Key Highlights

•  Group gold recovered fell from 109,013 ounces to 92,551 ounces, and gold sold was 99,661 ounces compared with 114,567 ounces previously.

•  The group all-in site cost rose to US$2,035 per ounce from US$1,941, while production costs rose to US$1,472 per ounce from US$1,340.

•  The average cash Margin was US$1,846 per ounce, generating notional Operating Cash Flow of US$171 million, and the company said it remains on track for full-year guidance.

Perseus Mining (ASX:PRU) has released its September 2026 quarter report, covering the first quarter of its 2027 financial year. The West Africa-focused gold producer, which is also listed on the Toronto Stock Exchange, recovered 92,551 ounces of gold across its three operating mines and said it remains on track for full-year guidance, according to the release datelined Perth, 27 October 2026.

Production and costs

Group gold recovered fell from 109,013 ounces in the June quarter to 92,551 ounces. Gold sold was 99,661 ounces, compared with 114,567 ounces previously. The group all-in site cost (AISC) rose to US$2,035 per ounce from US$1,941 per ounce, while production costs increased to US$1,472 per ounce from US$1,340 per ounce.

The average sales price was US$3,881 per ounce, down from US$4,086 per ounce in the June quarter. According to the release, the resulting average cash margin of US$1,846 per ounce generated notional operating cash flow of US$171 million.

At the operation level, Yaouré in Côte d'Ivoire produced 36,648 ounces at an AISC of US$2,393 per ounce, Edikan in Ghana produced 35,830 ounces at US$1,738 per ounce, and Sissingué in Côte d'Ivoire produced 20,073 ounces at US$1,913 per ounce. The CMA underground mine at Yaouré reached commercial production on 1 July 2026.

Guidance reaffirmed

Perseus is guiding to group production of 420,000 to 480,000 ounces for FY27 at an AISC of US$1,835 to US$2,070 per ounce. The company said that, with production plans exceeded in the first quarter, it "remains on track" for those ranges, and management expects output to build through the second half.

Guidance assumes a gold price of US$4,000 per ounce and Royalty rates of 8% in Côte d'Ivoire and 11% in Ghana. Mine-level guidance is 150,000 to 170,000 ounces each for Yaouré and Edikan, 65,000 to 85,000 ounces for Sissingué, and about 55,000 ounces from Nyanzaga. At Edikan, higher grades from the Nkosuo pit are expected in the second half.

Nyanzaga and the balance sheet

The Nyanzaga project in Tanzania was reported as 88.4% complete overall, with first production targeted for January 2027 and commercial production planned for the fourth quarter of FY27. The chief executive described the project as "on budget and on schedule". Operating costs will be capitalised until commercial production, and more detailed Nyanzaga guidance is due in the third quarter of FY27. The site has recorded 10.9 million hours worked without a lost-time injury. Across the group, the total recordable injury frequency rate was 1.01.

Perseus ended the quarter with cash and bullion of US$900 million and liquid listed securities worth US$338 million, describing its Balance Sheet as debt-free. The release referred to an ongoing share buy-back and an upcoming special distribution, but did not specify amounts or timing.

Why it matters and the risks

The quarter shows a producer leaning on a stronger second half. To reach the bottom of its production range, Perseus would need roughly 327,000 ounces over the remaining three quarters, or about 109,000 ounces per quarter, which is above the September quarter rate. Yaouré's quarterly AISC was also above its full-year guidance range, while group unit costs rose and the realised gold price fell.

Nyanzaga remains a construction project, and its guidance rests on the final Investment decision released in April 2025. Delays in commissioning or ramp-up would affect the full-year outcome. The release also includes standard cautions on gold prices, government approvals and costs.

A quarterly webinar and conference call was scheduled for 9am AEDT on 27 October. Upcoming events disclosed by the company include the Macquarie WA Forum on 5 November, the UBS Australasia Conference on 9 November and the Annual General Meeting on 30 November 2026, followed by targeted first gold at Nyanzaga in January 2027.