ASX Share rice
Sun 16 May 2021 - 12:07:am (Sydney)

PRU Share Price

PERSEUS MINING LIMITEDPRUMaterials

PRU Company Information

Name:

Perseus Mining Limited

Sector:

Basic Materials

Industry:

Gold

GIC Industry:

Metals & Mining

GIC Sub Industry:

Gold

Address:

437 Roberts Road Subiaco WA Australia 6008

Phone:

61 8 6144 1700

MD, CEO & Director:

Mr. Jeffrey Allan Quartermaine BE (Civil), MBA, FCPA

Chief Operating Officer:

Mr. Christopher Woodall

Gen. Counsel & Company Sec.:

Mr. Martijn Paul Bosboom LL.B, LL.M, FGIA, MAICD

Group Gen. Mang. of Exploration & Geology:

Dr. Douglas Alan Jones AusIMM, Ph.D., RPGeo

Group Gen. Mang. of Project Devel.:

Mr. Matthew Scully

Chief Financial Officer:

Ms. Lee-Anne de Bruin B.Com., C.A., B.Comm, B.Acc, CA (SA)

Group Gen. Mang. of Technical Services:

Mr. Paul William Thompson BSc(Hons), MSc, FAusIMM

Group HR Mang.:

Mr. Michael Beck

Group Head of Sustainability:

Jessica Volich

Company Overview:

Perseus Mining Limited explores, evaluates, develops, and mines for gold properties in West Africa. It holds interests in the Edikan gold mine project located in Ghana; and Sissingué and Yaoure gold projects located in Côte d'Ivoire, as well as Mahalé, Mbengué, and Napié licenses in Côte d'Ivoire. The company was incorporated in 2003 and is based in Subiaco, Australia.

PRU Share Price Information

Shares Issued:

1.23B

Market Capitalisation:

$1.51B

Revenue (TTM):

$603.49M

Revenue Per Share (TTM):

$0.51

Earnings per Share:

$0.083

Profit Margin:

0.1669

Operating Margin (TTM):

$0.25

Return On Assets (TTM):

$0.08

Return On Equity (TTM):

$0.13

Quarterly Revenue Growth (YOY):

0.045

Gross Profit(TTM):

$273.84M

Diluted Earnings Per Share (TTM):

$0.083

QuarterlyEarnings Growth(YOY):

0.176

PRU CashFlow Statement

CashFlow Date:

2020-06-30

Investments:

$115K

Change To Liabilities:

$6.83M

Total Cashflow From Investing Activities:

$-269,887,000

Net Borrowings:

$181.02M

Net Income:

$94.36M

Total Cash From Operating Activities:

$212.79M

Depreciation:

$138.44M

Other Cashflow From Investing Activities:

$3.19M

Change To Inventory:

$-23,332,000

Change To Account Receivables:

$541K

Capital Expenditures:

$273.19M

PRU Income Statement

Income Date:

2020-06-30

Income Before Tax:

$126.67M

Net Income:

$94.36M

Gross Profit:

$144.50M

Operating Income:

$130.75M

Other Operating Expenses:

$268K

Interest Expense:

$-13,755,000

Income Tax Expense:

$32.24M

Total Revenue:

$595.28M

Cost Of Revenue:

$450.78M

PRU Balance Sheet

Balance Sheet Date:

2020-06-30

Total Liabilities:

$428.91M

Total Stockholder Equity:

$866.81M

Other Current Liabilities:

$6.11M

Total Assets:

$1.30B

Common Stock:

$776.56M

Retained Earnings:

$32.78M

Other Liabilities:

$92.21M

Other Assets:

$64.33M

Cash:

$218.17M

Total Current Liabilities:

$109.77M

Property - Plant & Equipment:

$868.02M

Net Tangible Assets:

$866.81M

Long-Term Investments:

$667K

Total Current Assets:

$362.70M

Long-Term Debt:

$217.67M

Net Receivables:

$15.82M

Short-Term Investments:

$0.93B

Inventory:

$117.06M

Accounts Payable:

$100.11M

Non Currrent Assets (Other):

$57.49M

Short-Term Investments:

$0.93

Non Current Liabilities (Other):

$1K

Non Current Liabilities Total:

