DECEMBER 2022
QUARTER REPORT
Perseus Mining
produces
521,221oz
gold at US$941/oz AISC in
2022
PERTH, Western Australia/ January
24,
2023/Perseus Mining
Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports
on its activities for the three months’ period ended December 31,
2022 (the “Quarter”).
- Key
Operating highlights for
Quarterly, Half Year and Calendar Year periods ending December 31,
2022 include:
PERFORMANCE INDICATOR |
UNIT |
DECEMBER 2022 QUARTER |
DECEMBER 2022 HALF YEAR |
CALENDAR 2022 YEAR |
Gold recovered |
Ounces |
130,911 |
268,371 |
521,221 |
Gold poured |
Ounces |
130,992 |
270,545 |
523,598 |
Production Cost |
US$/ounce |
881 |
820 |
827 |
All-In Site Cost (AISC) |
US$/ounce |
983 |
930 |
941 |
Gold sales |
Ounces |
203,154 |
261,921 |
504,862 |
Average sales price |
US$/ounce |
1,748 |
1,724 |
1,714 |
Notional Cashflow |
US$ million |
101 |
213 |
402 |
Gold production in the December Half Year and 2022 Calendar Year
exceeded respective production guidance ranges of 240,000 to
265,0000 ounces and 492,850 to 517,850 ounces.
AISCs in both the December Half Year and 2022 Calendar Year were
below the cost guidance ranges of US$1,000 to US$1,100 per ounce
and US$980 to US$1,025 per ounce respectively.
At 130,911 ounces, gold production for the December 2022 quarter
achieved an annualised rate of nearly 525,000 ounces and was only
slightly less than Perseus’s record gold production of 137,460
ounces achieved in the September 2022 quarter.
December 2022 quarter weighted average AISCs (US$983 per ounce)
were 12% above the September 2022 quarter AISC due to overall
reduced gold production at Sissingué and inflation.
As forecast last quarter, quarterly gold sales increased by
144,387 ounces to 203,154 ounces; average quarter-on-quarter gold
sale price increased by 6% to US$1,748 per ounce.
Average quarterly cash margin of US$765 per ounce of gold was in
line with the prior quarter’s cash margin of US$766 per ounce.
Notional cashflow from operations of US$101 million in the
quarter resulted in the full calendar year notional cashflow total
of US$402 million, 46% more than in the corresponding period.
Perseus’s strong performance is forecast to continue in the June
2023 Half Year with gold production of 230,000 to 260,000 ounces at
an ASIC of US$1,000 to US$1,200 per ounce.
Perseus on track to produce 498,370 to 528,370 ounces at an ASIC
of US$1,000 to US$1,100 per ounce for the Financial Year ending
June 30, 2023.
- Perseus further strengthened its
financial position with available cash and bullion of US$405
million (A$594 million), and no debt, at year end, an increase
of US$76.2 million net cash this quarter and US$243 million (A$325
million) or 150%, year-on-year.
- Front-End Engineering and Design,
confirmatory and sterilisation drilling at the Meyas Sand Gold
Project (previously referred to as Block 14) in Sudan started
during the quarter. Preparations underway for FID in Dec 2023
HY.
- Organic growth activities included
feasibility-level studies at the MSGP and CMA Underground, work to
increase confidence in existing Mineral Resources, as well as
generative exploration.
- Perseus published a comprehensive
2022 Sustainable Development Report, detailing its continually
improving sustainability performance, during the quarter.
- Total economic contribution to host
countries of Ghana, Côte d’Ivoire and Sudan was
~US$116 million (approximately 33% of revenue) during the
quarter.
Competent Person Statement
All production targets referred to in this report are
underpinned by estimated Ore Reserves which have been prepared by
competent persons in accordance with the requirements of the JORC
Code.
Edikan
The information in this report that relates to
the Esuajah South Underground Mineral Resource and Ore Reserve was
first reported by the Company in a market announcement “Perseus
Mining Updates Mineral Resources & Ore Reserves” released on 24
August 2021. The information in this report that relates to Esuajah
North Mineral Resources estimate was first reported by the Company
in a market announcement “Perseus Updates Resources & Reserves”
released on 28 August 2018. The information in this report that
relates to AF Gap Mineral Resources and Ore Reserve estimate was
first reported by the Company in a market announcement “Perseus
Updates Mineral Resources & Ore Reserves” released on 25 August
2020. The information in this report that relates to the Mineral
Resource and Ore Reserve estimates for the Fetish deposit and the
Heap Leach was first reported by the Company in a market
announcement “Perseus Updates Edikan Mineral Resource & Ore
Reserves” released on 19 February 2020. The information in this
report that relates to the Mineral Resource and Ore Reserve
estimates for the Nkosuo deposit was first reported by the Company
in a market announcement “Perseus Increases Edikan’s Inventories of
Mineral Resource & Ore Reserves” released on 19 July 2022. An
update for mining depletion at Edikan as at 30 June 2022 was
reported in a news release “Perseus Mining Updates Mineral
Resources and Ore Reserves” dated 30 August 2022. The Company
confirms that it is not aware of any new information or data that
materially affect the information on those market releases and that
all material assumptions underpinning those estimates and the
production targets, or the forecast financial information derived
therefrom, continue to apply and have not materially changed. The
Company further confirms that material assumptions underpinning the
estimates of Ore Reserves described in “Technical Report — Edikan
Gold Mine, Ghana” dated 7 April 2022 continue to apply.
