Perpetua Resources

PPTA · TORONTO

$18.72−$0.05 (−0.27%)TodayMarket closed · Oct 20, 7:50 PM ET

Prev close $18.77

PPTA analyst rating

BuyConsensus of 3 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy3
Hold0
Underperform0
Sell0

12-month price target · 8 analysts

Average $35.63 (+90.4% upside)

Low: $26.35
Now: $18.72
High: $45.38

Upgrades and downgrades

The latest rating actions, newest first

PPTA analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Sep 30, 2026	Maintains	Buy	$43.50	24%
HC Wainwright & Co.	Aug 18, 2026	Maintains	Buy	$43.50	24%
B. Riley Securities	Aug 3, 2026	Maintains	Buy	$40.00 → $30.00	54%
HC Wainwright & Co.	May 26, 2026	Maintains	Buy	$41.00 → $43.50	24%
HC Wainwright & Co.	Apr 8, 2026	Maintains	Buy	$41.00	38%
B. Riley Securities	Mar 18, 2026	Maintains	Buy	$30.00 → $40.00	54%
HC Wainwright & Co.	Feb 5, 2026	Maintains	Buy	$30.00 → $41.00	24%

The case for and against

Updated Oct 15, 2026

Bull case

Perpetua Resources is viewed favorably because the Stibnite Gold Project is moving through tangible construction milestones, including Burntlog road shaping, worker-housing foundations, and delivered powerline poles, which support year-round access, workforce capacity, and grid power for full-scale development. The project also appears materially de-risked by $574.2M in cash and the unanimous EXIM approval of a $2.9B senior secured loan in May 2026, which together are expected to fully fund direct construction capital needs from the December 31, 2025 Technical Report Summary. Additional upside comes from more than 10,000 meters of expanded exploration and a new gold-tungsten discovery, while Stibnite is positioned to support more than 700 annual direct jobs and domestic antimony supply.

Bear case

Perpetua Resources is a pre-production developer with no operating revenue, so its valuation rests almost entirely on successful execution at Stibnite rather than current cash generation. The 2Q26 loss widened sharply to $97.5M, or ($0.78) per share, from $6.0M, or ($0.08) per share in 2Q25, while $103.9M was spent on exploration and pre-development, including $70.1M on engineering and $22.0M on field operations and drilling support. Although the $28.9M put option on 158,016 gold ounces at a $3,000/oz strike in 2031 adds some downside protection, the heavy cash burn and dependence on future mine development support a negative outlook.

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