$310.40M

PRU Share Price History

PRU News

11 May, 2021
PERTH, Western Australia, May 10, 2021 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX &ASX: PRU) is pleased to announce that it has strengthened its board of Directors and simultaneously improved gender diversity on the Board with the appointment of Ms Amber Banfield to the role of Non-Executive Director with effect from May 12, 2021. Amber holds a Bachelor of Engineering (Environmental and Civil) degree and a Master of Business Administration, both awarded by the University of Western Australia. Amber has agreed to assume the role of Chairperson of the Board’s Audit and Risk Committee and will assume specific responsibility for oversight of the Company’s Sustainability (ESG) function. Amber is currently a senior executive with Worley, the world’s largest energy and resources engineering services provider with 48,000 employees across 49 countries globally. Until December 2020, Amber held the role of Global Strategy Director where amongst other things she was responsible for developing and implementing a company-wide Energy Transition strategy to grow decarbonizing businesses including hydrogen and renewables. Amber’s current role is that of Global Manager - Mergers and Acquisition for Worley based in their Perth Office. With Amber’s appointment, the Board of Perseus will be comprised of seven directors, six of whom will be Non-Executive directors. In terms of gender balance, two of Perseus’s directors are women representing approximately 30% of directors. Perseus’s Managing Director and Chief Executive Officer, Mr Jeff Quartermaine said: “Speaking on behalf of our Chairman Sean Harvey and the entire Board of Perseus, it is a pleasure to welcome non-executive Director, Amber Banfield, to the Board of Perseus. Amber brings a combination of highly relevant commercial and technical experience to Perseus gained over 20 years as an executive with Worley, a world leader in the provision of engineering services. Outside of her professional career, Amber also serves on the Board of the Western Australian Football Commission, is responsible for the governance of Australian football in WA. As a board and management team, we look forward very much to working with Amber as we collectively strive to firmly establish Perseus as a profitable, reliable and sustainable mid-tier gold mining company.” For further information, please contact: Managing Director:Jeff Quartermaine at telephone +61 8 6144 1700 or email jeff.quartermaine@perseusmining.com; Media Relations:Nathan Ryan at telephone +61 4 20 582 887 or email nathan.ryan@nwrcommunications.com.au (Melbourne)
09 May, 2021
With a price-to-earnings (or "P/E") ratio of 14.6x Perseus Mining Limited ( ASX:PRU ) may be sending bullish signals at...
02 May, 2021
PERTH, Western Australia, May 02, 2021 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX &ASX: PRU) is pleased to release its 2020 Sustainable Development Report. The Report is available on www.perseusmining.com and www.asx.com.au. The Report provides an overview of Perseus’s approach to sustainability and details how Perseus created value for all stakeholders through responsible and sustainable mining in 2020. Perseus’s Managing Director and Chief Executive Officer, Jeff Quartermaine, said: “Sustainability is one of our guiding principles. Perseus seeks to create sustainable value for all stakeholders and continuously improve on our environmental, social and governance performance each year. "Operating our business sustainably is a fundamental element of our vision to generate value for all stakeholders, in fair and equitable proportions, by delivering sustainable gold production of 500,000 ounces per annum by FY22. "We know that we are guests in the countries where we operate, and that our continued focus on sustainable operations and value creation is key to our strong social licence to operate.” To discuss any aspect of this announcement, please contact: Managing Director: Jeff Quartermaine at jeff.quartermaine@perseusmining.com;Stakeholder Communications: Claire Hall at Claire.hall@perseusmining.comMedia Relations: Nathan Ryan at telephone +61 4 20 582 887 or email nathan.ryan@nwrcommunications.com.au (Melbourne)
28 Apr, 2021
PERTH, Western Australia, April 27, 2021 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) is hosting an investor webinar and conference call to discuss its 2020 Sustainable Development Report, which will be released on Friday April 30, 2021. Call Details Australia: Tuesday May 4, 2021 (Perth – 7:00am / Sydney & Melbourne – 9:00am) Canada: Monday May 3, 2021 (Toronto – 7:00pm / Vancouver – 4:00pm) UK: Tuesday May 4, 2021 (London – 12:00am) Register for the investor webinar at the link below: https://us02web.zoom.us/webinar/register/WN_QOlvUW3pQNS9bDki2yvh4w After registering, you will receive a confirmation email containing information about joining the webinar. To join the webinar via telephone, please use one of the following numbers and enter the Webinar ID: 884 4232 8824 For higher quality, dial a number based on your location: Australia +61 8 7150 1149 or +61 3 7018 2005 Singapore +65 3165 1065 Canada +1 778 907 2071 USA +1 669 900 9128 New Zealand +64 9 884 6780 United Kingdom +44 203 901 7895 International numbers available: https://zoom.us/zoomconference. A recording of the conference call will be made available via Perseus’s website at perseusmining.com. This announcement was approved for release by Jeff Quartermaine, Managing Director and CEO. To discuss any aspect of this announcement, please contact: Media Relations: Nathan Ryan at telephone +61 4 20 582 887 or email nathan.ryan@nwrcommunications.com.au (Melbourne)
19 Apr, 2021
PERTH, Western Australia, April 19, 2021 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three months’ period ended March 31, 2021 (the “Quarter”). An executive summary is provided below. However, full details of activities in the March Quarter, including reconciled production and all-in site cash costs, are included in the Company’s March 2021 Quarterly Activity Report released to the market on April 20, 2021. The full report is available for download from www.perseusmining.com, www.asx.com.au and www.sedar.com. Executive Summary Perseus achieved a 29% increase in gold production with its third mine, Yaouré ramping up, 31% increase in gold sales and a 3.5% decrease in AISC for the quarter, highlighting its consistently improving operating performance. Table 1: Operating and Financial Summary Performance IndicatorUnitDecember2020QuarterDecember2020Half YearMarch 2021 Quarter2021FinancialYear toDateGold recovered1Ounces68,614137,38688,458225,845Gold poured1Ounces65,657133,71786,042219,759Production Cost2US$/ounce915868852863All-In Site Cost (AISC)2US$/ounce1,0361,0009991,000Gold sales1Ounces66,644127,08587,215214,300Average sales price2US$/ounce 1,6871,6431,6281,637Notional Cashflow2US$ million44.688.341.7130.0 Yaouré Gold Mine commissioning successfully completed during the Quarter with “Commercial Production” formally declared on March 31, 2021.The Group’s quarterly gold production of 88,458 ounces increased 29% from the December Quarter1.The Group’s AISC for the quarter was US$999 per ounce, a 3.5% decrease from last quarter2.Quarterly gold sales increased 31% to 87,215 ounces.The average realised gold price decreased 3.5% to US$1,628 per ounce resulting in quarterly notional cashflows from these operations of US$41.7 million, US$2.9 million or 7% less than in the December 2020 quarter.Perseus’s gold production and AISC market guidance of 175,000 to 190,000 ounces at US$950 to US$1,150 per ounce for the June 2021 Half Year remains unchanged.Encouraging exploration results achieved at Bagoé near Sissingué and at Govisou on the Yaouré mining lease (Refer to the release dated April 7, 2021).Available cash and bullion on hand of US$136 million and debt of US$130 million giving a net cash position of US$6 million at quarter end, US$18 million more than at the end of last quarter.Perseus is on track to achieve its goal of producing more than 500,000 ounces of gold per year at a cash operating margin of not less than US$400 per ounce. Notes: 1. Includes gold produced at Yaouré. 2. Excludes Yaouré’s AISC, and sales pending declaration of Commercial Production on March 31, 2021. Balance Sheet strength maintained by strong operating cash flows. Available cash and bullion on hand of US$118.1 million at quarter end. Debt has been reduced by US$20 million to US$130 million giving a net debt position during the quarter of US$11.9 million, US$9.3 million more than at the end of last quarter. Encouraging organic growth opportunities emerging. Organic growth opportunities are being investigated on existing licence areas, particularly at Bagoé near Sissingué and on the Yaouré mining lease and are expected to deliver incremental growth in Mineral Resources and Ore Reserves. Perseus Group Production and Cost Guidance – June 2021 Half Year Production and cost guidance for the June 2021 Half Year and the 2021 Full Financial Year remains unchanged as follows: Table 2: Production and Cost Guidance: ParameterUnitDecember 2020 HalfYear (Actual)June 2021 Half Year (Forecast)2021 Financial Year (Forecast)Edikan Gold Mine Gold production‘000 Ounces78,79087,500 – 95,000166,290 – 173,790All-In Site Cost (AISC)US$/ounce1,2531,000 – 1,2001,115-1,225Sissingué Gold Mine Gold production‘000 Ounces55,90939,500 – 43,00095,409 – 98,909All-In Site Cost (AISC)US$/ounce643650 - 725646-677Yaouré Gold Mine Gold production‘000 Ounces2,68748,000 – 52,00050,687 – 54,687All-In Site Cost (AISC)US$/ounce-1,100 – 1,3001,100-1,300Perseus Group Gold production‘000 Ounces137,386175,000 – 190,000312,386 – 327,386All-In Site Cost (AISC)US$/ounce1,000950 -1,150970 – 1,067 PROGRAM FOR THE JUNE 2021 QUARTER GOLD MINING OPERATIONS All Sites Produce gold at an all-in site cost in line with the published Life of Mine Plans (LOMP).Continue planning and implementing continuous improvement initiatives aimed at increasing gold production and reducing AISC. Sissingué Continue work on licencing mining of the Fimbiasso, Véronique, Antoinette and Juliette satellite deposits. Yaouré Prepare and publish an updated LOMP for the Yaouré Gold Mine.Complete land and crop compensation payments to affected land holders and farmers. Business Growth Edikan Commence drilling at the Breman prospect on the Agyakusu permit as soon as agreement is reached with the local community.Commence AC drilling of soil anomalies on the DML permit.Commence soil sampling and mapping on the Domenase permit.Complete assessment of the potential of the Mampong South deposit for further drilling. Sissingué Prepare and publish a Definitive Feasibility Study and ESIA for the development of the Bagoé prospects, including Antoinette, Véronique and Juliette deposits.Continue exploration drilling on the Bagoé tenement.Complete drilling of three deep diamond drill holes below the Sissingué open pit. Yaouré Complete assessment of the CMA South, Govisou and Angovia 2 deposits to define drilling and studies required to convert to Ore Reserves.Identify and prioritise drilling targets from the 3D seismic survey. Other Results from the exploration program are expected to contribute incremental growth in Mineral Resources and Ore Reserves by the end of the June 2021 quarter.Continue to review both “bolt on” acquisition and merger opportunities for continued corporate growth and value creation. Sustainability Preparation of Perseus’s 2020 Sustainability Report is underway. The Report will be published in April 2021 highlighting advances made by Perseus in Environmental, Social and Governance (ESG) performance during the year. This year, Perseus has enhanced its disclosure on sustainability-related risks and opportunities by aligning with key reporting frameworks used by our stakeholders. These include the World Gold Council Responsible Gold Mining Principles, Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB) and the Task Force on Climate Related Financial Disclosures (TCFD). To discuss any aspect of this announcement, please contact: Managing Director:Jeff Quartermaine at email jeff.quartermaine@perseusmining.com; Corporate Communications:Claire Hall at telephone +61 414 558 202 or email Claire.hall@perseusmining.com Media Relations:Nathan Ryan at telephone +61 4 20 582 887 or email nathan.ryan@nwrcommunications.com.au (Melbourne) Competent Person Statement:All production targets for Edikan, Sissingué and Yaouré referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code. The information in this report that relates to Esuajah North Mineral Resources estimate was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 29 August 2018. