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Highlights

  • Perseus Mining was founded in 2004 and is focused on developing, discovering and acquiring a portfolio of gold producing assets in Africa
  • In FY23, the company outperformed its gold production and AISC market guidance
  • The company is looking forwards to either grow its business via inorganic or organic mediums or return capital to shareholders

Perseus Mining Limited (ASX: PRU) is a gold mining firm which is committed to acquire, discover and develop a portfolio of gold producing assets in Africa. The company is a multi-mine, multi-jurisdiction gold-focused firm which operates three mines in West Africa. Perseus is also engaged in mineral evaluation and exploration activities in the region.

The AUD 2.41-billionmarket cap-firm outperformed FY23 (financial year 2023) gold production and AISC guidance, with annual gold production of 535,281 ounces, up 12% YoY. During the reported period, the company reported 27% YoY increase in revenue to AUD 1,426.4 million and 46% YoY surge in EBITDA to AUD 821.3 million.  

Th earnings growth in FY23 was driven by continued performance of the Yaoure Gold mine and turnaround in production from Edikan Gold Mine.

Top 10 shareholders of PRU

The top 10 shareholders of PRU have nearly 37.78% stake in PRU, while the top four have around 24.74% shareholding. Maximum stakes are held by Van Eck Associates Corporation and Dimensional Fund Advisors, L.P. with a shareholding of ~9.92% and ~4.99%, respectively.

Recent business update

Recently (10 January 2024), the company informed that Van Eck associates Corporation and its associates reported a fall in their voting power in PRU to 9.92% from 10.99%, as of 5 January 2024.

Through an ASX-update dated 19 December 2023, the company shared a technical report update for its Yaoure Gold Mine. The report highlighted that life of mine has been extended to minimum 2035.    

On 24 October 2024, the company released its September quarter update and during the reported period, gold production stood at 132,804 ounces at an AISC of USD 937 per ounces, and the gold sales reached 115,954 ounces. At the end of quarter, cash and bullion stood at USD 594 million.

Outlook

In 1HFY24, PRU anticipates gold production between 242,500 to 272,500 ounces at an AISC in the range of USD 1,080 to 1,190 per ounce. The company is focused to deploy its reserve of cash, bullion and undrawn debt facilities for organic growth opportunities from existing asset portfolio and mergers and acquisitions.

Share performance of PRU

PRU shares closed 2.22% lower at AUD 1.76 apiece on 16 January 2024. Including today’s price movement, PRU’s share price has declined by 24.46% in the last 12 months and has increased by 7.32% in the past three months.

The 52-week high of PRU is AUD 2.51, recorded on 14 April 2023 and the 52-week low is AUD 1.5, recorded on 6 October 2023.

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

Note 2: The reference date for all price data, and currency, is 16 January 2024. The reference data in this report has been partly sourced from REFINITIV.