Perseus Mining (PRU) Q2 2025 earnings summary

Executive summary

• Gold production reached 132,419 oz in Q2 FY25, up 9% sequentially, with all-in site costs down to US$1,127/oz and average gold sale price up to US$2,430/oz, driving a 24% increase in cash margin to US$1,303/oz.

• Cash and bullion balance increased by US$61M to US$704M, with no debt and a US$300M undrawn credit line, resulting in a robust net cash position.

• Notional cashflow for the quarter was US$173M, with half-year production of 253,709 oz at AISC of US$1,162/oz, both at the upper end or better than guidance.

• Advanced development of the CMA underground mine at Yaouré, with Byrnecut appointed as contractor, and continued progress at the Nyanzaga Gold Project in Tanzania, pending final agreement.

• Maintained a focus on safety, ESG, and community engagement, with a 12-month rolling TRIFR of 0.66 and LTIFR of 0.15 for Q2 FY25.

Financial highlights

• All-in site costs decreased by US$74/oz to US$1,127/oz; average sale price rose US$181/oz to US$2,430/oz, boosting cash margin to US$1,303/oz.

• Net cash flow for the quarter was US$173M, with notional cashflow for CY24 at US$536M, up US$62M year-over-year.

• Operating margin for the quarter was US$207M, with operating cash flow contributions from Yaouré (61%), Edikan (34%), and Sissingué (5%).

• Hedge book covers 298,100 oz (~24% of projected production over two years) at an average price of US$2,359/oz.

• Share buyback: 3.36M shares purchased at avg A$2.59/share (A$8.7M outflow).

Outlook and guidance

• FY25 group production guidance: 469,709–504,709 oz at AISC of US$1,250–1,280/oz; June 2025 half-year forecast: 215,000–250,000 oz at AISC of US$1,360–1,435/oz.

• Yaouré: 120,000–135,000 oz at AISC US$1,215–1,315/oz; Edikan: 75,000–85,000 oz at AISC US$1,325–1,425/oz; Sissingué: 20,000–30,000 oz at AISC US$2,100–2,200/oz for June 2025 half.

• Sissingué AISC expected to be elevated in H2 FY25 due to low-grade stockpile processing.

• Updated long-term production and cost forecasts to be published in the June quarter, targeting 500,000–600,000 oz/year at cash margins of US$500+/oz.

• Nyanzaga first gold targeted for Q3 FY27, pending FID.