Perseus Mining Limited has delivered a strong March quarter result that demonstrates operational momentum across its three West African gold mines. The company produced 107,144 ounces of gold during the quarter, representing a 21 percent increase from the December quarter’s 88,888 ounces. This production surge occurred while the company maintained disciplined cost management, with all-in site costs of US$1,748 per ounce, down from US$1,800 in the previous quarter despite higher absolute production volumes.
The financial performance has translated into substantial cash generation for shareholders. With a weighted average realised gold price of US$4,143 per ounce, Perseus achieved an average cash margin of US$2,395 per ounce, delivering notional operating cashflow of US$252 million for the quarter alone. The company’s balance sheet has strengthened considerably, with cash and bullion balances reaching US$817 million, bolstered further by liquid listed securities valued at US$254 million. This represents total liquid assets of over US$1 billion, providing significant financial flexibility for growth investments.
Several strategic developments underpinned this quarter’s strong results. The company achieved first gold production from the CMA Underground operation at its Yaourรฉ mine, marking an important operational milestone. More significantly, Perseus has progressed its development pipeline substantially. Ore reserves at the Nyanzaga project increased 73 percent to 4.0 million ounces, and the company remains on track for first production at Nyanzaga in January 2027, representing a major expansion of the company’s asset base. The company also acquired a 9.9 percent stake in Aurum Resources Limited, diversifying its portfolio exposure, while executing a strategic divestment through the sale of a 70 percent interest in the Meyas Sand Gold Project for US$260 million in cash.
Management has maintained its full year production guidance for the June 2026 financial year at 400,000 to 440,000 ounces of gold at all-in site costs of US$1,600 to US$1,760 per ounce. The March quarter result suggests execution against this guidance is well on track, with the company positioned to deliver toward the upper end of its production range. The cost guidance assumes gold prices of US$3,900 per ounce and reflects the current royalty regime in its operating jurisdictions.
Investors should monitor several key developments ahead. The transition of CMA Underground to commercial production scheduled for Q3 FY27 will be important, as will progression toward first production at Nyanzaga in early 2027. The gold price environment remains supportive, having moved significantly above the guidance assumptions. Execution on these growth projects and the company’s ability to maintain cost discipline while scaling production will determine value creation for shareholders. This announcement has been flagged as price sensitive and material by the ASX.
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About Perseus Mining Limited (ASX: PRU)
Perseus Mining Limited is an Australia-based gold producer, developer, and explorer headquartered in Subiaco. The company explores, evaluates, develops, and mines for gold properties in Ghana, Cรดte d’Ivoire, Tanzania, and Sudan, operating three operational gold mines including Edikan in Ghana and Sissinguรฉ and Yaourรฉ in Cรดte d’Ivoire. It also owns the Nyanzaga gold project in Tanzania and the Meyas Sand Gold Project in Sudan.
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