BOISE, Idaho — December 16, 2025 — Perpetua Resources Corp. (Nasdaq: PPTA / TSX: PPTA) is back in the spotlight today after announcing a major project execution milestone for its flagship Stibnite Gold Project in Idaho: the company has selected Hatch Ltd. as Engineering, Procurement, and Construction Management (EPCM) contractor. Alongside that headline, a new regulatory filing adds fresh color on the financing picture—including a separate private placement with warrants and a community-related share issuance—giving investors more to chew on than a single press-release headline.
As of 16:32 UTC (11:32 a.m. ET) on December 16, PPTA traded at $26.82, essentially flat on the day, with an intraday range of $26.37–$27.88 and volume around 529,870 shares.
What Perpetua announced today: Hatch selected as EPCM for Stibnite
Perpetua said it selected Hatch as the EPCM contractor for the Stibnite Gold Project—an award the company described as coming after a “highly competitive review process,” and framed as a key step in moving from planning into development. The company also said it expects a final investment decision in spring 2026. [1]
For readers who don’t live inside mining acronyms: EPCM is a project delivery structure where the EPCM firm manages engineering and design, procurement, and construction management, typically acting as the owner’s agent. In other words, picking an EPCM is one of the classic “this is getting real” moves in a mine build—less geology story-time, more execution discipline.
Perpetua disclosed that under the EPCM model, Hatch’s responsibilities are expected to include: engineering and design for the process plant and infrastructure, procurement management for major equipment, construction management, and integrated project controls/reporting. [2]
The company also said it is negotiating the definitive EPCM contract to reflect Hatch’s bid, and expects the contract to be finalized “in the coming weeks.” [3]
The $4 million Hatch equity investment: what it is (and what it isn’t)
Alongside the EPCM selection, Perpetua announced Hatch is also making a $4 million equity investment via a private placement. The company emphasized that Hatch’s investment was not a factor in selecting Hatch as EPCM, and said the EPCM terms are not contingent on the private placement. [4]
Perpetua’s release described the private placement as 138,696 common shares priced at $28.84 per share (the Nasdaq closing price on Friday, December 12, 2025) and noted the financing is expected to close in two equal tranches tied to certain milestones. [5]
The SEC filing adds more: another private placement + warrants, plus a foundation share grant
A Current Report on Form 8‑K filed and dated December 16, 2025 provides additional details and, importantly, reveals more than one equity transaction in motion. [6]
1) Hatch private placement mechanics (more specific milestone triggers)
The 8‑K states Perpetua entered into a subscription agreement with Hatch on December 15, 2025 for the same $4 million / 138,696 shares at $28.84 structure—but it goes further on timing:
- Tranche 1 (69,348 shares): to be issued when the company enters into an EPCM services agreement with Hatch for Stibnite.
- Tranche 2 (69,348 shares): to be issued after the later of (i) a final investment decision for Stibnite and (ii) signing definitive project financing documentation. [7]
That “later of” language matters because it ties the second half of the equity issuance to the project’s two biggest de-risking gates: go/no-go approval and financing signature.
2) A separate $28.84 million private placement with a non-affiliated investor (plus warrants)
The same 8‑K also describes a second transaction: a private placement signed December 12, 2025 with a non-affiliated investor for $28.84 million in gross proceeds, consisting of:
- 1,000,000 common shares, and
- warrants exercisable for up to 370,000 additional common shares. [8]
Per the filing, the warrants are issued in three tranches with different expiries and exercise prices (one-, two-, and three-year terms), and include provisions allowing the company to repurchase warrants if the stock trades above a threshold relative to the exercise price and a registration statement is effective. [9]
The filing says this transaction is expected to close on or about December 18, 2025. [10]
3) Stibnite Foundation share issuance tied to a community agreement
The 8‑K further notes Perpetua’s board approved issuing 150,000 common shares to the Stibnite Foundation, tied to a community agreement dating back to 2018, and indicates the company expects to issue those shares on or about December 17, 2025. [11]
Stibnite’s “critical mineral” angle: antimony, defense supply chains, and why this project draws attention
Perpetua continues to frame Stibnite as more than a gold project. In today’s announcement, the company said Stibnite “remains the only known domestic reserve of antimony capable of meeting U.S. defense requirements for munitions,” highlighting the national security narrative that has helped put PPTA on the radar beyond typical junior/developer mining circles. [12]
That narrative has been reinforced in recent weeks by broader reporting on U.S. efforts to onshore or secure antimony supply chains. Reuters reported on December 9 that the U.S. Army, Idaho National Laboratory, and Perpetua are involved in efforts to develop small-scale refining capacity—starting with antimony—because of its role in ammunition supply chains. [13]
Updated project and processing timeline: off-site antimony processing decision pushed into 2026
One of the more forward-looking nuggets in the 8‑K is Perpetua’s update on its competitive process to identify a third-party facility for commercial-grade antimony processing. The company said the review is ongoing and that a decision is now expected in 2026, in connection with project financing negotiations. [14]
That’s notable because earlier coverage had pointed to nearer-term timing for refining/processing partner selection—an example of how downstream bottlenecks can become schedule bottlenecks, even when the mine itself is advancing. [15]
PPTA stock action and market chatter: “hot,” volatile, and still headline-driven
PPTA has become a headline-sensitive name—part mining developer, part “critical minerals” policy proxy. That flavor showed up even in mainstream market media today: a Benzinga recap of CNBC’s “Mad Money Lightning Round” noted Jim Cramer called PPTA a “hot” stock (while steering viewers toward Agnico Eagle instead) and referenced PPTA’s prior-session move. [16]
Today’s tape, meanwhile, looked calmer: the stock was little changed by late morning ET, despite a fairly wide intraday range.
