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Perseus Mining
@PerseusMining
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A multi-mine, multi-jurisdiction West African gold producer, developer and explorer. #ASX / #TSX: $PRU
Perth, Western Australia
Joined July 2010
A$1B in liquid assets and growing đ° | Latest @CruxInvestor interview with our Managing Director and CEO Jeff Quartermaine is linked below, discussing this week's December quarter results. "Perseus presents a compelling investment case as a disciplined gold producer with industry-leading costs, robust financials, and clear growth prospects," the Crux team write. "The company's conservative approach to capital allocation, demonstrated by its $1 billion cash position and measured expansion strategy, provides a strong foundation for sustainable growth. "While the supportive macro environment for gold adds tailwinds, Perseus' true strength lies in its operational excellence and commitment to stakeholder relationships in West Africa. With production costs remarkably stable at around US$1,100 per ounce, the company is well-positioned to generate strong margins even in volatile gold markets. "For investors seeking exposure to gold through a well-managed producer with proven assets and a clear growth trajectory, Perseus Mining remains an attractive opportunity backed by solid fundamentals and responsible management practices." Read the commentary and watch the full interview here: $PRU
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This morning our Managing Director and CEO Jeff Quartermaine and Chief Financial Officer Lee-Anne de Bruin (CA) hosted an investor webinar to discuss the company's December quarter results. Perseus $PRU delivered strong production, cashflow and growth in Q2 FY25, resulting in a cash and bullion balance of US$704 million. For those that didn't join live â hear Jeff provide a detailed overview of the results here:
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December 2024 Quarter Report: Our three operating gold mines, YaourĂ© and SissinguĂ© in CĂŽte dâIvoire, and Edikan in Ghana, produced a combined 132,419 ounces of gold in Q2 FY25. The weighted average production cost was US$919 per ounce, while the weighted average AISC was US$1,127 per ounce of gold. In Q2 FY25, combined gold sales from all three operations totalled 136,623 ounces or 27,728 ounces more than in the September 2024 quarter (Q1 FY25) due to the timing of gold sales. The weighted average gold price realised was US$2,430 per ounce, US$181 per ounce more than the Q1 FY25 price of US$2,249 per ounce. Perseusâs average cash margin for the quarter was US$1,303 per ounce resulting in notional operating cashflow from all operations of US$173 million, US$46 million more than in Q1 FY25. These strong operating results confirm once again Perseusâs $PRU position as one of the worldâs better performing mid-tier gold producers. đ» We are hosting an investor webinar and conference call to discuss the December 2024 Quarter Results today, Wednesday 29 January 2025 at 9am AEDT. Join the call here:
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A Final Investment Decision has been taken to develop the CMA underground project at our YaourĂ© Gold Mine in CĂŽte dâIvoire. $PRU Managing Director and CEO Jeff Quartermaine said: âPerseus is proud to be playing a pioneering role in CĂŽte dâIvoireâs mining sector with our affirmative decision to invest in the development of the CMA underground project at our YaourĂ© Gold Mine. This investment decision reaffirms our commitment to being a long-term partner in the development and production of Minerals Resources in CĂŽte dâIvoire. "We are particularly grateful to his excellency, the Minister of Mines, Petroleum and Energy, Monsieur Mamadou Sangafowa Coulibaly, for his continued support and leadership in bringing underground mining to CĂŽte dâIvoire. While this represents a new phase for the Ivorian mining sector, members of our technical team have considerable individual experience operating mines in underground settings throughout the world, with a strong commitment to human and environmental safety as well as training of our Ivorian workforce. "Very importantly, with the inclusion of the CMA underground operation into the YaourĂ© mine LOMP, we will materially extend the life of this mine. Since producing first gold at YaourĂ© in December 2020 at the height of the COVID pandemic, YaourĂ© has been become the flagship operation of Perseusâs business and with the decision to proceed with the underground operation, we have ensure that this will continue to be the case for some time to come.â Read the full ASX release here:
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Perseus Mining est fier dâannoncer un don de 6,2 milliards de francs CFA (10,2 millions dâUSD) pour la rĂ©habilitation de la route Toumbokrou-Angovia, longue de 21 kilomĂštres, situĂ©e Ă proximitĂ© de notre mine de YaourĂ©, en partenariat avec le MinistĂšre de lâĂquipement et de lâEntretien Routier et le MinistĂšre de lâĂconomie et des Finances. Ce projet dâenvergure, financĂ© Ă 70% par Perseus Mining et Ă 30% par le Fonds dâEntretien Routier, a pour objectif dâamĂ©liorer les infrastructures de transport ainsi que la sĂ©curitĂ© routiĂšre au profit des rĂ©sidents et des entreprises locales. Dans le cadre des travaux, un tronçon dâessai de 250 mĂštres, intĂ©grant une couche dâasphalte, a dĂ©jĂ Ă©tĂ© finalisĂ© au carrefour de Toumbokrou. 95 ouvriers de notre sous-traitant ETS MSSZ travaillent sur le chantier, dont 35% sont issus des communautĂ©s locales et 16% sont des femmes. Nous exprimons Ă©galement notre gratitude au MinistĂšre des Mines, du PĂ©trole et de lâĂnergie pour son rĂŽle dans la coordination des diffĂ©rents acteurs, permettant ainsi le bon dĂ©roulement de cette initiative. Le Directeur GĂ©nĂ©ral de Perseus Mining Limited en CĂŽte dâIvoire, Yacouba Diarra, a dĂ©clarĂ© : "Nous sommes fiers de contribuer de maniĂšre significative Ă lâamĂ©lioration des infrastructures routiĂšres essentielles dans la rĂ©gion de la MarahouĂ©, en partenariat Ă©troit avec les institutions gouvernementales. Cette initiative sâinscrit dans le cadre de nos programmes dâengagement et dâinvestissement communautaire, qui englobent des projets dans les domaines des infrastructures, de la santĂ©, de lâĂ©ducation et du dĂ©veloppement des compĂ©tences."
