Perpetua Resources Corp (PPTA) Post-Results FYE22 ACF Equity Research 12042023
Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. PPTA YE22A results beat (come in under) ACF’s OPEX cost estimates by 2.43%. The Environmental Liabilities Expense rose by $4.6m due to inflation pressures and was the only individual opex line to miss PPTA’s budget forecasts. ACF’s valuation increase for PPTA released on Mar 7, 2023 is based on milestones achieved since our initiation note. ACF identifies PPTA as a best-in-class gold asset. PPTA is an ESG leader amongst junior miners (long run lower WACC), has a unique antimony (Sb) reserve in the US and is positioned to be the only domestically mined source of Sb (supplying ~35% of domestic demand).
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