Image source: © Albund | Megapixl.com

Highlights

  • Perseus Mining is a gold-developing, exploring and production company with operations in Africa.
  • In FY23, the company reported a 26.7% YoY increase in revenue and 70.3% YoY increase in profit after tax.
  • The company is committed to pursuing and assessing organic and inorganic growth opportunities.

Perseus Mining Limited (ASX: PRU) is a gold producer, developer and explorer that operates gold mines in Africa. Presently, the company manages three gold mines - Edikan in Ghana and Sissingué and Yaouré in Côte d’Ivoire.

In the financial year 2023 (FY23), the company registered a record gold production of 535,281 ounces at the group level, driven by production across the Yaoure mine and Edikan mine. Also, the period saw double-digit growth in profit, revenue, operating cash  and bullion.

Revenue increased by 26.7% YoY to AUD 1,426.4 million, while profit after tax surged by 70.3% YoY to AUD 476.7 million. An increase in gold production and prices during the reported period drove revenue growth. Gold sales during the period stood at 537,564 ounces, 11.7% higher than the previous year.

Top 10 shareholders of PRU

The top 10 shareholders of PRU have around 38.36% shareholding in the company, while the top four shareholders have 25.76% shareholding. Van Eck Associates Corporation and Dimensional Fund Advisors, L.P. have the highest stake in the firm, with a shareholding of ~10.93% and ~4.99%, respectively.

Recent business update

Through an ASX update dated 18 September 2023, the company informed that the life of Yaoure Gold mine has increased to over 12 years to a minimum of 2035. The company further highlighted the potential to extend the mine life with additional resource definition drilling of known discoveries and deposits.

Outlook

For  the first half of 2024, the company expects to report gold production of 242,500 – 272,500 ounces at an AISC of USD 1,080 – 1,190 per ounce.

The company is focused on pursuing and assessing inorganic and organic growth opportunities. Also, the company intends to reduce its environmental footprint, form a sustainable committee, and strengthen its climate change strategy.

Share performance of PRU

Today (19 September 2023), PRU shares ended the trading session at AUD 1.78 apiece, 1.42% higher than the previous day's close (AUD 1.76 apiece). With this, PRU shares have witnessed a rise of 25.35% in the last 12 months; however, the share price dropped by 22.61% in the last six months.

The 52-week high of PRU is AUD 2.51 apiece, recorded on 14 April 2023, and the 52-week low is AUD 1.34 apiece, recorded on 27 September 2023.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

 

Note 2: The reference date for all price data, currency, is 19 September 2023. The reference data in this report has been partly sourced from REFINITIV.