Perseus Mining's June quarter cash and bullion hits $1B for first time. Board ups buyback to $150M. FY27 guidance: 420k-480k oz at AISC $1,835-$2,070/oz.
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Perseus Mining Ltd. ended its June quarter with cash and bullion above US$1 billion for the first time, the West African gold producer said Wednesday. The board responded by raising the share buyback to $150 million from a prior $100 million.
Chief Executive Jeff Quartermaine called the quarter a "significant milestone" period. Perseus brought first stoping ore from the CMA Underground operation in Côte d'Ivoire, a first for the company and that country. The Nyanzaga project in Tanzania also recorded an outstanding safety achievement, he said.
The company set production guidance for the 2027 financial year at 420,000 to 480,000 ounces at all-in sustaining costs of $1,835 to $2,070 per ounce. That guidance covers three mines: Edikan and Yaouré in West Africa and the new Nyanzaga operation once it reaches commercial production.
Perseus produced 108,000 ounces in the June quarter, with AISC of $1,798 per ounce. The cash balance of $1 billion gives the miner flexibility to fund growth projects at CMA and Nyanzaga while returning capital to shareholders, Quartermaine said.
CMA Underground is ramping up to steady-state production, and Nyanzaga is advancing toward first gold. Both projects are on schedule and within budget, the company said. Perseus also holds a portfolio of exploration tenements across Ghana, Côte d'Ivoire and Tanzania.
The buyback expansion follows a earlier $100 million program that was nearly completed. Perseus shares trade on the Toronto Stock Exchange and the ASX under the ticker PRU.
Perseus will host a conference call at 9:00 a.m. AEDT Wednesday. The full quarterly report is available on the company's website.
Gold prices have traded in a range of $2,300 to $2,500 an ounce during the quarter, supporting miner margins. Perseus is one of the mid-tier producers in the West African gold belt, alongside peers such as Endeavour Mining and Asante Gold.
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