Perseus Mining has “outstanding” FY20 with EBITDA up 67% and after-tax profit 12.5 times higher
The company achieved an increase in sales revenue of 16% to A$591.2 million and a decrease in cost of sales of 8% to A$317.4 million.
Company
Perseus Mining Ltd
ASX:PRU
Perseus Mining Ltd (PRU:ASX) operates three gold mines in Africa: Edikan in Ghana, Sissingué and Yaouré in Côte d’Ivoire. The company acquired Orca Gold and now owns 70% of the Meyas Sand Gold Project in Sudan (formerly 'Block 14 Development Project').
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Perseus Mining on track with West African growth strategy of 500,000 ounces annually
Beyond continuing strong production at its Edikan and Sissingué gold mines, the company is focused on the development of its Yaouré gold mine by the end of the year.
Perseus Mining continues to advance Yaouré Gold Project construction; first gold pour on track for December 2020
Yaouré Gold Project remains on schedule to achieve the stretch target of first gold pour in December 2020, subject to no COVID-19 related delays.
Perseus Mining delivers robust June quarter with gold production up and costs down
The company’s Edikan and Sissingué operations performed strongly over the quarter and development at Yaouré is progressing on schedule and on budget.
Perseus Mining completes accommodation rooms at Yaouré Gold Project
The company remains on schedule to achieve the stretch target of first gold pour in December 2020 from what will be its third operating mine.
Perseus Mining kicks goals with sustainability efforts in West Africa
The company's first Sustainability Report covers its three operations: Edikan Gold Mine in Ghana, Sissingué Gold Mine and the developing Yaouré Gold Mine, both in Côte d’Ivoire.
Perseus Mining director shows faith in gold strategy with on-market purchase
The company’s two producing gold mines, Edikan in Ghana and Sissingué in Côte d’Ivoire, produced a combined 57,983 ounces of gold during the March quarter.
Perseus Mining remains on target to achieve first gold pour in December 2020: video
The company’s two producing gold mines, Edikan in Ghana and Sissingué in Côte d’Ivoire, produced a combined 57,983 ounces of gold during the March quarter.
Perseus Mining added to S&P/ASX 200 Index in rebalance
Paradigm Biopharmaceuticals has been added to the S&P/ASX 300 Index while Alkane Resources, De Grey Mining, Legend Mining, Greenland Minerals and Salt Lake Potash are additions to the All Ordinaries index.
Perseus Mining has potential for valuation upside from Exore acquisition: Canaccord Genuity
In Canaccord’s view, the most obvious synergy presented by the acquisition is the opportunity to exploit high-grade, near-surface free-milling gold resources.
Perseus Mining Exore acquisition will provide near-mine gold ounces
The company has entered a scheme of arrangement to acquire Exore Resources in an all-share transaction that values Exore at around A$59.8 million.
Perseus Mining development work at Yaouré Gold Project 52% complete
The company’s two producing gold mines, Edikan in Ghana and Sissingué in Côte d’Ivoire, produced a combined 57,983 ounces of gold during the March quarter.
Perseus Mining achieves nine consecutive quarters of net cash generation: Hartleys
Net cash added in the March quarter, before US$29 million Yaoure capital costs, was US$15 million (A$23 million).
Perseus Mining video highlights excellent progress on development of Yaouré Gold Mine
The company’s two producing gold mines, namely Edikan in Ghana and Sissingué in Côte d’Ivoire, produced a combined total of 57,983 ounces of gold during the March 2020 quarter.
Perseus Mining gold operations continue to deliver strong cash flows
The company has implemented a series of protocols at each of its operating sites aimed at eliminating the possibility of COVID-19 infections.
Perseus Mining releases March video update on development of Yaouré Gold Mine
Construction of the company’s third West African gold mine remains on schedule.
Perseus Mining assists in combating COVID-19 with donation to host communities in West Africa
The company will assist host governments and communities around its operations to maintain safe and healthy living conditions for locals and staff.
Perseus Mining has target price raised by Canaccord; Macquarie maintains outperform
Canaccord Genuity has increased its target price for Perseus by 19% to $1.90 on account of updating its Edikan Gold Mine model assumptions for the new life of mine plan.
Perseus Mining updates life of mine plan for Edikan Gold Mine
The updated LOMP involves mining and processing of ore from three open pits and one underground mine.
