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Perseus delivers strong production, free cash flow in June quarter

30th July 2024

By: Sabrina Jardim

Senior Online Writer

     

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ASX- and TSX-listed Perseus Mining has reported gold production of 509 977 oz for the financial year ended June 30, which compared favourably with guidance of 491 000 oz to 517 000 oz.

Perseus's three operating gold mines, Yaouré and Sissingué in Côte d'Ivoire, and Edikan in Ghana, produced 120 929 oz of gold for the quarter ended June 30.

The weighted average production cost for the quarter was $947/oz, while the weighted average all-in sustaining cost (AISC) was $1 173/oz of gold.

Gold sales for the quarter were 141 930 oz, at a weighted average price realised of $2 117/oz.

Perseus’s average cash margin for the quarter was $944/oz, resulting in notional operating cash flow from all operations of $117-million.

“These strong operating results . . . confirm, once again, Perseus's position as one of the world's better performing midtier gold producers in 2024,” the Africa-focused gold miner states.

Meanwhile, an AISC of $1 053/oz for the financial year was in line with guidance of $1 000/oz to $1 100/oz.

Perseus’s balance sheet at the end of the financial year included available cash and bullion of $587-million, plus liquid, listed securities of $42-million and zero debt, with $300-million of undrawn debt capacity available.

During the June quarter, the company also concluded an all-cash, off-market acquisition of ASX-listed OreCorp, giving Perseus control of the large-scale Nyanzaga project in Tanzania.

Perseus expects to make a final investment decision on Nyanzaga by the end of the 2024 calendar year, which would pave the way for project development to start early in 2025.

Gold production at Nyanzaga is expected to start in the first quarter of 2027.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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