Perseus Mining has delivered a substantial update to its mineral resources and ore reserves, reporting a 37 percent increase in measured and indicated resources to 10.6 million ounces of gold and a 40 percent jump in proved and probable ore reserves to 7.0 million ounces. These figures as of 30 June 2026 represent a material expansion of the company’s asset base and provide a clear pathway for production growth over the coming years.
The ore reserve increase of 2.0 million ounces was not evenly distributed across Perseus’s portfolio. Nyanzaga delivered the standout result, with ore reserves climbing 1,767 koz or 75 percent since the June 2025 estimate. This West African asset now accounts for 4.1 million ounces of ore reserves and has emerged as the cornerstone of Perseus’s growth strategy. At Yaouré, reserve additions of 217 koz or 15 percent were driven primarily from pit expansion, while at Edikan and Sissingué the company has maintained reserve life at both operating mines through replacement of mining depletion.
The scale of these additions underscores the strength of Perseus’s exploration programs and the quality of its asset base. Management’s approach of reassessing growth opportunities within the portfolio rather than targeting fixed investment returns at each asset suggests a disciplined capital allocation framework. The company is balancing the pursuit of new reserves against the cash generation required to fund development and operations, a nuance that distinguishes this update from a simple growth narrative.
For investors, these reserves carry concrete implications for production longevity and cash flow stability. The 7.0 million ounce reserve base, combined with an increased drilling program budgeted for FY27, signals management confidence in further organic growth. Nyanzaga’s progression toward first gold production will be the primary catalyst for the market in the medium term, as bringing this 4.1 million ounce asset into production represents a significant step change in the company’s run-rate output and cash generation.
The measured and indicated resources of 10.6 million ounces provide a substantial runway for conversion into future reserves, particularly as exploration activity accelerates. This optionality is valuable in a sector where reserve depletion is a constant headwind and new supply is scarce.
Investors should track Nyanzaga’s development timeline and progress toward production milestones, as well as the results from the expanded FY27 drilling program. Reserve grades and mining costs at each asset will warrant close attention, as these factors directly influence cash margins and return on capital deployed. This announcement 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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