Perseus Mining Reports Stronger Earnings Driven by Higher Gold Prices
Perseus Mining Ltd reported stronger earnings for its financial year ended June 30, thanks to higher realized gold prices. The company met its production and cost guidance, producing 405,000 ounces of gold at an all-in site cost of A$1,750 per ounce. Perseus' revenue increased by 19% to US$1.5 billion, while EBITDA rose 16% to US$860 million.
The company's profit before tax jumped 27% to US$716 million, and profit after tax increased 14%. Operating cash flow increased by 24% to US$666 million, with earnings per ounce rising 41% to US$1,204. Perseus ended the year debt-free with net cash and bullion of more than $1 billion.
The company is considering an A$100 million distribution from proceeds of the sale of the Meyas Sand Gold Project in Sudan, which could take the form of a special dividend or return of capital. Nyanzaga remains on schedule for first gold production in January 2027, with more than 3,800 people working at the site.