Gold prices steady amid Fed rate cut hopes; Trump-Putin talks awaited
Richie Darrin Haddock, a director at Perpetua Resources Corp. (NASDAQ:PPTA), has purchased 5,780 common shares of the company, according to a recent SEC filing. The shares were acquired on February 26 at a weighted average price of $8.56, totaling approximately $49,476. The purchase was executed in multiple transactions with prices ranging from $8.54 to $8.65 per share. Following this transaction, Haddock directly owns 5,780 shares of Perpetua Resources.The timing of this insider purchase comes as PPTA shares have experienced a significant 196% return over the past year, despite recent market pressure. With analyst price targets ranging from $16 to $25, substantially above the current trading price of $8.26, this $594 million market cap company has caught market attention. InvestingPro subscribers can access additional insider trading patterns and 10+ more exclusive investment tips for PPTA.
In other recent news, Perpetua Resources has received the Final Record of Decision from the U.S. Forest Service, approving its Stibnite Gold Project in Idaho. This approval concludes an extensive eight-year review process and allows the company to advance towards a construction decision. The project is expected to produce approximately 450,000 ounces of gold annually in its first four years and holds an estimated reserve of 4.8 million ounces of gold. Additionally, the project includes 148 million pounds of antimony, potentially supplying about 35% of the U.S. demand for this critical mineral in its initial six years.
H.C. Wainwright has raised its price target for Perpetua Resources to $25.00, maintaining a Buy rating, following the project’s approval. National Bank also highlighted the project’s potential to become a significant domestic source of antimony. Perpetua Resources is collaborating with U.S. Antimony Corporation to test antimony concentrate, aiming to establish a fully domestic supply chain for this mineral. This partnership underscores the strategic importance of the Stibnite Gold Project in reducing reliance on foreign sources and supporting U.S. defense needs. The company is now focused on securing the necessary permits and financing to move forward with construction.
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