Strong Financial Performance Delivers Record Shareholder Returns
26 AUGUST 202 6
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
1
STRONG FINANCIAL PERFORMANCE DELIVERS RECORD
SHAREHOLDER RETURNS
Perth, Western Australia/ August 2 6, 2026/ Gold producer Perseus Mining Limited (ASX/TSX: PRU) has
released its Annual Report and Sustainable Development Report for the financial year ending 30 June 2026
(FY26).
HIGHLIGHTS(1)
RECORD FINANCIAL PERFORMANCE
• Profit after tax of $480.5 million (up 14%)
• Revenue of $1.484 billion (up 19%), EBITDA(2) of $860.5 million (up 16%)
• Earnings per share of 31.7 A$ cents per share (cps) (up 17%)
• Net cash flow from operating activities3 of $666.4 million (up 24%) equating to 49.4(3) A$ cps
• Superior balance sheet with $1.03 billion of cash and bullion ($0.77 per share) plus US$400 million
undrawn debt
INCREASED RETURNS TO SHAREHOLDERS
• A$126 million completed of FY26 A$150 million share buyback programme during FY26.
• FY26 final dividend of 9.0 AUD cps share, delivering a record full year dividend of 14 A$ cps, up 87%
(yield of 2.7%)(4).
• Capital Management policy updated with introduction of a minimum dividend of 20% of operating
cash flow after payments to non-controlling interests.
• Perseus’s share buyback programme renewed, with up to A$350 million to be invested in a further
on-market share buy-back programme of Perseus’s shares.
• The Company also intends to make a further A$100 million distribution to shareholders from the
excess proceeds of the sale of Meyas Sand Project in Sudan(5).
1. % increases referenced against Financial Year end 30 June 25 (FY25). All amounts in this release are in USD unless stated otherwise.
2. Gross profit before depreciation and amortisation
3. Net cash flow from operating activities represents ‘Net cash inflows from operating activities’ within the Consolidated Statement of Cashflows.
Operating cash flow per share is calculated as net cash inflows from operating activities divided by weighted average number of outstanding
ordinary shares
4. Annual yield calculated using the 20-day VWAP share price at 30 June 2026 of A$5.125
5. To be determined in the coming months by way of an equal capital reduction and/or a special dividend. The split between the capital reduction
and special dividend is still to be determined and will be confirmed with the Australian Tax Office. Any equal capital reduction will be subject to
any required shareholder approval. The Company will update shareholders on the proposed distribution together with the split between
capital reduction and/or special dividend when finally determined.
NEWS RELEASE |
2
Perseus’s Managing Director and CEO, Craig Jones said:
“Perseus has delivered a record financial result for FY26 delivering on production and cost guidance again, a
reflection of the Company’s ongoing commitment to delivering on its priorities. Strong gold prices supported
our delivery of record net operating cash flow of $666 million, up 24% year on year, enabling a record year
for shareholder returns. Today we announced a final dividend of 9 cents per share taking our full year dividend
to 14 cents, up 87%, alongside A$126 million in on-market share buy-backs during the year.
FY26 was also a year of major project momentum with our Nyanzaga Gold Project in Tanzania on track for
first gold pour in January 2027 and the achievement of first gold pour from the CMA underground in Côte
d’Ivoire.
Our Mineral Resource and Ore Reserve update released today demonstrates Perseus’s ongoing ability to grow
its resources, with a 37% increase in Measured and Indicated Resources and a 40% increase in Proved &
Probable Reserves compared to FY25.
We also announced updates to our capital management framework, increasing our minimum dividend from
1% of yield to 20% of free cash flow, along with a new on-market share buyback of A$350 million, reflecting
our confidence in the business and our ongoing commitment to delivering value to shareholders and we
proposing a further A$100 million distribution from the excess cash from the divestment of the Meyas Sands
project in Sudan.
Alongside our fantastic financial results, we also published our Sustainable Development Report, the story of
how and why we do what we do, for our people, our communities and the countries where we operate.
