Perseus Mining (ASX: PRU) is sitting on a strong half-year result, and the numbers tell a compelling story. The Perseus Mining H1 FY26 has reported revenue of US$608.5 million and profit after tax of US$185.5 million for the half-year ended 31 December 2025. On the back of this, the Company doubled its interim dividend to $5 cents per share, up 100% from the prior period.
Figure 1: Perseus Mining processing plant operations at night [Perseus Mining]
PRU half-year results 2026 show that the Company produced 188,841 ounces of gold at an all-in site cost of US$1,649 per ounce. With an average gold sale price of US$3,241 per ounce, the cash margin came in at US$1,592 per ounce. The Company ended the period with net cash and bullion of US$755 million and zero debt.
Strong Cash Position Fuels Dividend Doubling for Shareholders
Perseus Mining earnings reported EBITDA of US$315.5 million and operating cash flow of US$193.4 million for the period ended 31 December 2025. Basic earnings per share came in at 12.10 cents per share. These results reflect a consistent upward trajectory in earnings over five consecutive half-year periods.
Figure 2: Perseus Mining H1 financial performance showing profit after tax, gross profit, and EBITDA growth from FY22 to FY26 [Perseus Mining]
The interim dividend of $5 cents per share will be paid on 2 April 2026 to shareholders on the register as at 6 March 2026. The PRU half-year results 2026 also showed that the Company has renewed its share buyback programme for FY26, with up to $100 million to be invested. As of 20 February 2026, $9 million had already been bought back.
Perseus Mining H1 FY26 Balance Sheet Holds Over US$1 Billion in Liquidity
Perseus Mining earnings maintain a net cash position of US$755 million as on 31 December 2025. The Company also holds an undrawn debt facility of US$400 million, refinanced and upsized in December 2025 under a three-year term with an option to extend for two years. The facility is supported by a consortium of eight international banks.
Figure 3: Perseus Mining balance sheet strength highlighting net cash, undrawn debt facility, total liquidity, and listed securities [Perseus Mining]
Total liquidity stands at US$1.15 billion. The Company also holds listed securities valued at US$229 million, including a 17.8% stake in Predictive Discovery Ltd. This positions the Company well to pursue growth without compromising financial stability.
PRU Half-year Results 2026 – Production Guidance Reaffirmed Across All Mines
Perseus Mining has reaffirmed its full-year FY2026 group production guidance of 400,000 to 440,000 ounces at an all-in site cost of US$1,600 to US$1,760 per ounce. The guidance is based on a gold price consensus of US$3,900 per ounce.
Figure 4: FY26 production and all-in site cost guidance across Perseus Mining’s operating assets and group level [Perseus Mining]
Mine-level guidance is as follows:
- Yaouré Gold Mine (Côte d’Ivoire): 168,000–184,000 oz at US$1,620–US$1,790/oz, expected in the lower half of guidance
- Edikan Gold Mine (Ghana): 154,000–169,000 oz at US$1,470–US$1,620/oz
- Sissingué Gold Complex (Côte d’Ivoire):78,000–87,000 oz at US$1,810–US$2,000/oz
Nyanzaga’s Reserve Grows Sharply, Extending Mine Life to 16 Years
The Nyanzaga Gold Project in Tanzania has delivered a significant upgrade. Ore reserves increased 73% to 4.04 million ounces, extending the mine life to 16 years. Production is forecast at over 200,000 ounces per annum from FY28 to FY41, at an average all-in site cost of US$1,621 per ounce based on a US$3,000 per ounce gold price assumption.
Figure 5: Nyanzaga Gold Project ore reserve upgrade extending mine life and improving long-term production outlook [Perseus Mining]
This Project is shaping up as a cornerstone asset for the Company’s long-term growth. Across the group, total mineral resources stand at 8.57 million ounces and total ore reserves at 6.69 million ounces, spread across West and East Africa.
Perseus Mining H1 FY26 – Community and Stakeholder Contributions Top US$484 Million
Perseus Mining contributed US$484 million in total economic value across host nations for the period ended 31 December 2025. The Company supports 95% national employment across its operations and has published its FY25 Sustainable Development Report, inclusive of a refreshed sustainability strategy and double materiality assessment.
Figure 6: Perseus Mining’s economic, social, and safety contributions across host nations during H1 FY26 [Perseus Mining]
Key contributions include:
- US$308.6 million in local procurement
- US$144 million in taxes and royalties paid to host governments
- US$28.5 million in employee wages and benefits
- US$3.37 million in community contributions
- Total recordable injury frequency rate (TRIFR) of 0.83 as of 31 December 2025
- Resettlement housing project at the Nyanzaga Gold Project completed on 17 February 2026
- A fatal accident was recorded in January 2026, which the Company has acknowledged
Share Price Performance
Perseus Mining shares are trading at $5.875 per share on the ASX. The 52-week range is $2.810 to $6.600 per share. The Company’s market capitalisation stands at $7.64 billion.
Figure 7: Perseus Mining share price performance over the past year on the ASX [ASX]
Investor Outlook
The PRU half-year results 2026 confirm a Company operating with financial discipline and growth ambition in equal measure. With US$1.15 billion in total liquidity, a doubled dividend, and the Nyanzaga Gold Project reserve now standing at 4.04 million ounces, the investment case is becoming increasingly hard to ignore.
Investors will be watching:
- Delivery of FY26 group production guidance of 400,000-440,000 oz
- Progress on the Nyanzaga Gold Project development timeline (first production targeted FY28)
- Execution of the $100 million share buyback programme
- Gold price trends relative to the US$3,900 per ounce consensus assumption
- Ongoing cost discipline across all three operating mines
Perseus Mining earnings momentum, a debt-free balance sheet, and a growing reserve base present a credible picture for shareholders looking at both income and capital growth over the medium term.
FAQ
Q1. What were Perseus Mining’s key financial results for H1 FY26?
Ans. PRU half-year results 2026 reported revenue of US$608.5 million, profit after tax of US$185.5 million, and EBITDA of US$315.5 million for the half-year ended 31 December 2025.
Q2. What dividend has Perseus Mining declared for H1 FY26?
Ans. The Company declared an interim dividend of $5 cents per share, payable on 2 April 2026. This is a 100% increase from the $2.5 cents per share paid in H1 FY25.
Q3. What is the current liquidity position of Perseus Mining?
Ans. As of 31 December 2025, Perseus Mining earnings hold US$755 million in net cash and bullion and US$400 million in undrawn debt facilities, totalling US$1.15 billion in liquidity.
Q4. What is the updated reserve at the Nyanzaga Gold Project?
Ans. The Perseus Mining H1 FY26 results show that the Nyanzaga Gold Project ore reserve has increased by 73% to 4.04 million ounces.