Analyst forecasts and price targets for Perpetua Resources (PPTA) as of Dec. 16, 2025
Analyst and aggregator snapshots around PPTA continue to point in broadly positive directions—but with meaningful dispersion depending on the dataset and methodology.
- MarketBeat shows a consensus “Buy” rating and an average 12‑month price target of $29.00 (with a high of $44.00 and low of $19.00), based on 10 analyst ratings. [17]
- MarketScreener displays a mean consensus of BUY with an average target price of $31.98 (7 analysts shown on that page), implying upside versus the referenced last close. [18]
- StockAnalysis (which may reflect a smaller set of contributing analysts) shows a “Strong Buy” consensus but lists a 12‑month target of $25.38, implying downside from its referenced “latest price.” [19]
On specific recent target changes, TipRanks lists RBC Capital as reiterating a Buy rating and raising its target from $28 to $40 on December 10, 2025. [20]
What to take from the target messiness: PPTA is a development-stage story where valuation often swings with (1) financing confidence, (2) construction execution readiness, and (3) the perceived strategic premium around antimony. Different analyst sets and refresh timing can yield dramatically different “consensus” outputs—even on the same day.
What investors are likely watching next
Based on today’s disclosures, the next catalysts aren’t mysterious—just brutally consequential:
- Definitive Hatch EPCM contract expected “in the coming weeks.” [21]
- Closing steps for the private placement transactions (including the non-affiliated investor deal expected around Dec. 18). [22]
- Project financing progress, including the company’s references to ongoing diligence with the U.S. Export‑Import Bank (Perpetua also cautioned in its release that EXIM materials are non-binding and conditional). [23]
- Final investment decision currently framed for spring 2026. [24]
- Antimony processing pathway clarity, with the company now pointing to a decision timeline in 2026. [25]
The risk backdrop (because mining projects don’t run on vibes)
Perpetua’s own disclosures repeatedly highlight the usual project risks: permitting and legal challenges, cost escalation, schedule delays, and financing availability. [26] In addition, Reuters has previously reported on legal opposition tied to environmental concerns around the Idaho project, underscoring that “permitted” doesn’t always mean “uncontested.” [27]
For PPTA holders, today’s Hatch EPCM selection and the expanded financing details are best understood as execution and capital-structure steps—important, but still part of a longer chain that runs through full financing, construction delivery, and ultimately commercial operations.
References
1. www.investors.perpetuaresources.com, 2. www.investors.perpetuaresources.com, 3. www.investors.perpetuaresources.com, 4. www.investors.perpetuaresources.com, 5. www.investors.perpetuaresources.com, 6. www.streetinsider.com, 7. www.streetinsider.com, 8. www.streetinsider.com, 9. www.streetinsider.com, 10. www.streetinsider.com, 11. www.streetinsider.com, 12. www.investors.perpetuaresources.com, 13. www.reuters.com, 14. www.streetinsider.com, 15. www.reuters.com, 16. www.benzinga.com, 17. www.marketbeat.com, 18. www.marketscreener.com, 19. stockanalysis.com, 20. www.tipranks.com, 21. www.investors.perpetuaresources.com, 22. www.streetinsider.com, 23. www.investors.perpetuaresources.com, 24. www.investors.perpetuaresources.com, 25. www.streetinsider.com, 26. www.investors.perpetuaresources.com, 27. www.reuters.com
