Perseus posts record profits

22nd February 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia


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PERTH ( – Dual-listed gold miner Perseus Mining has reported a record A$203-million profit after tax for the half-year ended December, as gold production increased

Revenue for the half-year was reported at A$665-million, a 22% increase on the previous corresponding period, while earnings before interest, taxes, depreciation and amortisation increased by 40% to A$354.4-million.

Gold production during the half-year totalled 268 371 oz at an all-in sustaining cost (AISC) of $930/oz. This result included 136 821 oz produced at Yaouré at an AISC of $724/oz, 25 573 oz produced at Sissingué at an AISC of $1 490/oz, and 105 977 oz of gold produced at Edikan at an AISC of $1 059/oz.

“This outstanding operating result has translated into equally outstanding financial results for the period, with record after-tax earnings and operating cashflow reported today,” said Perseus MD and CEO Jeff Quartermaine.

“These results reflect the hard work and dedication of our entire team at Perseus who have ‘walked the talk’ in terms of our core values and not only delivered on our goal, but exceeded it. I congratulate them for this outstanding effort.

“On the back of this result, Perseus has declared an interim dividend of 1.06c per share, consistent with our dividend policy of paying a base dividend yield of 1% per annum. At the conclusion of the financial year ending June 2023, Perseus will review the full-year performance and may choose to declare a bonus dividend to supplement the base dividend, as it did in 2022.

“Our strong financial performance in the December half-year has further strengthened our balance sheet and when combined with further strong projected cashflows that are underpinned by an ‘in-the-money’ hedge position, we are in a very solid position to finance the development of our fourth gold mine, the Meyas Sand in Sudan, from internal resources alone when a final investment decision is taken later this year.”

For the 2023 financial year, Perseus has set a production target of between 498 370 oz to 528 370 oz, at an AISC of between $1 000/oz and $1 100/oz.

Edited by Creamer Media Reporter


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