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Highlights

  • Perseus projects average annual gold production of 515,000–535,000 ounces through FY30
  • The company forecasted all-in site costs (AISC) range between CAD 1,400 and CAD 1,500 per ounce.
  • Pru’s capital investment of approximately CAD 878 million is allocated for mine development.

Perseus Mining Limited (ASX/TSX:PRU) is a gold producer with operations in West Africa, including the Edikan Gold Mine in Ghana, the Sissingué and Yaouré mines in Côte d’Ivoire, and the Nyanzaga project under development in Tanzania. The company is dual listed on the Australian Securities Exchange and the Toronto Stock Exchange under the symbol PRU.

The company has released its gold production and cost guidance for the five-year period from fiscal year 2026 through fiscal year 2030. The guidance incorporates operational projections across the company’s portfolio of mines located in Ghana, Côte d’Ivoire, and Tanzania, and includes updates related to project development decisions made earlier in 2025.

The company expects to recover between 2.6 million and 2.7 million ounces of gold across its operations over the five-year period. Annual production is projected to average approximately 515,000 to 535,000 ounces. This outlook reflects the combined contributions of Perseus’s three current operating mines, the planned underground development at the Yaouré Gold Mine in Côte d’Ivoire, and the advancement of the Nyanzaga Gold Project (NGP) in Tanzania.

The five-year plan does not include any contribution from the Meyas Sand Gold Project in Sudan, development of which was previously deferred. According to Perseus, this strategic shift will result in a temporary dip in production levels in FY26 and FY27. However, output is expected to return to above 500,000 ounces annually in subsequent years.

Perseus has forecast its weighted average AISC over the five-year span to fall within the range of CAD 1,400 to CAD 1,500 per ounce. The company anticipates that annual fluctuations in cost will remain within 10% YoY over this period, citing the operational diversity of its asset base as a contributing factor to this stability. The estimated AISC does not include an estimated CAD 878 million in development capital required to sustain and expand production capacity across the portfolio.

The company’s cost assumptions are based on a long-term gold price of CAD 2,400 per ounce. Under these conditions, Perseus anticipates cash operating margins of over CAD 500 per ounce at each of its producing mines throughout the outlook period. In some cases, margins may exceed that level depending on mine-specific cost and recovery profiles.

Perseus’s mine planning for the five-year horizon draws on a reported 93% YoY of gold ounces from Proven and Probable Ore Reserves, with the remaining 7% YoY based on Measured and Indicated Resources. The forecast explicitly excludes Inferred Mineral Resources and other potential resource extensions, in line with the company’s approach to reduce reliance on less certain estimates in forward-looking projections.