en.Wedoany.com Reported - Cantor Fitzgerald analyst Mike Kozak reiterated a "Buy" rating and a $37.00 (C$49.00) price target for Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ). The target price implies approximately 39% upside from the May 21, 2026 closing price of $26.72 (C$36.82). This follows the U.S. Export-Import Bank (EXIM) approving a $2.9 billion loan to fully fund the development of the company's Stibnite gold-antimony mine in Idaho.
The U.S. Export-Import Bank (EXIM) approved a $2.9 billion senior secured long-term loan to fund the development of PPTA's wholly-owned, previously operated Stibnite open-pit gold-antimony mine. The loan, approved under the "Make More in America Initiative" (MMIA), was increased from the previously announced $2.7 billion. The financing facility includes a $2.4 billion upfront tranche, with the remaining $500 million designated to cover capitalized interest during construction. The loan has a 13-year term with an interest rate of the applicable long-term U.S. Treasury rate plus 1.0%, fixed on the initial drawdown date. Kozak described the approval as "arguably the single most important risk-removal event in PPTA's history," noting it followed years of federal and state permitting, extensive due diligence, and a 25-day congressional notification period.
The Stibnite mine is permitted and currently in early-stage construction. With the EXIM loan approved, the project is now fully funded. Cantor estimates that initial production could be achieved in 2029. Once operational, Stibnite is expected to be among the top five gold mines in the U.S. and the largest single antimony mine. The project has total resources of 168 million tonnes at a gold grade of 1.34 g/t and an antimony grade of 0.06%, equivalent to 7.28 million ounces of gold and 235.2 million pounds of antimony.
Cantor's valuation is based on an unchanged 1.0x price-to-net asset value multiple, with a discount rate of 7.5%. Kozak continues to view PPTA as "a highly probable acquisition target" and anticipates that, absent a takeover bid, the stock will revalue higher as the company progresses toward production. The company currently holds $670 million in cash. PPTA's 52-week price range is $11.68 to $37.37, with a market capitalization of approximately $3.3 billion and a float-adjusted market cap of approximately $2.0 billion.
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