Safety remains at the heart of everything we do: an industry leading TRIFR below 1 across our operations,
zero lost time injuries, with Nyanzaga passing 8 million hours without a lost time injury”.
FY26 FINANCIAL PERFORMANCE
UNIT 30 JUNE 2026 30 JUNE 2025 % VARIANCE
Key Financials
Revenue $M 1,483.9 1,248.1 19%
EBITDA(1) $M 860.5 740.3 16%
Depreciation and amortisation $M (116.9) (153.8) (24%)
Profit before tax $M 715.9 564.4 27%
Profit after tax $M 480.5 421.7 14%
Operating cash flow(2) $M 666.4 536.7 24%
Cash and bullion(3) $M 1,034.0 826.5 25%
Development Capital $M 367.1 88.9 313%
Earnings per share US$ cps 31.73 27.02 17%
Dividends per share (declared) A$ cps 14.0 7.5 87%
Production
Gold sold oz 399,023 494,343 (19%)
All-in site cost $/oz 1,750 1,235 42%
Average gold price realised $/oz 3,693 2,543 45%
1. Gross profit from operations before depreciation and amortisation
2. Net cash inflows from operating activities
3. Including cash, US$924 million and 27,299oz bullion on hand, valued at US$110 million
EARNINGS AND CASHFLOW
The Group recorded a growth in net profit after tax of 14% to $480.5 million for the year. This result is
predominantly driven by the following key items:
• A 19% increase in revenue resulting from higher gold prices offset by a decrease in gold production arising
at Yaouré and Edikan due to planned transition of ore sources at both operations:
NEWS RELEASE |
3
• An increase in cost of sales due to the increase in the cash operating costs partially offset by a slight
decrease in production during the year. Cash operating costs were higher primarily driven by:
- Higher royalties due to higher gold prices, 2% increase in royalty rates in Côte d’Ivoire and the scaled
royalty regime implemented by the Government of Ghana effective 10 March 2026.
- The primary ore sources for Yaouré and Edikan have changed to the Yaouré open pit and the Nkosuo
open pit respectively, both of which have higher concentrations of waste and lower overall grades,
which have increased the total cost to produce each ounce.
• An income tax expense of $235.4 million compared to a $142.7 million in the prior year, due to increased
profits at Edikan and Yaouré, coupled with withholding taxes paid on intercompany dividends paid out
of Côte d'Ivoire. In addition, the tax holiday for Yaouré ended on 31 December 2025;
• Depreciation and amortisation expense decreased by 24%, driven by lower deferred stripping
amortisation following reduced ore tonnes mined during the year, together with the completion of the
Edikan AG and Fetish pits, Yaouré Stage 1 and CMA Stage 3 by June 2025, and Fimbiasso during the first
half of the FY26 financial year;
• Foreign exchange losses incurred of $34 million mainly resulting from translation of bank balances,
intercompany loan balances, and intercompany dividends . This is attributable to increases in cash
balances and the weakening of the USD during FY26 compared to previous period. This represents an
accounting loss arising from foreign currency translation movements, and
• Gain on disposal of subsidiary following the divestment of the Meyas Sand Gold Project.
The Group delivered a 14% increase in profit after tax representing the continued strong contribution from
all three operating gold mines.
BALANCE SHEET
As at 30 June 2026, t he Group had net assets of $2, 462.3 million and an excess of current assets over
current liabilities of $88 6.8 million. The Group’s net assets increased compared with the prior year
predominantly strong operating margins aided by higher gold price and the disposal of the Meyas Sand
Gold project for $260 million cash consideration.
Based on the 30 June 2026 spot gold price of $4,026 per ounce (30 June 2025: US$3,288 per ounce), the
total value of cash and bullion on hand at the end of the year was $1,034.0 million (30 June 2025: $826.5
million), including cash of $924.1 million (30 J une 2025: $751.8 million) and 27,299 ounces of bullion on
hand (30 June 2025: 22,722 ounces), valued at $109.9 million (30 June 2025: $74.7 million).
