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Perseus Mining Ltd

Perseus Mining achieves strong cash flow from gold sales in West Africa

Perseus is on track to achieve guided production and costs for the December 2018 half year.

gold bullion
$93.8 million in cash and bullion as at September 30, 2018

Perseus Mining Limited (ASX:PRU) (TSE:PRU) has produced 72,477 ounces of gold in the September 2018 quarter at an AISC (all-in sustaining cost) of US$ 950 per ounce from its projects in West Africa.

Perseus’s quarterly gold production of 72,477 ounces included 54,595 ounces from the Edikan gold mine in Ghana and 17,882 ounces of gold from the Sissingué gold mine in Côte d’Ivoire.

Gold production from Edikan was in line with expectations while production from Sissingué was slightly lower than planned, due mainly to the impact of an unusually damp wet season at the mine site that temporarily disrupted the mining and processing schedules during the quarter.

Consolidated production and sales summary

Importantly, Perseus is on track to achieve guided production and costs for the December 2018 half year.

The company achieved strong cash flow generation with net cash increasing by $16.5 million during the quarter to end at $21.3 million.

Monthly balance of cash and bullion and interest-bearing liabilities

Perseus has also strengthened its balance sheet with $93.8 million in cash and bullion as at September 30, 2018.

Quarterly gold production and all-in site costs

Based on actual operating performance from both Edikan and Sissingué during the September 2018 quarter, Perseus is trending towards meeting guidance for the December 2018 half year delivering production at the top end of production guidance range and costs that are at the lower end of cost guidance range.

 

Perseus recently completed engineering and design studies that confirm cost estimates for the Yaouré Gold Project, which is set to become its third operating mine in West Africa.

A value engineering assessment (VEA) and the front-end engineering and design (FEED) study has been completed by independent consultant Lycopodium Minerals Pty Ltd for the project in Côte d’Ivoire.

This work confirmed cost estimates in the October 2017 definitive feasibility study (DFS) that demonstrated the quality and strength of Yaouré.

Quick facts: Perseus Mining Ltd

Price: $0.77

Market: ASX
Market Cap: $899.34 m
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