Perseus Mining Commits $34M to Extend Yaouré Gold Mine Life with Strong Drilling Results
Perseus Mining is ramping up underground production and expanding its resource base at the Yaouré Gold Mine in Côte d’Ivoire, supported by a $34 million FY27 drilling program aimed at extending mine life and boosting mineral resources.
- CMA underground transitions to stoping with encouraging initial production
- Yaouré open pit delivers 24% more gold than reserve estimates over six months
- $34 million committed to FY27 drilling targeting resource conversion and extensions
- Exploration success at CMA Southwest, ROZA, and Zain 2 deposits supports mine life growth
- Ongoing work on processing optimisation to increase mill throughput and production
CMA Underground Hits Production Milestone
Perseus Mining Limited (ASX:PRU) has marked a significant operational milestone at its Yaouré Gold Mine in Côte d’Ivoire, with the CMA underground mine successfully transitioning into stoping operations in late April 2026. The underground development is progressing on schedule, with a record 1,598 metres of development achieved in Q3 FY26 and over 53,000 tonnes of ore mined by the end of April, including initial stoping ore.
Early stoping results at the Blika 1120-S-STP-675 stope have met expectations, with higher mining recovery offsetting slightly increased dilution. Perseus is fine-tuning drill and blast parameters and updating geotechnical designs to optimise future stoping performance. The mobilisation of a third jumbo is underway to boost ore delivery and facilitate underground exploration drilling drives.
Yaouré Open Pit Outperforms Reserve Model
The Yaouré open pit, which has been the main ore source since mid-2024 following completion of the CMA open pit, has exceeded reserve model expectations by a substantial margin. Over the trailing six months to March 2026, contained gold delivered to the mill was 24% higher than the reserve model predicted, driven by the identification of additional mineralisation domains through detailed grade control drilling.
Specifically, the March quarter saw a 49% increase in ore tonnage milled relative to reserve estimates, with only a minor variance in grade, resulting in a 39% uplift in contained gold. This positive reconciliation trend, attributed to the complex mineralisation and closer spaced 8 m × 5 m grade control drilling, suggests potential upside to mine life and production profiles, although Perseus cautions that continuation of this trend is not guaranteed.
Aggressive $34 Million Drilling Program to Boost Resources
Backing its confidence in Yaouré’s organic growth potential, Perseus has committed US$34 million for FY27 to undertake approximately 123 kilometres of resource definition, geotechnical, and metallurgical drilling. The primary goal is to convert Inferred Mineral Resources to Indicated status, supporting potential Ore Reserve growth and extending the mine life beyond current estimates.
This program also targets near-mine exploration extensions at deposits including CMA Southwest, ROZA, and Zain 2, where recent drilling has delivered encouraging intercepts such as 40 metres at 2.26 g/t gold at CMA Southwest and 15.7 metres at 3.36 g/t gold extending the CMA underground mineralisation. The results will feed into an updated Ore Reserve statement expected in August 2026.
Exploration Success Sustains Yaouré’s Position
Perseus’s exploration track record at Yaouré has been robust, replacing 76% of Ore Reserves mined since the initial 1.52 million ounce reserve was established. This has extended the mine life from an original nine years to 15 years. The recent drilling campaigns have continued to confirm mineralisation along strike and at depth, reinforcing the potential for further extensions.
The company is also evaluating capital and operational improvements, including processing plant optimisation, to increase throughput and maximise gold production. These initiatives aim to leverage the installed capital and deliver low-risk, low-cost ounces to Perseus’s portfolio.
Outlook and Next Steps
Perseus’s Managing Director Craig Jones emphasised the disciplined approach to organic growth, highlighting the value of investing in drilling to convert resources and extend the life of a well-understood asset. The company plans to provide further updates as drilling progresses and the updated resource and reserve estimates are released.
With underground production ramping up and open pit operations outperforming reserve models, Perseus is well positioned to capitalise on Yaouré’s growth opportunities. However, the continuation of positive reconciliation trends and exploration success remains subject to geological and operational uncertainties.
Bottom Line?
Perseus’s $34 million exploration push and underground ramp-up at Yaouré underline its commitment to extending mine life, but sustaining recent gains will be key to unlocking long-term value.
Questions in the middle?
- Will the positive reconciliation trend at Yaouré open pit persist beyond recent quarters?
- How soon can Perseus convert the promising exploration results into upgraded Ore Reserves?
- What impact will processing plant optimisation have on production rates and costs?
