Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) announced through a press release that the company has filed its financial results for Q3 of 2023, which ended on September 30. According to the press release, there were several highlights from last quarter, which included no environmental spills or lost-time incidents, closing on a technology investment agreement worth US$24.8 million with the Department of Defense, settling the Clean Water Act agreement with the Nez Perce tribe, continuing efforts to improve water quality and waste cleanup in the Stibnite mining district, another contract with the DOD worth up to US$15.5 million related to demonstrating a fully domestic antimony trisulphide supply chain, and the appointment of a new vice president of projects for the Stibnite project.
Mike Niehuser of ROTH Capital Partners reviewed the company on August 30, 2023, and rated the company as a "Buy" for potential investors.
The company reiterated and provided updates on several other milestones, including a 404 Wetlands & Compensatory Migration Plan that it filed with the U.S. Army Corps of Engineers, a formal request filed with the Idaho Department of Environmental Quality to start a Water Quality Certification, applications for a Tailings Storage Facility and a cyanidation permit application, and a Final Point of Compliance determination for which the company submitted the groundwater sampling and well plans in October.
The President and CEO of Perpetua, Laurel Sayer, stated, "Perpetua Resources successfully advanced several goals in the third quarter that I believe further position the Stibnite Gold Project as an emerging national strategic asset. We received a new award of up to US$15.5 million in Department of Defense funding, welcomed Michael Wright as our Vice President of Projects, filed a settlement agreement with the Nez Perce Tribe, and continued legacy waste cleanup activities. I am proud of our team for its continued dedication to making our vision a reality while doing so safely with zero lost time incidents or reportable spills."
Gold Trending Up
In late October, Richard Mills of Ahead of the Herd reviewed the gold market, which he believes will climb back up to record prices that we saw earlier this year. Mills stated that he believes that central bank buying is driving up prices for gold, and that there is a large gap between supply and demand that still cannot be closed by recycling jewelry.
Technical Analyst Clive Maund also reviewed the company in October, which he believes has a chance to be a good investment choice: "Gold's latest 6-month chart puts this move in context, and we can see that it rocketed into a zone of quite heavy resistance near the apex of the Triangle."
Potential 129% Return
Mike Niehuser of ROTH Capital Partners reviewed the company on August 30, 2023, and rated the company as a "Buy" for potential investors. He stated that the company has a target share price of US$7.25, representing a possible return of 129%. Niehuser cited the company's milestones moving towards essential components for operations on its Idaho project, such as the Environmental Impact Statement, as factors in his positive assessment.
Renas Sidahmed with ACF Equity Research also covered the company, which it called a "top-tier gold mine."
Renas Sidahmed with ACF Equity Research also covered the company, which it called a "top-tier gold mine." The report also highlighted the company's possibility to close some of the gap in the American market for critical minerals, such as antimony.
H.C. Wainwright & Co. rated Perpetua as a "buy" and named a target share price of US$10.00. They cited the company's last quarterly report and upcoming catalysts, especially advancements on the Stibnite project, as factors in its rating.
The company has a number of catalysts to report, according to its investor presentation, including a final Record of Decision, Ancillary permits and project financing that the company expects to complete in 2024, and commercial operations and continued restoration that it expects to begin as early as 2027 based on the current timeline.
Ownership and Share Structure
Streetwise Ownership Overview*
Reuters provided a breakdown of the company's ownership and share structure, where management and insiders own approximately 0.35% of the company. According to Reuters, CFO Jessica Marie Largent owns 0.08% of the company with 0.05 million shares, Director Christopher James Robinson owns 0.08% of the company with 0.05 million shares, President and CEO Laurel Sayer owns 0.08% of the company with 0.05 million shares, Vice President of Permitting Alan Douglas Haslam owns 0.04% of the company with 0.02 million shares, General Counsel Michael L. Bogert owns 0.02% of the company with 0.01 million shares, Vice President of External Affairs Mckinsey Margaret Lyon owns 0.01% of the company with 0.01 million shares, and Director Robert Alan Dean owns 0.01% of the company with 0.01 million shares.
Institutions own approximately 58.61% of the company, according to Reuters, as Paulson & Co. Inc. owns 39.20% of the company with 24.77 million shares, Kopernik Global Investors, LLC, owns 8.31% of the company with 5.25 million shares, Sun Valley Gold, LLC, owns 7.86% of the company with 4.97 million shares, Krilogy Financial, LLC, owns 2.38% of the company with 1.51 million shares, BlackRock Institutional Trust Company, NA, owns 2.29% of the company with 1.45 million shares, B. Riley Financial, Inc., owns 1.94% of the company with 1.23 million shares, Eidelman Virant Capital owns 1.51% of the company with 0.96 million shares, Russell Investments Trust Company owns 0.76% of the company with 0.48 million shares, Earth Resource Investment Group owns 0.74% of the company with 0.47 million shares, and State Street Global Advisors (US) owns 0.70% of the company with 0.44 million shares.
The company reports no outstanding warrants. In terms of options, the company reports that it has 1,673,750 share purchase options valued at CA$9.54, and 1,375,820 share units (RSUs, PSUs, and DSUs) as of September 30, 2023.
Reuters reports that there are 63.2 million shares outstanding with 62.98 million free float traded shares, while the company has a market cap of US$198 million and trades in the 52-week period between US$1.83 and US$5.49.
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- 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.
- Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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