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Perseus June Quarter Report

26.07.2023  |  GlobeNewswire

Perth, July 26, 2023 - JUNE 2023 QUARTER REPORT

Perseus exceeds gold production and cost guidance for FY23 and H2 FY23; Cash and bullion increased to US$522M

PERTH, Western Australia/ July 26, 2023/Perseus Mining Ltd. ("Perseus" or the "Company") (TSX & ASX: PRU) reports on its activities for the three months' period ended June 30, 2023 (the "Quarter").

  • Key Operating highlights for the June 2023 quarter, the June 2023 Half Year and the full 2023 Financial Year include:
PERFORMANCE INDICATOR UNIT MARCH 2023 QUARTER JUNE 2023 QUARTER JUNE 2023 HALF YEAR 2023 FINANCIAL YEAR
Gold recovered Ounces 130,275 136,634 266,909 535,281
Gold poured Ounces 130,512 137,586 268,098 538,642
Production Cost US$/ounce 831 811 820 820
All-In Site Cost (AISC) US$/ounce 971 1,007 989 959
Gold sales Ounces 135,111 140,533 275,644 537,564
Average sales price US$/ounce 1,821 1,933 1,878 1,803
Cash margin US$/ounce 850 926 889 844
Notional Cashflow US$ million 111 127 238 452

Quarterly gold production of 136,634 ounces at AISC of US$1,007 per ounce and cash margin of US$926 per ounce.

Gold production and AISC significantly outperformed market production and cost guidance for June 2023 Half Year and 2023 Financial Year.

Quarterly gold sales of 140,533 ounces, up 4% (+5,422 ounces) from the March 2023 quarter.

Average sale price of gold was US$1,933 per ounce, up 6% (+US$112 per ounce) from the March 2023 quarter.

Average cash margin of US$926 per ounce of gold sold up 9% (+US$76 per ounce) from the March 2023 quarter.

Notional cashflow of US$127 million during the quarter, up 14% (+US$16 million) from the March 2023 quarter.

Group rolling 12-month TRIFR remained stable at 1.20.

  • Strong quarterly cashflows further strengthened Perseus's financial position with available cash and bullion of US$522 million with zero debt.
  • Net cash and bullion balance increased US$51 million from the March 2023 quarter.
  • Organic growth activities including Mineral Resource drill outs and feasibility studies at Yaouré's CMA Underground Project progressed on schedule. Results due in the September 2023 quarter.
  • Perseus's total economic contribution to its host countries?of Ghana, Côte d'Ivoire and Sudan was ~US$158 million (approximately 58% of revenue) during the quarter.
  • Pre-development activities at Meyas Sand Gold Project (MSGP) in Sudan suspended due to security concerns, with FID originally planned for the December 2023 Half Year now deferred.

Group Gold Production and Cost Market Guidance

Group gold production and AISCs for the December 2023 Half Year and the 2023 Calendar Year are as shown below in Table 10.

Table 10: Production and Cost Guidance

PARAMETER UNITS JUNE 2023 HALF YEAR
(ACTUAL)
DECEMBER 2023 HALF YEAR
(FORECAST)
2023 CALENDAR YEAR
(FORECAST)
Yaouré Gold Mine
Production Ounces 137,120 125,000 to 140,000 262,100 to 277,120
All-in Site Cost USD per ounce 786 850 to 950 818 to 864
Sissingué Gold Mine
Production Ounces 25,838 27,500 to 32,500 53,338 to 58,338
All-in Site Cost USD per ounce 1,647 1,700 to 1,900 1,677 to 1,777
Edikan Gold Mine
Production Ounces 103,952 90,000 to 100,000 193,952 to 203,952
All-in Site Cost USD per ounce 1,094 1,200 to 1,300 1146 to 1190
PERSEUS GROUP
Production Ounces 266,909 242,500 to 272,500 509,409 to 539,500
All-in Site Cost USD per ounce 989 1,080 to 1,190 1,035 to 1,085

Competent Person Statement

All production targets referred to in this report 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 report that relates to the Esuajah South Underground Mineral Resource and Ore Reserve was first reported by the Company in a market announcement "Perseus Mining Updates Mineral Resources & Ore Reserves" released on 24 August 2021. The information in this report that relates to Esuajah North Mineral Resources estimate was first reported by the Company in a market announcement "Perseus Updates Resources & Reserves" released on 28 August 2018. The information in this report that relates to AF Gap Mineral Resources and Ore Reserve estimate was first reported by the Company in a market announcement "Perseus Updates Mineral Resources & Ore Reserves" released on 25 August 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Fetish deposit and the Heap Leach was first reported by the Company in a market announcement "Perseus Updates Edikan Mineral Resource & Ore Reserves" released on 19 February 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Nkosuo deposit was first reported by the Company in a market announcement "Perseus Increases Edikan's Inventories of Mineral Resource & Ore Reserves" released on 19 July 2022. An update for mining depletion at Edikan as at 30 June 2022 was reported in a news release "Perseus Mining Updates Mineral Resources and Ore Reserves" dated 30 August 2022. The Company confirms that it is not aware of any new information or data that materially affect the information on those market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, 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 report that relates to Mineral Resources and Ore Reserve estimates for Sissingué was reported by the Company in a market announcement "Perseus Mining Updates Life of Mine Plan for Sissingué Gold Mine & Satellite Deposits" released on 28 March 2022. An update for mining depletion at Sissingué as at 30 June 2022 was reported in a news release "Perseus Mining Updates Mineral Resources and Ore Reserves" dated 30 August 2022. The information in this report that relates to Mineral Resource and Ore Reserve estimates for the Fimbiasso deposits was reported by the Company in a market announcement "Perseus Mining Updates Mineral Resources and Ore Reserves" released on 26 August 2020. The information in this report that relates to Mineral Resource and Ore Reserve estimates for the Bagoé deposits was reported by the Company in a market announcement "Perseus Mining Updates Mineral Resources and Ore Reserves" released on 24 August 2021. 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 28 March 2022 continue to apply.

Yaouré

The information in this report that relates to the Open Pit and Underground Mineral Resources and the Underground Ore Reserve at CMA was first reported by the Company in a market announcement "Perseus Mining announces maiden Underground Ore Reserve at Yaouré" released on 30 August 2022. The information in this report that relates to the other Mineral Resources & Ore Reserves (including the Heap Leach) for the Yaouré Deposit was reported by the Company in a market announcement "Perseus Mining Updates Mineral Resources & Ore Reserves" released on 24 August 2021. An update for mining depletion at Yaouré as at 30 June 2022 was reported in a news release "Perseus Mining Updates Mineral Resources and Ore Reserves" dated 30 August 2022. 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 18 December 2017 continue to apply.

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: 1,367,986,850
Performance rights: 11,901,091

REGISTERED OFFICE:

Level 2
437 Roberts Road
Subiaco WA 6008

Telephone: +61 8 6144 1700
Email: IR@perseusmining.com

www.perseusmining.com
DIRECTORS:

Mr Sean Harvey
Non-Executive Chairman

Mr Jeff Quartermaine
Managing Director & 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 David Ransom
Non-Executive Director

CONTACTS:

Jeff Quartermaine
Managing Director & CEO
jeff.quartermaine@perseusmining.com

Nathan Ryan
Corporate Relations
+61 420 582 887
nathan.ryan@nwrcommunications.com.au

Attachment

  • 20230726 TSX Release_Quarterly Report June 2023_Final


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