ACF Equity Research

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

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Perpetua Resources Corp (PPTA) Flash Note Essential US Defense Project ACF Equity Research 19012023

Perpetua Resources Corp (PPTA) Update Note Filling the US Critical Minerals Supply Gap 08032023

Perpetua Resources Corp (PPTA) Post-Results FYE22 ACF Equity Research 12042023

Research from ACF Equity Research, ACF Equity Research

Research from ACF Equity Research

Equity Bottom-Up

Perpetua Resources Corp / Equity Bottom-Up

<p>Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. 3Q22A results have evidenced steady state expenses. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. On Oct 28, 2022, the SDEIS was published for a 75-day public comment period. In the SDEIS, the USFS identifies PPTA’s Stibnite Gold Project as the ‘Preferred Alternative’. PPTA is a sustainability/ESG leader amongst<br>junior miners (long run lower WACC). PPTA holds the only economic antimony (Sb) reserve in the US and is positioned to be the only domestically mined source of Sb (supplying ~35% of domestic demand). The US is heavily reliant on Sb for defense and ammunition.</p>

Perpetua Resources Corp. (Nasdaq: PPTA; TSX: PPTA) is an Idaho based (Stibnite jurisdiction), gold-antimony-silver (Au-Sb-Ag) junior explorer/producer. 3Q22A results have evidenced steady state expenses. Our analysis identifies PPTA as a US national strategic asset (Sb) and a best-in-class gold asset. On Oct 28, 2022, the SDEIS was published for a 75-day public comment period. In the SDEIS, the USFS identifies PPTA’s Stibnite Gold Project as the ‘Preferred Alternative’. PPTA is a sustainability/ESG leader amongst junior miners (long run lower WACC). PPTA holds the only economic antimony (Sb) reserve in the US and is positioned to be the only domestically mined source of Sb (supplying ~35% of domestic demand). The US is heavily reliant on Sb for defense and ammunition.

Perpetua Resources Corp (PPTA) Post-Results ACF Equity Research 18112022