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Perseus posts another record quarterly report

Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana have combined to produce a total of 112,786 oz of gold in the September 2021 quarter, 10% more than in the prior quarter and 28% more than in the March 2021 quarter.

The weighted average production costs at the operations were US$857 per oz, while a weighted average AISC of US$966 per ounce of gold was recorded by the Group during the quarter.

These costs were 7% and 8% respectively lower than comparative costs incurred in the previous quarter.

Gold sales from all three operations totalled 107,650 ounces, 1% more than last quarter. The weighted average gold price realised from sales of gold during the quarter was US$1,655 per oz, slightly more than the price received in the June 2021 quarter. Perseus’s average cash margin for the September 2021 quarter was US$689 per oz, US$84 per ounce or 15% more than that achieved during the June 2021 quarter.

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Notional operating cashflow from operations was US$77.8 million, US$15.7 million or 26% more than that generated in the prior period, driven by quarter-on-quarter production growth of 10% derived largely from the strong production performance at Yaouré, combined with a commensurate decline in AISC at that mine.

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Highlights

  • Perseus has achieved another quarterly gold production record, producing 112,786 oz of gold, up 10% on the June 2021 quarter and up 28% on the March 2021 quarter.
  • Weighted average production cost of US$857 per oz and a weighted average all-in site cost (AISC) of US$966 per oz, US$81 per oz or 8% less than in the last quarter.
  • The Yaouré Gold Mine was the major contributor to the Group’s strong quarterly result, producing 64,558 oz of gold at an AISC of US$671 per oz, generating notional cashflow of US$65.8 million.
  • Gold sales increased to 107,650 oz at an average realised gold price of US$1,655 per ounce giving rise to a weighted average cash margin of US$689 per ounce of gold produced.
  • Notional cashflow from operations was US$77.8 million, US$15.7 million or 25% more than in the June 2021 quarter.
  • Group gold production and AISC market guidance remain unchanged for the December 2021 half year at 225,000 to 255,000 oz at an ASIC of US$925 to US$1,025 per oz.
  • At 30 September 2021, available cash and bullion on hand of US$196.2 million and debt of US$100.0 million, giving a net cash position of US$96.2 million, US$40.1 million more than at the end of last quarter.
  • Exploration programmes on the Nkosuo prospect near Edikan and the CMA Underground prospect at Yaouré returned excellent drill results confirming the potential for strong organic growth of the Group’s inventory of Mineral Resources and Ore Reserves at each mine.
  • Perseus has continued to strengthen its strong sustainability performance relative to our safety, social and environmental objectives and targets. The fully documented results as well as our approach to maintaining a sustainable business is contained in our third consolidated Sustainability Report covering the period 1 July 2020 to 30 June 2021.

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