Perpetua Resources Corp. (PPTA) Core Investment Case UPDATE ACF Equity Research 19082022
Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is a gold-antimony-silver deposits developer in the stable mining jurisdiction of Stibnite-Yellow Pine, Idaho. PPTA’s Stibnite open-pit gold (Au) project is one of the highest grade US deposits Compared with the 2020 FS after-tax NPV of $1.86bn (assumptions: 5% discount rate, gold $1,850/oz) antimony (M+I 206Mlbs) is a potentially exciting byproduct. PPTA’s MCap is at an ~90% discount to the FS suggesting a significant potential mispricing. Since our last CIC PPTA has released 1Q + 2Q highlights and added Kopernik to its institutional investor holdings list. PPTA has also begun water quality improvement activities on site after working with the US EPA and USDA for >3 years to obtain permission to conduct time critical, early action clean-up actions.
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