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Bokitsi South and AFG Gap deposits at the EGM was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the other EGM deposits (Fetish and Esuajah South Underground) was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 20 February 2020 and was updated for depletion until 30 June 2020 in a market announcement released on 26 August 2020. The Company confirms that it is not aware of any new information or data that materially affect the information in those market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Central Ashanti Gold Project, Ghana” dated 30 May 2011 continue to apply. The information in this report that relates to Mineral Resources and Ore Reserves for Sissingué was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 29 October 2018 and includes an update for depletion as at 30 June 2020.The information in this report that relates to Mineral Resources and Ore Reserves for the Fimbiasso East and West deposits, previously Bélé East and West respectively, was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The Company confirms that material assumptions underpinning the estimates of Mineral Resources and Ore Reserves described in those market announcements. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply. The information in this report in relation to Yaouré Mineral Resource and Ore Reserve estimates was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 28 August 2019. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2017 continue to apply. The information in this report that relates to exploration results at Yaouré and Bagoé was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 7 April 2021. The Company confirms that it is not aware of any new information or data that materially affects the information in that market announcement. Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption due to the COVID-19 pandemic or otherwise, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
15 Apr, 2021
PERTH, Western Australia, April 15, 2021 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) is hosting an investor webinar and conference call to discuss its March 2021 Quarterly Report, which is anticipated for release around 8:30am AEST on Tuesday April 20, 2021. Call Details Australia: Tuesday April 20, 2021 (Perth – 7:00am) (Sydney/Melbourne – 9:00am) Canada: Monday April 19, 2021 (Toronto – 7:00pm) (Vancouver – 4:00pm) UK: Tuesday April 20, 2021 (London – 12:00am) Register for the investor webinar at the link below: https://us02web.zoom.us/webinar/register/WN_Ms2zDpi2Q4ySMIqe2mnX4Q After registering, you will receive a confirmation email containing information about joining the webinar. To join the webinar via telephone, please use one of the following numbers and enter the Webinar ID: 830 4679 4498 For higher quality, dial a number based on your current location: Australia +61 8 7150 1149 or +61 3 7018 2005 Singapore +65 3165 1065 Canada +1 778 907 2071 USA +1 669 900 9128 New Zealand +64 9 884 6780 United Kingdom +44 203 901 7895 International numbers available: https://zoom.us/zoomconference. A recording of the conference call will be made available via Perseus’s website at perseusmining.com. This announcement was approved for release by Jeff Quartermaine, Managing Director and CEO. To discuss any aspect of this announcement, please contact: Media Relations: Nathan Ryan at telephone +61 4 20 582 887 or email nathan.ryan@nwrcommunications.com.au (Melbourne)
06 Apr, 2021
PERTH, Western Australia, April 06, 2021 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) releases recent results from its exploration programmes in Côte d’Ivoire. The programmes and better intercepts are described below. Full results including details and figures as well as the JORC tables are included in the Company’s market release dated April 7, 2021 which is available for download from www.perseusmining.com, www.asx.com.au and www.sedar.com. HIGHLIGHTS Recent results from Perseus’s exploration programmes in Côte d’Ivoire, demonstrate potential for organic growth of gold inventories across its multi-mine asset portfolio, as follows: Encouraging results at Govisou, 3km from Perseus’s Yaouré Gold Mine, with wide intercepts of shallow gold mineralisation including: YRC1574: 93m @ 2.74 g/t Au from 0m and 24m @ 1.18 g/t Au from 98mYRC1596: 65m @ 2.73 g/t Au from 24m and 35m @ 3.49 g/t Au from 105mYRC1457: 25m @ 3.33 g/t Au from 55mYRC1458: 52m @ 3.02 g/t Au from 28mYRC1573: 92m @ 2.60 g/t Au from 0mYRC1565: 77m @ 2.47 g/t Au from 0mYRC1572: 76m @ 2.40 g/t Au from 8m Early indications suggest Govisou hosts a ‘pencil- shaped’ plunging structure that remains open at depth. Follow-up drilling is planned to improve understanding of the Govisou mineralization. Drilling at Bagoé permit, 70km from Perseus’s Sissingué Gold Mine, confirms gold mineralisation at the Antoinette, Véronique and Juliette prospects, with recent drill results including: 12m @ 3.49 g/t Au from 0m and 17m @ 6.45 g/t Au from 32m (Antoinette)10m @ 4.19 g/t Au from 27m and 14m @ 3.21 g/t Au from 41m (Antoinette)6m @ 6.75 g/t Au from 27m, 11m @ 3.89 g/t Au from 44m and 10m @ 2.66 g/t Au from 68m (Antoinette)18m @ 8.42 g/t Au from 78m (Antoinette)20m @ 5.36 g/t Au from 1m (Antoinette)33m @ 2.94 g/t Au from 0m (Véronique)14m @ 6.29 g/t Au from 22m (Véronique)10m @ 6.16 g/t Au from 20m (Véronique)15m @ 3.30 g/t Au from 36m (Juliette)7m @ 7.78 g/t Au from 52m (Juliette) Drill results from the Bagoé prospects will form the basis for a Definitive Feasibility Study (DFS) on a mining and trucking operation that will result in ore being transported to Sissingué for processing. The DFS is due to be completed in the June 2021 quarter. Perseus is on track to deliver on its plan of producing more than 500,000oz gold pa from FY2022, with each of its Edikan, Sissingue and Yaoure gold mines in production and producing to plan. Perseus’s Managing Director & Chief Executive Officer, Mr Jeff Quartermaine said: “For the last five years or so, Perseus has been very focussed on funding the development of new mines. In that time, we have spent nearly US$400 million developing two new mines, one at Sissingué and the other at Yaouré in Côte d’Ivoire. This has left little capital available to invest in the organic growth of our Company. With the completion of construction and the pouring of first gold at Yaouré in December 2020, we are now able to adequately fund exploration programmes aimed at extending the lives of all our existing mines and organically growing our Company.The results published today illustrate the significant potential for the delineation of further Mineral Resources and Ore reserves in the vicinity of existing infrastructure at each of our mines. Our Yaouré tenements are showing excellent potential for further discoveries and the drilling results achieved at Bagoé demonstrate why Perseus acquired Exore Resources Limited last year and promise to provide mill feed to materially extend the life of our Sissingué operation.” PREAMBLE Perseus is pleased to provide an update on its recent exploration activities at its Bagoé and Yaouré properties, both located in Côte d’Ivoire. The results demonstrate the potential for the Company to organically grow its gold inventory through further drilling success. Yaouré is Perseus’s third gold mine, commencing production in December 2020. Recent exploration has focused on the drilling of satellite prospects within five kilometres of the Yaouré mill with the potential to deliver shallow oxide ore during the early stages of the project. Progress has also been made with the definition of drill targets from the 3D seismic survey completed in 2020, recently supplemented by the completion of an airborne gravity (FTGG) survey. The Bagoé exploration licence, 60km south of Perseus’s Sissingué Gold Mine, was acquired when Exore Resources Limited was acquired in September 2020 (ASX announcement September 26, 2020). Perseus’s pre-acquisition evaluation of Exore’s exploration work at Bagoé indicated potential for the economic exploitation of the Antoinette, Juliette and Véronique gold deposits by open pit mining and either processing in-situ or transporting ore to Sissingué for processing. Recent exploration drilling has focused on converting the previously defined Inferred Resources to Measured and Indicated Resources to support a DFS to confirm the technical and financial viability of the two development concepts. YAOURÉ EXPLORATION DRILLING – GOVISOU AND ANGOVIA 2 PROSPECTS Perseus has focused recent exploration activities at the Yaouré permits on the Angovia 2 and Govisou prospects, both within 5km of the Yaouré mill. Particularly encouraging results have been returned from the Govisou prospect, 3km southwest of the Yaouré mill site, where 5,642 metres were drilled in 61 Reverse Circulation (“RC”) holes (with an additional 1,127 metres drilled in 14 holes during the December 2020 quarter). Mineralisation at Govisou occurs in pervasively altered and pyritized basaltic-andesitic volcanics intruded by a dioritic stock, with no clearly identifiable structural controls. Better intercepts from this drilling programme are included in Table 1 below. The geometry of the Govisou mineralisation remains uncertain at this stage, but current indications suggest a ‘pencil’-shaped plunging structure that remains open at depth. Further drilling, including oriented diamond core holes, is planned to elucidate the structural and lithological controls on mineralisation at Govisou. At Angovia 2, located 3 kilometres southeast of the Yaouré mill, results were received for Resource definition drilling completed in the December 2020 quarter aimed at defining shallow ore beneath the planned oxide pit. The results from this campaign suggest potential exists for a deepening of this pit beyond the currently planned depth. Better intercepts from this program are included in Table 1 below. Ongoing exploration programmes at Yaouré will focus on: Follow up drilling at Govisou to elucidate the lithostructural controls on the mineralisation and to follow potential down plunge extensions to the high-grade pod defined in the latest drilling. The commencement of drill