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BOISE, Idaho - Perpetua Resources Corp. (NASDAQ: PPTA) (TSX: PPTA), currently valued at $911 million, announced today that the U.S. Army Corps of Engineers (USACE) has issued the final federal permit required for the Stibnite Gold Project under the Clean Water Act Section 404. This permit is a significant step in advancing the project towards construction, following an extensive eight-year federal permitting process. The news comes as the company’s stock has delivered an impressive 111.7% return over the past year, according to InvestingPro data.
The Stibnite Gold Project, located in central Idaho, is anticipated to supply the only domestically produced source of antimony, a critical mineral for technology and defense applications. The project aims to deliver environmental restoration to the historical mining district, along with economic benefits to the local community. It is projected to create an average of 550 jobs during operations and produce approximately 450,000 ounces of gold annually in its initial four years. Analysts tracking the stock maintain a bullish outlook, with price targets ranging from $16 to $27.50, as revealed by InvestingPro’s extensive financial analysis.
The USACE permit aligns with the project’s timeline, as set forth on the Federal Permitting Improvement Steering Council’s FAST-41 dashboard, part of an initiative to accelerate American mineral production. The project was also selected as a Transparency Project by the Trump Administration in response to an Executive Order aimed at bolstering U.S. mineral production.
Perpetua Resources is now focused on finalizing state permits and securing financing for construction. With a strong current ratio of 5.95 and minimal debt, the company appears well-positioned to manage its near-term obligations. The Stibnite Gold Project has been designed to improve water quality, restore natural water flow, and increase wetland quality while providing a net increase in wetland acres. InvestingPro analysis reveals 12 additional investment insights that could help investors better understand the company’s prospects.
The company’s President and CEO, Jon Cherry, expressed pride in reaching this milestone and the potential impact of the project on American mining and national security. Perpetua Resources has also committed to environmental stewardship and community engagement as part of its formal ESG commitments.
The information in this article is based on a press release statement, and it should be noted that the project’s inclusion as a Transparency Project does not imply federal endorsement or guarantee of approval or federal funding. The forward-looking statements in the press release are subject to various risks, uncertainties, and assumptions.
In other recent news, Perpetua Resources reported a net loss of $8.2 million, or $0.12 per share, in its latest financial results. This represents a significant increase from the net loss of $2.9 million, or $0.05 per share, in the same quarter of the previous year. The company received $6.4 million in grant income from the U.S. Department of Defense, slightly up from $5.2 million in the prior year. This includes $6.1 million from the Defense Production Act, which is a notable rise from $2.6 million received in the first quarter of 2024. Additionally, Perpetua Resources has nearly doubled its investment in exploration, spending $13.1 million in the recent quarter compared to $6.6 million in the same period last year. Analyst firm H.C. Wainwright maintained a Buy rating on the company but lowered the price target to $27.50 from $28.00. The firm expressed confidence in Perpetua Resources’ strategic importance in the U.S. critical mineral supply chain, particularly through the Stibnite Gold project. These developments highlight the company’s ongoing efforts to advance and de-risk its flagship project.
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