Perseus Mining Limited

Perseus reported FY26 revenue of USD 1.5 billion, up 19% year over year, EBITDA of USD 860 million, up 16%, profit before tax of USD 716 million, up 27%, and basic EPS of USD 0.3173, up 17%. Operating cash flow was USD 666 million, up 24%, and average realized gold price was USD 3,693/oz, about USD 1,150/oz higher than the prior year; all-in site cost was USD 1,750/oz. The company also cited average cash margin of USD 1,943/oz, net cash and bullion just over USD 1 billion, and notional cash flow from operations of USD 769 million. Looking ahead, FY27 production guidance is 420,000 to 480,000 ounces at an all-in site cost of USD 1,835/oz to USD 2,070/oz, based on a USD 4,000 gold price and excluding Nyanzaga until commercial production. Management also said FY27 growth capital is guided at around USD 530 million, with USD 70 million to USD 80 million for exploration, and reiterated a minimum liquidity target of USD 500 million.

Craig Jones emphasized operational execution, safety, and growth pipeline strength. He highlighted industry-leading safety performance, Nyanzaga’s 9 million work hours lost-time injury free, the first climate report under AASB S2, and the company’s ability to deliver while also growing resources, reserves, and shareholder returns. His tone was confident and constructive, repeatedly stressing that Perseus is doing what it said it would do and is building a fourth cash-generating asset at Nyanzaga.

Lee-Anne de Bruin focused on the financial improvement, balance sheet strength, and capital allocation. She said revenue was up 19% to USD 1.5 billion, EBITDA up 16% to USD 860 million, profit before tax up 27% to USD 716 million, and operating cash flow up 24% to USD 666 million; basic EPS rose to USD 0.3173 and net cash and bullion ended above USD 1 billion. She also detailed returns of USD 218 million to shareholders in FY26, including the final dividend of AUD 0.09 per share, a full-year dividend of AUD 0.14 per share, an upsized buyback to AUD 350 million, and a possible additional AUD 100 million distribution from Meyas Sand proceeds, while setting a minimum liquidity target of USD 500 million.

Analysts pressed on Edikan’s cutback economics and management said it extends mine life from about FY28 to 2031, adding roughly four years. Questions on Ghana and Côte d’Ivoire royalties were answered with a reminder that Côte d’Ivoire moves from 6% to 8% above USD 2,000/oz, while Ghana’s sliding scale starts at 5% and rises to 12% above USD 4,000/oz. On Nyanzaga, management said the extra preproduction costs are mainly bringing mining forward rather than increasing total project capex, supply-chain issues are being managed with no major concerns, and the company expects ATO clarity on the proposed additional distribution in the next couple of months, ideally before AGM papers are sent.