testing of targets generated from the 3D seismic survey conducted in early 2020, with an initial focus on near-surface targets. Table 1: Intercepts from Yaouré Mining Licence - Govisou and Angovia 2 ProspectsGovisou Angovia 2 YRC1457: 25m @ 3.33 g/t from 55m YRC1458: 52m @ 3.02 g/t from 28m YRC1459: 63m @ 2.35 g/t from 9m YRC1460: 22m @ 2.58 g/t from 20m YRC1558: 66m @ 1.47 g/t from 54m YRC1559: 66m @ 2.13 g/t from 54m YRC1560: 79m @ 1.25 g/t from 39m YRC1562: 35m @ 1.33 g/t from 6m YRC1564: 76m @ 1.86 g/t from 42m YRC1565: 77m @ 2.47 g/t from 0m YRC1571: 59m @ 2.05 g/t from 0m YRC1572: 76m @ 2.40 g/t from 8m YRC1573: 92m @ 2.60 g/t from 0m YRC1574: 93m @ 2.74 g/t from 0m and 24m @ 1.18 g/t from 98m YRC1590: 86m @ 2.18 g/t from 30m YRC1592: 64m @ 1.87 g/t from 50m YRC1593: 51m @ 1.06 g/t from 69m YRC1594: 39m @ 1.71 g/t from 78m YRC1596: 65m @ 2.73 g/t from 24m and 35m @ 3.49 g/t from 105m YRC1597: 38m @ 1.23 g/t from 82m YRC1472: 23m @ 1.67 g/t from 37m YRC1476: 31m @ 1.55 g/t from 8m YRC1480: 11m @ 1.56 g/t from 94m YRC1481: 43m @ 4.07 g/t from 76m YRC1482: 15m @ 2.83 g/t from 73m YRC1485: 12m @ 1.56 g/t from 46m YRC1487: 43m @ 1.56 g/t from 45m YRC1491: 9m @ 13.97 g/t from 4m YRC1492: 43m @ 3.04 g/t from 5m YRC1493: 14m @ 1.59 g/t from 13m YRC1495: 13m @ 1.75 g/t from 23m YRC1496: 7m @ 2.97 g/t from 33m YRC1497: 14m @ 3.17 g/t from 13m YRC1505: 8m @ 3.06 g/t from 12m YRC1509: 15m @ 1.64 g/t from 9m YRC1518: 16m @ 9.60 g/t from 0m YRC1522: 13m @ 4.83 g/t from 41m YRC1526: 25m @ 1.71 g/t from 9m YRC1527: 16m @ 2.00 g/t from 36m YRC1542: 2m @ 4.03 g/t from 63m YRC1547: 10m @ 2.1 g/t from 40m and 7m @ 1.38 g/t from 58m YRC1551: 22m @ 0.74 g/t from 7m YRC1552: 12m @ 0.97 g/t from 19m YRC1555: 21m @ 0.96 g/t from 2m and 10m @ 1.15 g/t from 37m YRC1556: 46m @ 0.71 g/t from 4m and 3m @ 1.56 g/t from 53m BAGOÉ EXPLORATION PERMIT Resource definition drilling was undertaken at the Antoinette, Véronique and Juliette prospects on the Bagoé permit. A total of 18,665 metres was drilled in 52 Air Core (“AC”), 252 RC and 6 diamond drilling (“DD”) holes, plus nine geotechnical and exploratory water bores. Almost all results have now been received for this drilling, generally confirming the tenor and width of previous drilling and suggesting possible extensions. At Véronique, drilling defined strong mineralisation over a core zone of approximately 440 metres over widths of 3 to 9 metres. Better intercepts are shown in Table 2. At Juliette, drilling confirmed strong mineralisation over a strike length of 250 metres with widths ranging from 4 to 22 metres. The mineralisation remains open to the southwest and at depth. Better intercepts from the Juliette drilling are included in the second column of Table 2. Drilling at Antoinette Central was also successful in confirming strong mineralisation over a strike length of 875 metres with average widths of 5 to 44 metres. The mineralisation appears to remain open to both the northeast and southwest and at depth. Better intercepts from the Antoinette drilling are included in the last column of Table 2. Exploration will now focus on investigation of other prospective opportunities identified on the Bagoé tenement, including: Strike and dip extensions to known deposits identified from the recent resource drilling. The Antoinette-Juliette ‘gap’ to follow up previous encouraging intercepts in AC and RC drilling beneath transported cover. Drilling to follow up encouraging drill intercepts between Antoinette and Antoinette South. Drilling to follow up encouraging intercepts on potential repetitions of the Véronique deposit and at regional prospects such as Odette and Brigette. Augering at early-stage regional prospects such as Ludivine. Table 2 Intercepts** from Bagoé Exploration Permit - Véronique, Juliette and Antoinette DepositsVéroniqueJulietteAntoinetteBDAC001682: 5m @ 13.6 g/t from 43m* BDAC001686: 15m @ 2.64 g/t from 10m BDAC001687: 33m @ 2.94 g/t from 0m BDAC001688: 14m @ 6.29 g/t from 22m BDAC001689: 7m @ 3.30 g/t from 23m BDAC001690: 8m @ 3.25 g/t from 37m BDAC001691: 5m @ 5.67 g/t from 18m BDAC001695: 9m @ 6.22 g/t from 25m* BDRC0280: 6m @ 8.36 g/t from 56m BDRC0283: 5m @ 8.74 g/t from 53m BDRC0291: 5m @ 3.97 g/t from 53m BDRC0306: 2m @ 5.31 g/t from 21m BDRC0307: 9m @ 2.35 g/t from 18m BDRC0352: 10m @ 3.22 g/t from 27m BDRC0353: 6m @ 5.24 g/t from 12m BDRC0355: 10m @ 6.16 g/t from 20m BDRC0358: 9m @ 3.89 g/t from 17m BDRC0412: 2m @ 25.2 g/t from 17m* BDRC0421: 3m @ 4.33 g/t from 22m BDRC0362: 15m @ 4.81 g/t from 3m* BDRC0366: 3m @ 34.9 g/t from 37m* BDRC0370: 3m @ 23.3 g/t from 21m* BDRC0386: 8m @ 7.03 g/t from 13m* BDRC0433: 6m @ 2.15 g/t from 14m BDRC0434: 3m @ 35.66 g/t from 10m* BDRC0440: 6m @ 1.08 g/t from 16m BDRC0447: 10m @ 1.14 g/t from 7m BDRC0450: 4m @ 4.25 g/t from 30m BDRC0456: 20m @ 1.44 g/t from 64m BDRC0457: 2m @ 5.72 g/t from 67m BDRC0325: 15m @ 3.30 g/t from 36m BDRC0326: 12m @ 2.55 g/t from 55m BDRC0327: 10m @ 2.63 g/t from 38m BDRC0328: 9m @ 1.78 g/t from 52m BDRC0330: 8m @ 2.71 g/t from 37m BDRC0332: 7m @ 7.78 g/t from 52m BDRC0338: 6m @ 2.08 g/t from 64m BDRC0339: 22m @ 1.23 g/t from 40m BDRC0340: 16m @ 1.52 g/t from 48m BDRC0341: 9m @ 1.86 g/t from 6m and 8m @ 1.90 g/t from 34 BDRC0342: 9m @ 2.39 g/t from 45m BDRC0343: 13m @ 1.10 g/t from 26m BDRC0344: 13m @ 2.72 g/t from 26m BDRC0345: 13m @ 2.25 g/t from 43m BDRC0458: 5m @ 3.16 g/t from 36m BDRC0459: 10m @ 3.05 g/t from 50m BDRC0461: 16m @ 2.23 g/t from 41m BDRC0465: 18m @ 1.58 g/t from 39m BDRC0466: 19m @ 2.19 g/t from 59m BDAC01696: 11m @ 2.98 g/t from 0m BDAC01697: 11m @ 4.95 g/t from 6m BDAC01698: 20m @ 5.36 g/t from 1m BDAC01699: 14m @ 2.49 g/t from 4m BDAC01700: 12m @ 3.49 g/t from 0m and 17m @ 6.45 g/t from 32m BDRC0467: 10m @ 3.95 g/t from 7m and 8m @ 2.93 g/t from 30m BDRC0469: 10m @ 4.19 g/t from 27m and 14m @ 3.21 g/t from 41m BDRC0469: 6m @ 6.75 g/t from 27m and 11m @ 3.89 g/t from 44m and 10m @ 2.66 g/t from 68m BDRC0471: 44m @ 2.37 g/t from 12m BDRC0472: 6m @ 6.01 g/t from 17m BDRC0473: 14m @ 3.02 g/t from 0m BDRC0474: 32m @ 4.03 g/t from 33m BDRC0475: 8m @ 3.02 g/t from 49m BDRC0476: 11m @ 2.19 g/t from 34m BDRC0479: 21m @ 4.43 g/t from 29m BDRC0480: 10m @ 3.43 g/t from 65m and BDRC0480: 18m @ 8.42 g/t from 78m BDRC0481: 17m @ 2.74 g/t from 18m BDRC0482: 5m@ 2.08 g/t from 45m BDRC0483: 15m @ 2.5 g/t from 42m BDRC0484: 14m @ 3.35 g/t from 0m and 5m @ 2.00 g/t from 55m BDRC0485: 8m @ 3.42 g/t from 93m BDRC0486: 12m @ 2.16 g/t from 43m BDRC0488: 8m @ 2.36 g/t from 77m BDRC0489: 6m @ 2.22 g/t from 0m BDRC0490: 10m @ 3.27 g/t from 19m BDRC0491: 12m @ 2.83 g/t from 44m BDRC0492: 9m @ 4.09 g/t from 9m BDRC0494: 7m @ 2.53 g/t from 69m BDRC0496: 11m @ 4.12 g/t from 73m BDRC0497: 12m @ 8.32 g/t from 21m BDRC0498: 6m @ 2.47 g/t from 52m BDRC0505: 10m @ 7.13 g/t from 10m and 11m @ 3.22 g/t from 32m BDRC0507: 11m @ 2.45 g/t from 47m BDRC0513: 24m @ 3.33 g/t from 70m BDDD0015: 8.5m @ 3.35 g/t from 20m BDDD0016: 10m @ 3.54 g/t from 0m BDDD0017: 14m @ 4.23 g/t from 63m BDDD0020: 5m @ 28.56 g/t from 70m BDDD0021: 10m @ 9.14 g/t from 76m BDDD0021: 9m @ 17.88 g/t from 116m BDDD0022: 7m @ 6.92 g/t from 18m BDDD0022: 8m @ 2.53 g/t from 34m BDDD0022: 12m @ 6.01 from 74m Notes: * Previously reported – ASX announcement of January 20, 2021.** Significant intercepts calculated using a minimum grade of 0.3 g/t, a minimum length of 2m and maximum internal dilution of 2m. To discuss any aspect of this announcement, please contact: Managing Director: Jeff Quartermaine at telephone +61 8 6144 1700 or email jeff.quartermaine@perseusmining.com;Media Relations: Nathan Ryan at telephone +61 4 20 582 887 or email nathan.ryan@nwrcommunications.com.au (Melbourne) Competent Person Statement:All production targets for Edikan, Sissingué and Yaouré referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code. The information in this report that relates to Esuajah North Mineral Resources estimate was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 29 August 2018. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Bokitsi South and AFG Gap deposits at the EGM was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the other EGM deposits (Fetish and Esuajah South Underground) was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 20 February 2020 and was updated for depletion until 30 June 2020 in a market announcement released on 26 August 2020. The Company confirms that it is not aware of any new information or data that materially affect the information in those market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Central Ashanti Gold Project, Ghana” dated 30 May 2011 continue to apply. The information in this report that relates to Mineral Resources and Ore Reserves for Sissingué was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 29 October 2018 and includes an update for depletion as at 30 June 2020.The information in this report that relates to Mineral Resources and Ore Reserves for the Fimbiasso East and West deposits, previously Bélé East and West respectively, was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The Company confirms that material assumptions underpinning the estimates of Mineral Resources and Ore Reserves described in those market announcements. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply. The information in this report in relation to Yaouré Mineral Resource and Ore Reserve estimates was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 28 August 2019. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2017 continue to apply. The information in this report and the attachments that relate to exploration drilling results at the Yaouré and Bagoé Projects is based on, and fairly represents, information and supporting documentation prepared by Dr Douglas Jones, a Competent Person who is a Chartered Professional Geologist. Dr Jones is the Group General Manager Exploration of the Company. Dr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’”) and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Dr Jones consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine and the Sissingué Gold Mine and achieving commercial production at the Yaouré Gold Mine without any major disruption due to the COVID-19 pandemic or otherwise, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
02 Apr, 2021
Perseus Mining (ASX:PRU) has had a rough three months with its share price down 15%. However, a closer look at its...
25 Feb, 2021
If you want to know who really controls Perseus Mining Limited ( ASX:PRU ), then you'll have to look at the makeup of...
23 Feb, 2021