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Perseus Mining is proud to announce an XOF 6.2 billion (USD $10.2 million) donation to upgrade the 21-kilometre Toumbokrou-Angovia road in CĂŽte dâIvoire, near our YaourĂ© mine, made through the Ministry of Equipment and Road Maintenance and the Ministry of Finance and Budget. This critical project, 70% of which is funded by Perseus and 30% by the Road Maintenance Fund, will ensure improved transport infrastructure and road safety for local residents and businesses. In addition to structural works, a 250-metre trial pad of asphalt layer has already been completed at the Toumbokrou junction, with 95 workers from our subcontractor ETS MSSZ deployed on the construction site â including 35% workers from local communities and 16% female employees. We would also like to extend our gratitude to the Ministry of Mines, Petroleum and Energy for facilitating collaboration among the various stakeholders, ensuring the smooth progress of this initiative. The DG of Perseus Mining Limited $PRU in CĂŽte dâIvoire, Yacouba Diarra, commented: "We are proud to play a leading role in upgrading important road infrastructure in the MarahouĂ© region, in close collaboration with key government institutions. This initiative forms part of our community engagement and investment programmes, including infrastructure, health, education, and skills development projects."
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We're thrilled to share that during a recent Akoben environmental performance audit, Perseus Mining Ghana Limited received a Green rating and aggregate score of 97% for our Edikan Gold Mine. Akoben is a special audit programme introduced by the Environmental Protection Agency, part of the Government of Ghana, and is used to assess the environmental performance of mining and manufacturing companies in Ghana through a rating and disclosure system. The impressive result above highlights our unwavering commitment to environmental stewardship and sustainability, and places Perseus $PRU among the top performing companies in the industry (second place in the list of companies that were part of the audit). đ Congratulations to our Edikan team on this phenomenal effort! đž Some of our team members are pictured undertaking seedling maintenence at Edikan's plant nursery, and conducting measurements as part of Edikan's environmental rehabilitation monitoring program.
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At Perseus, we believe that responsible gold mining can have a positive impact in fostering long-term growth in emerging countries while delivering sustainable returns for shareholders. We work among and alongside communities in Ghana, CĂŽte dâIvoire, Tanzania and Sudan to protect the environment and deliver local employment, education and enterprise, and are focused on maintaining strong relationships with our host governments. On CNBC East Africa's Closing Bell segment, hear $PRU CEO and Managing Director Jeff Quartermaine discuss sustainability focuses, the importance of a social license to operate, and the strong contributions Perseus continues to make to the countries we operate in.
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We are excited to share that at the 10th Ghana Mining Industry Awards (GMIA) held in late November, Perseus received the following awards: đ Winner: Best Performer in Occupational Health and Safety â Awarded based on a Minerals Commission mine audit, occupational injury statistics (injury frequency rate), and performance in the Inter-Mines First Aid and Safety Competition at zonal and national levels. đ Winner: Best Performer in Innovations â Perseus recognised for upgrading the Edikan Gold Mineâs 161kV power line from Aluminium Conductors Steel Reinforced (ACSR) to Aluminium Conductor Composite Core (ACCC), a first in Ghanaâs national grid network. đ„ 1st Runner Up: Best Performer in Environmental Management â Achieved through strong Akoben audit scores from the EPA, reflecting our ongoing efforts in rehabilitation, soil and water monitoring, and revegetation. At the Ghana Chamber of Mines Annual Safety Awards, held in conjunction with GMIA, Perseus also received the following awards: đ„ 2nd Place: Best Improved Mine Category đ„ 2nd Place: Best Mine, Injury Statistics đ„ 3rd Place: Best Mine Team, First Aid and Safety Competition Congratulations to our Edikan team on these well-deserved award wins! đž Pictured below are Adelaide Yankson, $PRU OHS Superintendent and Godwin Woode, HSE Superintendent, from our Edikan Mine.
