Perseus Mining September Quarter Report
Perth, Oct. 23, 2024 (GLOBE NEWSWIRE) --
Perseus Mining consistently delivers strong production, cashflow and growth, resulting in a cash & bullion balance of US$643 million
Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three months’ period ended September 30, 2024 (the “Quarter”).
- Key operating indicators and highlights for the September 2024 quarter (Q1 FY25) include:
| PERFORMANCE INDICATOR | UNIT | MARCH 2024 QUARTER | JUNE 2024 QUARTER | JUNE 2024 HALF YEAR | SEPTEMBER 2024 QUARTER | CALENDAR 2024 YEAR TO DATE |
| Gold recovered | Ounces | 127,471 | 120,929 | 248,400 | 121,290 | 369,690 |
| Gold poured | Ounces | 128,356 | 121,726 | 250,084 | 121,370 | 371,453 |
| Production Cost | US$/ounce | 923 | 947 | 934 | 991 | 953 |
| All-In Site Cost (AISC) | US$/ounce | 1,091 | 1,173 | 1,130 | 1,201 | 1,153 |
| Gold sales | Ounces | 115,648 | 141,930 | 257,578 | 108,894 | 366,472 |
| Average sales price | US$/ounce | 2,025 | 2,117 | 2,076 | 2,249 | 2,127 |
| Notional Cashflow | US$ million | 119 | 117 | 236 | 127 | 363 |
- Group 12-month rolling average TRIFR at 0.97, a reduction compared to the June 2024 quarter (Q4 FY24) of 1.06 and well below industry average.
- 121,290 ounces of gold produced at a weighted average All-in-Site Cost (AISC) of US$1,201 per ounce.
- Average gold sales decreased 23% to 108,894oz due to the timing of gold shipments. The average gold sales prices increased 6% quarter-on-quarter to US$2,249 per ounce.
- Gold production and AISC remains on track to achieve market guidance for the December 2024 Half Year (1H FY25) and Calendar Year 2024 (CY24).
- Market guidance remains unchanged at 220,000 to 260,000 ounces at US$1,230 to US$1,330 per ounce for H1 FY25 and 468,400 ounces to 508,400 ounces at US$1,182 to US$1,223 per ounce for CY24.
- An average cash margin of US$1,048 per ounce of gold produced resulted in notional operating cashflow of US$127 million for the quarter and US$363 million for CY24 to date.
- Available cash and bullion of US$643 million, plus liquid, listed securities of US$84 million and zero debt, with US$300 million of undrawn debt capacity available at the end of Q1 FY25.
- Work on Perseus’s two development projects, the CMA Underground project at Yaouré and the recently acquired Nyanzaga Gold Project in Tanzania, progressed towards a Final Investment Decisions (FID) around year end.
- Acquired a 19.9% stake in ASX-listed Predictive Discovery Limited with the cash outlay largely offset by the proceeds received from the sale of Perseus’s 9.6% interest in TSX-V listed Montage Gold Corp.
Group Gold Production and Cost Market Guidance
Forecast group gold production and AISC for the December 2024 half year (1H FY25) and full 2024 calendar year remains unchanged and is shown in the Table below.
Production and Cost Guidance
| PARAMETER | UNITS | JUNE 2024 HALF YEAR (ACTUAL) | DECEMBER 2024 HALF YEAR FORECAST | 2024 CALENDAR YEAR FORECAST |
| Yaouré Gold Mine | ||||
| Production | Ounces | 116,478 | 108,000 - 124,000 ounces | 224,478 – 240,478 ounces |
| All-in Site Cost | USD per ounce | 1,103 | US$1,175 - 1,275/ per ounce | US$1,140 - 1,186 per ounce |
| Edikan Gold Mine | ||||
| Production | Ounces | 96,433 | 82,000 to 98,000 ounces | 178,433 to 194,433 ounces |
| All-in Site Cost | USD per ounce | 999 | US$1,200 -1,300 per ounce | US$1,100 -1,137 per ounce |
| Sissingué Gold Mine | ||||
| Production | Ounces | 35,489 | 30,000 – 38,000 ounces | 65,489 – 73,489 ounces |
| All-in Site Cost | USD per ounce | 1,578 | US$1,500 – 1,600 per ounce | US$1,538 – 1,588 per ounce |
| PERSEUS GROUP | ||||
| Production | Ounces | 248,400 | 220,000 – 260,000 ounces | 468,400 – 508,400 ounces |
| All-in Site Cost | USD per ounce | 1,130 | US$1,230 – 1,330 per ounce | US$1,182 – 1,223 per ounce |
DECEMBER 2024 QUARTER EVENTS & ANNOUNCEMENTS
- Oct 23 – September 2024 Quarterly Report & Webinar
- Nov 6 – Macquarie WA Forum
- Nov 11 & 12 – UBS Australasia Conference
- Nov – FID on CMA Underground Project & Award of Underground Mining Services COntracct
- Nov 22 – Annual General Meeting
Competent Person Statement
All production targets referred to in this release are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code.
