Perseus Mining recorded excellent output in all three of its African-based operations, with a high margin despite the increase in royalties. The firm generated 88,888 ounces of gold at an All-In Site Cost of US 1,800 per ounce in Q2 FY26.
The average cash margin was US1637 per ounce and has created an estimated US145m notional operating cashflow. Cash and bullion increased to US$755 million with liquid listed securities of US$229 million.
In January 2026, the Company also confirmed the first ore delivery of the CMA Underground project, enhancing the firm stability of production on a long-term basis.
Perseus Mining activities continued to record consistent output in the December 2025 quarter. [Energy Capital &Power]
What Drove Costs And Margins In The Perseus Mining Quarterly Update?
The quarterly update released by the Perseus Mining indicated an increase in the amount of royalties due to the increased price of gold in Côte d’Ivoire. The weighted average AISC rose to US $1,800/tonne (per ounce) and an extra 2 per cent royalty payments.
The total payment made in FY26 Q2 for these royalty adjustments was US$20 million. The sales of gold amounted to 86,607 ounces with a weighted average realised price of US 3,437 per ounce.
This pricing power counterbalanced the pressure on cost and maintained good margins throughout the portfolio. The group registered consistently high performance in terms of production in the Yaouré, Edikan and Sissingué operations.
Perseus Mining Financial Results Show Balance Sheet Strength
Perseus Mining’s financial performance showed a robust balance sheet that had no debt and high liquidity.
The net cash flow decreased by US 82 million as a result of capital investment and dividends. Cash and bullion contained US 683 million of cash and 16450 ounces of bullion worth US 72 million. Operating margin added US$132 million in the quarter.
It spent US 61 million on capital expenditure, and this supported the Nyanzaga and CMA Underground developments. The amount paid as tax stood at US$30 million,n and dividends paid were US$45 million.
Perseus Mining had a high cash position that was used to fund expansion investments. [Crux Investor]
What Is The FY26 Production Outlook For Perseus Mining in December 2025?
The production is kept the same at 400,000 440,000 ounces in FY26. The Royalty change and increased price assumptions raised AISC guidance to US 1,600- 1,760 per ounce.
The guidance of Yaouré lies between 168,000 and 184,000 ounces. Edikan’s advice is still between 154,000 and 169,000 ounces.
Sissingué’s direction is between 78, 000 and 87, 000 ounces. The second half of FY26 is when the production weighting would increase as the sources of higher-grade ore would increase.
Growth Projects Advance Across West Africa And Tanzania
The growth developments continued to be stable in key growth assets. The Nyanzaga Gold Project is still on course with the first production scheduled in January 2027.
The amount it has incurred is US$160.8 million, which is 31% of the approved budget. CMA Underground recorded 800 metres of underground development, and the first ore is to be delivered in January 2026.
Remediation requirements added to the development capital of US$181 million. The search went on in Côte d’Ivoire, Ghana, Tanzania, and Sudan to facilitate the future expansion of the reserves.
The construction activity of Nyanzaga was on course for first production in 2027. [Mining Doc]
Can Investors Trust Perseus Mining’s December 2025 Stability?
Perseus Mining reflected uniformity in its operation, sound capital utilisation, and preservation of cash.
Safety performance was at a good level with a group TRIFR of 0.83 and zero LTIFR. Investment in sustainability assisted in host country employment at 95 per cent. The gold hedge was in 175,000 ounces, which hedged against the downside.
The Company is still observing royalty agreements in the process of maintaining operational efficiency and growth implementation.
Also read: Perseus Mining Ends Predictive Bid After Revised Robex Merger Matches Offer
FAQs
Q1: What was Perseus Mining’s gold production in December 2025?
A1: Perseus produced 88,888 ounces of gold during Q2 FY26.
Q2: What was the All-In Site Cost for the quarter?
A2: AISC averaged US$1,800 per ounce due to higher royalty payments.
Q3: How strong is Perseus Mining’s cash position?
A3: Cash and bullion totalled US$755 million with zero debt.
Q4: When will Nyanzaga commence production?
A4: First gold production is planned for January 2027.