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We're pleased to provide an update on ongoing resource definition drilling being conducted at our recently acquired Nyanzaga Gold Project in Tanzania. Designed to increase our understanding of Nyanzagaâs Mineral Resource, a programme of drilling commenced in August 2024. This work aimed to supplement and where needed, fill in gaps in the work done by previous owners. The programme was also intended to provide additional information required to inform a change in mine design from the prior ownerâs plan of a small open pit plus underground operation to the large-scale open pit operation contemplated by Perseus. By mid-November 2024, eight drill rigs were operating on the site and a total of 20,278 m of combined reverse circulation and diamond drilling of the Stage 1 Tusker Hill Infill Resource Development Program was complete, representing 77% of the budgeted 26,250 m Tusker program. The objective of this drilling program was to infill existing drilling completed predominantly at a spacing of 40m Ă 40m, to a nominal drill pattern of 20m Ă 40m to provide additional confidence in the defined mineralisation. While the program is ongoing, results achieved to date are positive, with the more significant results detailed in today's ASX release: Further geotechnical, metallurgical and sterilisation drilling programs are ongoing on site to further inform final pit designs ahead of a Final Investment Decision which is expected to be made by Perseus $PRU in late January 2025.
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A big congratulations to Perseus $PRU Senior Metallurgist Superintendent Pauline Tahi Mongnin, who has been selected as part of Women in Mining UK's 100 Global Inspirational Women in Mining 2024 (WIM100) cohort. The WIM100 is a biennial publication that highlights the wealth of female talent within the global mining industry, celebrating women's 'above & beyond' contributions to the industry and identifies role models for future generations. Pauline is employed at our YaourĂ© Gold Mine in CĂŽte d'Ivoire, and is one of the country's leading metallurgists, with over 30 years of experience in gold ore processing and mineral laboratory management. As a Senior Superintendent of Metallurgy at Perseus, her focus is on the optimisation of plant performance and mentoring and training the next generation of metallurgists. She has been involved in the start-up of eight of the twelve industrial mines in CĂŽte d'Ivoire, and was the first president of the Women in Mining Network of CĂŽte d'Ivoire (FEMICI). Read more in Women in Mining UK's 100 Global Inspirational Women in Mining 2024 publication here: In addition to being included in the 2024 WIM100, Pauline also received the medal of Officer of the Order of Merit of the Mines of CĂŽte d'Ivoire from the Minister of Mines, Petroleum and Energy Mr Mamadou Sangafowa Coulibaly at the Sirexe 2024 Conference last week â recognising her contributions to the mining industry and achievement of being the first woman metallurgist in CĂŽte d'Ivoire. She is pictured being congratulated by the Prime Minister of CĂŽte dâIvoire Mr Robert BeugrĂ© MambĂ© at the event. Well done Pauline on these phenomenal accomplishments!
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Perseus $PRU was pleased to sponsor and attend the SIREXE 2024 International Extractive and Energy Resources Exhibition this week, an initiative of the Ministry of Mines, Petroleum and Energy, supported by the Prime Minister of CĂŽte dâIvoire Mr Robert BeugrĂ© MambĂ©. Our Managing Director and CEO Jeff Quartermaine participated in a panel 'Challenges and opportunities for the sustainable development of the mining industry' alongside Endeavor Mining CEO Ian Cockerill, TotalEnergies Renewables Distributed Generation Managing Director Middle East & Africa Hamady SY, Fortuna CEO Jorge A. Ganoza and Sama Resources CEO Marc-Antoine Audet. The international exhibition brought together the mining, petroleum and energy sectors with a focus on collaboration and investment within Africa and globally, connecting companies, investors and policymakers.
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Our Managing Director and CEO Jeff Quartermaine is interviewed in the latest Mining in Africa Country Investment Guide 2025, discussing Perseusâs $PRU performance in FY2024, the current gold price environment, and what investors can expect from the company in the year ahead. Read the interview here:
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Weâre thrilled to share an update from our Edikan Gold Mine in Ghana, where the much-anticipated Edikanlympics took place on Saturday, 16th November 2024. This interdepartmental soccer tournament brought together six spirited teams in a day of teamwork, competition and fun at the project. The tournament was opened by Edikanâs Mining and Technical Services Manager Alexander Oduro, who hosted the ceremonial kick-off before the three matches commenced. Match highlights included: Edikanâs main Mining Contractor team clinching a narrow victory over the Mines Security Contractor team by a single goal in match #1; Team Support Services defeating Team Process Operations, also by a single goal in match #2, sparking calls for a rematch; and in a turn of events, Team Engineering defeating Team Mining and Technical Services by two goals in match #3! âœïž Team Edikan, formed from the over 60 players who participated on the day, has been selected to compete against select teams in the local area in mid-December â we look forward to some fun and competitive upcoming matches. Congratulations to all participants and organisers for making the Edikanlympics a memorable event!
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Perseus $PRU looks forward to sponsoring and attending the SIREXE 2024 International Extractive and Energy Resources Exhibition this week, 27 November â 2 December 2024 at the Parc des Expositions dâAbidjan. SIREXE is an initiative of the Ministry of Mines, Petroleum and Energy @MMPE225, supported by the Prime Minister of CĂŽte dâIvoire Mr Robert BeugrĂ© MambĂ©. For the first time in Africa this international exhibition will bring together the mining, petroleum and energy sectors, aiming to become an essential platform for collaboration and investment within Africa and globally, and allowing companies, investors and policymakers to connect and forge new partnerships. Read more:
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