Perseus Mining (PRU) Q4 2025 earnings summary

Executive summary

• Delivered strong operational and financial performance in FY25, with gold production of 496,551 oz and AISC of US$1,235/oz, both within guidance ranges.

• Ended the year with US$827 million in net cash and bullion, zero debt, and a US$300 million undrawn credit line.

• Advanced major growth projects, including Nyanzaga and CMA Underground, with Nyanzaga on schedule for first gold in January 2027.

• Continued to return capital to shareholders via dividends and share buybacks, with A$73 million spent on buybacks as of July 2025.

• Achieved record safety performance with TRIFR at 0.60 for FY25.

Financial highlights

• FY25 gold production: 496,551 oz, down 2.6% year-over-year but within guidance.

• FY25 AISC: US$1,235/oz, below cost guidance and up US$182/oz year-over-year.

• Average gold sale price: US$2,543/oz for FY25; Q4 average price: US$2,977/oz.

• Notional cashflow for FY25: US$650 million; Q4 notional operating cashflow: US$189 million.

• Net increase in cash & bullion of US$26 million in Q4, ending with US$827 million.

Outlook and guidance

• FY26 group production guidance: 400,000–440,000 oz at AISC of US$1,460–1,620/oz, reflecting a temporary dip before recovery in FY27.

• Five-year outlook: average annual production of 515,000–535,000 oz at AISC US$1,400–1,500/oz, with Nyanzaga contributing from FY27.

• Capital development spend in FY26 expected to be ~US$450 million, mainly for Nyanzaga, CMA Underground, and Edikan waste stripping.

• Nyanzaga project expected to produce 725,000–750,000 oz at AISC of US$1,230–1,330/oz, becoming the lowest cost asset.

• Yaouré, Edikan, and Sissingué FY26 guidance: 168,000–184,000 oz at AISC US$1,500–1,660/oz; 154,000–169,000 oz at AISC US$1,420–1,570/oz; 78,000–87,000 oz at AISC US$1,470–1,620/oz, respectively.