Perseus Mining (PRU) Q4 2024 earnings summary

Executive summary

• Delivered strong operational and financial performance in FY24, with gold production of 509,977 oz and cost control meeting or exceeding guidance.

• Ended June 2024 with $587M in cash and bullion, zero debt, and a $300M undrawn credit facility.

• Completed the acquisition of OreCorp and the Nyanzaga Gold Project in Tanzania, expanding the growth pipeline.

• Advanced the CMA Underground mine development at Yaouré, with a final investment decision expected in October 2024.

• Notional operating cashflow for FY24 was $490M, supporting strong financial flexibility.

Financial highlights

• Q4 FY24 gold production was 120,929 oz at an all-in site cost (AISC) of $1,173/oz; FY24 output was 509,977 oz at AISC $1,053/oz.

• Q4 gold sales rose 22.7% quarter-on-quarter to 141,930 oz, with average realized price up 4.5% to $2,117/oz.

• FY24 notional cashflow was $490M; Q4 notional cashflow was $117M.

• Ended FY24 with $587M in cash and bullion, zero debt, and $300M undrawn credit line.

• FY24 cash margin was $961/oz; Q4 margin was $944/oz.

Outlook and guidance

• H1 FY25 group production guidance: 220,000–260,000 oz at AISC $1,230–$1,330/oz.

• CY24 group production forecast: 468,400–508,400 oz at AISC $1,182–$1,223/oz.

• Yaouré and Edikan expected to maintain strong cost performance; Sissingué guidance reflects ongoing recovery.

• Elevated AISC expected to persist into Q1 FY25 as mining shortfalls are addressed.

• On track to deliver guidance after the first month of the new period.