Perseus Mining Hits 121K Ounces Gold at US$1,417 AISC in Q4 FY25

Strong Operational Performance

Perseus Mining Limited reported a solid operational and financial performance for the June 2025 quarter (Q4 FY25), producing 121,237 ounces of gold at a weighted average all-in-site cost (AISC) of US$1,417 per ounce. This performance met the company’s production guidance and improved cost expectations for both the half-year and full financial year 2025. The average realised gold price surged to US$2,977 per ounce, significantly boosting cash margins to US$1,560 per ounce and generating a notional operating cashflow of US$189 million for the quarter.

The company’s three operating mines; Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana; continued to underpin Perseus’s position as a leading mid-tier gold producer. Yaouré, the largest contributor, increased production by 2% quarter-on-quarter and delivered a cash margin of US$1,824 per ounce. Edikan faced some operational challenges with a dip in production and higher costs due to transitioning pits and weather-related delays, but remains a key asset. Sissingué improved production and reduced costs, benefiting from higher head grades and efficient mining.

Robust Financial Position and Capital Management

Perseus ended the quarter with a strong cash and bullion balance of US$827 million and zero debt, supported by a disciplined capital management approach. The company also holds US$118 million in liquid listed securities. Perseus continued its on-market share buy-back program, with approximately 73% of the A$100 million buy-back completed, reflecting confidence in its cash flow and future prospects.

Capital expenditure during the quarter included US$80 million on organic growth projects, notably the Nyanzaga Gold Project (NGP) in Tanzania and the CMA underground development at Yaouré. Tax payments, dividends, and share buy-back outflows were also significant but well-covered by operating cashflows.

Nyanzaga Gold Project – A Major Growth Catalyst

The quarter marked a major milestone with Perseus taking the Final Investment Decision to develop the Nyanzaga Gold Project, targeting first gold production in January 2027. The project, with an estimated 11-year mine life and average annual production exceeding 200,000 ounces, is expected to deliver an average AISC of US$1,211 per ounce. Capital investment is budgeted at US$523 million, with construction progressing on schedule and approximately 4.6% complete by quarter-end.

Nyanzaga’s development is supported by strong technical and economic fundamentals, including a pre-tax net present value of US$404 million at a 10% discount rate and an internal rate of return of 26%. The project benefits from improved regional infrastructure, notably the new Magufuli Bridge, which enhances logistics and accessibility.

Five-Year Outlook and Exploration Progress

Perseus provided a five-year production outlook forecasting annual gold output between 515,000 and 535,000 ounces at a stable AISC range of US$1,400 to US$1,500 per ounce. This outlook assumes steady operational conditions and incorporates the ramp-up of Nyanzaga and the CMA underground project. The company’s portfolio approach aims to mitigate cost volatility and sustain strong cash margins.

Exploration activities remain active across Perseus’s asset base, with ongoing drilling programs in Côte d’Ivoire, Ghana, Tanzania, and Sudan. Notably, encouraging drilling results at Nyanzaga’s Tusker and Kilimani deposits support potential resource upgrades and mine life extensions. Perseus continues to invest in resource definition and target generation to underpin future growth.

Sustainability and Governance Highlights

Perseus achieved record low injury rates with a Total Recordable Injury Frequency Rate (TRIFR) of 0.60, a 50% improvement over two years, underscoring its commitment to safety. The company also delivered significant economic contributions to host countries, with US$231 million paid in the quarter including local procurement, wages, taxes, and social investments. Environmental performance remained stable with no significant incidents reported.

Governance was strengthened by the appointment of James Rutherford, a seasoned mining investment professional, to the Board as an independent non-executive director, bringing valuable financial and sector expertise.