Company
ASX:PRU
Perseus Mining Ltd (PRU:ASX) operates three gold mines in Africa: Edikan in Ghana, Sissingué and Yaouré in Côte d’Ivoire. The company acquired Orca Gold and now owns 70% of the Meyas Sand Gold Project in Sudan (formerly 'Block 14 Development Project').
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Despite mining depletion of over three hundred thousand in situ ounces in the last 12 months, Perseus’s total ore reserves have incrementally increased.
The company achieved an increase in sales revenue of 16% to A$591.2 million and a decrease in cost of sales of 8% to A$317.4 million.
Beyond continuing strong production at its Edikan and Sissingué gold mines, the company is focused on the development of its Yaouré gold mine by the end of the year.
Yaouré Gold Project remains on schedule to achieve the stretch target of first gold pour in December 2020, subject to no COVID-19 related delays.
The company’s Edikan and Sissingué operations performed strongly over the quarter and development at Yaouré is progressing on schedule and on budget.
The company remains on schedule to achieve the stretch target of first gold pour in December 2020 from what will be its third operating mine.
The company's first Sustainability Report covers its three operations: Edikan Gold Mine in Ghana, Sissingué Gold Mine and the developing Yaouré Gold Mine, both in Côte d’Ivoire.
The company’s two producing gold mines, Edikan in Ghana and Sissingué in Côte d’Ivoire, produced a combined 57,983 ounces of gold during the March quarter.
The company’s two producing gold mines, Edikan in Ghana and Sissingué in Côte d’Ivoire, produced a combined 57,983 ounces of gold during the March quarter.
Paradigm Biopharmaceuticals has been added to the S&P/ASX 300 Index while Alkane Resources, De Grey Mining, Legend Mining, Greenland Minerals and Salt Lake Potash are additions to the All Ordinaries index.
In Canaccord’s view, the most obvious synergy presented by the acquisition is the opportunity to exploit high-grade, near-surface free-milling gold resources.
The company has entered a scheme of arrangement to acquire Exore Resources in an all-share transaction that values Exore at around A$59.8 million.
The company’s two producing gold mines, Edikan in Ghana and Sissingué in Côte d’Ivoire, produced a combined 57,983 ounces of gold during the March quarter.
Net cash added in the March quarter, before US$29 million Yaoure capital costs, was US$15 million (A$23 million).
The company’s two producing gold mines, namely Edikan in Ghana and Sissingué in Côte d’Ivoire, produced a combined total of 57,983 ounces of gold during the March 2020 quarter.
The company has implemented a series of protocols at each of its operating sites aimed at eliminating the possibility of COVID-19 infections.
Construction of the company’s third West African gold mine remains on schedule.
The company will assist host governments and communities around its operations to maintain safe and healthy living conditions for locals and staff.
Canaccord Genuity has increased its target price for Perseus by 19% to $1.90 on account of updating its Edikan Gold Mine model assumptions for the new life of mine plan.
The updated LOMP involves mining and processing of ore from three open pits and one underground mine.
Gold production and cost guidance previously provided by Perseus for the half year and full financial year ending June 30 2020 remains valid based on production to date and internal forecasts to the end of the period.
The company operates two gold mines in West Africa and is developing its third mine with gold production expected to increase to more than 500,000 ounces per year in 2021/2022.
Edikan’s updated reserves lifted 16% from the mid-2019 estimate and now total 46 million tonnes at 1.1 g/t for 1.6 million ounces of gold.
Perseus forecasts a stronger grade-driven performance in both production and costs in the June 2020 half year.
Perseus produces gold from the Edikan mine in Ghana and Sissingué mine in Côte d'Ivoire.
Yaouré will be the company’s third gold mine and integral to growing production to 500,000 ounces per annum by FY2022.
Cormark Securities has initiated coverage on Perseus with a buy rating and a C$1.15 target.
Perseus has maintained its full-year guidance ending June 30, 2020 of 275-295,000 ounces of gold at an all-in sustaining cost of US$850-950 per ounce.
The company has maintained its full-year guidance ending June 30 2020 of 275-295,000 ounces of gold at an AISC of US$850-950 per ounce.
The company’s securities reached a new 12-month high last Friday and the market cap is now approximately $1.168 billion.
The contract has been awarded to Spanish-based global earthmoving and mining contractor EPSA Internacional SA.
The convention provides a guarantee of fiscal stability and sets out a range of other rights and obligations that will apply during the mine’s life.
The company’s share price has outperformed most gold producer peers in recent months and today’s increase of up to 8% was supported by a rally in the gold price.
Shares in the company have been trading strongly recently, more than doubling year to date.
A collaborative effort has been undertaken to implement sensing, data acquisition and expert input to improve grinding circuit operations at Edikan.
90%-owned subsidiary Perseus Mining Ghana (PMGL) has purchased an option to acquire the Agyakusu prospecting licence PL 2/177 from Adio-Mabas Ghana Limited.
Canaccord has raised its target price for Perseus from $1.05 per share to $1.20 per share (current price: 84 cents per share).
Mako Gold is earning up to a 75% interest in the Napié project under a farm-in and joint venture agreement with Occidental Gold SARL, a subsidiary of Perseus.
The multi-mine gold producer operating in multiple jurisdictions is developing its third operation as it targets annual production of 500,000 ounces.