Perseus Mining applies Ebola outbreak experience to COVID-19 pandemic
Gold production and cost guidance previously provided by Perseus for the half year and full financial year ending June 30 2020 remains valid based on production to date and internal forecasts to the end of the period.
Perseus Mining gains new substantial holder in American investment advisor Vanuard Group Inc
The company operates two gold mines in West Africa and is developing its third mine with gold production expected to increase to more than 500,000 ounces per year in 2021/2022.
Perseus Mining has target price raised by Macquarie after strong December half results
Edikan’s updated reserves lifted 16% from the mid-2019 estimate and now total 46 million tonnes at 1.1 g/t for 1.6 million ounces of gold.
Perseus Mining has price target raised by Hartleys after strong production in December half
Perseus forecasts a stronger grade-driven performance in both production and costs in the June 2020 half year.
Perseus Mining guides to production growth as gold hits US$1,600
Perseus produces gold from the Edikan mine in Ghana and Sissingué mine in Côte d'Ivoire.
Perseus Mining releases video update for Yaouré gold mine
Yaouré will be the company’s third gold mine and integral to growing production to 500,000 ounces per annum by FY2022.
Perseus Mining gets buy rating from Cormark Securities after impressive quarter
Cormark Securities has initiated coverage on Perseus with a buy rating and a C$1.15 target.
Perseus Mining has price target raised by Hartleys after strong quarterly performance
Perseus has maintained its full-year guidance ending June 30, 2020 of 275-295,000 ounces of gold at an all-in sustaining cost of US$850-950 per ounce.
Perseus hits upper end of December half guidance after strong quarter
The company has maintained its full-year guidance ending June 30 2020 of 275-295,000 ounces of gold at an AISC of US$850-950 per ounce.
Perseus Mining steps up to S&P/ASX All Australian 200 Index
The company’s securities reached a new 12-month high last Friday and the market cap is now approximately $1.168 billion.
Perseus Mining awards mining services contract for Yaouré Gold Mine
The contract has been awarded to Spanish-based global earthmoving and mining contractor EPSA Internacional SA.
Perseus Mining signs Mining Convention for Yaouré Gold Project in Côte d’Ivoire
The convention provides a guarantee of fiscal stability and sets out a range of other rights and obligations that will apply during the mine’s life.
Perseus Mining reaches new six-year high of $1 reflecting strong dynamics
The company’s share price has outperformed most gold producer peers in recent months and today’s increase of up to 8% was supported by a rally in the gold price.
Perseus Mining gains new substantial shareholder
Shares in the company have been trading strongly recently, more than doubling year to date.
Perseus Mining’s Edikan collaboration recognised with IMARC award
A collaborative effort has been undertaken to implement sensing, data acquisition and expert input to improve grinding circuit operations at Edikan.
Perseus Mining signs option to purchase prospecting licence adjacent to Edikan Gold Mine
90%-owned subsidiary Perseus Mining Ghana (PMGL) has purchased an option to acquire the Agyakusu prospecting licence PL 2/177 from Adio-Mabas Ghana Limited.
Perseus Mining has target price raised by Canaccord Genuity
Canaccord has raised its target price for Perseus from $1.05 per share to $1.20 per share (current price: 84 cents per share).
Perseus Mining’s earn-in partner resumes drilling at Napié Gold Project
Mako Gold is earning up to a 75% interest in the Napié project under a farm-in and joint venture agreement with Occidental Gold SARL, a subsidiary of Perseus.
Perseus Mining on its way to annual gold production of 500,000 ounces
The multi-mine gold producer operating in multiple jurisdictions is developing its third operation as it targets annual production of 500,000 ounces.
Perseus Mining aims to strengthen Board through appointment of David Ransom
Appointment of the non-executive director will be put to shareholders at the upcoming annual general meeting.
Perseus Mining upgraded to outperform by Credit Suisse; target price raised to 88 cents
The West African gold producer, developer and explorer has a strong balance sheet and is well funded to pursue its growth strategy.
Perseus Mining increases gold production and reduces costs; aims for 500,000 ounces per annum
The company achieved an EBITDA of $164 million and net profit after tax of $8 million in financial year 2019.
Perseus Mining and Gold Road tipped as outperformers
Macquarie Research has upgraded both Perseus and Gold Road to Outperform ratings after the investment bank upgraded its gold price forecasts.
Perseus Mining on track with development of third West African gold mine
First gold at the Yaouré project in Cote d’Ivoire is expected to be produced in December 2020.
