Perseus Mining’s Cash Rises to US$817M as Nyanzaga Advances and Meyas Sand Sale Completes

Strong Production and Cashflow Lift Perseus’s Balance Sheet

Perseus Mining (ASX:PRU) posted a robust March quarter with gold production surging 21% quarter-on-quarter to 107,144 ounces across its three operating mines in Côte d’Ivoire and Ghana. This production boost, combined with a soaring average realised gold price of US$4,143 per ounce, propelled notional operating cashflow to US$252 million, a hefty US$107 million increase from the previous quarter.

The company’s cash and bullion holdings climbed to a substantial US$817 million, bolstered by zero debt and liquid listed securities valued at US$254 million. This financial strength provides Perseus with considerable flexibility as it advances key projects and executes strategic initiatives.

Nyanzaga Project Development Progresses On Schedule

The Tanzanian Nyanzaga Gold Project, Perseus’s flagship development, remains on track for first gold production in January 2027. At the end of March, the project was 48% complete with US$220 million spent against a US$523 million budget. Major procurement milestones have been achieved, including fabrication of critical process plant components and commencement of tailings storage facility construction ahead of schedule.

With over 5.4 million worked hours logged and zero lost time injuries, the project’s workforce has expanded to more than 3,162 personnel. Perseus’s steady progress at Nyanzaga is a key growth lever, complementing its strong operating cashflows from existing mines.

Meyas Sand Project Sale Finalised for US$260 Million

Perseus confirmed the completion of the sale of its 70% group interest in the Meyas Sand Gold Project in Sudan to Hong Kong Matrix Golden Fortune Mining Limited for US$260 million. The transaction, first announced in March, included a US$10 million deposit and a final payment of US$250 million upon completion on 22 April 2026.

This divestment follows a strategic review influenced by ongoing regional conflict and allows Perseus to reallocate resources towards its core operations and development projects. The proceeds are expected to further strengthen the company’s balance sheet and support additional capital returns to shareholders.

This sale marks a significant portfolio reshaping, echoing Perseus’s recent financial discipline and focus on high-quality assets, as previously detailed in its Meyas Sand Project sale announcement.

Operational Highlights and Cost Management

Yaouré, Edikan, and Sissingué mines all contributed to the production uplift. Yaouré’s open pit gold output increased 9% to 34,960 ounces with an AISC of US$2,049 per ounce, reflecting higher grades and improved mining efficiency. Edikan in Ghana delivered 45,123 ounces at an AISC of US$1,539 per ounce, benefiting from increased throughput and favourable ore blend. Sissingué’s production jumped 38% to 25,455 ounces, with a 7% reduction in AISC to US$1,708 per ounce, driven by ramp-up at the Bagoé satellite deposit.

Perseus continues to monitor fuel supply risks amid geopolitical tensions but reported no operational disruptions during the quarter. Diesel accounts for approximately 10% of group AISC, underscoring the sensitivity of costs to fuel price fluctuations.

Strategic Investments and Exploration Activity

In addition to operational execution, Perseus expanded its West African footprint by acquiring a 9.9% stake in Aurum Resources Limited (ASX:AUE), developer of the Boundiali Gold Project adjacent to Perseus’s Sissingué mine. This investment aligns with Perseus’s strategy to leverage regional synergies and exploration upside.

Exploration remains active across the portfolio, with drilling programs advancing at Yaouré, Edikan, and Nyanzaga. The company continues to refine ore reserve models and pursue extensions of mineralisation, aiming to sustain production profiles and support future growth.