Perseus Mining (PRU) Q2 2026 earnings summary

Executive summary

• December 2025 quarter gold production was 88,888 oz at an all-in-site cost of US$1,800/oz, with a cash margin of US$1,637/oz and notional cash flow of US$145 million; net cash and bullion stood at US$755 million.

• Gold production for the half year ended December 2025 totaled 188,841 oz at an AISC of US$1,649/oz, generating notional cash flow of US$301 million.

• Major projects progressed on schedule: first ore from CMA Underground at Yaouré in January 2026 and Nyanzaga project on track for first gold in January 2027.

• Fatality risk management and sustainability performance remained strong, with a TRIFR of 0.83 and LTIFR of 0.00; two contract employee fatalities occurred in January 2026.

Financial highlights

• Group gold sales for the quarter were 86,607 oz at an average sale price of US$3,437/oz, delivering a cash margin of US$1,637/oz.

• Cash and bullion at 31 December 2025 totaled US$755 million, with zero debt and a US$400 million undrawn credit line; US$229 million held in listed securities.

• Operating margin for the quarter was US$132 million, with capital expenditure of US$61 million and tax payments of US$30 million.

• Notional cash flow for the quarter was US$145 million, down US$11 million sequentially.

Outlook and guidance

• FY26 group production guidance remains at 400,000–440,000 oz, with production weighted to H2 as higher grade ore sources come online at Edikan and Sissingué.

• All-in-site cost guidance increased to US$1,600–1,760/oz, reflecting higher gold price assumptions and increased royalty costs in Côte d'Ivoire.

• Yaouré expected to produce in the lower half of its guidance due to Q2 performance.