debt financing from EXIM, hopefully in the amount of US$2B and occurring in H2/26.