- Perseus Mining’s positive outlook makes this a gold sector standout: Canaccord Genuity
- Perseus Mining reports another record quarter with gold production exceeding top end of guidance
- Perseus Mining produces another strong quarter at West African gold mines
Quick facts: Perseus Mining Ltd
Perseus Mining Limited (ASX:PRU) is a rapidly growing African gold producer operating three mines in West Africa with the aim of annual production of 500,000 ounces.
Edikan in Ghana has produced around 1.8 million ounces of gold since 2011 and based on current ore reserves, the company expects to recover a further 1.2 million ounces. Sissingue in northern Cote d’Ivoire produces between 70,000 and 100,000 ounces of gold annually at an AISC of around US$760 per ounce.
The third mine, Yaoure in central Cote d’Ivoire, is expected to produce more than 180,000 ounces of gold per year over the first five years of its mine life at an average AISC of around US$734.
03 Aug 2021
(, , ) delivered a stronger than expected June quarter, with group gold production of 103,000 ounces exceeding guidance and FY21 total of 329,000 ounces also above guidance.
The beat was driven by Yaoure, where the production ramp-up exceeded Canaccord’s expectations on throughput, grades and recoveries.
Cashflow beat Canaccord estimates on higher gold production/sales, with Perseus finishing FY21 with net cash of US$56 million (following US$30 million debt repayment).
The following is an extract from Canaccord June quarter recap:
07 Apr 2021
() () () (FRA:P4Q) has demonstrated potential for organic growth of gold inventories across its multi-mine asset portfolio in Cote d’Ivoire with further broad high-grade results from regional drilling at Sissingue and Yaoure.
Wide intercepts of shallow gold mineralisation up to 93 metres at 2.74 g/t gold from 0 metres and 24 metres at 1.18 g/t from 98 metres were returned from Govisou, 3 kilometres from the Yaoure mine.
05 Mar 2021
() () () (FRA:P4Q) has been maintained its SPECULATIVE BUY rating with a target price of C$1.80 by Cormark Securities.
Analyst Nicolas Dion said: “We believe now is a good time to own Perseus Mining; with Yaoure complete and ramping up, free cash flow (FCF) is now set to inflect and PRU has one of the strongest FCF profiles in our coverage.”
21 Jul 2021
() () () (FRA:P4Q) has unveiled another record quarter with both half and full-year gold production exceeding the top end of guidance.
In the June quarter, the company recorded gold production of 102,788 ounces, up 16% on the March 2021 quarter and up 50% on the December 2020 quarter.
21 Jul 2020
Perseus Mining Limited () () (OTCMKTS:PMNXF) has recorded another strong quarter at its West African operations with gold production higher and costs lower.
Managing director and CEO Jeff Quartermaine tells Proactive’s Andrew Scott that production of 64,676 ounces was 12% higher than the previous quarter with 64% of gold produced from the Edikan mine in Ghana and 36% from the Sissingue operation in Cote d’Ivoire.
He said what was particularly pleasing for the company was the reduction in costs with production costs down 15% to US$805 per ounce and AISCs down 14% to US$935 per ounce.
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Perseus Mining Limited (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) has returned financial results described as “outstanding” in the 2020 financial year with EBITDA of $274 million, which was 67% higher than the previous year.
Managing director and CEO Jeff Quartermaine told Proactive that it had been…
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