Perenti's (ASX:PRN) roughly AU$275 million contract award with Barrick Mining provides further revenue visibility through fiscal 2030 while boosting the company's exposure to tier-one mining jurisdictions, Euroz Hartleys said in a Monday note.

With a term of 45 months, the contract equates to annualized revenue of around AU$70 million to AU$75 million, and the associated AU$39 million growth capital expenditure requirement in fiscal 2027 is "modest" relative to Perenti's balance sheet and expected cash flow generation, the investment firm said.

The award for underground mining services at Barrick's Fourmile project in Nevada, US, bolsters an already substantial work-in-hand position and pipeline, which stood at AU$5.8 billion and AU$18.6 billion, respectively, as of the first half of fiscal 2026, according to the equity research firm.

Perenti "continues to trade on undemanding valuation metrics relative to its earnings outlook, with further growth opportunities available through contract mining, drilling utilization improvements and conversion of its existing project pipeline," Euroz Hartleys said.

It maintained a buy recommendation on Perenti with a price target of AU$2.92.

Perenti shares advanced nearly 5% in recent Monday trade.