Perseus Mining aims for half a million-ounce production with third mine after positive FY19 results
The company has also updated the overall estimated mineral resources and ore reserves for its West African gold mines.
Perseus Mining partner Manas Resources flags Mbengué results near Barrick’s Tongon mine
The farm-in partner can take up to 70% of the Cote d’lvoire project by funding activities.
Perseus Mining welcomes assays from Mako Gold’s Napié Project drilling program
Positive results from drilling completed to date increases Mako’s confidence for outlining a gold resource.
Perseus Mining Ltd welcomes ground geophysical results confirming IP anomalies at Mbengue
A further program of auger drilling is planned to follow up on these IP anomalies and should be conducted after the rainy season in October and November.
Perseus Mining hits 5-year high as gold continues to rise
The ASX gold sector continues to outperform as Perseus shares traded at levels not seen since August 2013.
Perseus Mining impresses the brokers with production growth and balance sheet strength
The company now has the balance sheet, margins and growth profile befitting a much better share price rating.
Perseus Mining has target price upped by Citi Research over bullish outlook
According to Citi, Perseus shouldn’t need to draw on its US$150 million credit facility to fund the development of its third gold mine, Yaouré.
Perseus Mining shares rise along with gold prices as margins and production grow
The company has secured funding to develop its third gold mine, Yaouré in Cote d’Ivoire.
Perseus Mining a low cost, well-funded gold producer: Hartleys
Incorporating higher base case gold price assumptions, Hartleys has upgraded its valuation to 86 cents per share and price target to 90 cents per share.
Mako Gold has news of capital raising shortfall upcoming and is in a trading halt
A 1 for 4 non-renounceable entitlement offer raised $409,745 with a $1.114 million shortfall.
Perseus Mining’s price target raised by Canaccord Genuity after exceeding gold production target
The global capital markets group has retained its buy rating for Perseus and has increased the price target to $1.05 from $1.00.
Mako Gold on track to earn up to 75% of Côte d’Ivoire gold permit
The company has a portfolio of gold projects in Cote d’lvoire and Burkina Faso in the gold-bearing west African Birmian greenstone belt which hosts more than 60 1-million-ounce gold deposits.
Mako Gold completes extended Napié gold drilling program before rain sets in
The company expects to receive assays from the 4,141-metre reverse circulation program in the coming weeks.
Perseus Mining signs for US$150 million cash facility, Yaouré Gold Mine development ongoing
The funding will in part go towards developing Yaouré, which is expected to become a large-scale, low-cost gold mining operation.
Mako Gold advances along a gold-paved road in West Africa
The company closed a one for four non-renounceable entitlement offer on June 25, 2019, with acceptances received from 102 shareholders raising $409,745.
Exore Resources intersects shallow high-grade gold in third identified target area within Cote d’Ivoire Gold Projects
The company now has a third large area prospective for gold after high-grade assays were previously reported at the Antoinette and Veronique prospects within its Bagoe project.
Perseus Mining has new substantial shareholder in New York-based Van Eck Associates
The investment manager has a 5.04% stake in the West African gold producer and holds almost 59 million shares.
Perseus Mining appoints experienced mining executive Dan Lougher as non-executive director
Lougher has worked with numerous Australian and international companies in a variety of roles throughout his extensive 35-year career, including 18 years working in Africa.
Perseus Mining receives board approval to begin full-scale development of Yaouré Gold Mine
Yaouré is expected to become a large-scale, low-cost gold mining operation that will form an important part of Perseus’ asset portfolio.
Perseus Mining granted permit to develop third gold mine
All major prerequisites for the development of the Yaouré gold mine are now in place.
Investments and investor services
S&P/ASX 200 trading slightly down on low volume to close the week
ASX 200 is down 0.12% or 7.8 points lower to 6,374.3 points at 11.27am.
Perseus Mining major shareholder Franklin Resources increases stake to nearly 10%
The gold producer expects to comfortably achieve its half-year guidance after a strong March quarter.
Perseus Mining quarterly production confirms on track to meet guidance
The cash flow generated from the quarter was more than double the prior December quarter.
Perseus Mining’s warrant underwriting agreement could raise $45 million
Funds will assist the company in its next growth phase, which includes development of its third West African gold mine.
Investments and investor services
Perseus Mining has potential underwriting news imminent, granted trading halt
The trading halt will remain in place until an announcement is made or the beginning of ASX trading on Monday, April 15, 2019.
Perseus Mining receives commitment for US$150 million debt facility to fund third gold mine
This amount of debt with the company’s cash and bullion can fund developing Yaouré.