PERTH, Western Australia, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) has released its Interim Financial Report for the six months ending December 31, 2020 (“December 2020 Half Year” or the “Half Year”). The Perseus group produced a total of 137,386 ounces of gold in the December 2020 Half Year, 2% more than in the corresponding six-month period in 2019. In the same period, the weighted average all-in site costs (“AISC”), including the costs of production, royalties and sustaining capital, increased by 6% relative to the December 2019 half year, averaging US$1,000 per ounce of gold produced. Reflecting the successful transition to an efficient multi-mine, multi-jurisdictional gold producer and a stronger market for gold, Perseus recorded a 61% increase in the Group’s net profit after tax to A$49.1 million during the December 2020 Half Year compared to the corresponding period in 2019. This profit was based on the strong operating performance at the low cost Sissingué Gold Mine in Côte d’Ivoire, (55,909 ounces of gold at an AISC US$643 per ounce), combined with steady gold production at the Edikan Gold Mine (78,790 ounces of gold at US1,253 per ounce). Perseus’s third gold mine, Yaouré, where first gold was poured in December 2020, contributed a total of 2,687 ounces to the Group’s total half-yearly gold production although with net costs being capitalised until the declaration of Commercial Production, the mine’s activities did not contribute to the Half Year earnings result. Perseus’s net profit after tax of A$49.1 million or 3.0 cents per share attributable to the owners of the parent company, materially exceeded the net profit after tax of A$30.4 million or 2.6 cents per share earned in the previous corresponding half year. This improved performance was predominantly due to: A period-on-period decrease of A$32.5 million in the depreciation and amortisation expense relating to gold production. Administration and other corporate expenses decreasing to A$9.8 million from A$11.5 million in the December 2019 half year. A decrease in income tax expense, which at A$8.4 million, compared favourably to the expense of A$12.9 million incurred in the corresponding period in 2019. A foreign exchange loss of A$13.2 million, A$20.2 million more in the prior year when a foreign exchange gain of A$7.0 million was recorded. The loss occurred due to an appreciation in the value of the Australian dollar against the US dollar and revaluation of intercompany loans. As at December 31, 2020, the total value of cash (A$120.5 million) and bullion on hand (A$32.7 million) was A$153.2 million, or A$38.3 million more than at December 31, 2019. Operating cash flows increased by A$30.4 million in the Half Year to A$103.6 million, or 8.6 cents per share, as revenue increased and payments to suppliers and employees decreased. A total of A$150.6 million of cash was invested during the period, including A$111.9 million on the development of the Yaouré Gold Mine and A$11.0 million on exploration. A net total of A$27.6 million of borrowings were repaid in cash during the period and a further A$7.6 million was paid in cash for borrowing costs. The Company’s net tangible assets on December 31, 2020 were A$853.5 million or A$0.70 per share including cash and bullion on hand. Total interest-bearing liabilities stood at A$168.9 million, A$48.7 million less than on June 30, 2020. Looking to the future, Perseus’s financial performance is expected to remain strong with continuing solid gold production and an improving cost structure at its two operating gold mines. Development of Yaouré, Perseus’s third operation, will be a major focus in the 2021 financial year. Production and cost guidance for the 2021 financial year is as follows: Parameter Units Production and Cost Guidance December 2020Half Year ActualJune 2021Half YearFull Fiscal Year2021 Group Gold Production ounces 137,386175,000 – 190,000312,386 – 327,386Average All-In Site Costs$US per ounce 1,000950 -1,150970 – 1,067 CEO and Managing Director, Jeff Quartermaine Comments:“The financial results released by Perseus today are further evidence of the continuing transition of our Company from a junior gold producer to a multi-mine, multi-jurisdictional business. In coming periods, the trend of Perseus’s steadily increasing earnings and cashflow is expected to continue, boosted by a material contribution from our third mine, the Yaouré Gold Mine. The construction of Yaouré was completed late in the December Half Year and operations are steadily ramping up to optimum performance levels. Heading into 2021, Perseus is in a strong financial position to continue the growth of our business through both organic means and by being positioned to take advantage of M&A opportunities that may present and offer attractive returns on our investment. The results that we have released today, and the strong financial position in which Perseus is now positioned, reflect the focused efforts of both our on-site and corporate office teams, all of whom have worked with dedication and commitment in a period of uncertainty and challenge brought about by the COVID-19 pandemic. I thank them sincerely for their efforts in delivering the results published today.” This release was approved for release by the Board. For further information, please contact: Managing Director:Jeff Quartermaine at telephone +61 8 6144 1700 or email jeff.quartermaine@perseusmining.com;Chief Financial Officer:Lee-Anne de Bruin at telephone +61 8 6144 1700 or email leeanne.debruin@perseusmining.comMedia Relations:Nathan Ryan at telephone +61 4 20 582 887 or email nathan.ryan@nwrcommunications.com.au (Melbourne) Competent Person Statement: All production targets for Edikan, Sissingué and Yaouré referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code. The information in this report that relates to Esuajah North Mineral Resources estimate was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 29 August 2018. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Bokitsi South and AFG Gap deposits at the EGM was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the other EGM deposits (Fetish and Esuajah South Underground) was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 20 February 2020 and was updated for depletion until 30 June 2020 in a market announcement released on 26 August 2020. The Company confirms that it is not aware of any new information or data that materially affect the information in those market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Central Ashanti Gold Project, Ghana” dated 30 May 2011 continue to apply. The information in this report that relates to Mineral Resources and Ore Reserves for Sissingué was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 29 October 2018 and includes an update for depletion as at 30 June 2020.The information in this report that relates to Mineral Resources and Ore Reserves for the Fimbiasso East and West deposits, previously Bélé East and West respectively, was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The Company confirms that material assumptions underpinning the estimates of Mineral Resources and Ore Reserves described in those market announcements. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply. The information in this report in relation to Yaouré Mineral Resource and Ore Reserve estimates was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 28 August 2019. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2017 continue to apply. Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine and the Sissingué Gold Mine and achieving commercial production at the Yaouré Gold Mine without any major disruption due to the COVID-19 pandemic or otherwise, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
16 Feb, 2021
PERTH, Western Australia, Feb. 15, 2021 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) is hosting an investor webinar and conference call to discuss its FY21 Half Year Results, which are anticipated for release around 8:30am AEDT on Wednesday February 24, 2021. Call Details Australia: Wednesday February 24, 2021 (Perth – 6:00am) (Sydney/Melbourne – 9:00am) Canada: Tuesday February 23, 2021 (Toronto – 5:00pm) (Vancouver – 2:00pm) UK: Tuesday February 23, 2021 (London – 10:00pm) Register for the investor webinar at the link below: https://us02web.zoom.us/webinar/register/WN_qkWCpILaTgm45ft5JKQrlQ After registering, you will receive a confirmation email containing information about joining the webinar. To join the webinar via telephone, please use one of the following numbers and enter the Webinar ID: 853 7110 6015 For higher quality, dial a number based on your current location: Australia +61 8 7150 1149 or +61 3 7018 2005 Singapore +65 3165 1065 Canada +1 778 907 2071 USA +1 669 900 9128 New Zealand +64 9 884 6780 United Kingdom +44 203 901 7895 International numbers available: https://zoom.us/zoomconference. To ask a question during the webinar, please use the Raise Hand function within Zoom. For attendees joining via telephone, please enter *9 to use the Raise Hand function. When it is your turn, you will be briefly unmuted to ask your question. The conference call will feature Managing Director and Chief Executive Officer Jeff Quartermaine and Chief Financial Officer Lee-Anne de Bruin. A recording of the conference call will be made available via Perseus’s website at www.perseusmining.com This announcement was approved for release by Jeff Quartermaine, Managing Director and CEO. To discuss any aspect of this announcement, please contact: Media Relations: Nathan Ryan at telephone +61 4 20 582 887 or email nathan.ryan@nwrcommunications.com.au (Melbourne)
25 Jan, 2021
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20 Jan, 2021
PERTH, Western Australia, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three months’ period ended December 31, 2020 (the “Quarter”). An executive summary is provided below. However, full details of activities in the December Quarter, including reconciled production and all-in site cash costs, are included in the Company’s December 2020 Quarterly Activity Report released to the market on January 21, 2021. The full report is available for download from www.perseusmining.com, www.asx.com.au and www.sedar.com. Executive Summary Perseus’s gold mining operations continue to perform well Edikan, Sissingué and Yaouré gold mines all contributed to Perseus maintaining its record of consistently strong operating performances this quarter: Performance IndicatorUnitDecember 2020QuarterDecember 2020 Half Year2020 CalendarYearGold recovered1Ounces68,614137,386260,045Gold poured1Ounces65,657133,717257,592Production Cost2US$/ounce915868871All-In Site Cost (“AISC”)2US$/ounce1,0361,0001,002Gold salesOunces66,644127,085265,127Average sales priceUS$/ounce 1,6871,6431,579Notional CashflowUS$ million44.688.3150.0 Includes gold from Yaouré.Excludes Yaouré’s AISC until declaration of Commercial Production. Half Year gold production of 137,386 ounces was up 12% on the June 2020 Half Year, and close to the top end of the production guidance range of 125,500 - 139,000 ounces. At US$1,000 per ounce, AISCs were slightly lower than the June Half Year and within the guided AISC range of US$940 - US$1,025 per ounce. At 68,614 ounces, quarterly gold production was in line with last quarter’s production while AISCs increased by 7% to US$1,036 per ounce. Quarterly gold sales increased 10% and the average realised gold price increased 6% to US$1,687 per ounce, generating quarterly and half year notional cashflows from operations of US$44.6 million and US$88.3 million, respectively. Perseus has set gold production and AISC market guidance for the June 2021 Half Year at 175,000 to 190,000 ounces at an AISC of US$950 to US$1,150 per ounce. (refer below for detail) Yaouré mine development completed ahead of time and budget. First gold was successfully poured at Yaouré on December 17, 2020, ahead of the stretch target for the event. Commissioning is in progress and Commercial Production is expected to be declared when all completion tests are satisfied. Perseus has paid US$237 million to suppliers of goods and services to date. Final development costs are expected to fall below the budget of US$265 million. With the successful development and ramp up of Yaouré, Perseus will be on track to achieve its goal of producing more than 500,000 ounces of gold per year at a