Perseus Mining Limited

FY26 group revenue was USD 1.5 billion, up 19% year over year. EBITDA was USD 860 million, up 16%; profit before tax was USD 716 million, up 27%; profit after tax was up 14%; and basic EPS was USD 0.3173, up 17%. Operating cash flow was USD 666 million, up 24%, and average realized gold price was USD 3,693 per ounce, versus all-in site cost of USD 1,750 per ounce. The company produced 405,000 ounces of gold, with average cash margin of USD 1,943 per ounce. Net cash and bullion finished at just over USD 1 billion, up USD 270 million, with USD 400 million of undrawn debt capacity and total liquidity of about USD 1.4 billion. For FY27, production guidance is 420,000 to 480,000 ounces at an all-in site cost of USD 1,835 to USD 2,070 per ounce, based on a USD 4,000 gold price; Nyanzaga guidance will be added once commercial production is reached. The board declared a final dividend of AUD 0.09 per share, taking the full-year dividend to AUD 0.14 per share, and approved an upsized AUD 350 million buyback; management is also considering an additional AUD 100 million distribution from Meyas Sand sale proceeds.

Craig Jones framed the year as proof of Perseus’s operating and capital discipline, emphasizing strong safety performance, growth in resources and reserves, and continued execution across the portfolio. He highlighted that the business delivered record cash generation and is using that strength to fund Nyanzaga, extend mine life at existing assets, and return more capital to shareholders. His tone was confident and constructive, repeatedly stressing that the company is doing what it said it would do.

Lee-Anne de Bruin detailed the financial performance: revenue up 19% to USD 1.5 billion, EBITDA up 16% to USD 860 million, PBT up 27% to USD 716 million, and EPS up 17% to USD 0.3173. She said operating cash flow was USD 666 million, net cash and bullion ended above USD 1 billion, total liquidity was about USD 1.4 billion, and listed investments in Predictive and Aurum were valued at USD 233 million at 30 June 2026. On capital allocation, she pointed to nearly USD 30 million of sustaining capex, USD 360 million invested in growth projects, USD 41 million in growth exploration, and USD 218 million returned to shareholders in FY26; she also said the board set a minimum liquidity target of USD 500 million and approved a minimum dividend policy of 20% of operating cash flow after NCI dividends.

Analysts focused on Edikan mine life, royalty impacts, Nyanzaga execution, and the mix of future capital returns. Management said Edikan’s life has been extended from around FY28 to 2031 through optimization, drilling, and cutbacks; on royalties, they explained Côte d’Ivoire moves from 6% to 8% above USD 2,000/oz and Ghana’s scale rises from 5% to 12% above USD 4,000/oz. On Nyanzaga, management said the extra preproduction spend is mainly bringing mining forward rather than increasing total project capital, supply chain issues are manageable, and the project remains on budget and schedule for first gold in January 2027.