Perseus Mining announced an on-market share buy-back program on 25 August 2026, proposing to purchase up to 66 million ordinary shares. This represents approximately 5 percent of the company’s 1.327 billion shares currently on issue. The program will commence on 24 September 2026 and run through 26 August 2027, establishing a 12-month window during which the company can execute purchases at prevailing market prices.
Share buy-backs serve as a capital management tool that returns cash to shareholders in a tax-efficient manner compared to dividends for many investors. For Perseus Mining, reducing the share count through on-market purchases could provide meaningful earnings per share accretion if the company maintains or grows overall earnings. This mechanism allows the company to reward shareholders while improving per-share financial metrics without requiring a change to dividend policy.
The on-market structure means Perseus Mining will purchase shares through normal ASX trading at whatever prices prevail during the program period rather than negotiating a fixed off-market price. The company has not disclosed which broker will facilitate the purchases or indicated a specific minimum purchase volume. This flexibility, with buying able to occur anywhere up to the 66 million share maximum, gives management discretion to accelerate purchases during market weakness or moderate buying during periods of strength.
The announcement signals management confidence in Perseus Mining’s valuation at current market levels. Mining companies typically rank capital allocation priorities as debt reduction, sustaining and growth capex, and development spending before considering share buy-backs. The decision to proceed with this program suggests the company has achieved a sufficiently robust financial position to fund normal operations and returns to shareholders through buy-backs.
Investors should monitor execution against the program in quarterly reports to assess management conviction and cash generation. The pace and pattern of purchases, particularly whether the company accelerates buying at lower prices or maintains steady purchasing regardless of market movements, will provide insight into confidence levels. This buy-back program is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
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, Côte d’Ivoire, Tanzania, and Sudan, operating three operational gold mines including Edikan in Ghana and Sissingué and Yaouré in Côte d’Ivoire. It also owns the Nyanzaga gold project in Tanzania and the Meyas Sand Gold Project in Sudan.
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