Perseus Mining Delivers Another Impressive Quarter

/EIN News/ -- Perth, July 30, 2024 (GLOBE NEWSWIRE) -- JUNE 2024 QUARTER REPORT

Perseus Mining delivers strong production & free cashflow resulting in cash and bullion of US$587 million after acquiring Nyanzaga

PERTH, Western Australia/ July 30, 2024/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”).

• Key operating indicators and highlights for the June 2024 quarter (Q4 FY24) include:

PERFORMANCE INDICATOR	UNIT	MARCH 2024 QUARTER	JUNE 2024 QUARTER	JUNE 2024 HALF YEAR	2024 FINANCIAL YEAR
Gold recovered	Ounces	127,471	120,929	248,400	509,977
Gold poured	Ounces	128,356	121,726	250,084	511,138
Production Cost	US$/ounce	923	947	934	882
All-In Site Cost (AISC)	US$/ounce	1,091	1,173	1,130	1,053
Gold sales	Ounces	115,648	141,930	257,578	508,669
Average sales price	US$/ounce	2,025	2,117	2,076	2,014
Notional Cashflow	US$ million	119	117	236	490

• Group 12-month rolling average TRIFR at 1.06, slightly higher than in the March 2024 quarter (Q3 FY24) but still well below industry average.
• In Q4 FY24, 120,929 ounces of gold were produced at a weighted average All-in-Site Cost (AISC) of US$1,173 per ounce.
• Gold production for the June 2024 Half Year (H2 FY24) and the 2024 Financial Year (FY24) of 248,400 ounces and 509,977 ounces, compared favourably to production guidance ranges of 226,000-254,000 ounces and 491,000 to 517,000 ounces respectively.
• AISC for H2 FY24 of $1,130 per ounce and FY24 of US$1,053 per ounce, were below the bottom of the H2 FY24 cost guidance range of US$1,180 to US$1,340 per ounce and in the middle of the FY24 cost guidance range of US$1,000 to US$1,100 per ounce.
• Average gold sales in Q4 FY24 increased 22.7% to 141,930oz. while average sales prices increased 4.5% quarter on quarter to US$2,117 per ounce.
• Gold production and AISC guidance for the December 24 Half Year (H1 FY25) and Calendar Year 2024 (CY24) of 220,000 to 260,000 ounces at US$1,230 to US$1,330 per ounce and 468,400 ounces to 508,400 ounces at US$1,182 to US$1,223 per ounce respectively.
• An average cash margin of US$944 per ounce was recorded in Q4 FY24 resulting in notional operating cashflow of US$117 million for the quarter and US$490 million for FY24.
• Perseus’s balance sheet at the end of FY24 included available cash and bullion of US$587 million, plus liquid, listed securities of US$42 million and zero debt, with US$300 million of undrawn debt capacity available.
• An all cash, off-market acquisition of ASX listed OreCorp Limited was completed during the quarter, providing Perseus with further growth potential in the form of the large scale Nyanzaga Gold Project in Tanzania.
  
  

Group Gold Production and Cost Market Guidance

Forecast group gold production and AISC for the December 2024 half year (H1 FY25) and full 2024 calendar year are shown in the table below.

Production and Cost Guidance

PARAMETER	UNITS	JUNE 2024 HALF YEAR (ACTUAL)	DECEMBER 2024 HALF YEAR FORECAST	2024 CALENDAR YEAR FORECAST
Yaouré Gold Mine
Production	Ounces	116,478	108,000 - 124,000 ounces	224,478 – 240,478 ounces
All-in Site Cost	USD per ounce	1,103	US$1,175 - 1,275/ per ounce	US$1,140 - 1,186 per ounce
Edikan Gold Mine
Production	Ounces	96,433	82,000 to 98,000 ounces	178,433 to 194,433 ounces
All-in Site Cost	USD per ounce	999	US$1,200 -1,300 per ounce	US$1,100 -1,137 per ounce
Sissingué Gold Mine
Production	Ounces	35,489	30,000 – 38,000 ounces	65,489 – 73,489 ounces
All-in Site Cost	USD per ounce	1,578	US$1,500 – 1,600 per ounce	US$1,538 – 1,588 per ounce
PERSEUS GROUP
Production	Ounces	248,400	220,000 – 260,000 ounces	468,400 – 508,400 ounces
All-in Site Cost	USD per ounce	1,130	US$1,230 – 1,330 per ounce	US$1,182 – 1,223 per ounce

The guidance provided above, reflects Perseus’s most recent Life of Mine Plans, taking into account, amongst other things, perceived cost inflation trends, and in the case of Yaouré, additional deferred waste stripping in the CMA pit, and the transition of mining activities into the Yaouré open p

Competent Person Statement

All production targets referred to in this release are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code.