Edikan
The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Edikan was updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 21August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Edikan Gold Mine, Ghana” dated 7 April 2022 continue to apply.
Sissingué, Fimbiasso and Bagoé
The information in this release that relates to the Mineral Resources and Ore Reserve at the Sissingué complex was updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply.
Yaouré
The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Yaouré was updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 19 December 2023 continue to apply.
Nyanzaga Gold Project
ASX Listing Rules disclosure
All information on the Nyanzaga Mineral Resource and Ore Reserve estimates has been extracted from the OreCorp ASX announcements dated 12 September 2017 titled “MRE Update for the Nyanzaga Project Increasing Category and Grade”, 5 May 2022 titled “DFS Completion and Kilimani Mineral Resource Estimate update within the Nyanzaga Special Mining Licence – Tanzania”, and 22 August 2022 titled “Nyanzaga DFS Delivers Robust Results” available on www.perseusmining.com. Perseus confirms that it is not aware of any new information or data that materially affect the information included in the original ASX announcements and that all material assumptions and technical parameters underpinning the estimates in the ASX announcements continue to apply and have not materially changed. Perseus confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original ASX announcements.
Canadian National Instrument NI43-101 disclosure
The information in this release relating to the Nyanzaga Gold Project is extracted from the OreCorp ASX announcements dated 12 September 2017 titled “MRE Update for the Nyanzaga Project Increasing Category and Grade”, 5 May 2022 titled “DFS Completion and Kilimani Mineral Resource Estimate update within the Nyanzaga Special Mining Licence – Tanzania”, and 22 August 2022 titled “Nyanzaga DFS Delivers Robust Results” available on www.perseusmining.com. A Qualified Person has not done sufficient work to classify the Historical Estimates as current. As such, any Mineral Resource and Mineral Reserve estimates included in this section are Historical Estimates as defined in Canadian National Instrument 43-101 and are not reported as current Perseus estimates. The OreCorp Feasibility Study includes key assumptions for commodity prices, gold mining and processing costs, and there have been no material changes in assumptions. The OreCorp Feasibility Study in its current form is a comprehensive compilation of all available data applicable to the estimation of Mineral Resources and Mineral Reserves. Reference is made to Perseus’s news release dated 31 May 2024 titled "Perseus progresses Nyanzaga Gold Project” for further clarifying statements. Perseus confirms the applicability of these statements have not materially changed.
Meyas Sand Gold Project
The information in this report that relates to the mineral resources and probable reserves of the Meyas Sand Gold Project was first reported by the Company in a market announcement “Perseus Enters Into Agreement to Acquire Orca Gold Inc.” released on 28 February 2022. The Company confirms it is not in possession of any new information or data relating to those estimates that materially impacts of the reliability of the estimate of the Company’s ability to verify the estimate as a mineral resource or ore reserve in accordance with Appendix 5A (JORC Code) and the information in that original market release continues to apply and have not materially changed. These estimates are prepared in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the resource in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code. This release and all technical information regarding Orca’s NI 43-101 have been reviewed and approved by Adrian Ralph, a Qualified Person for the purposes of NI 43-101.
Caution Regarding Forward Looking Information:
This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update forward-looking information, except in accordance with applicable securities laws.
| ASX/TSX CODE: PRU CAPITAL STRUCTURE: Ordinary shares: 1,376,151,886 Performance rights: 6,941,689 REGISTERED OFFICE: Level 2 437 Roberts Road Subiaco WA 6008 Telephone: +61 8 6144 1700 www.perseusmining.com | DIRECTORS: Rick Menell Non-Executive Chairman Jeff Quartermaine Managing Director & CEO Amber Banfield Non-Executive Director Elissa Cornelius Non-Executive Director Dan Lougher Non-Executive Director John McGloin Non-Executive Director | CONTACTS: Jeff Quartermaine Managing Director & CEO jeff.quartermaine@perseusmining.com Stephen Forman Investor Relations +61 484 036 681 stephen.forman@perseusmining.com Nathan Ryan Media +61 420 582 887 nathan.ryan@nwrcommunications.com.au |
Attachment
