Perseus Mining delivers strong production & free cashflow resulting in cash and bullion of US$587 million after acquiring Nyanzaga
Perseus Mining Limited (TSX:PRU) (ASX: PRU) reports on its activities for the three months’ period ended June 30, 2024.
PERFORMANCE INDICATOR | UNIT | MARCH 2024 QUARTER |
JUNE 2024 QUARTER |
JUNE 2024 HALF YEAR |
2024 FINANCIAL YEAR |
Gold recovered | Ounces | 127,471 | 120,929 | 248,400 | 509,977 |
Gold poured | Ounces | 128,356 | 121,726 | 250,084 | 511,138 |
Production Cost | US$/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 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.
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