Perth, Jan. 24, 2024 (GLOBE NEWSWIRE) -- DECEMBER 2023 QUARTER REPORT
Perseus Mining produces 528,486 oz gold at US$984/oz AISC in CY 2023
PERTH, Western Australia/ January 24, 2024/Perseus Mining Limited ("Perseus" or the "Company") (TSX & ASX: PRU) reports on its activities for the three months' period ended December 31, 2023 (the "Quarter").
- Key operating indicators and highlights for the December 2023 quarter include:
| PERFORMANCE INDICATOR | UNIT | DECEMBER 2023 QUARTER | DECEMBER 2023 HALF YEAR | CALENDAR YEAR 2023 |
| Gold recovered | Ounces | 128,773 | 261,577 | 528,486 |
| Gold poured | Ounces | 128,339 | 261,055 | 529,152 |
| Production Cost | US$/ounce | 862 | 833 | 826 |
| All-In Site Cost (AISC) | US$/ounce | 1,023 | 979 | 984 |
| Gold sales | Ounces | 135,137 | 251,091 | 526,734 |
| Average sales price | US$/ounce | 1,963 | 1,951 | 1,913 |
| Notional Cashflow | US$ million | 122 | 254 | 492 |
- Gold production of 128,773 ounces in the December 2023 quarter, giving December Half Year and 2023 Calendar Year production of 261,577 ounces and 528,486 ounces, respectively.
- December 2023 quarter weighted average AISC of US$1,023 per ounce resulting in December Half Year and 2023 Calendar Year AISC of US$979 per ounce and US$984 per ounce, respectively.
- Gold production in the December Half Year and 2023 Calendar Year both in the upper half of guided production ranges while AISC was below the bottom end of guided cost ranges in the same periods.
- Quarterly gold sales increased to 135,137 ounces; average quarterly gold sale price increased to US$1,963 per ounce.
- Average quarterly cash margin of US$940 per ounce of gold resulted in notional operating cashflow of US$122 million in the quarter and US$492 million for the 2023 calendar year, US$90 million or 22% more than 2022 Calendar Year.
- Strong operating performance expected to continue in the June 2024 Half Year. Gold production guided at 226,000 to 254,000 ounces at AISC of US$1,180 to US$1,340 per ounce for the period, which would result in 491,000 to 517,000 ounces at an AISC of US$1,000 to US$1,100 per ounce for the Financial Year ending 30 June 2024.
- Organic growth activities included completion of a DFS for the CMA Underground development at Yaouré as well as various brownfields exploration programmes to expand Mineral Resources inventories at our operating mines.
- Available cash and bullion balance of US$642 million, as well as US$60 million of listed securities at quarter-end. Zero debt and US$300 million of undrawn debt capacity available.
- Group 12-month rolling average TRIFR at 0.89, down from 1.07 in the September 2023 quarter.
Group Gold Production and Cost Market Guidance
Table 10: Production and Cost Guidance
| PARAMETER | UNITS | DECEMBER 2023 HALF YEAR (ACTUAL) | JUNE 2024 HALF YEAR FORECAST | 2024 FINANCIAL YEAR FORECAST | |
| Yaouré Gold Mine | |||||
| Production | Ounces | 134,379 | 100,000 to 113,000 | 235,000 to 247,000 | |
| All-in Site Cost | USD per ounce | 805 | $1,150 to $1,300 | $900 to $1,000 | |
| Sissingué Gold Mine | |||||
| Production | Ounces | 28,551 | 36,000 to 41,000 | 65,000 to 69,000 | |
| All-in Site Cost | USD per ounce | 1,719 | $1,450 to $1,650 | $1,400 to $1,500 | |
| Edikan Gold Mine | |||||
| Production | Ounces | 98,647 | 90,000 to 100,000 | 191,000 to 201,000 | |
| All-in Site Cost | USD per ounce | 1,003 | $1,100 to $1,250 | $1,000 to $1,100 | |
| PERSEUS GROUP | |||||
| Production | Ounces | 261,577 | 226,000 to 254,000 | 491,000 to 517,000 | |
| All-in Site Cost | USD per ounce | 979 | $1,180 to $1,340 | $1,000 to $1,100 | |
COMPETENT PERSON STATEMENT
All production targets referred to in this release are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code.
Edikan
The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Edikan was updated by the Company in a market announcement "Perseus Mining updates Mineral Resources and Ore Reserves" released on 24 August 2023. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in "Technical Report - Edikan Gold Mine, Ghana" dated 7 April 2022 continue to apply.
Sissingué, Fimbiasso and Bagoé
The information in this release that relates to the Mineral Resources and Ore Reserve at the Sissingué complex was updated by the Company in a market announcement "Perseus Mining updates Mineral Resources and Ore Reserves" released on 24 August 2023. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in "Technical Report - Sissingué Gold Project, Côte d'Ivoire" dated 29 May 2015 continue to apply.
Yaouré
The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Yaouré was updated by the Company in a market announcement "Perseus Mining announces Open Pit and Underground Ore Reserve update at Yaouré" released on 23 August 2023. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in "Technical Report - Yaouré Gold Project, Côte d'Ivoire" dated 19 December 2023 continue to apply.
Meyas Sand Gold Project
The information in this report that relates to the mineral resources and probable reserves of the Meyas Sand Gold Project was first reported by the Company in a market announcement "Perseus Enters Into Agreement to Acquire Orca Gold Inc." released on 28 February 2022. The Company confirms it is not in possession of any new information or data relating to those estimates that materially impacts of the reliability of the estimate of the Company's ability to verify the estimate as a mineral resource or ore reserve in accordance with Appendix 5A (JORC Code) and the information in that original market release continues to apply and have not materially changed. These estimates are prepared in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the resource in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code. This release and all technical information regarding Orca's NI 43-101 have been reviewed and approved by Adrian Ralph, a Qualified Person for the purposes of NI 43-101.
CAUTION REGARDING FORWARD LOOKING INFORMATION:
This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update forward-looking information, except in accordance with applicable securities laws.
| ASX/TSX CODE: PRU CAPITAL STRUCTURE: Ordinary shares: 1,373,563,956 Performance rights: 10,382,896 REGISTERED OFFICE: Level 2 437 Roberts Road Subiaco WA 6008 Telephone: +61 8 6144 1700 Email: IR@perseusmining.com www.perseusmining.com | DIRECTORS: Mr Jeff Quartermaine Executive Chairman & CEO Ms Amber Banfield Non-Executive Director Ms Elissa Cornelius Non-Executive Director Mr Dan Lougher Non-Executive Director Mr John McGloin Non-Executive Director Mr David Ransom Non-Executive Director | CONTACTS: Jeff Quartermaine Executive Chairman & CEO jeff.quartermaine@perseusmining.com Nathan Ryan Corporate Relations +61 420 582 887 nathan.ryan@nwrcommunications.com.au |
