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Perth, April 28, 2025 (GLOBE NEWSWIRE) — PERSEUS MINING PROCEEDS WITH DEVELOPMENT OF THE NYANZAGA GOLD PROJECT
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Perth, Western Australia/ April 28, 2025/ Perseus Mining Limited (ASX/TSX: PRU) is pleased to announce that a Final Investment Decision (FID) has been taken to develop the Nyanzaga Gold Project (NGP) in Tanzania, following an update of the NGP Feasibility Study (FS).
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Perseus has committed to invest approximately US$523 million (including contingency) to develop and prepare for the operation of the mine that is expected to produce first gold in Q1 2027. The NGP development will be solely financed via interest free, intercompany loans provided by Perseus from its existing cash and bullion balance of US$801 million as of 31 March 2025.
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In anticipation of an affirmative FID, Perseus has spent approximately US$27.5 million to date to build project team capacity and commence early works that include site establishment, installation of temporary construction accommodation, and bulk earthworks as well as implementing the Relocation Action Plan (RAP) to construct new dwellings for people impacted by future construction and operating activities.
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The updated FS incorporates findings and recommendations from a range of comprehensive technical assessments made by Perseus’s technical team. Notably, Perseus has opted for a large scale, wholly open-pit mining operation, for the first phase of development, in preference to a smaller scale, combined open pit – underground option contemplated by the previous owners. Key metrics associated with the NGP include the following:
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Production & Cost Metrics (100% basis):
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- Total gold production over an 11-year, Phase 1 mine life is currently estimated to be 2.01 Moz based on a JORC 2012 Probable Ore Reserve of 52.0 Mt @ 1.40 g/t gold for 2.3 Moz.
- Gold production averages over 200,000 ounces of gold per annum from FY28 to FY35, with peak production of 246,000 ounces in FY28.
- Over the life of the mine, the estimated average All-In Site Cost (AISC) is US$1,211/oz.
- Capital cost for the plant and site infrastructure is estimated at US$472 million inclusive of US$49 million of contingency, and pre-production capital of US$51 million, giving a total capital cost to first gold pour of US$523 million.
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Investment Metrics (100% basis)1:
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Applying Perseus’s assumed long-term gold price of
US$2,100/oz, the NGP’s investment metrics include:
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- Undiscounted free cashflow pre-tax of US$1,133 million and post-tax of US$706 million, (or US$2,252 million pre-tax and US$1,471 million post-tax at a gold price of US$2,700/oz.)
- Net Present Value (NPV10%) of US$404 million pre-tax and US$202 million post-tax, (or US$1,010 million pre-tax and US$617 million post-tax at a gold price of US$2,700/oz).
- Internal Rate of Return (IRR) of 26% pre-tax and 19% post-tax (or 45% pre-tax and 34% post-tax at a gold price of US$2,700/oz).
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