AustralianSuper Boosts Stake in Perseus Mining to 8.31% Following Two Months of Purchases

AustralianSuper Raises Perseus Mining Holding to 110,278,060 Shares

Based in Melbourne at Level 30, 130 Lonsdale Street, AustralianSuper Pty Ltd officially informed Perseus Mining Limited of its increased substantial holding. The fund’s voting power in the gold producer climbed to 8.31%, up from 7.30% as reported in its prior substantial holder notice dated 1 May 2026 and lodged on 5 May 2026. This 1.01 percentage point rise corresponds to an addition of approximately 12,001,612 ordinary shares during the relevant timeframe.

The notice, signed by Amar Rashid, Principal, Portfolio Compliance Investments at AustralianSuper, is dated 2 July 2026. JPMorgan Nominees Australia Ltd is recorded as the registered holder and the entitled party for the shares. The relevant interest is classified as "Shareholder" across all 110,278,060 ordinary shares, each carrying equal voting rights.

Consistent Buying Over Two Months via JPMorgan Nominees Drives Stake Increase

Annexure A of the notice outlines more than 60 individual transactions executed between 1 May 2026 and at least 17 June 2026 through JPMorgan Nominees Australia Ltd. The majority were purchases, with a few sales interspersed, indicating a deliberate accumulation or portfolio rebalancing strategy rather than a single block acquisition.

Notable single-day purchases include 2,898,993 shares acquired on 9 June 2026 for $13,625,743.99, 2,345,063 shares on 6 May 2026 for $12,548,801.63, and 1,489,881 shares on 15 May 2026 for $8,256,440.33. These transactions constitute a significant portion of the net increase over the two-month period.

Net Share Growth from May to June 2026 Reflects Predominant Buying Activity

Although AustralianSuper executed several sales during this period—including 26,500 shares sold on 3 June 2026 for $136,870.50 and 14,717 shares on 29 May 2026 for $75,762.80—the overall activity favored purchases. The sales appear consistent with routine portfolio management or index rebalancing rather than a strategic reduction.

The cumulative net effect is an increase of about 12,001,612 ordinary shares. While individual transaction values are disclosed, the company did not provide a total cost for the entire accumulation program in this announcement.

Comparison to AustralianSuper’s Previous Perseus Mining Disclosure

The earlier substantial holder notice from 1 May 2026 reported a 7.30% voting power based on 98,276,448 shares, lodged on 5 May 2026. The current filing, reflecting holdings as of 30 June 2026, shows the fund surpassed the 1% threshold that mandates updated disclosure.

According to the Corporations Act 2001, holders with 5% or more voting power must notify the company when their stake changes by 1% or more. This filing confirms AustralianSuper’s net accumulation triggered that obligation. The notice states no changes in association with other parties and confirms no associates are involved in the current holding.

Role of JPMorgan Nominees Australia Ltd in Share Transactions

All transactions listed in Annexure A were conducted via JPMorgan Nominees Australia Ltd, which serves as the registered holder on behalf of AustralianSuper. This custodial arrangement is typical for large institutional investors, where the beneficial owner retains economic and voting rights while the nominee appears on the register. This setup does not alter AustralianSuper’s classification as a direct shareholder.

Using JPMorgan Nominees as custodian aligns with standard institutional investment practices in Australian equities. All voting rights attached to the 110,278,060 shares are attributed to AustralianSuper, granting it 8.31% voting capacity at Perseus Mining shareholder meetings.

Perseus Mining as an Institutional Investment Target

Perseus Mining Limited operates as a mid-tier gold producer with assets in Ghana, Côte d'Ivoire, and Sudan. Listed on the ASX, it features in various Australian equity indices, attracting interest from large domestic superannuation funds managing diversified portfolios. AustralianSuper, as a leading industry superannuation fund, commonly holds positions in ASX-listed resources companies under its broad mandate.

The two-month accumulation involving numerous transactions may reflect AustralianSuper’s assessment of Perseus Mining’s valuation, gold price outlook, or index positioning. However, the notice includes no commentary from AustralianSuper on investment rationale or future intentions.

Transaction Details Show Methodical Accumulation in May and June

Annexure A reveals AustralianSuper, through JPMorgan Nominees, was active on most trading days from early May to mid-June 2026. Purchase sizes varied from as few as 300 shares ($1,513.73) on 4 June 2026 to as many as 2,898,993 shares ($13,625,743.99) on 9 June 2026, indicating adjustments based on market conditions and liquidity.

Sell transactions were smaller, with the largest being 26,500 shares ($136,870.50) on 3 June 2026. Other notable sales included 14,717 shares ($75,762.80) on 29 May 2026 and 10,019 shares ($51,791.76) on 1 June 2026. This imbalance confirms the net accumulation reflected in the voting power increase from 7.30% to 8.31%.

Implications of the 8.31% Stake for Perseus Mining’s Shareholder Base

Holding 110,278,060 ordinary shares, AustralianSuper now commands a significant blocking and influence position on Perseus Mining’s register. While 8.31% falls short of the 20% threshold that triggers Australian takeover provisions, it represents a meaningful institutional stake with influence over ordinary resolutions, making AustralianSuper one of the company’s largest disclosed shareholders.

For Perseus Mining’s board and management, the presence of a major superannuation fund at this level signals long-term institutional confidence. Such funds typically maintain extended investment horizons and engage actively in governance. The immediate share price impact of this disclosure was not evident from public information.

Next Disclosure Milestones and Investor Considerations

Under continuous disclosure rules for substantial holders, AustralianSuper must file another notice if its voting power shifts by 1% or more from the current 8.31%—whether increasing to 9.31% or decreasing to 7.31%. Investors tracking Perseus Mining’s register should watch for future Form 604 filings as indicators of further portfolio moves.

The next critical point will be whether AustralianSuper continues accumulating in July 2026 and beyond or if the 30 June 2026 position marks a pause after rebalancing. No guidance or public statements on future intentions were provided in the notice.

Compliance and Filing Timeline for the Notice

The Form 604 Notice of Change of Interests of Substantial Holder was prepared under Section 671B of the Corporations Act 2001. The change was recorded as of 30 June 2026, with the notice signed by Amar Rashid, Principal, Portfolio Compliance Investments at AustralianSuper, on 2 July 2026. The prior notice was dated 1 May 2026 and lodged on 5 May 2026.

The filing confirms no changes in association with other parties since the last report, with the relevant section marked not applicable. AustralianSuper’s address is listed as Level 30, 130 Lonsdale Street, Melbourne, VIC 3000. All procedural and disclosure requirements under the Corporations Act appear met in the submission lodged with Perseus Mining Limited.