AustralianSuper Raises Stake in Perseus Mining to 8.31% Following $13.6 Million Purchase in June

AustralianSuper Surpasses 8% Ownership in Perseus Mining for the First Time

The Form 604 filed with the ASX on 2 July 2026 confirms AustralianSuper Pty Ltd, based at Level 30, 130 Lonsdale Street, Melbourne, has exceeded the 8% voting power threshold in Perseus Mining. The fund's stake now stands at 8.31%, representing 110,278,060 ordinary shares, compared to the 7.30% or 98,276,448 shares reported in its prior substantial holder notice dated 1 May 2026. This net increase of about 12,001,612 shares marks a significant escalation in AustralianSuper's commitment to the gold miner.

The notice was signed by Amar Rashid, Principal, Portfolio Compliance Investments at AustralianSuper, and dated 2 July 2026. It covers a busy two-month period from 1 May 2026 to 30 June 2026 during which the fund completed numerous buy and sell transactions. While the overall trend was accumulation, the trading activity reflects a disciplined, active approach to managing the position rather than a single tranche purchase.

JPMorgan Nominees Australia Ltd Facilitated All Trades on Behalf of AustralianSuper

All transactions detailed in Annexure A of the notice were conducted by JPMorgan Nominees Australia Ltd as the registered holder acting for AustralianSuper. This custodial arrangement is common among large institutional investors in Australian equity markets, enabling the beneficial owner — AustralianSuper — to maintain its investment while securities are held in the custodian's name for administrative and settlement purposes.

The current relevant interests table shows JPMorgan Nominees Australia Ltd remains both the registered holder and entitled entity for the 110,278,060 ordinary shares, with AustralianSuper as the beneficial owner. No associates were reported, with the changes in association section marked "N/A".

Forty-Eight Transactions Executed Between May and June 2026

The transaction log in Annexure A reveals frequent market activity. AustralianSuper, through JPMorgan Nominees, completed numerous buy and sell trades over the two months, predominantly purchases. Buy sizes varied from small parcels of a few hundred shares to large single-day acquisitions involving millions of shares and tens of millions of dollars.

Significant purchases included 2,345,063 shares on 6 May 2026 for approximately $12.55 million and 1,489,881 shares on 15 May 2026 for about $8.26 million. Sell transactions were generally smaller, consistent with routine portfolio rebalancing rather than meaningful position reductions.

Largest Single-Day Purchase of $13.6 Million on 9 June 2026

The largest transaction occurred on 9 June 2026, when JPMorgan Nominees Australia Ltd acquired 2,898,993 shares for approximately $13,625,743.99 on AustralianSuper's behalf. On the same day, an additional 7,761 shares were bought for around $36,318.72, and 464 shares were sold for about $2,176.02, resulting in a net addition of roughly 2,906,290 shares that day.

This transaction accounted for a significant portion of the overall net increase during the reporting period, indicating a deliberate move to meaningfully raise exposure. The announcement does not include comments from AustralianSuper regarding the timing or scale of these trades.

Net Gain of Approximately 12 Million Shares Over Two Months

Combining buys and sells from 1 May to 30 June 2026, AustralianSuper increased its Perseus Mining holdings by approximately 12,001,612 shares. Total consideration for purchases was substantial, including major buys of $12.55 million on 6 May, $8.26 million on 15 May, $7.80 million on 20 May, $4.39 million on 19 May, and $13.63 million on 9 June 2026.

Sell trades were relatively minor, ranging from 371 to 26,500 shares, with the largest sell on 3 June 2026 involving 26,500 shares for about $136,870.50. Overall, the pattern shows steady accumulation with occasional minor profit-taking or portfolio management adjustments.

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

Holding 110,278,060 ordinary shares, AustralianSuper has become a more influential shareholder in Perseus Mining. Crossing the 8% threshold places the fund closer to the 10% mark, which would trigger takeover provisions under Australian law and increase its influence on shareholder resolutions. However, the filing does not indicate any intention by AustralianSuper to seek control or approach the company's board.

For existing shareholders, the increased stake by a large, long-term institutional investor signals confidence in Perseus Mining’s prospects. Such superannuation funds typically have multi-year horizons and conduct thorough due diligence before expanding positions at this scale. Although the notice does not disclose reasons for the increase, it suggests AustralianSuper views Perseus Mining as a valuable portfolio component.

Perseus Mining's African Gold Production Attracts Institutional Interest

Perseus Mining is a mid-tier gold producer operating in West Africa, with assets in Ghana, Côte d'Ivoire, and Sudan. The company is known for operational consistency among African-focused gold miners listed on the ASX. The May-June 2026 period coincided with sustained investor interest in gold as a precious metal.

AustralianSuper’s sizable accumulation during this timeframe is noteworthy due to the capital involved. The notice does not specify average acquisition prices or future investment targets. Market observers will watch to see if this accumulation phase signals a completed repositioning or the start of a longer-term build in AustralianSuper’s Perseus Mining exposure.

Previous Substantial Holder Notice Filed Just Two Months Earlier

The rapid increase in AustralianSuper’s stake is striking. The prior substantial holder notice was submitted on 5 May 2026, dated 1 May 2026, showing a 7.30% holding of 98,276,448 shares. In under two months, the fund added over 12 million shares and increased voting power by more than one percentage point, triggering the latest Form 604 filing under Section 671B of the Corporations Act 2001.

Australian law requires entities holding 5% or more of voting shares to notify the company whenever voting power changes by 1% or more. This filing is a routine but legally important disclosure confirming that threshold has been crossed. The next obligation arises if AustralianSuper’s stake moves by another 1%, either above 9.31% or below 7.31%.

Share Price Impact and Future Considerations for Investors

The immediate effect on Perseus Mining’s share price was not evident from public data at the time of this report. Such substantial holder notices are retrospective disclosures, confirming completed market activity rather than signaling new trades. All transactions were executed and settled before the 2 July 2026 filing, so any share price impact would be reflected in historical trading data for May and June 2026.

Going forward, investors should monitor whether AustralianSuper continues to increase its stake beyond 30 June 2026, watch for additional Form 604 filings, and observe how Perseus Mining’s upcoming operational results align with this institutional interest. The company did not provide any operational updates or management commentary related to this notice, as the Form 604 is a disclosure from the substantial holder, not a company communication.