During the year, the Group upsized and extended its existing revolving corporate cash advance facility. The
amended facility increased to $400 million from the previous $300 million and extended for a three -year
term plus an option to extend for two years (on a 1+1 basis) subject to lender consent. The facility is
undrawn as at 30 June 2026.
NEWS RELEASE |
4
RETURNS TO SHAREHOLDERS
UPDATED CAPITAL ALLOCATION FRAMEWORK AND DIVIDEND POLICY
The Board has approved an updated Capital Allocation Framework, underpinned by strong cash flow
generation and a robust balance sheet, with a clear focus on disciplined investment and increasing
shareholder returns.
The below framework includes the capital allocation planned for the 2027 financial year.
1. Minimum Liquidity is Cash and Cash equivalents less undrawn debt
2. US$230m includes US$60 million estimate for pre-production costs to be incurred before first gold pour Q1 27.
3. Net Cash Flow from operating activities less the Dividends paid to non-controlling interests (NCI) as per the audited Consolidated Statement of Cash Flow in the audited Annual
Financial Statements.
4. Further distributions via supplemental dividends, share buy backs or capital returns, in excess of the Sustainable Dividend, may be considered from time to time, subject to the
Company’s capacity to pay and at the sole discretion of the Board
Included in this updated Capital Allocation Framework update is a revision to Perseus’s stated Dividend
Policy. The Perseus Dividend Policy has been updated as follows:
1. As per the audited Consolidated Statement of Cash Flow in the audited Annual Financial Statements.
FY26 FINAL DIVIDEND
The Directors have declared a FY26 final unfranked dividend of 9.00 Australian cents per share ( A$119.4
million or ~$ 82.4 million). Together with the FY26 interim dividend of 5 .00 Australian cents per share
declared in February 2026, this brings the total dividend declared by Perseus in FY26 to 14.00 Australian cents
per share, which equates to an annual dividend yield of 2.7% and an increase of 87% on FY25.
FY26 Final Dividend details:
• Dividend Amount – 9 A$ cps (unfranked, 100% declared as Conduit Foreign Income (CFI))
• Ex-dividend - 7 September 2026
• Record date - 8 September 2026 (for TSX shareholders the ex-dividend date and record date will be 8
September 2026)
• Payment date - 7 October 2026
Perseus intends to make semi-annual dividend payments representing cumulatively, of at least 20%
of Net Cash Flow from operating activities less the Dividends paid to non-controlling interests
(NCI) (Net Cash flow from operations post NCI)(1) (Sustainable Dividend)
Perseus will announce any distributions when announcing half year and full year financial results.
Further distributions via supplemental dividends, share buy backs or capital returns, in excess of the
Sustainable Dividend, may be considered from time to time, subject to the Company’s capacity to
pay and at the sole discretion of the Board.
NEWS RELEASE |
5
1) Split between dividend and capital reduction to be determined
SHARE BUYBACK
Perseus also continued its programme of buying back shares that commenced in FY25 and at the date of this
report had purchased A$210.3 million of ordinary shares (50,125,518 shares) under its approved buyback
programs. Based on Perseus’s future expected operating and cash flow requirements, the Board has
unanimously approved a further on -market share buy-back of up to A$ 350 million of ordinary shares to
commence on or about 24 September 2026.
In accordance with the ASX Listing Rules, the price paid for shares purchased under the buy-back will be no
more than 5% above the volume weighted average price of Perseus shares over the five trading days prior
to the purchase. However, the actual price paid is subject to prevailing share price and market conditions
and will be executed at the Company’s discretion.
The on-market share buy-back will otherwise be undertaken in accordance with the terms specified in the
Appendix 3C released to ASX today. The buy-back will be conducted in the ordinary course of trading over
the next 12 months. The final amount of the buy-back and the exact timing of any trades made from time to
time will depend on several factors including market conditions, Perseus’s prevailing share price, its future
capital requirements and any unforeseen developments or circumstances that may arise in the course of the
buy-back.
Accordingly, there is no assurance that Perseus will buy back any or all of the up to A$350 million worth of
shares contemplated. Perseus reserves the right to suspend or terminate the buy-back at any time (having
regard to the previously mentioned factors and the best interests of Perseus).
