SEPTEMBER 2023 QUARTER REPORT
Perseus continues its market leading
operating performance,
increasing its cash and bullion balance
to US$594M.
PERTH, Western Australia/ October 24,
2023/Perseus Mining Limited (“Perseus” or the “Company”)
(TSX & ASX: PRU) reports on its activities for the three
months’ period ended September 30, 2023 (the “Quarter”).
- Key operating
highlights for the September 2023 quarter
include:
Quarterly gold production of
132,804 ounces at AISC of
US$937 per ounce.
Production and cost guidance
for the Half Year to 31 December 2023 remain
unchanged.
Quarterly gold sales of
115,954 ounces, 17.5% below the June 2023 quarter
due to timing of sales.
Average sale price of gold was
US$1,936 per ounce, up US$3 per ounce from the
June 2023 quarter.
Average cash margin of US$999 per
ounce of gold sold, up 8% (+US$73 per ounce) from the June
2023 quarter.
Notional cashflow of
US$132 million during the quarter, up 4% (+US$5
million) from the June 2023 quarter.
Strong quarterly cashflows have further
strengthened Perseus’s financial position with available
cash and bullion of US$594 million, an increase of
US$72 million during the September 2023 quarter.
Zero debt with undrawn debt
capacity of US$300 million.
Group 12-month rolling average TRIFR at
1.07, down from 1.20 in the June 2023 quarter.
- Key operating
indicators for the September 2023 quarter and the Calendar
Year 2023 to date include:
PERFORMANCE INDICATOR |
UNIT |
MARCH 2023 QUARTER |
JUNE 2023 QUARTER |
JUNE 2023 HALF YEAR |
SEPTEMBER 2023QUARTER |
CALENDAR 2023 YEAR TO DATE |
Gold recovered |
Ounces |
130,275 |
136,634 |
266,909 |
132,804 |
399,713 |
Gold poured |
Ounces |
130,512 |
137,586 |
268,098 |
132,717 |
400,815 |
Production Cost |
US$/ounce |
831 |
811 |
820 |
805 |
815 |
All-In Site Cost (AISC) |
US$/ounce |
971 |
1,007 |
989 |
937 |
972 |
Gold sales |
Ounces |
135,111 |
140,533 |
275,644 |
115,954 |
391,598 |
Average sales price |
US$/ounce |
1,821 |
1,933 |
1,878 |
1,936 |
1,895 |
Cash margin |
US$/ounce |
850 |
926 |
889 |
999 |
923 |
Notional Cashflow |
US$ million |
111 |
127 |
238 |
132 |
370 |
- Demonstrated
financial capacity to continue business
growth either through organic growth or M&A activity
via value accretive opportunities or a more
aggressive approach to capital
management.
-
Yaouré Gold Mine Ore Reserves
increased to 37.2 million tonnes of ore grading 1.73 g/t gold and
containing 2.07 Moz from open pits and underground
operations. Life of mine extended to 2035, with
potential for further extension.
- Planning is
currently underway to upgrade security arrangements and recommence
Mineral Resource definition drilling at Meyas Sand Gold
Project in Sudan.
- Perseus’s total
economic contribution of ~US$129 million
(approximately 58% of revenue) to host countries of Ghana, Côte
d’Ivoire and Sudan during the quarter, supporting its
strong social licence to operate in these
countries.
Perseus’s Managing Director and CEO Jeff Quartermaine
said:
“This quarter, Perseus has produced another
excellent operating performance with the Group’s gold production
and AISC outperforming internal targets, placing the Company on a
firm footing to once again, achieve or potentially outperform
market guidance for the current Half Year Period ending 31 December
2023.
During the quarter, we also reported adding more
ounces of gold to our gold inventory than we depleted through
mining activities in the preceding 12-month period. At Yaouré, our
flagship gold mine, not only have we demonstrated our ability to
grow our business through organic means by increasing JORC
Compliant Ore Reserves and Mineral Resources, but we have also
extended its operating life to 2035 by adding an underground mining
operation to the existing open pit operation.
Our cash balance continues to grow. This
quarter, we have added US$72 million to our cash and bullion
balance increasing it to US$594 million. We have zero debt and
US$300 million of undrawn debt capacity. As a result, we are in an
excellent position to either continue to grow our business through
organic or inorganic means, or actively return capital to
shareholders, should this prove to be a more appropriate use of
funds.”
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 24
August 2023. 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 24 August
2023. 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 announces Open Pit and Underground Ore Reserve update at
Yaouré” released on 23 August 2023. 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 18
December 2017 continue to apply.
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: PRUCAPITAL
STRUCTURE:Ordinary shares: 1,373,025,881Performance
rights: 9,923,706REGISTERED OFFICE:Level 2437
Roberts RoadSubiaco WA 6008Telephone: +61 8 6144 1700Email:
IR@perseusmining.comwww.perseusmining.com |
DIRECTORS:Mr Sean HarveyNon-Executive ChairmanMr
Jeff QuartermaineManaging Director & CEOMs Amber
BanfieldNon-Executive Director Ms Elissa CorneliusNon-Executive
DirectorMr Dan LougherNon-Executive DirectorMr John
McGloinNon-Executive DirectorMr David RansomNon-Executive
Director |
CONTACTS:Jeff
QuartermaineManaging Director &
CEOjeff.quartermaine@perseusmining.comNathan
RyanCorporate Relations+61 420 582
887nathan.ryan@nwrcommunications.com.au |
- 20231024 TSX Release_Quarterly Report FY24-Q1_Final
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