Perseus Mining’s FY25 Revenue Surges 21.7% Amid Strong Gold Prices
Perseus Mining Limited reported a robust FY25 with a 21.7% revenue increase to US$1.25 billion and a 15.6% rise in profit after tax to US$422 million, driven by higher gold prices despite slightly lower production. The company also declared a final dividend and completed a significant share buyback.
- FY25 revenue up 21.7% to US$1.25 billion
- Profit after tax increased 15.6% to US$422 million
- Gold production of 496,551 ounces at US$1,235 AISC
- Development of Nyanzaga Gold Project and CMA Underground mine
- Final dividend declared at 5.00 Australian cents per share
Strong Financial Performance Amidst Operational Stability
Perseus Mining Limited has delivered a strong financial and operational performance for the fiscal year ended 30 June 2025 (FY25), reporting revenue of US$1.25 billion, a 21.7% increase over the prior year. Profit after tax rose 15.6% to US$422 million, underpinned by a 26% rise in average gold sale prices despite a modest 3% decline in gold production to 496,551 ounces. The company maintained an all-in site cost (AISC) of US$1,235 per ounce, slightly outperforming guidance and reflecting operational efficiencies across its three African mines.
Operational Highlights and Project Development
Perseus’s core operations include the Yaouré and Sissingué mines in Côte d’Ivoire and the Edikan mine in Ghana. Yaouré remained the standout asset, contributing over half of the group’s gold production at an AISC of US$1,101 per ounce. The company is advancing significant development projects, notably the Nyanzaga Gold Project (NGP) in Tanzania, which received a positive Final Investment Decision (FID) in April 2025 and is on track for first gold production in early 2027. Additionally, Perseus is preparing to commence underground mining at the CMA deposit in Côte d’Ivoire, marking the country’s first mechanised underground mine and a milestone for the company’s technical capabilities.
Financial Strength and Shareholder Returns
Perseus ended FY25 with a robust balance sheet, holding US$827 million in cash and bullion and no debt, supported by an undrawn US$300 million revolving credit facility. The company returned value to shareholders through a final dividend of 5.00 Australian cents per share, complementing the interim dividend paid earlier in the year. Perseus also completed a A$100 million share buyback program, which has been renewed for an additional year, signaling confidence in its capital management strategy.
Leadership Transition and Strategic Outlook
FY25 marked the final full year for long-serving Managing Director and CEO Jeff Quartermaine, who announced his retirement effective 30 September 2025. Craig Jones, with over 25 years of global mining experience, has been appointed as his successor, commencing as CEO on 1 October 2025. The company’s leadership transition comes as Perseus continues to focus on sustainable growth, exploration, and operational excellence across multiple African jurisdictions, while navigating geopolitical and environmental challenges.
Commitment to Sustainability and Risk Management
Perseus has integrated sustainability deeply into its operations, with a refined strategy emphasizing people, environment and climate, community development, and governance. The company reported significant improvements in safety metrics and community engagement, alongside advancements in tailings management and climate-related financial disclosures. Enterprise risk management remains a priority, addressing political, security, environmental, and financial risks inherent in its diverse African footprint.
Bottom Line?
With a strong FY25 foundation and key projects advancing, Perseus Mining is poised for growth amid leadership change and evolving market dynamics.
Questions in the middle?
- How will the new CEO Craig Jones influence Perseus’s strategic direction and operational priorities?
- What are the risks and timelines associated with the Nyanzaga Gold Project and CMA Underground mine developments?
- How will Perseus manage geopolitical and environmental risks in its African jurisdictions amid rising gold prices?
