Perpetua Resources Corp. PPTA

MaterialsMetals & MiningUnited States of America

Last close 23.22 CAD on Nov 1, 2026, −30.1% year to date

Quant rating

Quant rating D Rank 115 of 154 in Materials

Growth C 91 of 154
Valuation D 118 of 154
Quality D 122 of 154
Revisions C 65 of 154
Momentum D 123 of 154

Wall Street consensus Buy (2.00)Average target 47.41 CAD +104.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.9B
Enterprise value: 2.1B
52-week range: 22.50 – 51.10
3-year range: 3.68 – 51.10
Dividend yield: –
Beta (5 years): 0.80
Shares outstanding: 125M
Next earnings: Nov 12, 2026

About the company

Perpetua Resources Corp. is a development-stage company. The Company operates through mineral exploration in the United States segment. It is primarily engaged in acquiring mining properties with the intention of exploring, evaluating, and placing them into production. The Company’s principal business is the exploration and subject to receipt of required permitting, redevelopment, restoration and operation of the Stibnite Gold Project in Idaho, the United States. Its Stibnite Gold Project is located in central Idaho, the United States, which lies over 100 miles northeast of Boise, Idaho, over 38 miles east of McCall, Idaho, and approximately 10 miles east of Yellow Pine, Idaho. Its mineral Stibnite Gold Project contains gold, silver, and antimony mineral deposits. It focuses to explore, evaluate, and potentially redevelop three of the deposits known as the Hangar Flats Deposit, West End Deposit and Yellow Pine Deposit.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	0	0	0	0	0	–
Revenue growth	–	–	–	–	–	–
EPS (basic, normalized)	−1.50	−0.32	−0.50	−0.63	−0.96	–
EPS growth	–	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	–	–	–	–	–	–
ROE	−20.7%	−16.0%	−23.7%	−29.1%	−42.5%	−26.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	815
Current ratio	12.34x
Long-term debt (mil)	0.7
Net debt (mil)	−814
Total equity (mil)	1,022
Net debt / equity	−0.80x
Net debt / EBITDA	4.58x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	0	–	–	−178	−147.8%	−11.9x	−1.50	−376.9%	−15.5x
2026	0	–	–	−127	+28.7%	−16.6x	−2.23	−48.6%	−10.4x
2027	0	–	–	−67.7	+46.6%	−31.2x	−1.23	+44.8%	−18.8x
2028	0	–	–	−67.1	+0.8%	−31.5x	−0.04	+96.6%	−552.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	0	–	–	–	−2.23	+12.2%	−72.4%	−75.9%
2027	0	–	–	–	−1.23	−40.2%	−54.4%	−332.8%
2028	0	–	–	–	−0.04	+94.5%	+87.0%	+88.9%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	0	0	0	0	0	0	0	0	0	0
Sales mean (mil)	0	0	0	0	0	0	0	0	0	0
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	−0.05	−0.06	−0.05	−0.06	−0.21	−0.08	−0.24	−0.51	−0.39	−0.78
EPS mean	−0.04	−0.08	−0.10	−0.09	−0.05	−0.10	−0.03	−0.03	−0.19	−0.17
Surprise	−25.0%	+25.0%	+50.0%	+33.3%	−314.0%	+23.8%	−700.0%	−1,430.2%	−108.9%	−350.0%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PPTA Perpetua Resources Corp.	2.9B	4.58x	–	2.89x	−10.4x	−18.8x	−16.6x	−31.2x
EDR Endeavour Silver Corp	3.0B	0.04x	−25.5%	2.99x	10.0x	6.0x	4.9x	2.9x
PPTA Perpetua Resources Corp.	2.9B	4.49x	–	2.89x	−10.4x	−18.9x	−16.7x	−31.2x
WS Worthington Steel Inc	2.9B	10.73x	0.2%	1.97x	10.3x	8.8x	9.0x	8.6x
KOZAY Turk Altin Isletmeleri AS	2.9B	−4.14x	24.2%	1.91x	127.1x	66.1x	6.8x	3.4x
ALS Altius Minerals Corp (AB)	2.9B	−1.03x	555.6%	2.06x	68.2x	44.6x	29.3x	24.2x
Mean		2.44x	138.7%	2.45x	32.5x	14.6x	2.8x	−3.9x
Median		2.26x	12.2%	2.47x	10.2x	7.4x	5.8x	3.2x

