Highlights

  • Perseus Mining (ASX:PRU) shares traded at AUD 6.61 on 10 November 2026, up 1.38% during the session.
  • Q1 FY27 gold production was 92,551 ounces at an all-in site cost of USD 2,035 per ounce.
  • Cash and bullion reached USD 900 million at 30 September 2026, alongside USD 338 million of liquid listed securities.
  • Nyanzaga construction was 88.4% complete, with first production targeted for January 2027.

Perseus Mining Limited (ASX:PRU) operates gold mines in Ghana and Côte d’Ivoire and is developing the Nyanzaga project in Tanzania. During trading on 10 November 2026, its shares were quoted at AUD 6.61, a rise of 1.38% for the session. The company’s September-quarter report outlined gold output, operating costs and project construction as it entered FY27, with the planned addition of Nyanzaga set to change its production mix.

Gold Operations Across West Africa

Perseus Mining Limited (ASX:PRU) produces gold from Edikan in Ghana and Sissingué and Yaouré in Côte d’Ivoire. Its operating footprint spans several mines with distinct ore sources, cost profiles and development requirements. The group is also investing in underground production at Yaouré and building Nyanzaga in Tanzania, creating a fourth planned producing asset.

Edikan draws ore from multiple open pits for processing at a central plant. Yaouré combines open-pit activity with the CMA underground development, while Sissingué draws on its existing mining areas and associated satellite deposits. Each operation contributes to consolidated production, although individual mine output and costs vary as mining sequences, grades and equipment requirements change.

September Quarter Output and Construction Milestones

For the September 2026 quarter, the first quarter of FY27, Perseus Mining Limited (ASX:PRU) reported 92,551 ounces of gold recovered. The company recorded 99,661 ounces of gold sales at an average realised sales price of USD 3,881 per ounce. Group all-in site cost was USD 2,035 per ounce, compared with USD 1,941 per ounce in the June 2026 quarter. These quarterly measures capture a changing operational mix, including CMA underground production following the achievement of commercial production on 1 July 2026.

The quarterly output comprised 36,648 ounces from Yaouré, 35,830 ounces from Edikan and 20,073 ounces from Sissingué. Yaouré’s underground operation reached commercial production, making its subsequent ramp-up relevant to the group’s FY27 production trajectory. Edikan’s future mining sequence includes access to higher-grade material at the Nkosuo pit, subject to mine scheduling and operating conditions.

Construction at Nyanzaga reached 88.4% overall completion by the end of September 2026. Perseus retained a target of first gold production in January 2027. The timing of commissioning, plant performance and the transition from construction to sustained production remain important milestones, rather than completed operating results.

FY26 Results, Cash Position and FY27 Guidance

Perseus Mining Limited (ASX:PRU) produced 404,998 ounces of gold in FY26 at a weighted average all-in site cost of USD 1,750 per ounce. The company reported FY26 notional Cash Flow of USD 769 million and total FY26 dividends of AUD 0.14 per share. These measures provide financial context for the Investment required to complete Nyanzaga and continue development at existing mines.

For Q1 FY27, notional Operating Cash Flow was USD 171 million, with an average cash Margin of USD 1,846 per ounce produced. At 30 September 2026, cash and bullion totalled USD 900 million and liquid listed securities were valued at USD 338 million. Notional cash flow is an operating measure and should not be treated as equivalent to statutory net profit or free cash flow.

The FY27 production guidance for Perseus Mining Limited (ASX:PRU) remained 420,000–480,000 ounces, with forecast all-in site costs of USD 1,835–2,070 per ounce. The outlook includes approximately 55,000 ounces from Nyanzaga, making the construction and start-up schedule material to the full-year range. Guidance represents management’s forecast, not production already achieved.

Operating Risks and What to Watch Next

Mining grades, recovery rates, fuel and labour expenses, equipment availability and gold prices can affect margins. Perseus also operates across multiple jurisdictions, where permitting, logistics, taxation and community relationships influence operating conditions. At Nyanzaga, commissioning and ramp-up introduce schedule and cost uncertainty, even with construction substantially advanced.

The next quarterly disclosures will indicate whether Yaouré’s underground contribution increases, whether Edikan accesses planned ore zones and how Nyanzaga commissioning progresses. Investors can also monitor the relationship between output and all-in site costs, cash balances, Capital spending and any changes to FY27 guidance.

Key Insights

Perseus Mining Limited (ASX:PRU) entered FY27 with three producing mines, quarterly gold output of 92,551 ounces and a reported cash-and-bullion balance of USD 900 million. Its next operating phase depends on mine sequencing, underground production at Yaouré and the planned Nyanzaga start-up. Future results will clarify whether production and costs remain within the company’s FY27 ranges.