Appointment of the non-executive director will be put to shareholders at the upcoming annual general meeting.
The West African gold producer, developer and explorer has a strong balance sheet and is well funded to pursue its growth strategy.
The company achieved an EBITDA of $164 million and net profit after tax of $8 million in financial year 2019.
Macquarie Research has upgraded both Perseus and Gold Road to Outperform ratings after the investment bank upgraded its gold price forecasts.
First gold at the Yaouré project in Cote d’Ivoire is expected to be produced in December 2020.
The company has also updated the overall estimated mineral resources and ore reserves for its West African gold mines.
The farm-in partner can take up to 70% of the Cote d’lvoire project by funding activities.
Positive results from drilling completed to date increases Mako’s confidence for outlining a gold resource.
A further program of auger drilling is planned to follow up on these IP anomalies and should be conducted after the rainy season in October and November.
The ASX gold sector continues to outperform as Perseus shares traded at levels not seen since August 2013.
The company now has the balance sheet, margins and growth profile befitting a much better share price rating.
According to Citi, Perseus shouldn’t need to draw on its US$150 million credit facility to fund the development of its third gold mine, Yaouré.
The company has secured funding to develop its third gold mine, Yaouré in Cote d’Ivoire.
Incorporating higher base case gold price assumptions, Hartleys has upgraded its valuation to 86 cents per share and price target to 90 cents per share.
A 1 for 4 non-renounceable entitlement offer raised $409,745 with a $1.114 million shortfall.
The global capital markets group has retained its buy rating for Perseus and has increased the price target to $1.05 from $1.00.
The company has a portfolio of gold projects in Cote d’lvoire and Burkina Faso in the gold-bearing west African Birmian greenstone belt which hosts more than 60 1-million-ounce gold deposits.
The company expects to receive assays from the 4,141-metre reverse circulation program in the coming weeks.
The funding will in part go towards developing Yaouré, which is expected to become a large-scale, low-cost gold mining operation.
The company closed a one for four non-renounceable entitlement offer on June 25, 2019, with acceptances received from 102 shareholders raising $409,745.
The company now has a third large area prospective for gold after high-grade assays were previously reported at the Antoinette and Veronique prospects within its Bagoe project.
The investment manager has a 5.04% stake in the West African gold producer and holds almost 59 million shares.
Lougher has worked with numerous Australian and international companies in a variety of roles throughout his extensive 35-year career, including 18 years working in Africa.
Yaouré is expected to become a large-scale, low-cost gold mining operation that will form an important part of Perseus’ asset portfolio.
All major prerequisites for the development of the Yaouré gold mine are now in place.
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ASX 200 is down 0.12% or 7.8 points lower to 6,374.3 points at 11.27am.
The gold producer expects to comfortably achieve its half-year guidance after a strong March quarter.
The cash flow generated from the quarter was more than double the prior December quarter.
Funds will assist the company in its next growth phase, which includes development of its third West African gold mine.
Investments and investor services
The trading halt will remain in place until an announcement is made or the beginning of ASX trading on Monday, April 15, 2019.
This amount of debt with the company’s cash and bullion can fund developing Yaouré.
Perseus must produce 63,309 ounces in the final June quarter to make the lower end of full-year guidance.
At the company’s current share price of 47.2 cents, Franklin’s investment is valued at more than $48.15 million.
The company is expected to post its latest production figures later this month.
The company is “in best-ever condition” as production increases 30% and average all-in site cost reduces 10%.
Pricing for near half of planned gold production through to December 2019 is now locked in.
The company is on track to reach its target of about 500,000 ounces of gold production a year with an AISC of US$850 by 2022.
The new contract continues Perseus’ association with Lycopodium, following the successful delivery of the Sissingué Gold Project.
The company has two operating gold mines in West Africa with a third on the way.
Perseus’ two operating mines are Edikan and Sissingué in West Africa with a third on the way.
The discovery exhibits similarities to the nearby 475,000-ounce gold Esuajah North open pit.
Manas Resources is earning a 70% interest in the M’bengué project by sole-funding exploration.
Yaouré is set to become the company's third operating gold mine in West Africa.
The gold inventory has increased 9% despite depletion since mining began earlier this year.
Perseus is on track to achieve guided production and costs for the December 2018 half year.
Lycopodium studies confirm DFS cost estimates for what will be company’s third operating mine in West Africa.
Manas Resources is earning a 70% interest in the Mbengué permit held by a subsidiary of Perseus.
The company produces gold from two mines in West Africa, Edikan and Sissingué.
Extending a mine life de-risks a project and also increases its valuation.
Manas Resources is earning a 70% interest in the Mbengué Permit held by a subsidiary of Perseus.
The maiden drill program has confirmed gold at six of the nine targets.
The company produced a record 83,881 ounces of gold in the June quarter.
Follow-up drilling will test the identified mineralisation and geochemical anomalies.
The company is in the process of developing its third West African gold mine.
Individual assays returned values up to 51 g/t gold with significant widths of up to 26 metres.
Thomson managed exploration and resource drilling programs at the Edikan mine in Ghana and at Sissingue in the Ivory Coast
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The group said it was now “on the path to implementing its strategy of transforming Perseus into a multi-jurisdictional, multi-mine producer of in excess of 500,000 ounces of gold per year by 2021.”
