Production Outlook Confirms Long-Term Strategy
Perseus Mining Limited (ASX/TSX: PRU) has released its five-year gold production and cost outlook. The forecast spans FY26 to FY30 and covers mines across Ghana, Côte d’Ivoire and Tanzania. The company expects annual gold production to average 515,000 to 535,000 ounces across its portfolio.
Total gold recovery during the period is projected at 2.6 to 2.7 million ounces. The portfolio will include four operating mines, including the newly committed Nyanzaga Gold Project in Tanzania.
Cost Profile Shows Consistency
The company forecasts a weighted average all-in site cost (AISC) of US$1,400 to US$1,500 per ounce over five years. Year-to-year variation is expected to stay within ±10%, helped by Perseus’s diversified asset base. A total of US$878 million in development capital, excluded from AISC, will support production goals.
At a long-term gold price of US$2,400 per ounce, Perseus expects consistent cash operating margins above US$500 per ounce. Some mines will generate margins significantly higher than this threshold.
Projects Support Long-Term Goals
The production outlook includes development from two major projects. These are the CMA underground operation at Yaouré in Côte d’Ivoire and the Nyanzaga project in Tanzania. Perseus made final investment decisions on both developments in 2025.
Yaouré will contribute 34% of the group’s five-year output. Edikan in Ghana will provide 28%, while Sissingué in Côte d’Ivoire will add 10%. Nyanzaga is expected to contribute the remaining 28% by FY30.
High Confidence in Reserve Base
Perseus’s forecast is underpinned by a robust mine plan with 93% of ounces sourced from existing ore reserves. The remaining 7% is from measured or indicated resources. No inferred resources or upside projections were included in the outlook.
The company stated it will update its Mineral Resource and Ore Reserve estimate in August 2025. The Yaouré, Edikan and Sissingué mines have proven operating histories and well-understood deposits. These assets require minimal additional infrastructure beyond basic access investments.
CEO Highlights Strategy and Funding
Perseus Managing Director and CEO Jeff Quartermaine reaffirmed the company’s commitment to stable production. He said, “In FY22, Perseus’s gold production reached approximately 500,000 ounces for the first time and set in train our ambition to maintain or exceed this level of production on a consistent basis going forward.”
He noted strong financial support for future plans. “With cash and undrawn debt capacity currently exceeding US$1.1 billion, Perseus is fully funded to not only deliver the five-year outlook as presented today but also consider a prudent mix of future growth opportunities beyond the current plan, as well as generous returns to shareholders.”
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Diversified Growth with Disciplined Capital Allocation
The company aims to balance investment and margin within its portfolio. It uses a strategy focused on growth, sustainable operations and returns to shareholders.
Production will rise gradually as new projects come online. Lower production in FY26 and FY27 is attributed to the project transition. AISC will increase slightly in these years before stabilising.
FY28 will see higher costs from integrating lower-margin ore. However, the company expects the diverse mine base to maintain overall cost stability.
Strong Financial Base to Fund Expansion
Perseus reported over US$1.1 billion in combined cash and debt capacity. This positions the company to fund operations, new projects and shareholder returns. Development of Nyanzaga and Yaouré’s CMA underground mine will form the foundation for growth through FY30.
The Nyanzaga project will account for 28% of output over the outlook period. Development capital has already been committed, securing project timelines and financial planning.
Commitment to Long-Term Returns
The five-year forecast reaffirms Perseus’s plan to operate three to four African mines producing 500,000 to 600,000 ounces annually. The company aims for cash margins above US$500 per ounce, consistent with its long-term capital allocation framework.
The diversified production model ensures stability despite varying conditions across its operating countries. Future updates will reflect ongoing evaluations of reserves, margins and project status.