margin of not less than US$400 per ounce. Balance Sheet strength maintained by strong operating cash flows. Available cash and bullion on hand of US$118.1 million at quarter end. Debt has been reduced by US$20 million to US$130 million giving a net debt position during the quarter of US$11.9 million, US$9.3 million more than at the end of last quarter. Encouraging organic growth opportunities emerging. Organic growth opportunities are being investigated on existing licence areas, particularly at Bagoé near Sissingué and on the Yaouré mining lease and are expected to deliver incremental growth in Mineral Resources and Ore Reserves. Perseus Group Production and Cost Guidance – June 2021 Half Year Production and cost guidance for the June 2021 Half Year and the 2021 Full Financial Year remains unchanged as follows: Table 8: Production and Cost Guidance: ParameterUnitDecember 2020 Half Year (Actual)June 2021 Half Year (Forecast)2021 Financial Year (Forecast)Edikan Gold Mine Gold production‘000 Ounces78,79087,500 – 95,000166,290 – 173,790All-In Site Cost (AISC)US$/ounce1,2531,000 – 1,2001,115-1,225Sissingué Gold Mine Gold production‘000 Ounces55,90939,500 – 43,00095,409 – 98,909All-In Site Cost (AISC)US$/ounce643650 - 725646-677Yaouré Gold Mine Gold production‘000 Ounces2,68748,000 – 52,00050,687 – 54,687All-In Site Cost (AISC)US$/ounce-1,100 – 1,3001,100-1,300Perseus Group Gold production‘000 Ounces137,386175,000 – 190,000312,386 – 327,386All-In Site Cost (AISC)US$/ounce1,000950 -1,150970 – 1,067 PROGRAM FOR THE MARCH 2021 QUARTER GOLD MINING OPERATIONS Edikan Produce gold at an all-in site cost in line with the recently published Life of Mine Plan (LOMP).Continue planning and implementing Continuous Improvement initiatives aimed at increasing gold production and reducing AISC. Sissingué Produce gold at a total all-in site cost in line with LOMP.Continue planning and implementing Continuous Improvement initiatives aimed at increasing gold production and reducing AISC.Continue work on licencing mining of the Fimbiasso, Véronique, Antoinette and Juliette satellite deposits. Yaouré Complete ramp up of the Yaouré processing facility, and achieve milestones related to completion tests and declaring of Commercial Production.Produce gold at a total all-in site cost in line with forecasts.Prepare and publish an updated LOMP for the Yaouré Gold Mine.Complete land, and crop compensation payments to affected land holders and farmers. BUSINESS GROWTH Edikan Continue preparations for commencing underground operations at Esuajah South, pending to a decision to proceed with development of the project.Commence drilling at the Breman prospect on the Agyakusu permit.Commence soil sampling and mapping on the recently optioned Dompoase permit.Complete assessment of the potential of the Mampong South deposit for further drilling. Sissingué Complete DFS for the Antoinette, Véronique and Juliette deposits at Bagoé and potentially convert to Ore Reserve.Complete exploration drilling at Tiana and Kakolo.Continue the soil sampling at Minignan. Yaouré Complete the assessment of the CMA South, Govisou and Angovia 2 deposits to determine drilling and studies. required to potentially convert to Ore Reserves.Identify and prioritise potential drilling targets from the 3D seismic survey. Other Continue to review both potential “bolt on” acquisition and merger opportunities to assess potential for continued corporate growth and value creation. To discuss any aspect of this announcement, please contact: Managing Director:Jeff Quartermaine at telephone +61 8 6144 1700 or email jeff.quartermaine@perseusmining.com;Media Relations:Nathan Ryan at telephone +61 4 20 582 887 or email nathan.ryan@nwrcommunications.com.au (Melbourne) Competent Person Statement: All production targets for Edikan, Sissingué and Yaouré referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code. The information in this report that relates to Esuajah North Mineral Resources estimate was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 29 August 2018. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Bokitsi South and AFG Gap deposits at the EGM was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the other EGM deposits (Fetish and Esuajah South Underground) was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 20 February 2020 and was updated for depletion until 30 June 2020 in a market announcement released on 26 August 2020. The Company confirms that it is not aware of any new information or data that materially affect the information in those market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Central Ashanti Gold Project, Ghana” dated 30 May 2011 continue to apply. The information in this report that relates to Mineral Resources and Ore Reserves for Sissingué was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 29 October 2018 and includes an update for depletion as at 30 June 2020.The information in this report that relates to Mineral Resources and Ore Reserves for the Fimbiasso East and West deposits, previously Bélé East and West respectively, was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The Company confirms that material assumptions underpinning the estimates of Mineral Resources and Ore Reserves described in those market announcements. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply. The information in this report in relation to Yaouré Mineral Resource and Ore Reserve estimates was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 28 August 2019. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2017 continue to apply. The information in this report and the attachments that relates to exploration drilling results is based on, and fairly represents, information and supporting documentation prepared by Dr Douglas Jones, a Competent Person who is a Chartered Professional Geologist. Dr Jones is the Group General Manager Exploration of the Company. Dr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’”) and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Dr Jones consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption due to the COVID-19 pandemic or otherwise, development of a mine at Yaouré, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
15 Jan, 2021
PERTH, Western Australia, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) is hosting an investor webinar and conference call to discuss the December 2020 Quarterly Report, which is anticipated for release around 8:30am AEDT on Thursday January 21, 2021. Call Details Australia: Thursday January 21, 2021 (Perth – 6:00am) (Sydney/Melbourne – 9:00am)Canada: Wednesday January 20, 2021 (Toronto – 5:00pm) (Vancouver – 2:00pm)UK: Wednesday January 20,2021 (London – 10:00pm)Register for the investor webinar at the link below:https://us02web.zoom.us/webinar/register/WN_yMJfaTOlRTyy-8EPRX4tfQAfter registering, you will receive a confirmation email containing information about joining the webinar.To join the webinar via telephone, please use one of the following numbers and enter the Webinar ID: 827 1542 8257For higher quality, dial a number based on your current location:Australia +61 8 7150 1149 or +61 3 7018 2005Singapore +65 3165 1065Canada +1 778 907 2071USA +1 669 900 9128New Zealand +64 9 884 6780United Kingdom +44 203 901 7895International numbers available: https://zoom.us/zoomconferenceThe conference call will feature Managing Director and CEO Jeff Quartermaine.A recording of the conference call will be made available via Perseus’s website at www.perseusmining.comThis announcement was approved for release by Jeff Quartermaine, Managing Director and CEO.To discuss any aspect of this announcement, please contact:Media Relations: Nathan Ryan at telephone +61 4 20 582 887 or email nathan.ryan@nwrcommunications.com.au (Melbourne)
20 Dec, 2020
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17 Dec, 2020
PERTH, Western Australia, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) is pleased to advise it has successfully completed the first pour of gold at its Yaouré Gold Mine in Côte d’Ivoire. Perseus achieved this important milestone nearly five weeks ahead of schedule, consistent with its “stretch target” of first gold at Yaouré in December 2020. With construction of the Yaouré processing plant and associated infrastructure largely complete, Perseus will now focus on satisfying continuous performance tests and positioning to declare Commercial Production. Perseus expects to achieve both during the March 2021 quarter, when the first shipment of gold from the Yaouré mine site is also expected to occur.Perseus acquired Yaouré when it merged with Amara Mining plc in April 2016. Since then, the Company has completed an extensive programme of confirmatory drilling and test work and prepared a definitive feasibility study (DFS). After permitting and negotiating a Mining Convention with the Ivorian government, construction of the US$265 million mine started in August 2019.Initially, lower grade oxide ore mainly from decommissioned heap leach pads will be processed in the Yaouré plant pending access to higher grade fresh ore from the CMA pit. During the first five years of the Yaouré mine life, our DFS forecasts annual gold production averaging around 215,000 ounces at a weighted average all in site cost of (AISC) of approximately US$750 per ounce. An updated Life of Mine Plan for Yaouré, taking the actual commissioning date, current mining rates, operating costs and possible increases in Mineral Resources into account, is scheduled for release in the March 2021 quarter.With the successful development and commissioning of Yaouré, Perseus will own and operate three gold mines (Edikan, Sissingué and Yaouré) in two West African countries (Ghana and Côte d’Ivoire) and will be on track to achieve its goal to produce more than 500,000 ounces of gold per year at a cash margin of more than US$400 per ounce, and become a reliable intermediate gold company that generates material benefits for all of its stakeholders.Perseus’s Managing Director & Chief Executive Officer, Mr Jeff Quartermaine said: “Pouring our first gold at Yaouré yesterday represented the achievement of a major milestone in the construction and commissioning of Perseus’s third gold mine. It also represented the delivery of another promise made to shareholders by Perseus’s management team, namely, to achieve its stretch target of first gold at Yaouré in December 2020.  Being able to successfully develop the Yaouré Gold Mine, ahead of schedule and under budget during a year in which the COVID-19 pandemic has severely disrupted many businesses around the world, is a testament to the skill, resilience and dedication of our in-house development team, technical and commercial support staff, our contractors and consultants.   We are now looking forward to achieving our next target of increasing our production to more than 500,000 ounces of gold per year at a cash margin of not less than US$400 per ounce in FY2022. We will also extend our capacity to consistently produce gold at these levels for many years to come by organically increasing our Ore Reserve inventory through successful near-mine exploration programmes across our three mines.” This announcement was approved for release by the Managing Director & CEO, Jeff Quartermaine.For further information, please contact:     Managing Director & CEO: Jeff Quartermaine at telephone +61 8 6144 1700 or email   jeff.quartermaine@perseusmining.com  Media Relations:  Nathan Ryan at telephone +61 4 20 582 887 or email   nathan.ryan@nwrcommunications.com.au (Melbourne)  Competent Person Statement: All production targets for Edikan, Sissingué and Yaouré referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code. The information in this report that relates to Esuajah North Mineral Resources estimate was first  reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 29 August 2018.  