Perpetua Resources' (PPTA) Stibnite gold project in Idaho is on track for construction in the second half of the year and to produce the first gold in H2 2028 as federal permits have been received and financing is moving ahead, RBC said in a Friday note.

Near-term catalysts, such as confirmation of financing from the US Export-Import Bank for up to $1.8 billion, would "further de-risk" the project, analysts Michael Siperco and John Robertson said.

Antimony, a byproduct that has been a designated critical mineral by the US government, "improves economics and adds a strategic kicker," the analysts said, as Stibnite is the only near-term source of US domestic production.

The Stibnite project provides "potential scale, strategic relevance, and exploration upside for investors" who are looking for growth and exposure to US gold metal manufacturing, the analysts mentioned.

RBC initiated Perpetua's rating at outperform, speculative risk, with a $23 price target.

Shares of the company were up 5.8% at $16.80 in recent Friday trading.

Price: 16.57, Change: +0.70, Percent Change: +4.41