Perseus Mining Limited (ASX/TSX: PRU) has announced its gold production and cost forecast for the five-year period from FY26 to FY30, projecting stable annual output and strong margins across its operations in Ghana, Côte d’Ivoire, and Tanzania.
The updated guidance incorporates current operational conditions at Perseus’s three producing mines, alongside development plans for the CMA underground project at Yaouré in Côte d’Ivoire and the Nyanzaga Gold Project (NGP) in Tanzania, both of which have received final investment decisions this year.
Key Forecast Highlights
Total gold production over the five-year period is expected to reach 2.6 to 2.7 million ounces, with average annual output of 515,000 to 535,000 ounces across four operating mines.
The All-In Sustaining Cost (AISC) is projected at US$1,400 to US$1,500 per ounce, with year-to-year fluctuations capped at ±10%.
Development capital of approximately US$878 million is allocated to support this outlook but is excluded from AISC estimates.
At a long-term gold price of US$2,400 per ounce, the company expects a cash operating margin of over US$500/oz at each site.
The production outlook is backed by 93% Ore Reserves and 7% Measured or Indicated Resources, with no inclusion of Inferred Resources or speculative upside.
Perseus CEO and Managing Director Jeff Quartermaine noted that the company is on track to meet its long-standing production goals, despite a brief dip expected in FY26–27 due to the strategic deferral of its Sudan-based Meyas Sand project.
“This five-year outlook confirms that our strategy of producing 500,000 to 600,000 ounces of gold annually, at a robust cash margin, is well within reach,” Quartermaine said. “With over US$1.1 billion in cash and undrawn debt capacity, Perseus is fully funded to meet its targets while pursuing further growth and shareholder returns.”
Operational and Regional Contributions
Yaouré Gold Mine (Côte d’Ivoire) is expected to contribute 34% of group production.
Edikan Mine (Ghana) will account for 28%, while Sissingué Mine (Côte d’Ivoire) contributes 10%.
The Nyanzaga Gold Project (Tanzania) is anticipated to supply 28% of gold output across the period as it ramps up.
Strategic and Financial Outlook
The diversified production base enables Perseus to absorb cost fluctuations and maintain consistent margins. While AISC will rise slightly in the early years due to lower production and integration of lower-margin ore in FY28, the company expects to stay within its targeted cost range.
Perseus emphasized that the outlook aligns with its capital allocation policy—balancing operational resilience, growth investment, and shareholder returns—without the need for aggressive capital outlays at each asset.
The company reiterated its commitment to building a sustainable, Africa-focused gold business with geopolitical diversification and long-term cash flow visibility.
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