Perseus Mining’S Half Year Profit up 22% to US$201M, Net Cash & Bullion up US$117M to US$704M
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24 FEBRUARY 2025
NEWS RELEASE
PERSEUSMINING.COM
PERSEUS MINING’S HALF YEAR PROFIT UP 22% TO US$201M,
NET CASH & BULLION UP US$117M TO US$704M
Perth, Western Australia/ February 24, 2025/Mid-tier, gold producer, developer and explorer, Perseus Mining Limited
(ASX/TSX:PRU) is pleased to report material improvements across all key financial metrics including revenue, EBITDA,
profit after tax, operating cash flow and net cash position in its Interim Financial Report for the six months ending
December 31, 2024 (H1 FY25).
HIGHLIGHTS
• Revenue increased to US$581.8 million, up 19% on prior corresponding period
• EBITDA(1) up 26% to US$352.7 million on prior corresponding period
• Profit after Tax increased to US$201 million up 22% on prior corresponding period
• Operating cash flow increased to US$248 million, up 17% on prior corresponding period
• Total assets of US$2.1 billion; Net tangible assets of US$1.3 billion or US$0.97 per share
• Net cash and bullion of US$704 million up by US$117 million from June 30, 2024 balance
• Zero debt with US$300 million undrawn debt capacity and US$67 million of marketable shares
• Interim dividend of Australian dollar (AUD) 2.5 cents per share declared, a 100% increase on H1 FY24 interim
return
• Perseus confirms market guidance for FY2 5 of 469,000 to 5 04,000oz gold production at US$1,250 to
US$1,280/oz AISC
Table 1: Summary of Financial Performance for the six months ending December 31, 2024
METRIC US$(Million) US CENTS PER SHARE(3)
Revenue 581.8 42.3
EBITDA(1) 352.7 25.6
Profit after tax 201.1 14.6
Operating cash flow (2) 247.6 18.0
Net tangible assets 1,338 97.3
Cash and bullion 704 51.1
(1) Gross profit from operations before depreciation and amortisation
(2) Net cash inflows from operating activities
(3) Calculated using the weighted average outstanding ordinary shares at 31 December 2024 of 1,375,822,145
COMMENTARY
During the six months to December 31, 2024, Perseus continued to deliver on its promises, maintaining its production
levels and achieving its market guidance for both production and costs. Despite seeing a slight increase in overall costs
due to inflationary pressures, Perseus has benefited from its strong hedging strategy and improving gold price
environment resulting in the Group’s average sales price increasing at a proportionately greater rate than its production
costs.
Gold production for the Group during the half year totalled 253,709 ounces at an All-In Site Cost (including production
costs, royalties and sustaining capital) (AISC) of US$1,162 per ounce. This result included: 123,158 ounces produced at
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PERSEUS MINING’S HALF YEAR PROFIT UP 22% TO US$201M, NET CASH &
BULLION UP US$117M TO US$704M
PERSEUSMINING.COM
Yaouré at an AISC of US$1,124 per ounce; 33,917 ounces produced at Sissingué at an AISC of US$1,701 per ounce; and
96,634 ounces of gold produced at Edikan at an AISC of US$1,022per ounce.
Gold sales by the Group during the half-year totalled 245,518 ounces at an average sales price of US$2,350 per ounce.
This result included: 115,345 ounces sold by Yaouré at a weighted average sales price of US$2,326 per ounce; 34,223
ounces sold by Sissingué at a weighted average sales price of US$2,264 per ounce; and 95,950 ounces sold by Edikan at
an average sales price of US$2,409 per ounce. During the six months, the Group sold 2% less gold, at a price that was
approximately 20% higher than in the comparative period in 2023.
The Group’s net profit after tax for the six-month period ended 31 December 2024 was up 22% on the previous
corresponding period to US$201.1 million (December 31, 2023: US$164.7 million), after bringing to account a foreign
exchange gain of US$10.3 million (31 December 2023: US$2.7 million loss). Gross profit from operations for the period
ended 31 December 2024 was up 26% on the comparative period to US$265.3 million (December 31, 2023: US$210.3
million). These increases are largely attributable to a 19% increase in revenue to $581.8 million (December 31, 2023:
US$489.0 million), with only a 10% increase in cost of sales. This result represents the continued strong contributions
from Edikan and Yaouré, and improved profitability for Sissingué.
The Group generated net cash from operating activities for the half year ended December 31, 2024 of US$247.6 million,
up 17% on the comparative period (December 31, 2023: US$211.2 million).
As at December 31, 2024, Perseus had cash on-hand of US$628.5 million (June 30, 2024: US$536.9 million), and 29,078
ounces of gold bullion (June 30, 2024: 21,570 ounces) valued at US$76 million (June 30, 2024: US$50.3 million). Perseus
also owns US$67 million of investments in listed securitie s. At the end of the period, the Group had net assets of
US$1,878.3 million ( June 30, 2024: US$1,780.0 million) and an excess of current assets over current liabilities of
US$659.7 million (June 30, 2024: US$544.1 million). The Group’s net assets increased compared with the prior year
predominantly due to an increase in its cash balance as a result of its strong operating margin, as well as an increase in
its inventory balances, due to a buildup of stockpiles.
GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE
Forecast group gold production and AISC for the June 2025 half year (2H FY25) and full 2025 financial year (FY25) are
shown in the table below.
PARAMETER UNITS DECEMBER 2024 HALF YEAR
(ACTUAL)
JUNE 2025 HALF YEAR
FORECAST
2025 FINANCIAL YEAR
FORECAST
Yaouré Gold Mine
Production Ounces 123,158 120,000 - 135,000 oz 243,158 – 258,158 oz
All-in Site Cost USD per ounce 1,124 US$1,215 – 1,315 per/oz US$1,160 – 1,210/oz
Edikan Gold Mine
Production Ounces 96,634 75,000 - 85,000 oz 172,634 – 182,634 oz
All-in Site Cost USD per ounce 1,022 US$1,325 – 1,425/oz US$1,150 – 1,190/oz
Sissingué Gold Complex
Production Ounces 33,917 20,000 - 30,000 oz 53,917 – 63,917 oz
All-in Site Cost USD per ounce 1,701 US$2,100 – 2,200/oz US$1,880 – 1,900/oz
PERSEUS GROUP
Production Ounces 253,709 215,000 - 250,000 ounces 469,709 – 504,709 ounces
All-in Site Cost USD per ounce 1,162 US$1,360 – 1,435 per ounce US$1,250 – 1,280 per ounce
Perseus’s CEO Jeff Quartermaine said:
“With this result, Perseus has continued to cement its position as one of the more profitable mid-tier gold producers
on a global scale, with its gold production of 253,709 ounces at an all-in site cost of US$1,162 per ounce during the
December 2024 Half Year, translating to a strong performance across all key financial metrics.
Our after -tax earnings of US$201 million for the six -month period was an excellent result, as was our operating
cashflow of US$248 million for the period. By December 31, 2024 Half Year, our net tangible assets had increased to
US$1.34 billion including cash and bullion on hand of US$704 million, US$67 million of marketable securities, no debt
but undrawn debt capacity of US$300 million.
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PERSEUS MINING’S HALF YEAR PROFIT UP 22% TO US$201M, NET CASH &
BULLION UP US$117M TO US$704M
PERSEUSMINING.COM
In addition, in recognition of the improving financial position of the Company, we have increased our interim dividend
to AUD 2.5 cents per share, while maintaining a balanced capital structure which enables us to continue to enhance
the quality of our asset portfolio through future growth.”
This market announcement was authorised for release by the Board of Directors of Perseus Mining
Limited.
IMPORTANT NOTICES
COMPETENT PERSON STATEMENT
All production targets referred to in this release are underpinned by estimated Ore Reserves which have been prepared by competent
persons in accordance with the requirements of the JORC Code.
Edikan
The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Edikan was updated by
the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 21August 2024. The
Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast finan cial
information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that
material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Edikan Gold Mine, Ghana” dated 7 April
2022 continue to apply.
Sissingué, Fimbiasso and Bagoé
The information in this release that relates to the Mineral Resources and Ore Reserve at the Sissingué complex was updated by the Company
in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 21 August 2024. The Company confirms
that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived
therefrom, in that market release continue to apply and have not materially changed. The Company furt her c onfirms that material
assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May
2015 continue to apply.
Yaouré
The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Yaouré was updated by
the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 21 August 2024. The
Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast finan cial
information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that
material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated
19 December 2023 continue to apply.
CAUTION REGARDING FORWARD LOOKING INFORMATION:
This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made
in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management
of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove
to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial
production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, the receipt of required
governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and
effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned
that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management
believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no
assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks,
uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different
from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors
include, among others, the actual market price of gold, the actual results of curren t exploration, the actual results of future exploration,
changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents.
The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have
been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of
required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the
Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking
information. Perseus does not undertake to update forward-looking information, except in accordance with applicable securities laws.
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PERSEUS MINING’S HALF YEAR PROFIT UP 22% TO US$201M, NET CASH &
BULLION UP US$117M TO US$704M
PERSEUSMINING.COM
ASX/TSX CODE: PRU
CAPITAL STRUCTURE:
Ordinary shares: 1,372,184,529
Performance rights: 10,383,593
REGISTERED OFFICE:
Level 2
437 Roberts Road
Subiaco WA 6008
Telephone: +61 8 6144 1700
www.perseusmining.com
DIRECTORS:
Rick Menell
Non-Executive Chairman
Jeff Quartermaine
Managing Director & CEO
Amber Banfield
Non-Executive Director
Elissa Cornelius
Non-Executive Director
Dan Lougher
Non-Executive Director
John McGloin
Non-Executive Director
CONTACTS:
Jeff Quartermaine
Managing Director & CEO
Stephen Forman
Investor Relations
+61 484 036 681
Nathan Ryan
Media Relations
+61 420 582 887