Perpetua Resources Stock Soars on Idaho Gold Project Approval

Investing.com -- Perpetua Resources Corp. (NASDAQ:PPTA) shares rose 19% in pre-market trading on Monday following the company's announcement that the U.S. Forest Service approved the Stibnite Gold Project in Idaho. National Bank analysts highlighted the project's potential to provide a significant domestic source for critical mineral antimony alongside gold extraction.

The company emphasized in its press release that the project is expected to create 550 jobs in rural Idaho during its operational phase. This development is seen as a major step for Perpetua Resources and could position the company as a key player in the U.S. antimony supply.

National Bank analyst Mike Parkin stated, "The Stibnite Gold Project may become the first domestic source of antimony for the U.S. government if developed and could meet about one-third of domestic demand." Parkin expects the construction decision to be made in the second quarter and maintains an "outperform" rating on the stock with a target price of C$22.

This approval marks a significant moment for Perpetua Resources as it moves closer to contributing to the U.S. government's domestic demand for antimony, a material used in various applications ranging from flame retardants to electronics. The Stibnite Gold Project has been closely monitored by investors due to its strategic importance and potential economic impact. With the Forest Service's approval, Perpetua Resources is now positioned to advance to the next phase of development, which includes a much-anticipated construction decision by the market.