The buy-back will fall within the “10/12” limit permitted under the Australian Corporations Act and does not
require shareholder approval. The “10/12” limit for a company proposing a buyback is 10% of the smallest
number of votes attached to Perseus shares at any time during the past 12 months. Consistent with the
requirements of the Corporations Act, the Company will immediately cancel any shares acquired by it under
the buy-back.
The Directors of Perseus will not offer any shares into the buy-back.
PROPOSED SPECIAL DISTRIBUTION - RETURN OF FUNDS - SALE OF MEYAS SAND
The Perseus Board is also considering an additional distribution of A$100m (recognising the additional
proceeds received from the recent sale of the Meyas Sands Gold Project in Sudan). This may include a
further special dividend and/or return of capital. The split between the capital reduction and special
dividend is still to determined and will be confirmed with the Australian Tax Office. Any equal capital
reduction will be subject to any required shareholder approval. The Company will update shareholders
on the proposed distribution together with the split between capital reduction and/or special dividend
when finally determined.
CUMULATIVE DISTRIBUTIONS TO SHAREHOLDERS
NEWS RELEASE |
6
UPDATE NYANZAGA
PROJECT STATUS AS AT 30 JUNE 26
Despite ongoing geopolitical and global supply chain challenges, the Project remains on budget and on
schedule to pour first gold in January 2027. Overall project progress reached 67% at the end of June 2026,
with $328.5 million (63%) of the approved $523 million budget incurred and $95.0 million (18%) committed.
With all major construction procurement now complete, and all site installation contracts awarded, the
project construction capital and operational readiness cost to completion remains within budget of $483
million.
PARAMETER
DEVELOPMENT
BUDGET
US$M
FORECAST
FINAL COST
US$M
COMMITMENTS
ENTERED
EXPENSES INCURRED
TO DATE1
TOTAL SPEND TO
DATE2
US$M % US$M % US$M %
Construction capital & operational readiness 483 483 95 20% 311 64% 316 65%
Capitalised Pre-Preproduction Costs3 40 40 - - 17 43% 17 43%
Total 523 523 95 18% 328 63% 333 63%
1. Expenses to date include work invoiced and accrued
2. Total expenditure to date includes expenses incurred and capital advance payments.
3. Includes capitalised mining, processing and general and administration costs allocated to pre-production.
UPDATE TO PROJECT PRE-PRODUCTION COSTS – ACCELERATED MINING VOLUMES
Mining to 30 June 2026 achieved 1.8M Bank Cubic Meters (BCM). It is expected that mining will achieve
between 7.0 and 7.7M BCMs, against the initial FID plan of 4.6M BCMs. This will bring forward and hence
increase pre-production costs to between $70M - $80M.
PARAMETER
Units As at 30 June 26 Guidance
FY27
Revised Project
Forecast
FID
Development
Budget
Variance
Construction capital and operational
readiness
US$M 311 172 483 483 0
Capitalised Pre-production Costs US$M 17 53 - 63 70 – 80 40 30 - 40
Total US$M 328 225 - 235 553 - 563 523 30 - 40
Forecast Mining Volumes moved BCM
Million
1.8 11.4 7.0 -7.7 4.6 2.4 – 3.1
BOARD CHANGES
The Board appointed Mr Tommy McKeith as non-executive director on 23 July 2026.
NEWS RELEASE |
7
OUTLOOK FOR FY2027
Gold production and cost guidance for the financial year ending June 202 7 remain unchanged from that
previously reported to the market. Perseus has provided further guidance in relation to sustaining capital
and exploration spend:
Parameter Units
2027 Financial Year
(Forecast)
Group Production
Production(1) Ounces 420,000 – 480,000
Group All-in-Site Cost
All-in Site Cost(2) USD per ounce 1,835 – 2070
Sustaining Capital
Sustaining Capital(3) USD Million 50 – 60
Development Capital
Development Capital(4) USD Million ~450
Exploration Spend
Exploration USD Million 70 – 80
1. Nyanzaga production included in guidance is based on FID as released in April 2025 - Refer ASX Release - Perseus mining proceeds with
development of the Nyanzaga Gold Project. Further guidance for Nyanzaga will be provided in Q3 FY27. All operating costs for Nyanzaga are
capitalised until Commercial Production planned for Q4 FY27.
