Positioning no disclosures inside 60 days, left as found
Options put/call open interest 23.59, read 2026-11-02
Ethical does not pass the values gate
Price16.07 USD
Fair valueUnder review
Ethical score70.0/100
Our investment reviews on this name
2026-10-02Read Markdown23.24-30.9% to today ✓Accumulation gives way to Markdown after a 10% slide in 3 weeks
2026-09-10Read Accumulation25.77-37.7% to today Distribution gives way to Accumulation after a 7% rise in 10 weeks
2026-07-02Read Distribution24.09-33.3% to today ✓First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Perpetua Resources Corp. holds its Markdown at $16.07. The statistical read favours the sellers, held for 56 days.
As held on the ledger · 2026-11-03
Phase
Markdown · caution
Quantitative state
The statistical read favours the sellers, held for 56 days
Price at the screen
$16.07
Valuation
N/A trailing · -187.40 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.81
The Workings
Five Screens, Shown in Full
Does not pass. Accounts receivable
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
0.03%
Below 33%
Interest-bearing debt is just 0.0% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
81.58%
Below 49%
Money owed to the company is 81.6% of assets, above the 49% limit.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Perpetua Resources's business is fine, but its receivables are about 82% of its assets, well over the ~49% line, so it does not pass on the financial screens.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
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Today PPTA does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Fair value under review. Our model's value is 2.29x the price, above our 1.35x limit. We show no fair value, margin of safety or value read built on it until the review clears.
Where our models see it going: no fair-value estimate yet, range not available, dated to the 2026-11-03 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Mining dreams hit a wall of red ink
Imagine a prospector betting the farm on one remote gold and antimony site while the company still burns cash every quarter. Perpetua Resources sits at that exact stage, a pure development play with zero profit margin, negative return on equity and a forward multiple that is meaningless because earnings are absent. The market's strong buy chorus and higher price targets ignore the fact that this remains a pre-revenue bet in a sector where timing is everything and most projects never reach production.
We pass without hesitation. The ethical screen returns insufficient data, a hard stop on its own, and the cyclical nature of precious metals adds the classic value-trap warning: any apparent discount can simply reflect peak-cycle optimism that vanishes when commodity prices turn. Negative earnings and an unknown moat leave no margin for the delays, permitting fights and capital raises that always seem to appear in these stories.
Development-stage miners carry execution risk that dwarfs any headline valuation gap, especially when basic financial ratios are missing. Currency swings, regulatory setbacks and long lead times to first pour can erase paper gains quickly. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
PPTA trades on Nasdaq. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Markdown$16.07-14.3%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 14.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it strong buy, with a mean price target of $39.
2026-10-28Markdown$18.74+7.8%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 7.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading oversold. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it strong buy, with a mean price target of $39.
2026-10-21Markdown$17.38-15.8%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 15.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading oversold. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it strong buy, with a mean price target of $39.
2026-10-14Markdown$20.64-11.2%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 11.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it D. Technically it is holding around 2% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it strong buy, with a mean price target of $39.
2026-10-02Markdown · changed$23.24-9.8%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 9.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 2% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it strong buy, with a mean price target of $39.
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 4.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 2% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it strong buy, with a mean price target of $39.
2026-08-09Distribution$24.72+2.6%Entry 4
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 2.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 2% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it strong buy, with a mean price target of $39.
2026-07-18Distribution$24.09+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 2% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 29%. Our forward projection puts the odds of a 10% gain over the next month near 44%. The street (5 analysts) rates it strong buy, with a mean price target of $39.
2026-07-03Distribution$24.09+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
2026-07-02Distribution$24.09Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
