idle and fond bondage

Perpetua Resources (PPTA): Good news for the share price

Between the NR last night from Perpetua Resources (PPTA)(PPTA.to) (ex-Midas Gold) that “welcomes Kopernik Global Investors LLC (“Kopernik”) as a new shareholder following a recent market purchase” and the one this morning from Barrick (GOLD)(ABX.to) announcing the sale of 5,382,587 PPTA shares, we now know who owns the 8.5% bloc and that’s good news for other shareholders of PPTA (once upon a time, Midas Gold) and its Stibnite project in Idaho.

Barrick selling its bloc makes sense, as while decently sized Stibnite doesn’t match the “world class” criteria required by Bristow. So, we know that Barrick has been shopping its position around and the market would have known that, too (see above), but those shares have now found a home in a decently sized fund that will have the right sort of long-term vision required (and Stibnite requires patience, ask any shareholder). So, understandable from Barrick, the right type of buyer for PPTA and overall good news that may put a line under its recent comparative under-performance.

Full disclosure: Don’t own PPTA, never owned, not reco’d to others, looked at it several times, have friends who like it.

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