2. AISC guidance is based on a gold price assumption of $4,000 per ounce and Government royalty rates of 8% in Côte d'Ivoire and 11% (applicable
at $4,000 per ounce) in Ghana and has only been calculated on the three operating mines (excludes Nyanzaga).
3. Sustaining capital for Yaouré, Edikan and Sissingue is included in calculation of Guidance AISC provided in this table.
4. Comprises Nyanzaga $230M, Yaouré CMA UG $80M, Edikan cutbacks $140M
FY26 SUSTAINABILITY PERFORMANCE
SUSTAINABILITY HIGHLIGHTS
• Total economic contribution of ~$1.19 billion to our host countries, including Tanzania and Sudan
• Strong safety performance with Total Recordable Injury Frequency Rate (TRIFR) of 0.91 and Lost
Time Injury Frequency Rate (LTIFR) of 0.00, with Nyanzaga passing 8 million work hours LTI free.
• 95% local employment and 86% local procurement
• Emissions intensity reduced by 7% at 0.52t CO2e per ounce
• First Australian Accounting Standards Board (AASB) S2 Climate Report published
Through another year of strong safety focus, Perseus recorded a TRIFR of 0.91 in FY26. We remain
committed to ensuring every person returns home healthy and safe each day, supported by a strong safety
culture built on critical control management and verification , visible leadership, accountability, and
meaningful safety interactions. This commitment is underpinned by the continued application of our
“Safely Home Every Day” programme, including our Fatality Risk Management programme.
We continued to create lasting economic and social value in our host countries and communities,
contributing $1.19 billion in direct economic value in FY26, including $5. 17 million in community
contributions and $714 million in local procurement. At our Nyanzaga Gold Project in Tanzania, w e
delivered improved roads, health and education infrastructure for local communities, delivered through
our Resettlement Action Plan.
We continued to strengthen our governance and delivery of sustainability outcomes , refreshing our
sustainability materiality assessment and completing the first year of fully implementing our updated
Sustainability Strategy. We also published our first Climate Report under AASB S2. This included a climate
NEWS RELEASE |
8
risk and opportunity assessment, incorporating climate scenario analysis , to better understand the
potential physical and transition impacts of climate change on our business.
This announcement was approved for release by the Board of Perseus Mining Limited.
COMPETENT PERSON STATEMENT
All production targets referred to in this report are underpinned by estimated Ore Reserves which have been prepared by Competent Persons
in accordance with the requirements of the JORC Code.
The information in this report that relates to the Mineral Resources and Ore Reserve was updated by the Company in a market announcement
“Perseus Mining updates Mineral Resources and Ore Reserves” released on 2 6 August 2026. 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 confirms that the material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Edikan
Gold Mine, Ghana” dated 6 April 2022, “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2023, “Technical Report
— Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015, and “Technical Report — Nyanzaga Gold Project, Tanzania” dated 10 June 2025
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, development of a mine
at Nyanzaga, 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 current exploration, the actual
results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclo sed in the
Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to
update any forward-looking information, except in accordance with applicable securities laws.
ASX/TSX CODE: PRU
CAPITAL STRUCTURE:
Ordinary shares: 1,327,131,493
Performance rights: 5,613,211
REGISTERED OFFICE:
Level 2
437 Roberts Road
Subiaco WA 6008
Telephone: +61 8 6144 1700
www.perseusmining.com
DIRECTORS:
Non-Executive Chairman
Rick Menell
Managing Director & CEO
Craig Jones
Non-Executive Directors
Amber Banfield
Elissa Cornelius
Dan Lougher
John McGloin
Tommy McKeith
Jim Rutherford
CONTACTS:
Craig Jones
Managing Director & CEO
Stephen Forman
Investor Relations
+61 484 036 681
Nathan Ryan
Media
+61 420 582 887