Perpetua Resources (PPTA) PT Raised to $22 at H.C. Wainwright

H.C. Wainwright analyst Heiko Ihle raised the price target on Perpetua Resources (NASDAQ: PPTA) to $22.00 (from $13.25) while maintaining a Buy rating.

The analyst commented: "On November 14, Perpetua Resources announced its 3Q24 financial results. We reiterate to our readers that we view PPTA's current financials as largely irrelevant based on the company’s lack of production. We nonetheless note that the firm reported a larger net loss of $3.6M, or ($0.05) per share, during the quarter. This compares to a net loss of $2.6M, or ($0.04) per share, in 3Q23. In short, the wider net loss during the quarter was primarily attributable to the company recognizing $14.5M in exploration expenses, compared to $8.7M in 3Q23. In contrast, however, this impact was partially offset by the firm receiving grant income of $12.9M, compared to $6.9M in 3Q23. The combined grant income included $12.6M from the Defense Production Act (DPA) and $0.3 million from the Department of Defense Ordnance Technology Consortium (DOTC), compared with $4.7M and $2.2M in 3Q23, respectively. Looking ahead, we note that Perpetua remains well-funded as the company has $11.2M in cash and cash equivalents to continue progressing with its Stibnite Gold Project amid continued support from various grants. Reiterate Buy rating and raise PT to $22 from $13.25."

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