PERTH, Western Australia, Feb. 23, 2021 (GLOBE NEWSWIRE) — Perseus Mining Restricted (“Perseus” or the “Firm”) (TSX & ASX: PRU) has launched its Interim Monetary Report for the six months ending December 31, 2020 (“December 2020 Half 12 months” or the “Half 12 months”).
The Perseus group produced a complete of 137,386 ounces of gold within the December 2020 Half 12 months, 2% greater than within the corresponding six-month interval in 2019. In the identical interval, the weighted common all-in website prices (“AISC”), together with the prices of manufacturing, royalties and sustaining capital, elevated by 6% relative to the December 2019 half yr, averaging US$1,000 per ounce of gold produced.
Reflecting the profitable transition to an environment friendly multi-mine, multi-jurisdictional gold producer and a stronger marketplace for gold, Perseus recorded a 61% enhance within the Group’s web revenue after tax to A$49.1 million throughout the December 2020 Half 12 months in comparison with the corresponding interval in 2019. This revenue was primarily based on the sturdy working efficiency on the low price Sissingué Gold Mine in Côte d’Ivoire, (55,909 ounces of gold at an AISC US$643 per ounce), mixed with regular gold manufacturing on the Edikan Gold Mine (78,790 ounces of gold at US1,253 per ounce). Perseus’s third gold mine, Yaouré, the place first gold was poured in December 2020, contributed a complete of two,687 ounces to the Group’s complete half-yearly gold manufacturing though with web prices being capitalised till the declaration of Industrial Manufacturing, the mine’s actions didn’t contribute to the Half 12 months earnings outcome.
Perseus’s web revenue after tax of A$49.1 million or 3.0 cents per share attributable to the house owners of the mother or father firm, materially exceeded the web revenue after tax of A$30.4 million or 2.6 cents per share earned within the earlier corresponding half yr. This improved efficiency was predominantly resulting from:
- A period-on-period lower of A$32.5 million within the depreciation and amortisation expense referring to gold manufacturing.
- Administration and different company bills lowering to A$9.8 million from A$11.5 million within the December 2019 half yr.
- A lower in revenue tax expense, which at A$8.4 million, in contrast favourably to the expense of A$12.9 million incurred within the corresponding interval in 2019.
- A international alternate lack of A$13.2 million, A$20.2 million extra within the prior yr when a international alternate achieve of A$7.0 million was recorded. The loss occurred resulting from an appreciation within the worth of the Australian greenback in opposition to the US greenback and revaluation of intercompany loans.
As at December 31, 2020, the entire worth of money (A$120.5 million) and bullion available (A$32.7 million) was A$153.2 million, or A$38.3 million greater than at December 31, 2019. Working money flows elevated by A$30.4 million within the Half 12 months to A$103.6 million, or 8.6 cents per share, as income elevated and funds to suppliers and staff decreased. A complete of A$150.6 million of money was invested throughout the interval, together with A$111.9 million on the event of the Yaouré Gold Mine and A$11.0 million on exploration. A web complete of A$27.6 million of borrowings had been repaid in money throughout the interval and an extra A$7.6 million was paid in money for borrowing prices.
The Firm’s web tangible property on December 31, 2020 had been A$853.5 million or A$0.70 per share together with money and bullion available. Complete interest-bearing liabilities stood at A$168.9 million, A$48.7 million lower than on June 30, 2020.
Seeking to the long run, Perseus’s monetary efficiency is anticipated to stay sturdy with persevering with strong gold manufacturing and an bettering price construction at its two working gold mines. Improvement of Yaouré, Perseus’s third operation, shall be a significant focus within the 2021 monetary yr. Manufacturing and value steering for the 2021 monetary yr is as follows:
| Parameter | Items | Manufacturing and Price Steerage | ||
| December 2020 Half 12 months Precise | June 2021 Half 12 months | Full Fiscal 12 months 2021 | ||
| Group Gold Manufacturing | ounces | 137,386 | 175,000 – 190,000 | 312,386 – 327,386 |
| Common All-In Web site Prices | $US per ounce | 1,000 | 950 -1,150 | 970 – 1,067 |
| CEO and Managing Director, Jeff Quartermaine Feedback: |
| “The monetary outcomes launched by Perseus right this moment are additional proof of the persevering with transition of our Firm from a junior gold producer to a multi-mine, multi-jurisdictional enterprise. In coming intervals, the pattern of Perseus’s steadily rising earnings and cashflow is anticipated to proceed, boosted by a fabric contribution from our third mine, the Yaouré Gold Mine. The development of Yaouré was accomplished late within the December Half 12 months and operations are steadily ramping as much as optimum efficiency ranges. Heading into 2021, Perseus is in a robust monetary place to proceed the expansion of our enterprise by means of each natural means and by being positioned to make the most of M&A alternatives which will current and supply enticing returns on our funding. The outcomes that now we have launched right this moment, and the sturdy monetary place through which Perseus is now positioned, replicate the targeted efforts of each our on-site and company workplace groups, all of whom have labored with dedication and dedication in a interval of uncertainty and problem caused by the COVID-19 pandemic. I thank them sincerely for his or her efforts in delivering the outcomes printed right this moment.” |
This launch was authorised for launch by the Board.
