National Bank analyst Mike Parkin initiated coverage of Perpetua Resources with an Outperform rating and C$19 price target. The firm sees the potential for significant further upside despite the strong share price performance that is tied to the recent U.S. supply constraint developments of antimony, a critical mineral contained in the project, as well as de-risking of the project from a financing basis, the analyst tells investors in a research note. Perpetua is also trading at an enterprise value/GEO that is below that of relevant peers on both a takeout potential basis and a development company basis, the firm added.
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