Perseus Mining Delivers Exceptional Gold Production in Q3 FY2024
Perseus Mining (ASX:PRU, TSX:PRU, OTC:PMNXF) has achieved impressive gold production results in the third quarter of the 2024 financial year. Its three operating gold mines in West Africa – Yaouré and Sissingué in Côte d’Ivoire and Edikan in Ghana – collectively produced 127,471 ounces of gold during the March 2024 quarter, contributing to a total gold production of 389,048 ounces for the financial year to date.
The company’s weighted average production cost stood at US$923 per ounce, while the weighted average all-in site cost (AISC) was US$1,091 per ounce of gold. Perseus realized gold sales of 115,648 ounces, including 19,489 ounces sold in the March quarter. The company’s weighted average realized gold price was US$2,025 per ounce, reflecting an increase of US$62 per ounce or 3% compared to the December 2023 quarter price of US$1,963 per ounce.
Consequently, Perseus achieved an average cash margin of US$934 per ounce for the quarter, resulting in notional operating cashflow of US$119 million. Over the financial year to March 31, 2024, the company’s notional operating cashflow amounted to US$373 million. This figure represents a modest decrease of US$3 million from the December quarter, primarily due to higher AISC, particularly at the Yaouré mine, where increased material movement from the open pit resulted in higher unit costs per ounce.
Despite the challenges at Yaouré, Perseus remains optimistic about its operational performance for the remainder of the June 2024 half year. The company expects to maintain its gold production and AISC guidance at 226,000-254,000 ounces of gold at an AISC of US$1,180 to US$1,340, reflecting a continued focus on growth in gold production with attractive cash margins.
