Perseus Mining (TSE:PRU) closed its 2026 financial year with higher quarterly gold production, record annual notional operating cash flow and more than $1 billion in cash and bullion, while advancing its CMA Underground and Nyanzaga growth projects.
The company produced 109,000 ounces of gold in the June quarter, up 1,869 ounces from the March quarter. Weighted-average production cost was $1,340 per ounce, while all-in site cost was $1,941 per ounce and comparable all-in sustaining cost was $1,865 per ounce.
For the full 2026 financial year, Perseus produced 405,000 ounces at an all-in site cost of $1,750 per ounce. Annual gold sales reached 399,000 ounces at an average realized price of $3,693 per ounce, $1,150 per ounce above the prior financial year. The company reported a record notional operating cash flow of $769 million, up $119 million from fiscal 2025.
Mine-by-Mine Results
Yaouré produced 38,900 ounces during the June quarter at an all-in site cost of $2,277 per ounce. Production included 30,440 ounces from the open pit and 8,472 ounces from the CMA Underground operation.
Processed head grade at Yaouré declined to 1.13 grams per tonne from 1.29 grams per tonne in the previous quarter. Management said heavy rainfall limited access to the higher-grade Yaouré Stage 1 area, while oxide material mined from the Zone 2 deposit in June returned grades below plan. Yaouré sold 39,000 ounces at a realized price of $3,920 per ounce and generated notional cash flow of $50 million.
The CMA Underground commenced stoping in April, completing three stopes and delivering 33,606 tonnes of ore. Lateral development reached 3,604 meters across four declines. Management said the project started later than originally planned because of permitting delays, but the team recovered some lost production through stronger-than-budgeted ramp-up performance. Commercial production is expected later in calendar 2026.
At Edikan, quarterly production was 41,940 ounces at an all-in site cost of $1,959 per ounce. Processed head grade fell to 0.79 grams per tonne from 0.84 grams per tonne as mining moved through lower-grade areas of the Nkosuo pit. Production cost increased 17% quarter over quarter to $1,155 per ounce, reflecting higher diesel prices, greater blasting volumes, rehandle costs and expanded grade-control drilling.
Edikan’s all-in site cost also reflected increased royalties following Ghana’s new scaled royalty regime, effective March 10, 2026. The royalty increase amounted to $216 per ounce, according to the company. Edikan sold 43,868 ounces at $4,347 per ounce and delivered notional cash flow of $100 million. The company also began cutbacks and dewatering at the Fetish and Esuajah North pits, which are expected to become future ore sources after Nkosuo.
Sissingué was the strongest operating performer in the quarter, producing 28,161 ounces at an all-in site cost of $1,550 per ounce. Production increased 11% from the prior quarter and all-in site cost declined 3%, driven by a greater proportion of high-grade ore from the Antoinette pit at Bagoé. Gold sales totaled 31,453 ounces at a realized price of $3,890 per ounce, generating notional cash flow of $66 million.
Growth Projects and Fiscal 2027 Outlook
Perseus expects fiscal 2027 gold production of 420,000 to 480,000 ounces at an all-in site cost of $1,835 to $2,070 per ounce. The guidance assumes a gold price of $4,000 per ounce and government royalty rates of 8% in Côte d’Ivoire and 11% in Ghana.
The forecast includes 55,000 ounces from the Nyanzaga project, based on the project’s April 2025 final investment decision. Nyanzaga is expected to reach commercial production in the fourth quarter of fiscal 2027, and operating costs before commercial production will be capitalized.
Management said Nyanzaga remained on budget and on schedule for first gold in January 2027. The project was 67% complete at the end of June, with $424 million incurred and committed, representing 81% of its $523 million budget. Major process-plant procurement had been completed, site installation contractors had been mobilized and tailings-storage-facility construction was ahead of schedule.
During the call, management said the process plant’s mills and subsequent commissioning represented the critical path to project completion. It added that 1.8 million bank cubic meters had been moved in pre-strip mining at Tusker Hill, while a longer-term mining contract remained under consideration.
Balance Sheet and Shareholder Returns
Chief Financial Officer Lee-Anne de Bruin said Perseus ended June with net cash and bullion of just over $1 billion and liquidity of $1.4 billion, including a $400 million undrawn debt facility. The liquidity figure excludes $230 million of liquid investments related to Predictive Discovery and Aurum.
The increase in cash and bullion followed $276 million of operating cash flow during the quarter, $142 million of growth-project investment, $77 million in corporate and other taxes, and continued share repurchases. The company also received $260 million in proceeds from the sale of its Sudan project during the period.
Perseus completed its initial A$100 million share buyback in June and increased the program to A$150 million on June 15. By the end of June, it had repurchased 24.1 million shares at an average price of A$5.24, representing A$126.6 million in cash outflows. Including an interim dividend of A$0.05 per share, the company returned A$194 million to shareholders during fiscal 2026.
Management said further capital-allocation decisions would be considered alongside the release of the company’s financial statements in August 2026.
About Perseus Mining (TSE:PRU)
Perseus Mining Ltd is engaged in the exploration, evaluation, development, and mining of gold properties in West Africa. The company projects are Sissingue Gold Mine, Edikan Gold Mine in Ghana, and Yaoure Gold Project.