Competent Particular person Assertion: All manufacturing targets for Edikan, Sissingué and Yaouré referred to on this report are underpinned by estimated Ore Reserves which have been ready by competent individuals in accordance with the necessities of the JORC Code. The knowledge on this report that pertains to Esuajah North Mineral Assets estimate was first reported by the Firm in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Assets & Ore Reserves” launched on 29 August 2018. The knowledge on this report that pertains to the Mineral Useful resource and Ore Reserve estimates for the Bokitsi South and AFG Hole deposits on the EGM was first reported by the Firm in compliance with the JORC Code 2012 and NI43-101 in a market announcement launched on 26 August 2020. The knowledge on this report that pertains to the Mineral Useful resource and Ore Reserve estimates for the opposite EGM deposits (Fetish and Esuajah South Underground) was first reported by the Firm in compliance with the JORC Code 2012 and NI43-101 in a market announcement launched on 20 February 2020 and was up to date for depletion till 30 June 2020 in a market announcement launched on 26 August 2020. The Firm confirms that it isn’t conscious of any new info or information that materially have an effect on the data in these market releases and that each one materials assumptions underpinning these estimates and the manufacturing targets, or the forecast monetary info derived therefrom, proceed to use and haven’t materially modified. The Firm additional confirms that materials assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Central Ashanti Gold Challenge, Ghana” dated 30 Might 2011 proceed to use.
The knowledge on this report that pertains to Mineral Assets and Ore Reserves for Sissingué was first reported by the Firm in compliance with the JORC Code 2012 and NI43-101 in a market announcement launched on 29 October 2018 and contains an replace for depletion as at 30 June 2020.The knowledge on this report that pertains to Mineral Assets and Ore Reserves for the Fimbiasso East and West deposits, beforehand Bélé East and West respectively, was first reported by the Firm in compliance with the JORC Code 2012 and NI43-101 in a market announcement launched on 26 August 2020. The Firm confirms that materials assumptions underpinning the estimates of Mineral Assets and Ore Reserves described in these market bulletins. The Firm confirms that it isn’t conscious of any new info or information that materially have an effect on the data in these market releases and that each one materials assumptions underpinning these estimates and the manufacturing targets, or the forecast monetary info derived therefrom, proceed to use and haven’t materially modified. The Firm additional confirms that materials assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Challenge, Côte d’Ivoire” dated 29 Might 2015 proceed to use.
The knowledge on this report in relation to Yaouré Mineral Useful resource and Ore Reserve estimates was first reported by the Firm in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 28 August 2019. The Firm confirms that each one materials assumptions underpinning these estimates and the manufacturing targets, or the forecast monetary info derived therefrom, in that market launch proceed to use and haven’t materially modified. The Firm additional confirms that materials assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Challenge, Côte d’Ivoire” dated 18 December 2017 proceed to use.
Warning Concerning Ahead Trying Info: This report incorporates forward-looking info which relies on the assumptions, estimates, evaluation and opinions of administration made in mild of its expertise and its notion of traits, present situations and anticipated developments, in addition to different components that administration of the Firm believes to be related and affordable within the circumstances on the date that such statements are made, however which can show to be incorrect. Assumptions have been made by the Firm relating to, amongst different issues: the value of gold, persevering with industrial manufacturing on the Edikan Gold Mine and the Sissingué Gold Mine and attaining industrial manufacturing on the Yaouré Gold Mine with none main disruption because of the COVID-19 pandemic or in any other case, the receipt of required governmental approvals, the accuracy of capital and working price estimates, the power of the Firm to function in a secure, environment friendly and efficient method and the power of the Firm to acquire financing as and when required and on affordable phrases. Readers are cautioned that the foregoing listing isn’t exhaustive of all components and assumptions which can have been utilized by the Firm. Though administration believes that the assumptions made by the Firm and the expectations represented by such info are affordable, there will be no assurance that the forward-looking info will show to be correct. Ahead-looking info includes recognized and unknown dangers, uncertainties, and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially completely different from any anticipated future outcomes, efficiency or achievements expressed or implied by such forward-looking info. Such components embody, amongst others, the precise market value of gold, the precise outcomes of present exploration, the precise outcomes of future exploration, modifications in mission parameters as plans proceed to be evaluated, in addition to these components disclosed within the Firm’s publicly filed paperwork. The Firm believes that the assumptions and expectations mirrored within the forward-looking info are affordable. Assumptions have been made relating to, amongst different issues, the Firm’s potential to hold on its exploration and growth actions, the well timed receipt of required approvals, the value of gold, the power of the Firm to function in a secure, environment friendly and efficient method and the power of the Firm to acquire financing as and when required and on affordable phrases. Readers mustn’t place undue reliance on forward-looking info. Perseus doesn’t undertake to replace any forward-looking info, besides in accordance with relevant securities legal guidelines.
