H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating on Perpetua Resources (PPTA – Research Report) today and set a price target of $10.00.
Heiko Ihle’s Buy rating on Perpetua Resources is attributed to a variety of key factors surrounding the company’s advancement in the regulatory process and expected milestones. Notably, Perpetua is progressing towards obtaining necessary permits for the Stibnite Gold Project through the NEPA process. The project has secured significant funding, with a $24.8M Defense Production Act award and a potential $15.5M from the Department of Defense, indicating strong government interest in its ability to produce antimony trisulfide, a material with historical strategic importance to the U.S. military.
Looking ahead to 2024, Perpetua Resources is poised to reach critical milestones, including the anticipated release of the Final Environmental Impact Statement and Draft Record of Decision in the second quarter, followed by the Final Record of Decision in the fourth quarter. These developments, along with the U.S. Forest Service’s near completion of FEIS agency review, are pivotal steps towards the project’s fruition. Additionally, Ihle’s valuation incorporates a discounted cash flow analysis, reflecting a $606.1M valuation for the Stibnite Gold Project, adjusted for cash, exploration targets, and debt, supporting a price target of $10.00 per share.
Ihle covers the Basic Materials sector, focusing on stocks such as Endeavour Silver, Galiano Gold, and Avino Silver & Gold. According to TipRanks, Ihle has an average return of -14.4% and a 26.15% success rate on recommended stocks.
See today’s best-performing stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Perpetua Resources (PPTA) Company Description:
Midas Gold Corp. engages in mineral exploration. The firm operates through the following segment Mineral Exploration: The Mineral Exploration segment focuses on exploration, evaluation and potential development of the Stibnite Gold Project. The company was founded on February 22, 2011 and is headquartered in Vancouver, Canada.
