Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) has received a conditional Notice to Proceed from the U.S. Forest Service for the Stibnite Gold Project, Roth Capital Partners Analyst Mike Niehuser wrote in an updated research note on the company on September 21.
The company is expected to finalize a royalty or streaming agreement soon, which will enable them to secure the necessary financial assurance bonding, the analyst noted. Once this is in place, the U.S. Forest Service will approve the Plan of Operation, allowing PPTA to begin construction. In the first half of 2026, PPTA received a term sheet from the Export-Import Bank of the United States to help balance the construction budget, aiming for production to start in 2029.
"State and federal agencies, including USFS, Idaho Department of Lands, and U.S. Army Corps of Engineers, have agreed on the financial assurance package requiring bonding," Niehuser wrote. "The USFS subsequently provided PPTA with a Notice to Proceed, indicating that requirements in the January 2025 Record of Decision had been met, subject to bonding. Upon posting the bonding, the USFS will sign PPTA’s Plan of Operation and construction may commence."
Project Financing Progress
On July 14, 2025, PPTA announced the closing of an upsized equity financing of US$474 million. In the coming weeks, the company plans to finalize a US$200 to US$250 million royalty or streaming agreement, which will cover the financial assurance bonding of approximately US$155 million.
With construction costs estimated at US$2.2 billion, PPTA is expected to have sufficient funds to balance the construction budget with US$2 billion in debt from the Export-Import Bank of the United States (EXIM), the analyst wrote.
High Confidence in Construction Start
PPTA appears to have ample liquidity to post the bond and proceed with construction, Niehuser said. The company has finalized contracts and is ready to begin early construction activities as weather conditions improve and the EXIM financing is secured in the second half of 2026.
PPTA's choice of an EPC contractor and securing procurement contracts should instill confidence in cost management amid rising demand due to increasing gold prices, he said.
"The Stibnite Gold Project is recognized as a national project of interest evidenced by its listing as a FAST-41 Transparency Project and having received US$80 million in grants from the Department of Defense," the analyst noted.
Niehuser continued, "Dominoes to fall in rapid succession to full construction in 2026."
After more than six years of permitting, the Stibnite Gold Project has benefited from rising gold and antimony prices and is acknowledged by state and federal governments for its potential to create jobs, restore fish habitats, and support national defense, Niehauser said.
"We are maintaining our Buy rating and increasing our price target to US$21 per share," he wrote.
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Disclosures for Roth Capital Partners, Perpetua Resources Corp., September 21, 2025:
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 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.
