Perseus Mining TSE: PRU reported higher revenue, profit and operating cash flow for the financial year ended June 30, 2026, supported by stronger realized gold prices, while outlining increased shareholder returns and continued investment in the Nyanzaga project and other growth initiatives.
During the company’s annual-results webinar, Craig said Perseus met its production and cost guidance for the year, producing 405,000 ounces of gold at an all-in site cost of A$1,750 per ounce. The company realized an average gold price of A$3,693 per ounce, A$1,150 per ounce above the prior financial year, and reported an average cash margin of A$1,943 per ounce.
Perseus ended the year debt-free with net cash and bullion of more than $1 billion and total liquidity of $1.4 billion, including $400 million of undrawn debt capacity. The company also said it achieved first production from the CMA Underground project in April, while Nyanzaga remains on schedule for first gold production in January 2027.
Financial results rise on higher gold prices
Chief Financial Officer Lee-Anne de Bruin said group revenue increased 19% year over year to US$1.5 billion. Higher gold prices offset lower production at the Yaouré and Edikan operations, where the company transitioned to new ore sources during the year.
At Yaouré and Edikan, the new open-pit ore sources had higher waste concentrations and lower overall grades, increasing the cost of producing each ounce. Costs were also affected by higher royalty expenses. Côte d’Ivoire raised its royalty rate by 2 percentage points for gold prices above US$2,000 per ounce, while Ghana introduced a scaled royalty regime in March 2026.
Despite the increase in costs, Perseus reported EBITDA of US$860 million, up 16% from fiscal 2025. Profit before tax rose 27% to US$716 million, while profit after tax increased 14%. De Bruin said the smaller increase in after-tax profit reflected increased taxes paid in host countries as profitability rose, as well as the end of Yaouré’s five-year tax holiday in December 2025.
- Basic earnings per share increased 17% to US$0.3173.
- Earnings per ounce rose 41% to US$1,204.
- Operating cash flow increased 24% to US$666 million.
- Operating cash flow per ounce increased 54% to US$1,670.
Perseus also retained listed investments in Predictive and Aurum valued at US$233 million as of June 30.
Dividend, buyback and proposed additional distribution
The board declared a final dividend of A$0.09 per share, up from A$0.05 per share in the prior year. The payment brings the full-year dividend to A$0.14 per share, or A$187 million, representing an 87% increase from fiscal 2025.
The company said total shareholder returns for fiscal 2026 were A$218 million, including dividends and share repurchases. The board also approved an increase in its buyback program to A$350 million after completing A$126 million of buybacks during the year.
In addition, Perseus is considering an A$100 million distribution from proceeds of the sale of the Meyas Sand Gold Project in Sudan. De Bruin said the distribution could take the form of a special dividend, a return of capital, or a combination of both. The final structure will depend on consultations with the Australian Taxation Office and, in the case of a capital reduction, any required shareholder approval.
The company revised its dividend policy to target a sustainable dividend of at least 20% of net cash flow from operating activities, after dividends paid to non-controlling government shareholders. The board may also consider supplemental dividends, buybacks or capital returns when balance-sheet capacity exceeds growth funding needs.
Nyanzaga development advances as reserves grow
Perseus said the Nyanzaga Gold Project was 67% complete at the end of June and remained on budget and on track for first gold in January 2027. More than 3,800 people were working at the site, where construction activity includes the processing facility, tailings dam, water infrastructure and power systems.
The company has begun pre-stripping at the Kilimani and Tusker deposits, moving 1.2 million bank cubic meters of material by the end of June. Perseus expects to move more than 7 million bank cubic meters before first gold, compared with an original plan of 4.6 million cubic meters. This will result in an additional US$20 million to US$30 million of pre-production mining expenditure, though management said the mine’s capital development remains within its original budget and the spending represents mining being brought forward.
Nyanzaga now contains approximately 4.1 million ounces of proved and probable reserves and 4.7 million ounces of measured and indicated resources. Across the group, measured and indicated resources increased 37% to 10.6 million ounces, while proved and probable reserves rose 40% to 7 million ounces.
The company said it replaced mining depletion at Sissingué and increased reserves at the Yaouré open pit and Edikan. At Edikan, planned cutbacks and optimization are expected to extend mine life to 2031 from approximately fiscal 2028.
Fiscal 2027 outlook and exploration plans
Perseus maintained its previously issued fiscal 2027 production guidance of 420,000 to 480,000 ounces at all-in site costs of US$1,835 to US$2,070 per ounce. The guidance covers the company’s three operating mines and excludes Nyanzaga until it reaches commercial production.
The company plans to allocate approximately US$530 million to growth capital in fiscal 2027, including final-stage Nyanzaga development, the CMA Underground ramp-up and strategic cutbacks at Edikan. It also plans to spend US$70 million to US$80 million on exploration, roughly double the prior year’s level, with drilling programs focused on Yaouré, Edikan and Sissingué.
Perseus said it will maintain a minimum liquidity target of US$500 million while balancing growth investment, sustaining capital requirements and shareholder returns.
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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