Perseus Mining (PRU) H2 2025 earnings summary

Executive summary

• Achieved group gold production of 496,551 oz for FY25 at an all-in site cost of $1,235/oz, within guidance and below cost guidance range, with four-year average production of 509,000 oz and FY25 output slightly down 2.6% year-over-year.

• Revenue rose 22% year-over-year to $1.2 billion, driven by higher gold prices averaging $2,543/oz, resulting in a cash margin of $1,308/oz.

• Net cash and bullion position reached $827 million, with zero debt and $300 million undrawn credit facility.

• Final dividend of 5 AUD cps declared, with a full-year dividend of 7.5 AUD cps, a 50% increase over prior year, and a renewed A$100 million share buy-back.

• Maintained diversified operations across multiple mines and jurisdictions, supporting consistent performance.

Financial highlights

• EBITDA increased 18% year-over-year to $740.3 million; gross profit from operations up 22% to $587.5 million.

• Profit after tax increased 16% to $421.7 million; operating cash flow up 25% to $536.7 million; notional cash flow for the year was $650 million.

• Basic earnings per share rose 14% to 27.02cps; operating cash flow per share up 25% to 39.11cps.

• Net tangible assets increased 56% to $1.9 billion; net tangible assets per share at $1.4.

• Cash margin per ounce increased by $347/oz to $1,308/oz.

Outlook and guidance

• Confident in progressing the CMA Underground project, with minor schedule delays expected to be recovered; Nyanzaga project agreements finalized, aiming for first gold in January 2027.

• Board renewed share buyback program for FY26, authorizing up to AUD 100 million over the next 12 months.

• Focus remains on extending mine lives, investing in future growth, and maintaining strong capital returns.

• Maintains strong liquidity and balance sheet resilience to support dividend policy and growth strategy.