Perseus Mining reports strong operating performance in March 2024 quarter

Perseus Mining Limited (ASX: $PRU) has reported a strong operating performance for the March 2024 quarter. The company achieved a gold production of 127,471 ounces with a weighted average all-in sustaining cost (AISC) of US$1,091 per ounce. The average gold sales price increased by 3% quarter on quarter to US$2,025 per ounce. Perseus's notional operating cashflow from operations was US$119 million for the quarter, resulting in a total of US$373 million for the nine-month period to 31 March 2024. The company also maintained a strong financial position with available cash and bullion balance of US$702 million, zero debt, and US$300 million of undrawn debt capacity available.

Executive commentary on operating results and future outlook

The strong operating results for the March 2024 quarter confirm Perseus's position as one of the world's better performing mid-tier gold producers in 2024. The slight increase in AISC was anticipated and is expected to continue for the remainder of the June 2024 Half Year. Perseus's takeover offer for OreCorp Limited advanced materially during the quarter with the OreCorp Board endorsing the offer. The company's cooperation agreement with Ajlan & Bros Mining & Metals Company is aimed at exploring and developing opportunities in the Nubian and Arabian Shield regions, reflecting our commitment to sustainable growth and expansion.

Summary of March 2024 quarter report and future guidance

Perseus Mining's strong performance in the March 2024 quarter, with robust gold production and healthy cash margins, underlines its position as a leading mid-tier gold producer. The company's financial position remains solid with a substantial cash and bullion balance, zero debt, and significant undrawn debt capacity. The unchanged gold production and AISC guidance for the remainder of the June 2024 Half Year reflects Perseus's confidence in sustaining its operational excellence. The company's exploration activities and cooperation agreement with Ajlan & Bros Mining & Metals Company demonstrate its strategic focus on organic and inorganic growth. With a positive outlook, Perseus Mining continues to pursue its ambitions of sustainable development and value creation for its stakeholders.