EPCM Deal, Funding and Antimony Pilot Plant Could Be A Game Changer For Perpetua Resources (TSX:PPTA)

• Perpetua Resources Corp. recently announced that it selected Hatch Ltd. as EPCM contractor for the Stibnite Gold Project and agreed a roughly US$4.00 million private placement at US$28.84 per share, while also partnering with Idaho National Laboratory to pilot processing of antimony for defense uses.
• This combination of an experienced EPCM partner, fresh project funding, and a government-linked pilot plant underscores Stibnite’s role in domestic antimony supply and mine-site restoration efforts.
• We’ll now examine how this Idaho National Laboratory pilot plant collaboration shapes Perpetua’s investment narrative around critical defense minerals and project execution.

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What Is Perpetua Resources' Investment Narrative?

To own Perpetua Resources here, you really have to buy into Stibnite as a future-scale U.S. critical minerals and clean-up project rather than a near-term earnings story. The Idaho National Laboratory pilot plant, together with the EPCM appointment of Hatch and its US$4.0 million equity check, meaningfully sharpens the near-term catalyst set: investors are now watching for pilot results on military-spec antimony, progress on the EPCM contract, and how these feed into permitting and a final investment decision targeted for spring 2026. At the same time, the business is still pre-revenue, unprofitable, and reliant on equity funding after a very large multi-year share price run and substantial dilution, so execution or regulatory stumbles could matter more from here than fresh announcements.

But there is one execution risk here that current shareholders cannot afford to ignore. Upon reviewing our latest valuation report, Perpetua Resources' share price might be too optimistic.

Exploring Other Perspectives

Seven Simply Wall St Community fair value views span roughly US$4 to US$44 per share, underscoring how far apart expectations sit. Against that backdrop, the INL pilot and Hatch EPCM mandate could be critical swing factors for how this story evolves from concept to construction risk.

Explore 7 other fair value estimates on Perpetua Resources - why the stock might be worth as much as 16% more than the current price!

Build Your Own Perpetua Resources Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Perpetua Resources research is our analysis highlighting 3 important warning signs that could impact your investment decision.
• Our free Perpetua Resources research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Perpetua Resources' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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