Perseus Mining (PRU) H2 2024 earnings summary

Executive summary

• Produced 509,977 ounces of gold at an all-in site cost of $1,053/oz, meeting guidance despite a slight year-over-year production decrease.

• Achieved strong financial and sustainability performance, delivering significant stakeholder benefits.

• Maintained operations across three mines and two development sites in Africa.

• Average gold sale price was $2,014/oz, resulting in a cash margin of $961/oz.

• Net cash and bullion position reached $587 million, with zero debt and $300 million undrawn credit, supporting growth and shareholder returns.

Financial highlights

• Revenue reached $1.0258 billion, up 7% year-over-year, driven by higher gold prices.

• Profit after tax was $364.8 million, up 14%; EBITDA increased 13% to $625.2 million.

• Operating cash flow was $429.2 million, up $58 million from the prior year.

• Net tangible assets increased 9% to $1.2167 billion, or $0.89 per share.

• Ended the year with $587 million in cash and a total liquidity position of $887 million, including an undrawn $300 million facility.

Outlook and guidance

• FY25 production guidance: 468,400–508,400 ounces at an all-in sustaining cost of $1,182–$1,223/oz.

• Six-month guidance to September 2024: gold production of 220,000–260,000 ounces at an all-in sustaining cost of $1,230–$1,330/oz.

• Mining costs expected to rise in Q1 FY 2025 due to remedial work at Yaouré.

• Major project milestones include final investment decisions for the CMA underground (October 2024) and Nyanzaga (December 2024) projects.

• Yaouré, Edikan, and Sissingué mines all forecast to deliver within production and cost guidance ranges.