Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has notched up strong gold production figures in West Africa during 2023, recovering 528,486 ounces of gold at US$984 per ounce AISC across its three gold mines in Côte d’Ivoire and Ghana.
The year culminated with strong December quarter production figures too, recording a combined 128,773 ounces of gold from its three operating mines - Yaouré and Sissingué in Côte d’Ivoire and Edikan in Ghana.
Combined with strong gold production in the September 2023 quarter, this performance resulted in half-yearly gold production of 261,577 ounces of gold, produced at an average AISC of US$979 per ounce.
Notably, this performance was in the upper half of production market guidance for the December 2023 half-year of 242,500 to 272,500 ounces of gold produced.
Key operating indicators and highlights during December quarter.
Boost in sales figures
During the December quarter, gold sales increased to 135,137 ounces.
The quarter saw combined gold sales from all three operations totalled 135,137 ounces, which was 19,183 ounces more than in the September quarter.
The weighted average gold price realised was US$1,963 per ounce, US$27 per ounce more than the September 2023 quarter price of US$1,936 per ounce.
These strong results have seen shares rise by as much as 6.2% in ASX trading intra-day to A$1.885 on volume of almost 6 million shortly before the close.
Strong operating performance
Perseus expects the strong operating performance to continue in the June 2024 half-year.
Gold production guidance has been set at 226,000 to 254,000 ounces at an AISC of US$1,180 to US$1,340 per ounce for the period.
Consequently, this 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 June 30, 2024.
Organic growth activities included the completion of a DFS for the CMA Underground development at Yaouré as well as various brownfield exploration programs to expand mineral resource inventories at operating mines.
Growth in gold production at attractive cash margins.
Financials
As far as financials go, Perseus is well-positioned with a cash and bullion balance of US$642 million, as well as US$60 million of listed securities at quarter-end.
The company recorded another strong quarter with a US$48 million net increase in its overall net cash position (cash plus bullion less interest-bearing debt), compared to the previous quarter.
The company is debt-free with an undrawn debt capacity of US$300 million up for grabs.
Meanwhile, the 12-month rolling average Total Recordable Injury Frequency Rate (TRIFR) was at 0.89, down from 1.07 in the September 2023 quarter.
Notional Operating Cashflow.
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