The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Bokitsi South and AFG Gap deposits at the EGM was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the other EGM deposits (Fetish and Esuajah South Underground) was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 20 February 2020 and was updated for depletion until 30 June 2020 in a market announcement released on 26 August 2020. The Company confirms that it is not aware of any new information or data that materially affect the information in those market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Central Ashanti Gold Project, Ghana” dated 30 May 2011 continue to apply. The information in this report that relates to Mineral Resources and Ore Reserves for Sissingué was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 29 October 2018 and includes an update for depletion as at 30 June 2020.The information in this report that relates to Mineral Resources and Ore Reserves for the Fimbiasso East and West deposits, previously Bélé East and West respectively, was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The Company confirms that material assumptions underpinning the estimates of Mineral Resources and Ore Reserves described in those market announcements. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply. The information in this report in relation to Yaouré Mineral Resource and Ore Reserve estimates was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 28 August 2019. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2017 continue to apply.Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption due to the COVID-19 pandemic or otherwise, development of a mine at Yaouré, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
26 Nov, 2020
PERTH, Western Australia, Nov. 26, 2020 (GLOBE NEWSWIRE) -- Perseus Mining Limited (ASX/TSX: PRU) wishes to release the results of its Annual General Meeting, held virtually on November 26, 2020 at 6pm AWST. All seven resolutions were decided on a poll and passed. In accordance with ASX Listing Rule 3.13.2 and Section 251AA of the Corporations Act, details are as follows:Resolutions voted on at the meeting If decided by poll Proxies received Resolution Result Voting method If s250U applies Voted for Voted against Abstained For Against Abstain Discretion No Short description Number % Number % Number Number Number Number Number  1Remuneration Report  PASSED POLL  N/A 828,274,743  99.45  4,618,814  0.55  2,390,456  827,859,628 4,614,893 2,390,456 415,115  2Re-Election Harvey PASSED POLL  N/A 770,302,641  92.41  63,161,084 7.8 2,273,289 769,872,707 63,157,163 2,273,289 429,934  3Re-Election McGloin PASSED POLL  N/A 676,218,665  81.13  157,230,204  18.87  2,288,145  675,781,124 157,226,283 2,288,145 437,541  4Election Brown PASSED POLL  N/A 704,910,905  84.58  128,546,481  15.42  2,279,628  704,435,119 128,546,481 2,279,628 471,865  5Renewal PR Plan PASSED POLL  N/A 822,197,862 98.72 10,694,074 1.28 2,845,077  821,796,744 10,690,153 2,845,077 401,118  6PRs Quartermaine PASSED POLL  N/A 825,279,235 99.04 8,011,366  0.96 2,446,412  824,879,120 8,007,445 2,446,412 400,115  7Amend Constitution* PASSED POLL  N/A 832,833,505  99.97 243,389  0.03 2,660,120  832,406,019 243,389 2,660,120 423,565 *Special resolution requiring a 75% majority vote to passThis announcement was approved for release by the Managing Director & CEO, Jeff Quartermaine.For further information, please contact:Managing Director:  Jeff Quartermaine at telephone +61 8 6144 1700 or email jeff.quartermaine@perseusmining.com; General Manager BD & IR: Andrew Grove at telephone +61 8 6144 1700 or email andrew.grove@perseusmining.com Media Relations:    Nathan Ryan at telephone +61 4 20 582 887 or email nathan.ryan@nwrcommunications.com.au (Melbourne)
PERTH, Western Australia, Nov. 26, 2020 (GLOBE NEWSWIRE) -- Perseus Mining Limited (ASX/TSX: PRU) wishes to release the address to be given at today’s Annual General Meeting by its Managing Director and CEO, Mr Jeff Quartermaine attached to this announcement. This announcement was approved for release by the Managing Director & CEO, Jeff Quartermaine.For further information, please contact:Managing Director:Jeff Quartermaine at telephone +61 8 6144 1700 or email jeff.quartermaine@perseusmining.com;    General Manager BD & IR:Andrew Grove at telephone +61 8 6144 1700 or email andrew.grove@perseusmining.com    Media Relations:Nathan Ryan at telephone +61 4 20 582 887 or email nathan.ryan@nwrcommunications.com.au (Melbourne) Competent Person Statement: All production targets referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code.  The information in this report that relates to Esuajah North Mineral Resources estimate was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 29 August 2018.  The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Bokitsi South and AFG Gap deposits at the EGM was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the other EGM deposits (Fetish and Esuajah South Underground) was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 20 February 2020 and was updated for depletion until 30 June 2020 in a market announcement released on 26 August 2020. The Company confirms that it is not aware of any new information or data that materially affect the information in those market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Central Ashanti Gold Project, Ghana” dated 30 May 2011 continue to apply. The information in this report that relates to Mineral Resources and Ore Reserves for Sissingué was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 29 October 2018 and includes an update for depletion as at 30 June 2020.The information in this report that relates to Mineral Resources and Ore Reserves for the Fimbiasso East and West deposits, previously Bélé East and West respectively, was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The Company confirms that material assumptions underpinning the estimates of Mineral Resources and Ore Reserves described in those market announcements. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply. The information in this report in relation to Yaouré Mineral Resource and Ore Reserve estimates was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 28 August 2019. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2017 continue to apply.Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption as a result of COVID or otherwise, development of a mine at Yaouré, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable.  Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms.   Readers should not place undue reliance on forward-looking information.  Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.Managing Director’s AGM AddressLadies and Gentlemen,During the last twelve months, each of us who have been employed in the mining industry, have been presented with a set of challenges that many of us have never encountered before. For us at Perseus, dealing with the COVID-19 pandemic meant that for a significant part of this year, we have been operating in uncharted waters, notwithstanding the fact that the outbreak of the Ebola virus in West Africa in 2016 had previously alerted us to the possibility of a contagion posing a material risk to our business.I am pleased to be able to report that so far, Perseus has emerged from the COVID crisis relatively unscathed and if anything, we have emerged stronger, as we continue on our path to achieve our target of producing at least 500,000 ounces of gold per year at a cash margin of not less than US$400 per ounce, and in doing so, position ourselves to consistently deliver on our corporate mission of generating benefits for all of our stakeholders, in fair and equitable proportions.While the global uncertainty related to COVID-19 has made it impossible at times to guarantee ongoing strong performance, we have done our absolute best to deliver it, and in this regard, I think we have been reasonably successful.Development of our third gold mine, Yaouré, which was a very big undertaking this year given the COVID challenge, is now well advanced and we expect to pour our first gold at the mine within weeks, inside our stretch target of pouring first gold by the end of this calendar year.  When fully operational, we expect Yaouré to produce on average about 215,000oz of gold per year in its first five years of operation at an all-in site cost of $750/oz or so, and have a mine life of eight years or more, based on the current Ore Reserve inventory.It is said that “seeing is believing”, so let me now show you a short video of what our outstanding construction team, our contractors and their subcontractors had achieved at Yaouré by the end of October.Bringing our third mine online has been an important focus this year, and as you have just seen, it has kept us very busy. Meanwhile, ticking over in the background, our two producing mines, Edikan and Sissingué, have delivered improved operational performance during H2 FY20 after a slow H1. We produced nearly 260,000oz of gold at the two mines during FY2020, with our all-in site costs of US$972 per ounce, being similar to those of the previous year. Costs were impacted by our COVID-19 measures in the second half of the year. In the June quarter, these added about US$20/ounce to our production costs, however, notwithstanding this, we were still able to generate very strong cashflows from our operations that amounted to approximately A$213 million through the year.We have recently outlined plans to extend the future of both of our operating mines, albeit in different ways.The current life of our Sissingué operation is relatively short and we have sought to extend this by acquiring Exore Resources Limited, an exploration company that owned 2,000 square kilometres of very prospective land adjacent to Sissingué. Exploration success on this ground would offer us the opportunity to either truck material to Sissingué, or alternatively develop the deposit into a standalone mining operation using infrastructure from Sissingué.  