Perpetua Resources Corp.'s (PPTA:TSX; PPTA:NASDAQ) Stibnite gold-antimony project in Idaho, the U.S.' only prospective domestic producer of antimony trisulfide, was placed on the U.S. Permitting Council's list of mineral projects important for the domestic supply chain, reported Mike Niehuser, managing director and senior research analyst at ROTH Capital Partners, in an April 23 research note.
"Though Perpetua received a Final Record of Decision in January 2025, its inclusion on the list demonstrates the [Trump] Administration's support for the project currently moving through the EXIM (Export-Import Bank of the United States) financing process," Niehuser wrote. "This is the critical path to a construction decision and integral to our investment thesis."
43% Return Implied
ROTH reiterated its US$19 per share target price on the U.S. mining company, trading at the time of the report at about US$13.30 per share, noted Niehuser. From that share price, the return to target is 43%.
Perpetua remains a Buy.
The company has 71.26 million shares outstanding. Its market cap is US$947.79 million (US$947.79M). Its 52-week range is US$5.01–13.74 per share.
Transparency in Permitting
Niehuser explained that Stibnite (and nine other projects) being placed on the list resulted from President Donald Trump's March 20, 2025 Executive Order titled "Immediate Measures to Increase American Mineral Production." This mandated that various federal agency heads identify projects that could improve the domestic mineral supply chain.
The projects on this priority list represent a range of commodities, indicating the scope of the directive, the analyst wrote. Stibnite being among the projects demonstrates its importance in the eyes of the Administration. One aim of this list is to increase transparency throughout all permitting stages.
"Transparency is important for the public to efficiently observe that the law is followed, without commercial or activist influence, resulting in a more efficient process," wrote Niehuser.
Previous Federal Support
Niehuser reiterated that Perpetua previously received other federal governmental support. This included a total of about US$75M in grants from the U.S. Department of Defense for exploration, development and permitting of Stibnite. Also, more recently, Perpetua received a letter of intent from the Export-Import Bank of the United States (EXIM) for up to US$1.8 billion (US$1.8B) in debt financing, based on the amount of capex estimated in the 2020 Stibnite feasibility study. Since then, Perpetua updated the budget, leading to an increase in initial capital costs to US$2.215B.
Niehuser reported that the company is preparing its application for EXIM funding, which likely would be more attractive than conventional debt financing. He expects Perpetua will submit its funding application to EXIM soon.
"The series of Executive Orders and inclusion on the Permitting Council's list suggest that EXIM should fully review Perpetua's formal application," Niehuser commented.
Short-Term Catalysts
Perpetua receiving, for Stibnite, final federal approval (a Clean Water Act 404 permit from the U.S. Army Corps of Engineers), expected in Q2/25, and securing financing, anticipated in the near term, are potential upcoming catalysts for the company's stock, Niehuser noted.
"Inclusion on the Permitting Council's initial list indicates federal support to grant the Clean Water Act 404 permit and for approval of EXIM financing, leading to a construction decision," wrote the analyst.
Were this decision positive, Perpetua could begin construction this year.
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Important Disclosures:
- 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.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
- 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.
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Disclosures for ROTH Capital Partners, Perpetua Resources Corp., April 23, 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.
