PERTH (miningweekly.com) – Dual-listed gold miner Perseus Mining has posted record financial results for the year ended June, as both gold production and gold prices increased.

Perseus on Thursday reported a 27% increase in revenue for the full year, compared with the 2022 financial year, increasing from A$1.1-billion to A$1.42-billion, on the sale of 537 564 oz of gold, up from the 481 075 oz sold in the previous financial year.

Average realised gold prices also increased by 7% during the period under review, to $1 802/oz.

Earnings before interest, taxes, depreciation and amortisation increased by 46%, from A$564.1-million to A$821.3-million, while profits after tax increased by 70%, from A$279.9-million to A$476.7-million.

“Record financial results for FY23 reflect our continued strong operating performance at all levels of our business. Combined, our three West African gold mines are producing above our targeted rate of production with 535 281 oz of gold produced in FY23, at a weighted average all-in site cost of $959/oz, a cost that is very competitive when compared to most of our global peers,” said Perseus MD and CEO Jeff Quartermaine.

“Our strong financial results have enabled us to add a bonus dividend to our final dividend for FY23, bringing our full year dividend yield to 2%, without materially detracting from our balance sheet or importantly, our ability to fund future growth.

“Since our maiden dividend distribution in August 2021, Perseus has returned nearly A$100-million to its shareholders via dividends, and we have done this while investing record amounts of money in the economies of our host countries and host communities and paying bonuses to our local and expatriate employees who have delivered these outstanding results. In other words, we are delivering on our corporate mission of generating material benefits for all of our key stakeholders in fair and equitable proportions, and we look forward to continuing this in the years to come.”

Looking ahead at the first half of the 2024 financial year, Perseus has set a production target of between 242 500 oz and 272 500 oz, at an all-in sustaining cost of between $1 080/oz and $1 190/oz.