Perseus Mining Posts Record FY2026 Results, Advances Nyanzaga Toward 2027 Gold Output

Key Points

• Record fiscal 2026 performance: Perseus Mining increased operating cash flow by 24% and earnings per share by 17%, producing 405,000 ounces of gold and ending the year with more than $1 billion in cash and bullion.
• Strong shareholder returns: The company raised its dividend 87% to A$0.14 per share, repurchased A$127 million of stock, approved a A$350 million fiscal 2027 buyback, and proposed a A$100 million special dividend.
• Nyanzaga nearing production: Construction of the Tanzanian project was 80% complete, with first gold expected in January 2027; Perseus forecasts a 16-year mine life and production above 200,000 ounces annually for 14 years.

Perseus Mining TSE: PRU said it delivered its strongest financial results to date in fiscal 2026, supported by operating cash flow growth, higher earnings per share, expanded reserves and resources, and the completion of its first underground mine development.

Craig, a company representative speaking at the event, said the Africa-focused gold producer operates three producing assets and is advancing the Nyanzaga project in Tanzania. The company’s CMA Underground Project at Yaouré commenced operations in April and is ramping up toward full production during the current financial year.

Perseus reported 10.6 million ounces of mineral resources and 7 million ounces of ore reserves. The company said its strategy centers on building mines, extending mine lives through exploration and converting resources into reserves. Nyanzaga will be Perseus’ fourth mine development, according to the presentation.

Financial Results and Shareholder Returns

For fiscal 2026, Perseus said operating cash flow rose 24% from the prior year and earnings per share increased 17%. The company produced 405,000 ounces of gold at an all-in site cost of $1,750 per ounce and generated $769 million of “national cash flow,” as stated in the presentation.

At year-end, Perseus held more than $1 billion in cash and bullion. The company also said it had $1.4 billion of total liquidity, compared with its stated minimum liquidity target of $500 million.

The company increased its mineral reserves by 40% and mineral resources by 37% during the year. It said a significant portion of reserve growth came from Nyanzaga, while it also added reserves at Yaouré and replaced depletion at Edikan and Sissingué.

Perseus declared a fiscal 2026 dividend of A$0.14 per share, up 87% year over year, representing A$187 million returned through dividends. It also repurchased A$127 million of its shares during the year and approved a A$350 million buyback program for fiscal 2027.

In addition, the company announced a proposed A$100 million special dividend tied to proceeds from the sale of its Sudan asset. Since 2022, Perseus said it has returned A$667 million to shareholders through dividends, buybacks and other distributions.

• Minimum annual dividend commitment: 20% of operating cash flow
• Fiscal 2026 production: 405,000 ounces
• Fiscal 2027 production guidance: 420,000 to 480,000 ounces
• Fiscal 2027 all-in sustaining cost guidance: $1,835 to $2,070 per ounce

Nyanzaga Nears Completion

Construction at Nyanzaga was 80% complete, with $374 million of construction capital incurred and $26 million spent on pre-stripping, Craig said. The project is expected to begin producing gold in January 2027.

Perseus expects Nyanzaga to have a 16-year mine life, including 14 years of production above 200,000 ounces annually. Craig described the Tanzanian operation as a major prospective driver of cash flow and a cornerstone asset for the company.

Elsewhere, Perseus is increasing exploration expenditure to support organic growth. The company said it doubled exploration spending during the year and will focus on converting additional resources to reserves.

At Yaouré, the company is drilling to assess the potential to extend the open pit at depth and expand the underground operation. At Edikan, Perseus has begun cutbacks at the Fetish and Esuajah North pits while undertaking a drilling program focused on extending existing mineralization. At Sissingué, it is evaluating opportunities to extend the main pit and satellite deposits.

Safety, Local Employment and Sustainability

Perseus reported a total recordable injury frequency rate of 0.9 for fiscal 2026 and said the company completed the year without a lost-time injury. Nyanzaga had surpassed 10 million hours without a lost-time injury, according to the presentation.

The company said it returned $1.2 billion of economic value to the countries where it operates during the year, including $714 million in local procurement and $394 million in taxes, royalties and other government distributions.

Perseus said 96% of its workforce is drawn from the countries where it operates, with roughly half sourced from communities near its mine sites. Female participation across the business was approximately 12%, which Craig said was broadly in line with industry peers. The company is seeking to increase participation through trainee programs, particularly at Nyanzaga.

Craig said Perseus has consistently met its production and cost guidance and intends to continue balancing capital returns, project development, exploration and potential growth opportunities.

About Perseus Mining (TSE:PRU)

Perseus Mining Ltd is engaged in the exploration, evaluation, development, and mining of gold properties in West Africa. The company projects are Sissingue Gold Mine, Edikan Gold Mine in Ghana, and Yaoure Gold Project.

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