Within the June quarter, it recorded gold manufacturing of 102,788 ounces, up 16% on the March 2021 quarter and up 50% on the December 2020 quarter.
() () () (FRA:P4Q) has unveiled one other file quarter with each half and full-year gold manufacturing exceeding the highest finish of steering.
Within the June quarter, the corporate recorded gold manufacturing of 102,788 ounces, up 16% on the March 2021 quarter and up 50% on the December 2020 quarter.
The entire three working gold mines – Edikan in Ghana, and Sissingué and Yaouré in Côte d’Ivoire – carried out strongly within the June quarter.
Half-year gold manufacturing stood at 191,246 ounces and FY2021 gold manufacturing was 328,632 ounces, with each numbers exceeding the highest finish of their respective manufacturing steering ranges.
The quarterly gold gross sales elevated 23% to 106,899 ounces at a median realised gold worth of US$1,652 per ounce, 1.5% greater than the prior quarter.
The weighted common all-in website value (AISC) was US$1,047 per ounce, US$48 greater than within the final quarter.
Notional cashflows from operations for the quarter totalled US$62.1 million, US$20.9 million or 51% greater than within the March 2021 quarter.
“Delivering on our promise”
Perseus Mining managing director and chief govt officer Jeff Quartermaine informed Proactive: “So it has been a wonderful 12 months when it comes to manufacturing with every of the mines performing very, very nicely.”
“Issues are going exceptionally nicely. It has been a journey however we’re actually delivering on our promise we have now made.”
Nicely on monitor
Quartermaine added that the corporate is “very nicely on monitor” to hit its said goal of attaining monitor of hitting 500,000 ounces of gold each year within the present monetary 12 months.
He identified that steering for gold manufacturing and AISC for the December 2021 half 12 months has been set at 225,000 to 255,000 ounces at a value of US$925 to US$1,025 per ounce.
On the larger finish of the steering, the corporate will probably be simply capable of hit the said goal of 500,000 ounces for the 12 months, particularly with the primary half of subsequent 12 months anticipated to be “just a little bit stronger.”
Managing the money pile
Quartermaine additionally informed Proactive that with the upper manufacturing, the corporate has made “numerous money” in the course of the quarter, with US$190 million of money circulation within the 2021 monetary 12 months.
With the money pile, the corporate plans to handle its steadiness sheet, return some to shareholders and keep the expansion profile of the corporate.
The plan to proceed to pay down firm debt will proceed because it goes ahead.
In the course of the quarter, excellent company debt was diminished by US$30 million to US$100 million, leading to a internet money and bullion steadiness of US$56.1 million.
It additionally plans to return a number of the money to shareholders “within the type of dividend or another technique” and was at present taking a look at how finest to proceed.
Money may even be put aside to make sure that the corporate continues to take care of its 500,000 ounces annual manufacturing for lots longer both by natural development or mergers & acquisitions.
He stated the corporate had glorious targets it was at present drilling, which within the subsequent few years would generate a rise in stock.
“Past that, ought to the chance come up within the M&An area, the money will probably be used,” Quartermain added.
The accessible money and bullion readily available of US$156.1 million and debt of US$100.0 million, provides a internet money place of US$56.1 million at quarter-end, US$50.3 million greater than on the finish of final quarter.
Perseus stays on monitor to realize its objective of manufacturing greater than 500,000 ounces of gold per 12 months at a money working margin of not lower than US$400 per ounce in FY2022.
Exploration programmes continued to generate encouraging outcomes from prospects shut to every working mine, demonstrating potential to organically develop the group’s stock of mineral assets and ore reserves.