Perseus exceeds 2022 production guidance

24th January 2023

By: Donna Slater

Creamer Media Chief Photographer and Senior Contributing Editor


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Africa-focussed gold producer Perseus Mining exceeded its 2022 gold production guidance of between 492 850 oz and 517 850 oz, and produced 521 221 oz at an all-in sustaining cost (AISC) of $941/oz.

In the fourth quarter, Perseus produced 65 352 oz from its 90%-owned Yaouré mine, in Côte d’Ivoire; 53 850 oz from its 90%-owned Edikan mine, in Ghana; and 11 709 oz from its Sissingué mine, in Sudan.

At 130 911 oz, gold production for the fourth-quarter achieved an annualised rate of nearly 525 000 oz and was only slightly less than Perseus’ record gold production of 137 460 oz achieved in the third quarter of 2022.

For the full-year to December 31, Perseus produced 136 821 oz from the Yaouré mine, 105 977 oz from the Edikan mine and 25 573 oz from the Sissingué mine.

For the 2022 calendar year, the miner sold 504 862 oz of gold, with the fourth quarter having contributed 203 154 oz of sales.

Perseus’ average quarterly cash margin of $765/oz of gold in the fourth quarter was in line with the third quarter’s cash margin of $766/oz.

Notional cash flow from operations of $101-million in the fourth quarter of 2022 resulted in full-year notional cash flow of $402-million – 46% more than in 2021.

Perseus strengthened its financial position with available cash and bullion of $405-million at year-end – an increase of $76.2-million net cash in the fourth quarter of 2022 and $243-million, or 150%, year-on-year.

Also in the fourth quarter, Perseus repaid a further $25-million of its revolving line of credit, leaving no principal sum owing and the company free of debt.

Further, during the fourth quarter, Perseus paid a total of $116-million to the governments of counties in which it operates, including Ghana, Côte d’Ivoire and Sudan.

Perseus notes that it is on track to produce between 498 370 oz and 528 370 oz at an AISC of between $1 000/oz and $1 100/oz for the 2023 financial year.

Further, Perseus progressed its development of its Meyas Sand gold project in the far north of Sudan, about 75 km south of the border with Egypt, with the aim of advancing the project towards a possible final investment decision in the second half of this year.

Engineering and front-end engineering design studies were undertaken by engineering contractor Lycopodium. These activities are intended to enhance previous engineering planning and design work.

Also, drilling contractor Capital Drilling mobilised to site in the fourth quarter of 2022 to start a 100 000 m infill and sterilisation drilling programme to infill prior drilling of the GSS deposit and potentially materially increase the estimated mineral resource and ore reserve.

Other work performed by Capital includes sterilisation drilling of land currently targeted for locating key pieces of mine infrastructure including the tailings dam and waste dumps.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online


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