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Highlights

  • Perseus Mining, a gold-producing company, focused on progressing its operations across its West African gold project portfolio
  • In FY23, the company recorded a 70% YoY increase in profit after tax
  • Van Eck Associates Corporation has around 9.89% shareholding in the company

Perseus Mining Limited (ASX: PRU) is an ASX-listed metals and mining company which operates three gold mines in Africa and also manages a Meyas Sand Gold Project in Sudan. The gold-producing firm shared that in the financial year 2022 (FY22), its annual gold production was over 500,000, and in FY23, it increased to over 535,000 ounces.

During the financial year 2023 (FY23), the company registered a 70% YoY rise in profit after tax and 27% YoY increase in revenue to AUD 1.43 billion. Increased gold prices and production drove this revenue growth. At the Edikan mine, production increased, and at Yaoure, sustainable performance was reported.

Moreover, during the stated period, the EBITDA increased by 46% to AUD 821.3 million, and operating cash flow surged by 24% to AUD 648.3 million.

Top 10 shareholders of PRU

The top 10 shareholders of PRU have nearly 37.36% shareholding in the company, while the top four have around 24.72% shareholding. Van Eck Associates Corporation and Dimensional Fund Advisors, L.P. have the maximum stake in the company with a shareholding of ~9.89% and ~4.99%, respectively.

Recent business update

Through an ASX update dated 30 October 2023, the company informed that its non-executive director and chairman, Sean Harvey, would step down from his role after the completion of the annual general meeting, which is due to be held on 21 November 2023.

Through an ASX filing dated 24 October 2023, the company released its quarterly update for FY24. Gold production during the latest quarter was 132,804 ounces at an AISC of USD 937 PER OUNCE.  Gold sales during the quarter stood at 115,954 ounces.

Outlook

In the first half of FY24, 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 progressing its operations across its West African gold project portfolio. Moreover, the company seeks business growth opportunities via mergers and acquisitions or organic growth activity.

Share performance of PRU

PRU shares closed 1.73% down at AUD 1.705 apiece on 31 October with a market capitalization of AUD 2.38 billion. With this, in the past one year, PRU’s share price has dropped by 6.58%, while in the last six months, it has declined by 20.70%.

The 52-week high of PRU is AUD 2.51 apiece, recorded on 14 April 2023, and the 52-week low is AUD 1.5 apiece, 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, currency, is 31 October 2023. The reference data in this report has been partly sourced from REFINITIV.