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Highlights
- Perseus Mining Ltd delivers strong gold production results.
- Average cash margin recorded at $1,048 per ounce for Q1 FY25.
- Ongoing development projects in Côte d’Ivoire and Tanzania.
Perseus Mining Ltd (ASX:PRU) has announced impressive gold production figures for the September quarter of 2024, continuing its strong performance across its three operational mines. The company operates the Yaouré and Sissingué mines in Côte d’Ivoire, as well as the Edikan mine in Ghana. During this period, Perseus achieved a combined production of 121,290 ounces of gold.
The company has consistently demonstrated its ability to maintain a strong production base, cementing its position among mid-tier gold producers worldwide. Perseus recorded an average production cost of $990 per ounce, with the All-In Sustaining Cost (AISC) standing at $1,201 per ounce of gold.
Sales and Cash Margins
In terms of gold sales, Perseus Mining sold 108,895 ounces of gold during the quarter, which was lower compared to the June quarter due to the timing of sales. Despite this, the company realized an average gold price of $2,249 per ounce, reflecting a price increase from the previous quarter. Perseus also reported an average cash margin of $1,048 per ounce, which contributed to generating operating cash flow of $127 million for the quarter, exceeding the prior quarter's performance by $10 million.
The company ended the quarter with a cash and bullion balance of $643 million, underscoring its strong financial position. Perseus remains on track to meet its market guidance for gold production and AISC for the December 2024 half-year, with targets between 220,000 to 260,000 ounces and AISC within the range of $1,230 to $1,330 per ounce.
Development Projects
Beyond its current production, Perseus Mining is actively progressing its two key development projects. The Nyanzaga Gold Project in Tanzania, acquired in the June quarter, is a major focus. Perseus has been engaging with Tanzanian authorities to advance the project toward a final investment decision by the end of the year. The company expects to begin gold production from Nyanzaga in early 2027, with a 24-month development timeline following the final decision.
In Côte d’Ivoire, the company has made significant strides with its CMA Underground project at Yaouré. The feasibility study conducted last August confirmed the technical and economic viability of this underground mining venture. Once operational, it will be the first underground mine in Côte d’Ivoire. Perseus is working closely with the country’s Minerals Commission to finalize the regulatory framework, which is expected by the end of 2024.
Exploration and Future Prospects
Perseus Mining continues its exploration activities across its existing assets in Côte d’Ivoire, Ghana, and Tanzania, as well as in Sudan. These efforts aim to discover new resources and expand the company’s mineral reserves, further strengthening its long-term production potential.