Technical analysis

1M−24.9%
3M−5.5%
1Y−34.3%
3Y+369.1%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Perpetua Resources Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	0	0	0	0	0	0
Cost of revenue	–	–	–	–	–	–
Gross profit	0	0	0	0	0	0
Selling, general & administrative expenses	8.9	7.5	5.8	7.7	8.0	5.6
Research & development	166	65.1	39.6	25.9	28.7	32.2
Depreciation/amortization	0.2	0.2	0.1	0.1	0.1	0.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	0	6.6	−0.1	0	–
Other operating expenses	0	2.2	1.2	6.2	15.4	0
Operating income	−176	−75.0	−53.3	−39.7	−52.2	−38.1
Net interest income (expense)	16.5	0.4	0.6	0.6	5.8	−242
Gain (loss) on sale of assets	–	–	–	–	–	0
Other non-operating income (expense)	21.3	53.8	27.9	0.2	1.0	−1.0
Net income before taxes	−138	−20.8	−24.9	−38.9	−45.4	−281
Provision for taxes	–	–	–	–	–	–
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−138	−20.8	−24.9	−38.9	−45.4	−281
Extraordinary items	–	–	–	–	–	–
Net income	−138	−20.8	−24.9	−38.9	−45.4	−281
EBIT, normalized	−176	−75.0	−46.8	−39.8	−52.2	−38.1
EBITDA, normalized	−175	−74.8	−46.6	−39.7	−52.1	−37.8
Basic EPS, normalized	−1.50	−0.32	−0.50	−0.63	−0.96	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Perpetua Resources Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	980	63.4	4.3	30.7	60.5	31.9
Receivables	2.5	3.7	4.2	0.4	0.4	0.1
Total inventory	–	–	–	–	–	–
Prepaid expenses	6.8	1.0	0.6	0.8	1.2	0.8
Other current assets	37.8	0	0	0	0	0
Total current assets	1,027	68.1	9.1	31.9	62.0	32.8
Property, plant & equipment	95.4	96.7	97.0	98.7	91.5	92.1
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	81.7	4.3	4.0	4.1	3.8	0
Total assets	1,204	169	110	135	157	125
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	18.6	8.2	6.6	3.7	3.6	4.8
Accrued expenses	0.1	0	0	0.1	0.1	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	0.3
Other current liabilities	1.4	1.4	3.7	13.0	3.6	0
Total current liabilities	20.1	9.7	10.3	16.8	7.3	5.0
Long-term debt	0	0	0	0	0	12.3
Minority interest	–	–	–	–	–	–
Other liabilities	2.3	2.9	4.0	1.6	9.0	34.3
Total liabilities	22.4	12.6	14.3	18.4	16.3	51.6
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,045	962	819	834	777	673
Additional paid-in capital	91.2	50.9	45.6	43.6	37.2	33.3
Retained earnings (accumulated deficit)	−955	−856	−769	−761	−674	−633
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	1,182	157	95.8	116	141	73.4
Total liabilities & shareholders' equity	1,204	169	110	135	157	125

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Perpetua Resources Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−138	−20.8	−24.9	−38.9	−45.4	−281
Depreciation, depletion & amortization	0.2	0.2	0.1	0.1	0.1	0.4
Deferred taxes	–	–	–	–	–	–
Non-cash items	10.7	7.9	5.2	10.0	13.8	245
Changes in working capital	−16.7	−4.3	−8.5	−4.7	−4.7	−0.7
Cash from operations	−143	−17.1	−28.1	−33.5	−36.2	−36.7
Investing activities
Capital expenditures	−19.0	−3.8	−0.6	−0.7	−0.4	−0.7
Other investing cash flows	0	12.0	0	0.1	−3.8	0.4
Cash from investing	−19.0	8.2	−0.6	−0.6	−4.2	−0.3
Financing activities
Financing cash flow items	–	−3.4	−0.9	0	−4.1	−0.1
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,160	71.2	3.8	0	73.3	46.6
Cash from financing	1,160	67.8	2.9	0	69.2	46.6
Foreign exchange effects	0	−0.1	0	0	0	0
Net change in cash	997	58.8	−25.7	−34.1	28.8	9.6
Free cash flow	−163	−20.9	−28.7	−34.2	−36.6	−37.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.