Key Highlights

• Perseus Mining produced 92,551 ounces of gold in Q1 FY27 at an AISC of US$2,035 per ounce, exceeding plan

• Cash and bullion reserves reached US$900 million, plus US$338 million in listed securities, with no Debt on the balance sheet

• The Nyanzaga Gold Project in Tanzania reached 88.4% completion and remains on track for first production in January 2027

• Yaouré's CMA Underground achieved commercial production from 1 July 2026, contributing 9,658 ounces during the quarter

Perseus Mining Ltd (ASX:PRU) closed at AUD 6.31 on 05 November 2026, gaining 8.42% for the session. The broader S&P/ASX 200 (XJO) advanced 2.61% (+230.60 points) to 9,065.10, while the S&P/ASX 300 Metal & Mining index (XMM) surged 7.90% (+580.50 points) to 7,930.90. Overnight Wall Street gains, following a decisive Democratic victory in the U.S. midterm elections, provided a tailwind for global Equity markets. Gold prices gained 1.77% to USD 4,145.70, silver advanced 1.00% to USD 53.22, and copper edged up 0.06% to USD 14,086.00. Perseus Mining is an unhedged gold mining company operating three mines across West Africa, with a growing production profile and a fourth project nearing completion in Tanzania.

Q1 FY27 Operational Performance

Perseus reported its September 2026 quarterly results on 27 October 2026, detailing a quarter that exceeded production expectations across all three operating mines. Combined gold production reached 92,551 ounces at a weighted average production cost of US$1,472 per ounce, translating to an All-In Site Cost of US$2,035 per ounce. Gold sales totalled 99,661 ounces at a weighted average realised price of US$3,881 per ounce, generating notional operating cashflow of US$171 million. The AISC was approximately 5% higher than Q4 FY26, primarily due to major planned maintenance across all sites.

At Yaouré in Côte d'Ivoire, production totalled 36,648 ounces, comprising 26,990 ounces from open pit operations and 9,658 ounces from the CMA Underground, which achieved commercial production from 1 July 2026. Underground ore tonnes mined increased 46% quarter-on-quarter to 131,075 tonnes at an average grade of 2.63 g/t. Mill run-time was 88.2% compared to 92.3% in the prior quarter due to planned maintenance shutdowns.

Edikan in Ghana contributed 35,830 ounces, while Sissingué in Côte d'Ivoire produced 20,073 ounces. The company remains on track for FY27 production guidance of 420,000 to 480,000 ounces at an AISC of US$1,835 to US$2,070 per ounce.

Nyanzaga Gold Project Nears Completion

The Nyanzaga Gold Project in Tanzania reached 88.4% overall progress during Q1 FY27 and remains on budget and on schedule for first gold production in January 2027. The project has achieved 10.9 million worked hours without a lost-time injury. CEO Craig Jones noted that the commissioning of Nyanzaga will position Perseus for what he described as a transformational year, adding a fourth producing mine to the portfolio.

Financial Position and Shareholder Returns

Perseus ended the September quarter with US$900 million in cash and bullion, along with liquid listed securities valued at US$338 million. The company maintains a debt-free balance sheet, providing financial flexibility to fund growth objectives while returning Capital to shareholders through a share buyback and an upcoming Special Distribution. Production rates are expected to increase throughout the remainder of FY27, particularly as Edikan accesses higher-grade ore and Nyanzaga ramps up.

About Perseus Mining

Perseus Mining is an ASX-listed, unhedged gold producer operating three mines: Yaouré and Sissingué in Côte d'Ivoire, and Edikan in Ghana. The company is developing its fourth mine, Nyanzaga, in Tanzania. With a portfolio spanning four countries in Africa, Perseus has grown from a single-mine operator into a mid-tier gold producer with annual production approaching 500,000 ounces.

Sector Context

The ASX mining sector experienced a broad-based rally on 05 November 2026, with the Metal & Mining index gaining nearly 8%. Gold producers were among the primary beneficiaries, lifted by the combination of elevated gold prices above USD 4,100 and favourable macroeconomic sentiment. Mid-tier gold producers such as Perseus, with unhedged production profiles, are positioned to capture the full benefit of prevailing spot prices.

Risks

Key risks for Perseus include operational disruptions at any of its three producing mines, country-specific political and regulatory risks across West Africa and Tanzania, potential cost Inflation from fuel and consumables, grade variability in open pit and underground operations, and execution risk associated with the Nyanzaga project commissioning and ramp-up.

Catalysts on Watch

Near-term catalysts include first gold production at Nyanzaga, expected in January 2027, the ramp-up of CMA Underground at Yaouré, access to higher-grade ore at Edikan's Nkosuo pit in H2 FY27, the upcoming Special Distribution to shareholders, and continued drilling results from exploration programs across the portfolio.

What Lies Ahead

Perseus Mining enters the second half of FY27 with production expected to build across all operations. The imminent commissioning of Nyanzaga will mark a step-change in the company's production profile, potentially pushing annual output toward the 500,000-ounce mark. With a debt-free balance sheet, US$900 million in cash, and gold prices trading at elevated levels, the company has assembled the financial and operational foundations to support its next phase of growth.