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Perth, July 28, 2025 (GLOBE NEWSWIRE) — JUNE 2025 QUARTER REPORT
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Continued strong performance of Perseus Mining’s operations grows
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cash & bullion balance to US$827 million
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PERTH, Western Australia/July 28, 2025/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three months’ period ended June 30, 2024 (the “Quarter”). Below is a summary of the release. The full report is available at www.perseusmining.com, www.sedarplus.ca and www.asx.com.au.
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- Key operating indicators and highlights for the June 2025 quarter (Q4 FY25) include:
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| PERFORMANCE INDICATOR | UNIT | MARCH 2025 QUARTER | JUNE 2025 QUARTER | JUNE 2025 HALF YEAR | 2025 FINANCIAL YEAR |
| Gold recovered | Ounces | 121,605 | 121,237 | 242,843 | 496,551 |
| Gold poured | Ounces | 122,915 | 119,868 | 242,782 | 495,984 |
| Production Cost | US$/ounce | 977 | 1,038 | 1,008 | 980 |
| All-In Site Cost (AISC) | US$/ounce | 1,209 | 1,417 | 1,313 | 1,235 |
| Gold sales | Ounces | 117,585 | 131,242 | 248,826 | 494,343 |
| Average sales price | US$/ounce | 2,462 | 2,977 | 2,734 | 2,543 |
| Notional Cashflow | US$ million | 152 | 189 | 345 | 650 |
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- Record 12-month rolling average Total Recordable Injury Frequency Rate (TRIFR) of 0.60 is well below industry average.
- Quarterly gold production of 121,237 ounces at a weighted average AISC of US$1,417 per ounce enabled Perseus to achieve production guidance and better
cost guidance for June 2025 half year (2H FY25) and 2025 financial year (FY25). - Average gold sales of 131,242 ounces with a weighted average gold sales price
of US$2,977 per ounce. - Average cash margin of US$1,560 per ounce of gold produced, giving notional operating cashflow of
US$189 million. - Perseus’s gold production and AISC outlook for the next 5 years includes average gold production of 515,000 – 535,000 ounces per year, at an average AISC of US$1,400 – US$1,500 per ounce.
- For the 2026 financial year (FY26), gold production guidance is 400,000 – 440,000 ounces while AISC guidance is US$1,460 – 1,620 per ounce, representing a temporary dip in the longer-term outlook for the Company.
- A Final Investment Decision (FID) was taken during the quarter to develop the Nyanzaga Gold Project (NGP). Site works are accelerating and are on-budget and on schedule, consistent with the target of first gold production in January 2027.
- Outstanding infill drilling results at NGP have Perseus on target for a Mineral Resource and Ore Reserve upgrade in Q3 FY26 resulting in a possible mine life extension.
- Available cash and bullion of US$827 million, plus liquid listed securities of US$118 million, notwithstanding significant payments associated with development of NGP, corporate tax, dividends and share buy-back payments.
- Zero debt and available undrawn debt capacity of US$300 million at quarter-end.
- Perseus’s A$100 million buy-back of its shares continued between blackout periods during the quarter and is currently ~73% complete with 22,995,853 shares purchased and subsequently cancelled.
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GROUP GOLD PRODUCTION AND COST GUIDANCE
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Group gold production and AISC market guidance for FY26 is as follows:
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Table 10: Production and AISC Guidance
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| PARAMETER | UNITS | 2026 FINANCIAL YEAR FORECAST |
| Yaouré Gold Mine | ||
| Production | Ounces | 168,000 – 184,000 |
| All-in Site Cost | USD per ounce | $1,500 – $1,660 |
| Edikan Gold Mine | ||
| Production | Ounces | 154,000 – 169,000 |
| All-in Site Cost | USD per ounce | $1,420 – $1,570 |
| Sissingué Gold Mine | ||
| Production | Ounces | 78,000 – 87,000 |
| All-in Site Cost | USD per ounce | $1,470 – $1,620 |
| PERSEUS GROUP | ||
| Production | Ounces | 400,000 – 440,000 |
| All-in Site Cost | USD per ounce | $1,460 – $1,620 |
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The rise relative to prior periods in Perseus’s guided AISC in FY25 as noted above can be attributed to a range of factors which have been considered in forecasting future operating costs, including an assumed gold price of US$2,700 per ounce for the period.
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A trend of rising costs is evident in the global gold sector, including in West Africa, driven by a range of factors, not the least of which is a steady increase in royalties and indirect charges payable to host governments (and others) which are a function of prevailing gold prices. In other words, as the price of gold rises, so too do expectations by host governments and host communities of an increasing share of the higher gold prices. This occurs in the form of higher royalty and gold price linked indirect charges by governments as well as an increase in the cost of land access and contributions to community assistance funds, demanded by host communities.
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