Source: Heiko Ihle 03/24/2025
The Idaho mineral explorer’s 2024 financial results show year-over-year improvement, noted an H.C. Wainwright & Co. report.
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.
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Disclosures for H.C. Wainwright & Co., Perpetua Resources Corp., March 21, 2025
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H.C. Wainwright & Co, LLC (the “Firm”) is a member of FINRA and SIPC and a registered U.S. Broker-Dealer. I, Heiko F. Ihle, CFA , certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies. None of the research analysts or the research analyst’s household has a financial interest in the securities of Perpetua Resources Corp. (including, without limitation, any option, right, warrant, future, long or short position). As of February 28, 2025 neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Perpetua Resources Corp.. Neither the research analyst nor the Firm knows or has reason to know of any other material conflict of interest at the time of publication of this research report.
The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The Firm or its affiliates did receive compensation from Perpetua Resources Corp. for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Perpetua Resources Corp. during the past 12 months. The Firm does not make a market in Perpetua Resources Corp. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.
( Companies Mentioned: PPTA:TSX; PPTA:NASDAQ,
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