Perseus Mining March Quarterly Report

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Perth, April 24, 2024 (GLOBE NEWSWIRE) — MARCH 2024 QUARTER REPORT

Perseus Mining Delivers Another Impressive Quarter

PERTH, Western Australia/ April 24, 2024/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three months’ period ended March 31, 2024 (the “Quarter”).

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  • Key operating indicators and highlights for the March 2024 quarter include:
PERFORMANCE INDICATOR UNIT SEPTEMBER 2023
QUARTER
DECEMBER 2023
QUARTER
MARCH 2024
QUARTER
FINANCIAL YEAR (FY) 2024
TO DATE
Gold recovered Ounces 132,804 128,773 127,471 389,048
Gold poured Ounces 132,717 128,339 128,356 389,412
Production Cost US$/ounce 805 862 923 862
All-In Site Cost (AISC) US$/ounce 937 1,023 1,091 1,016
Gold sales Ounces 115,954 135,137 115,648 366,739
Average sales price US$/ounce 1,936 1,963 2,025 1,974
Notional Cashflow US$ million 132 122 119 373
  • Gold production of 127,471 ounces in the March 2024 quarter, with financial year to date gold production of 389,048 ounces.
  • March 2024 quarter weighted average AISC of US$1,091 per ounce, slightly above the prior quarter, as foreshadowed last quarter.
  • Perseus’s strong operating performance is expected to continue for the remainder of the June 2024 Half Year with gold production and AISC guidance unchanged at 226,000-254,000 ounces at an AISC of US$1,180 to US$1,340.
  • Average gold sales price increased 3% quarter on quarter to US$2,025 per ounce, while the quantity of gold sold reduced to 115,648 ounces due to the timing of gold shipments and sales.
  • Average quarterly cash margin of US$934 per ounce of gold resulted in notional operating cashflow of US$119 million in the quarter or US$373 million for the nine-month period to March 31, 2024.
  • Available cash and bullion balance of US$702 million, plus US$74 million of listed securities at quarter-end. Zero debt and US$300 million of undrawn debt capacity available.
  • Group 12-month rolling average TRIFR at 1.02, slightly up from 0.89 in the December 2023 quarter.
  • A Cooperation Agreement was signed with Ajlan & Bros Mining & Metals Company, the mining division of a Kingdom of Saudi Arabia based investment conglomerate company, Ajlan & Bros, to investigate exploration and development opportunities on the Nubian and Arabian Shield regions.
  • Perseus’s takeover offer for OreCorp Limited advanced materially during the quarter with the OreCorp Board endorsing the offer. Subsequent to quarter end, Perseus’s ownership of OreCorp advanced beyond 90% enabling compulsory acquisition of outstanding shares to begin.

Group Gold Production and Cost Market Guidance

Forecast group gold production and AISC for the June 2024 half year and full 2024 financial year are shown in Table 1 below. This guidance is unchanged from what was previously provided to the market.

Table 1: Production and Cost Guidance

PARAMETER UNITS DECEMBER 2023 HALF YEAR
(ACTUAL)
JUNE 2024 HALF YEAR
FORECAST
2024 FINANCIAL YEAR
FORECAST
 
Yaouré Gold Mine        
Production Ounces 134,379 100,000 to 113,000 235,000 to 247,000  
All-in Site Cost USD per ounce 805 $1,150 to $1,300 $900 to $1,000  
Sissingué Gold Mine        
Production Ounces 28,551 36,000 to 41,000 65,000 to 69,000  
All-in Site Cost USD per ounce 1,719 $1,450 to $1,650 $1,400 to $1,500  
Edikan Gold Mine        
Production Ounces 98,647 90,000 to 100,000 191,000 to 201,000  
All-in Site Cost USD per ounce 1,003 $1,100 to $1,250 $1,000 to $1,100  
PERSEUS GROUP          
Production Ounces 261,577 226,000 to 254,000 491,000 to 517,000  
All-in Site Cost USD per ounce 979 $1,180 to $1,340 $1,000 to $1,100  

Competent Person Statement

All production targets referred to in this release are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code.

Edikan

The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Edikan was updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 24 August 2023. 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 further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Edikan Gold Mine, Ghana” dated 7 April 2022 continue to apply.

Sissingué, Fimbiasso and Bagoé

The information in this release that relates to the Mineral Resources and Ore Reserve at the Sissingué complex was updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 24 August 2023. 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 further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply.

Yaouré

The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Yaouré was updated by the Company in a market announcement “Perseus Mining announces Open Pit and Underground Ore Reserve update at Yaouré” released on 23 August 2023. 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 further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 19 December 2023 continue to apply.

Meyas Sand Gold Project

The information in this report that relates to the mineral resources and probable reserves of the Meyas Sand Gold Project was first reported by the Company in a market announcement “Perseus Enters Into Agreement to Acquire Orca Gold Inc.” released on 28 February 2022. The Company confirms it is not in possession of any new information or data relating to those estimates that materially impacts of the reliability of the estimate of the Company’s ability to verify the estimate as a mineral resource or ore reserve in accordance with Appendix 5A (JORC Code) and the information in that original market release continues to apply and have not materially changed. These estimates are prepared in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the resource in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code. This release and all technical information regarding Orca’s NI 43-101 have been reviewed and approved by Adrian Ralph, a Qualified Person for the purposes of NI 43-101.

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, 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 disclosed in the Company’s publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, 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 should not place undue reliance on forward-looking information. Perseus does not undertake to update forward-looking information, except in accordance with applicable securities laws.

ASX/TSX CODE: PRU

CAPITAL STRUCTURE:
Ordinary shares: 1,373,791,215
Performance rights: 9,969,110

REGISTERED OFFICE:

Level 2
437 Roberts Road
Subiaco WA 6008

Telephone: +61 8 6144 1700

www.perseusmining.com

DIRECTORS:

Mr Jeff Quartermaine
Chairman & CEO

Ms Amber Banfield
Non-Executive Director

Ms Elissa Cornelius
Non-Executive Director

Mr Dan Lougher
Non-Executive Director

Mr John McGloin
Non-Executive Director

Mr David Ransom
Non-Executive Director

CONTACTS:

Jeff Quartermaine
Chairman & CEO
[email protected]

Stephen Forman
Investor Relations
+61 484 036 681
[email protected]

Nathan Ryan
Corporate Relations
+61 420 582 887
[email protected]

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