Perpetua Resources stock target raised on funding prospects By Investing.com

On Thursday, HC Wainwright updated their rating on Perpetua Resources (NASDAQ:PPTA), increasing the price target to $10.50 from $10.00 previously, and maintaining a Buy rating on the stock. The change follows Perpetua Resources’ announcement of its financial results for the fourth quarter and full year 2023 on March 27.

The company reported a loss of $18.8 million, or $0.30 per share for the year, which represents a change from the $28.7 million, or $0.46 per share loss it reported in 2022. Perpetua Resources’s assets included a significant increase in exploration costs, which increased 57% year-over-year to $29.9 million, along with $5.0 million spent on litigation.

However, the financial crisis was partially mitigated by the $21.1 million of income received during the year, a significant increase from the $75,000 received in 2022. It does not reflect the results of the recent royalty agreement of $8.5 million.

In addition, Perpetua was awarded $34.6 million in additional funding under its Technology Investment Agreement through the Defense Production Act. The amount would bring the total Defense Production Act costs to the company to $59.4 million.

An analyst from HC Wainwright reiterated a Buy rating and cited the above-mentioned financial expectations as the main reason for the stock price, indicating a positive view on Perpetua Resources’ financial position and future.

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