Billionaire John Paulson’s 10 Stocks with Huge Upside Potential

7. Perpetua Resources Corp. (NASDAQ:PPTA)

Paulson & Co.’s Stake: $264.31 million

Number of Hedge Fund Holders: 14

Average Upside Potential as of May 2: 26.92%

Perpetua Resources Corp. (NASDAQ:PPTA) is a development-stage company and engages in the acquisition of mining properties in the US. It explores for gold, silver, and antimony deposits. Its principal mineral project is the 100% owned Stibnite Gold project, which includes 1,674 unpatented lode claims, mill sites, and patented land holdings covering an area of ~11,548 hectares located in Idaho.

In 2024, Perpetua achieved key milestones in de-risking the Stibnite Gold project. This project is positioned to become a domestic source of antimony, a critical mineral, and one of the largest and highest-grade open-pit gold mines in the US. The company was awarded additional funding of up to $34.4 million under the Defense Production Act, bringing the total TIA funding to $59.2 million

The site holds 4.8 million ounces of gold and 148 million pounds of antimony. Perpetua plans to produce 450,000 ounces of gold annually in the first 4 years and could meet up to 35% of US antimony demand early on. On January 8, HC Wainwright maintained a Buy rating on Perpetua and upgraded the price target to $25 from $22. The firm believes that the company’s approval from the US Forest Service for its Stibnite Gold project marks a major milestone after 8 years of reviews and public input.