MeritValue

PERPETUA RESOURCES CORP.

PPTAdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

PERPETUA RESOURCES CORP. earns about -23% on equity, but has diluted owners by 71% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$36M1−$28.7M2−$18.8M3−$14.5M4−$100.4M4
Operating cash flow−$28.6M5−$24.7M6−$21.2M7−$11.9M8−$104.6M8
Capital expenditure$34,8849$199,97610$148,81011$176,00012$1.15M12
Free cash flow (derived)−$28.7M5−$24.9M6−$21.3M7−$12.1M8−$105.7M8
Total debt—————
Cash & equivalents$47.9M13$22.7M14$3.23M15$44.1M16$714.2M16
Diluted shares54.5M63.0M63.2M65.6M93.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$92.39
your share of equity
Profit it earned you last year
−$10.77
Free cash flow it threw off
−$11.34
Debt you’d be carrying
—

10 shares is a claim on $92.39 of net worth that earned you −$10.77 and generated −$11.34 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-23% avg · 5y
FY21 -32%FY22 -33%FY23 -26%FY24 -13%FY25 -12%

It earned an average -23% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+71% shares · 5y

Share count is up 71% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001104659-23-033343 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001104659-24-039054 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001410578-25-000385 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-037403 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001104659-23-033343 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001104659-24-039054 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001410578-25-000385 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-037403 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001104659-23-033343 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001104659-24-039054 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001410578-25-000385 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-037403 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001104659-23-033343 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001104659-24-039054 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001410578-25-000385 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-037403 (CashAndCashEquivalentsAtCarryingValue)