Since completing the acquisition in September, we have been conducting Resource definition drilling at three deposits located on the tenements. Results to date are encouraging and we expect to be able to announce an updated Mineral Resource in the new year and release the results of a feasibility study on developing the Resources, by the end of Q1 in 2021.At Edikan, we identified potential for underground mining at the Esuajah South deposit, which has a Measured and Indicated Resource of more than 500,000 ounces of gold. We are gradually progressing this work, having received government approvals in the June quarter to move ahead. The approvals allow development of the decline and establishment of ore drives on the first three sub-levels of the orebody, which will allow us to better assess the deposit before proceeding to full scale development. We have been out to tender for underground mining services and are working our way through these offers. If the concept can be proven to be economically viable, this will be an exciting step for us as a company as it would Perseus’s first underground development, although many of our people are individually, very experienced underground miners. Understandably, given our lack of corporate experience as underground miners, we’re moving forward cautiously with the exercise, but we look forward to bringing news of this potential opportunity in the new year. As our operations grow, Perseus continues to work very hard on improving our capacity to effectively discharge our Environmental, Social and Governance responsibilities with priority being given to supporting our host communities and governments in both Ghana and Cote d’Ivoire, and in the process, ensure that our “social licence” to operate in these countries, remains in good standing. During the past year, Perseus has paid royalties and taxes totaling $83M to the Ghanaian and Ivorian governments, while also offering support to local communities through implementation of education, health and environmental programs. We have a strong local workforce at each of our operating sites, and we aim to provide training and employment opportunities at a range of levels for members of our host communities. To date, we have recorded about 99 per cent of local employment in Ghana and 90 percent local employment in Cote d’Ivoire, including approximately 11% women at both sites.  We are also carefully examining ways of minimizing our carbon footprint, and in this regard, the fact that all of the power that we will use at Yaouré (other than emergency standby power) will be generated from a renewable energy source, namely hydro-electric power, represents a significant step forward in this area.Looking ahead to 2021, commissioning and ramp up of production at Yaouré is a major objective for the coming months, and we are also looking forward to publishing the feasibility study for the development of a series of deposits located on the recently acquired Exore ground, resulting in an extension of the life of the very successful Sissingue operation. We also expect to further optimise production at both Edikan and Sissingué with continuous improvement initiatives aimed at increasing gold production and reducing our AISC. We have several exciting exploration programmes planned to roll out across our properties, most notably at Yaouré, as we look to deliver material organic growth at each of our three operating sites.In recent years, Perseus has shown itself to be a company that does not rest on its laurels; we continue to set new goals and we continue to deliver on our promises. Our share price is starting to reflect the results of these endeavours, but in our view still has some way to go before it truly reflects the value of your company.Before closing, I would like to pay a special tribute to the men and women of Perseus, both in West Africa and in Australia. This has been a very tough year in a number of ways for many people around the globe. For our team, there was no exception, but the way our employees have responded to the challenges has been of the highest calibre. To illustrate the point, due to travel restrictions, many of our employees including both local employees and expatriates, had no alternative but to work extended rosters and endure the hardship of regular isolation in quarantine. As well as being physically and mentally draining, this placed pressure on their families, many of whom were also living in challenging circumstances.The team responded positively, demonstrating understanding and in most instances good humour at the discomfort. Their contribution to Perseus has been enormous and I know I speak on behalf of the board and hopefully our shareholders, in offering our sincere thanks for our employees’ outstanding service in a time of adversity.Despite the challenges of the past year and the uncertainty ahead of us, it is an exciting time in our Company’s growth, and I look forward to achieving the goals that we have set for ourselves in the year to come.Thank you very much for your attention.Jeff QuartermaineManaging Director and CEO
21 Oct, 2020
It is hard to get excited after looking at Perseus Mining's (ASX:PRU) recent performance, when its stock has declined...
19 Oct, 2020
PERTH, Western Australia, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three month period ended September 30, 2020 (the “Quarter”). An executive summary is provided below. However, full details of activities in the September Quarter, including reconciled production and all-in site cash costs, are included in the Company’s September 2020 Quarterly Activity Report released to the market on October 20, 2020. The full report is available for download from www.perseusmining.com, www.asx.com.au and www.sedar.com.EXECUTIVE SUMMARYPerseus’s Edikan and Sissingué operations perform strongly * Both operations continued to perform strongly in the September 2020 quarter as indicated by the following:           Parameter Unit Edikan  Sissingué  Perseus Group  Gold production Ounces 39,685 29,087 68,772  Production Cost US$/ounce 1,065 493 823  All-In Site Cost (“AISC”) US$/ounce 1,240 587 964  Gold sales Ounces 40,143 20,298 60,441  Average sales price US$/ounce  1,611 1,562 1,595  Notional Cashflow US$ million 14.7 28.4 43.1             * Relative to the prior quarter, gold production was up 6% to 68,772 ounces, production costs up 2% to US$823 per ounce and AISCs up 3% to US$964 per ounce. * Gold sales decreased 23% to 60,441 ounces, weighted average gold sales price increased 3% to US$1,595 per ounce and notional cashflow increased 8% to US$43.1 million. * Edikan and Sissingué are forecast to continue to produce strongly in the December 2020 quarter, and Yaouré is now expected to contribute to the Perseus group’s production performance in this period for the first time. * Gold production and AISC guidance for the December 2020 Half Year remains unchanged at 125,500 to 139,000 ounces at an AISC of US$940 to US$1,025 per ounce.Yaouré development project on schedule and budget * Development of Yaouré remains on schedule to achieve the stretch target of pouring first gold in late December 2020. * Project development was 85% complete, with US$222.7 million (84%) of the US$265.0 million budgeted project cost committed and US$191.4 million (72%) paid to suppliers of goods and services, by 30 September 2020.Balance Sheet strength maintained by strong cash flows * Available cash and bullion on hand at September 30, 2020 totalled US$147.4 million, a decrease of US$16.2 million relative to June 30, 2020. Corporate debt remains fully drawn to the facility limit of US$150 million giving a net debt position of US$2.6 million.PROGRAM FOR THE DECEMBER 2020 QUARTER OPERATIONS  Edikan * Produce gold at an all-in site cost in line with the recently published LOMP. * Continue planning and implementing Continuous Improvement initiatives aimed at increasing gold production and reducing AISC.Sissingué * Produce gold at a total all-in site cost in line with LOMP. * Continue planning and implementing Continuous Improvement initiatives aimed at increasing gold production and reducing AISC. * Continue work on licencing development of the Fimbiasso deposit.Yaouré * Complete construction and commissioning of Yaouré in line with approved schedule and budget. * Complete land, and crop compensation payments to affected land holders and farmers. * Complete operations-readiness initiatives and move into full scale mining and processing of ore.BUSINESS GROWTH Edikan * Continue preparations for commencing underground operations at Esuajah South in the December 2020 quarter. * Commence drilling at the Breman prospect on the Agyakusu permit and continue follow up drilling at Mampong South. * Commence soil sampling and mapping on the recently optioned Dompoase permit.Sissingué * Continue drilling at prospects located within trucking distance of the Sissingué mill including Tiana and Kanakono to identify potential for additional mill feed for the Sissingué mill. * Commence Resource definition drilling at the Bagoé Project and commence preparation of an ESIA and feasibility study of the project.Yaouré * Complete diamond and RC drilling over the Sayikro, Akakro and Angovia 2 prospects on the Yaouré permit. * Commence AC drilling over the Allekran and Degbezere prospects (Yaouré West). * Process, analyse and interpret data from the 3D and 2D seismic surveys on the Yaouré concessions.Other * Continue to review both potential “bolt on” acquisition and merger opportunities to assess potential for continued corporate growth and value creation.To discuss any aspect of this announcement, please contact:Managing Director:Jeff Quartermaine at telephone +61 8 6144 1700 or email  jeff.quartermaine@perseusmining.com General Manager BD & IR:Andrew Grove at telephone +61 8 6144 1700 or email  andrew.grove@perseusmining.com Media Relations:Nathan Ryan at telephone +61 4 20 582 887 or email  nathan.ryan@nwrcommunications.com.au (Melbourne) Competent Person Statement: All production targets for Edikan, Sissingué and Yaouré referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code. The information in this report that relates to Esuajah North Mineral Resources estimate was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 29 August 2018.  The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Bokitsi South and AFG Gap deposits at the EGM was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the other EGM deposits (Fetish and Esuajah South Underground) was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 20 February 2020 and was updated for depletion until 30 June 2020 in a market announcement released on 26 August 2020. The Company confirms that it is not aware of any new information or data that materially affect the information in those market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Central Ashanti Gold Project, Ghana” dated 30 May 2011 continue to apply.The information in this report that relates to Mineral Resources and Ore Reserves for Sissingué was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 29 October 2018 and includes an update for depletion as at 30 June 2020. The information in this report that relates to Mineral Resources and Ore Reserves for the Fimbiasso East and West deposits, previously Bélé East and West respectively, was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The Company confirms that material assumptions underpinning the estimates of Mineral Resources and Ore Reserves described in those market announcements. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply. The information in this report in relation to Yaouré Mineral Resource and Ore Reserve estimates was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 28 August 2019. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2017 continue to apply. The information in this report and the attachments that relates to exploration drilling results is based on, and fairly represents, information and supporting documentation prepared by Dr Douglas Jones, a Competent Person who is a Chartered Professional Geologist.  Dr Jones is the Group General Manager Exploration of the Company.  Dr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’”) and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).  Dr Jones consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption due to the COVID-19 pandemic or otherwise, development of a mine at Yaouré, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.