Edikan

The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Edikan was updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 24 August 2023. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Edikan Gold Mine, Ghana” dated 7 April 2022 continue to apply.

Sissingué, Fimbiasso and Bagoé

The information in this release that relates to the Mineral Resources and Ore Reserve at the Sissingué complex was updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 24 August 2023. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply.

Yaouré

The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Yaouré was updated by the Company in a market announcement “Perseus Mining announces Open Pit and Underground Ore Reserve update at Yaouré” released on 23 August 2023. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 19 December 2023 continue to apply.

Nyanzaga Gold Project 

ASX Listing Rules disclosure 
All information on the Nyanzaga Mineral Resource and Ore Reserve estimates has been extracted from the OreCorp ASX announcements dated 12 September 2017 titled “MRE Update for the Nyanzaga Project Increasing Category and Grade”, 5 May 2022 titled “DFS Completion and Kilimani Mineral Resource Estimate update within the Nyanzaga Special Mining Licence – Tanzania”, and 22 August 2022 titled “Nyanzaga DFS Delivers Robust Results” available on www.perseusmining.com. Perseus confirms that it is not aware of any new information or data that materially affect the information included in the original ASX announcements and that all material assumptions and technical parameters underpinning the estimates in the ASX announcements continue to apply and have not materially changed. Perseus confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original ASX announcements. 

Canadian National Instrument NI43-101 disclosure 
The information in this release relating to the Nyanzaga Gold Project is extracted from the OreCorp ASX announcements dated 12 September 2017 titled “MRE Update for the Nyanzaga Project Increasing Category and Grade”, 5 May 2022 titled “DFS Completion and Kilimani Mineral Resource Estimate update within the Nyanzaga Special Mining Licence – Tanzania”, and 22 August 2022 titled “Nyanzaga DFS Delivers Robust Results” available on www.perseusmining.com. A Qualified Person has not done sufficient work to classify the Historical Estimates as current. As such, any Mineral Resource and Mineral Reserve estimates included in this section are Historical Estimates as defined in Canadian National Instrument 43-101 and are not reported as current Perseus estimates. The OreCorp Feasibility Study includes key assumptions for commodity prices, gold mining and processing costs, and there have been no material changes in assumptions. The OreCorp Feasibility Study in its current form is considered to be a comprehensive compilation of all available data applicable to the estimation of Mineral Resources and Mineral Reserves. Reference is made to Perseus’s news release dated 31 May 2024 titled "Perseus progresses Nyanzaga Gold Project” for further clarifying statements. Perseus confirms the applicability of these statements have not materially changed. 

Meyas Sand Gold Project

The information in this report that relates to the mineral resources and probable reserves of the Meyas Sand Gold Project was first reported by the Company in a market announcement “Perseus Enters Into Agreement to Acquire Orca Gold Inc.” released on 28 February 2022. The Company confirms it is not in possession of any new information or data relating to those estimates that materially impacts of the reliability of the estimate of the Company’s ability to verify the estimate as a mineral resource or ore reserve in accordance with Appendix 5A (JORC Code) and the information in that original market release continues to apply and have not materially changed. These estimates are prepared in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the resource in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code. This release and all technical information regarding Orca’s NI 43-101 have been reviewed and approved by Adrian Ralph, a Qualified Person for the purposes of NI 43-101.

Caution Regarding Forward Looking Information:

This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update forward-looking information, except in accordance with applicable securities laws.

ASX/TSX CODE: PRU CAPITAL STRUCTURE: Ordinary shares: 1,373,791,215 Performance rights: 9,969,110 REGISTERED OFFICE: Level 2 437 Roberts Road Subiaco WA 6008 Telephone: +61 8 6144 1700 www.perseusmining.com

DIRECTORS: Mr Jeff Quartermaine Chairman & CEO Ms Amber Banfield Non-Executive Director Ms Elissa Cornelius Non-Executive Director Mr Dan Lougher Non-Executive Director Mr John McGloin Non-Executive Director Mr Rick Menell Non-Executive Director

CONTACTS: Jeff Quartermaine Chairman & CEO jeff.quartermaine@perseusmining.com Stephen Forman Investor Relations +61 484 036 681 stephen.forman@perseusmining.com Nathan Ryan Corporate Relations +61 420 582 887 nathan.ryan@nwrcommunications.com.au

Attachment

• 240730 TSX Release_Quarterly Report FY24-Q4_Final