Perseus Mining March quarter production has it on track to meet guidance
Perseus must produce 63,309 ounces in the final June quarter to make the lower end of full-year guidance.
Perseus Mining substantial shareholder Franklin Resources lifts interest to 9.8%
At the company’s current share price of 47.2 cents, Franklin’s investment is valued at more than $48.15 million.
Perseus Mining produces gold ounces in Ghana and Cote d’Ivoire
The company is expected to post its latest production figures later this month.
Perseus Mining results reflect golden times for company in West Africa
The company is “in best-ever condition” as production increases 30% and average all-in site cost reduces 10%.
Resolute Mining locks in high gold price and increases stake in Manas Resources
Pricing for near half of planned gold production through to December 2019 is now locked in.
Perseus Mining meets quarterly guidance for gold production, Yaouré mine development ongoing
The company is on track to reach its target of about 500,000 ounces of gold production a year with an AISC of US$850 by 2022.
Perseus Mining awards engineering and supply contract for Yaouré Gold Project
The new contract continues Perseus’ association with Lycopodium, following the successful delivery of the Sissingué Gold Project.
Perseus Mining major shareholder increases interest to more than 6%
The company has two operating gold mines in West Africa with a third on the way.
Perseus Mining auditions project for multi-country mines strategy
Perseus’ two operating mines are Edikan and Sissingué in West Africa with a third on the way.
Perseus Mining new discovery at Edikan bodes well for mine life extension
The discovery exhibits similarities to the nearby 475,000-ounce gold Esuajah North open pit.
Perseus Mining leveraged to high-grade gold results from West African project
Manas Resources is earning a 70% interest in the M’bengué project by sole-funding exploration.
Perseus Mining new scoping study supports Yaouré going underground as well
Yaouré is set to become the company's third operating gold mine in West Africa.
Perseus Mining exploration increases gold reserves at Sissingué mine
The gold inventory has increased 9% despite depletion since mining began earlier this year.
Perseus Mining achieves strong cash flow from gold sales in West Africa
Perseus is on track to achieve guided production and costs for the December 2018 half year.
Perseus Mining completes FEED milestone on Yaouré Gold Project development path
Lycopodium studies confirm DFS cost estimates for what will be company’s third operating mine in West Africa.
Perseus Mining farm-in partner has drill spinning at Côte d’Ivoire gold project
Manas Resources is earning a 70% interest in the Mbengué permit held by a subsidiary of Perseus.
Perseus Mining boosts gold production by 45%, lowers costs by 22% in FY18
The company produces gold from two mines in West Africa, Edikan and Sissingué.
Perseus Mining drill results look to extend gold mining life
Extending a mine life de-risks a project and also increases its valuation.
Perseus Mining’s farm-in partner prepares to drill for gold in Côte d’Ivoire
Manas Resources is earning a 70% interest in the Mbengué Permit held by a subsidiary of Perseus.
Perseus Mining joint venture partner drills out more gold in West Africa
The maiden drill program has confirmed gold at six of the nine targets.
Perseus Mining has major shareholder increase stake
The company produced a record 83,881 ounces of gold in the June quarter.
Mako Gold intersects significant gold mineralisation at Napié project
Follow-up drilling will test the identified mineralisation and geochemical anomalies.
Perseus Mining delivers record gold production
The company is in the process of developing its third West African gold mine.
Mako Gold intersects wide, high-grade gold in maiden drilling program at Côte d’Ivoire
Individual assays returned values up to 51 g/t gold with significant widths of up to 26 metres.
Asante Gold boosts advisory board with experienced gold hunter
Thomson managed exploration and resource drilling programs at the Edikan mine in Ghana and at Sissingue in the Ivory Coast
Upheaval in junior mining as leading ETF GDXJ set to rebalance portfolio in June
Leading junior gold mining ETF the GDXJ is expanding its investing universe in what's known as a "re-balancing", and the effects aren't all positive
Asante Gold has varied portfolio of near-term production and blue-sky exploration
Asante Gold is working up its portfolio of Ghanaian properties
Money supply up, gold price up, miners soaring away
The seeds of the current strength in gold mining equities were sown in the last gold boom five years ago
Perseus Mining hits two transformation milestones
The group said it was now “on the path to implementing its strategy of transforming Perseus into a multi-jurisdictional, multi-mine producer of in excess of 500,000 ounces of gold per year by 2021.”