Sissingué,
Fimbiasso and
Bagoé
The information in this report that relates to
Mineral Resources and Ore Reserve estimates for Sissingué was
reported by the Company in a market announcement “Perseus Mining
Updates Life of Mine Plan for Sissingué Gold Mine & Satellite
Deposits” released on 28 March 2022. An update for mining depletion
at Sissingué as at 30 June 2022 was reported in a news release
“Perseus Mining Updates Mineral Resources and Ore Reserves” dated
30 August 2022. The information in this report that relates to
Mineral Resource and Ore Reserve estimates for the Fimbiasso
deposits was reported by the Company in a market announcement
“Perseus Mining Updates Mineral Resources and Ore Reserves”
released on 26 August 2020. The information in this report that
relates to Mineral Resource and Ore Reserve estimates for the Bagoé
deposits was reported by the Company in a market announcement
“Perseus Mining Updates Mineral Resources and Ore Reserves”
released on 24 August 2021. The Company confirms that all material
assumptions underpinning those estimates and the production
targets, or the forecast financial information derived therefrom,
in that market release continue to apply and have not materially
changed. The Company further confirms that material assumptions
underpinning the estimates of Ore Reserves described in “Technical
Report — Sissingué Gold Project, Côte d’Ivoire” dated 28 March 2022
continue to apply.
Yaouré
The information in this report that relates to
the Open Pit and Underground Mineral Resources and the Underground
Ore Reserve at CMA was first reported by the Company in a market
announcement “Perseus Mining announces maiden Underground Ore
Reserve at Yaouré” released on 30 August 2022. The information in
this report that relates to the other Mineral Resources & Ore
Reserves (including the Heap Leach) for the Yaouré Deposit was
reported by the Company in a market announcement “Perseus Mining
Updates Mineral Resources & Ore Reserves” released on 24 August
2021. An update for mining depletion at Yaouré as at 30 June 2022
was reported in a news release “Perseus Mining Updates Mineral
Resources and Ore Reserves” dated 30 August 2022. The Company
confirms that all material assumptions underpinning those estimates
and the production targets, or the forecast financial information
derived therefrom, in that market release continue to apply and
have not materially changed. The Company further confirms that
material assumptions underpinning the estimates of Ore Reserves
described in “Technical Report — Yaouré Gold Project, Côte
d’Ivoire” dated 18 December 2017 continue to apply.
The information in this report relating to
exploration results was first reported by the Company in compliance
with the JORC Code 2012 and NI43-101 in a market update “PERSEUS’S
DRILLING DEMONSTRATES POTENTIAL FOR ADDITIONAL GOLD RESOURCES AT
YAOURÉ GOLD MINE“ released on 18 January 2023. The Company confirms
that it is not aware of any new information or data that materially
affect the information in these market releases.
Caution Regarding Forward Looking Information:
This report contains forward-looking information which is based
on the assumptions, estimates, analysis and opinions of management
made in light of its experience and its perception of trends,
current conditions and expected developments, as well as other
factors that management of the Company believes to be relevant and
reasonable in the circumstances at the date that such statements
are made, but which may prove to be incorrect. Assumptions have
been made by the Company regarding, among other things: the price
of gold, continuing commercial production at the Yaouré Gold Mine,
the Edikan Gold Mine and the Sissingué Gold Mine without any major
disruption due to the COVID-19 pandemic or otherwise, the receipt
of required governmental approvals, the accuracy of capital and
operating cost estimates, the ability of the Company to operate in
a safe, efficient and effective manner and the ability of the
Company to obtain financing as and when required and on reasonable
terms. Readers are cautioned that the foregoing list is not
exhaustive of all factors and assumptions which may have been used
by the Company. Although management believes that the assumptions
made by the Company and the expectations represented by such
information are reasonable, there can be no assurance that the
forward-looking information will prove to be accurate.
Forward-looking information involves known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any anticipated future results,
performance or achievements expressed or implied by such
forward-looking information. Such factors include, among others,
the actual market price of gold, the actual results of current
exploration, the actual results of future exploration, changes in
project parameters as plans continue to be evaluated, as well as
those factors disclosed in the Company's publicly filed documents.
The Company believes that the assumptions and expectations
reflected in the forward-looking information are reasonable.
Assumptions have been made regarding, among other things, the
Company’s ability to carry on its exploration and development
activities, the timely receipt of required approvals, the price of
gold, the ability of the Company to operate in a safe, efficient
and effective manner and the ability of the Company to obtain
financing as and when required and on reasonable terms. Readers
should not place undue reliance on forward-looking information.
Perseus does not undertake to update any forward-looking
information, except in accordance with applicable securities
laws.
ASX/TSX CODE:
PRUCAPITAL
STRUCTURE:Ordinary shares:
1,367,463,113Performance rights: 12,001,072REGISTERED
OFFICE:Level 2437 Roberts RoadSubiaco WA 6008Telephone:
+61 8 6144 1700Email:
IR@perseusmining.comwww.perseusmining.com |
DIRECTORS:Mr Sean HarveyNon-Executive ChairmanMr
Jeff QuartermaineManaging Director & CEOMs Amber
BanfieldNon-Executive Director Ms Elissa CorneliusNon-Executive
DirectorMr Dan LougherNon-Executive DirectorMr John
McGloinNon-Executive DirectorMr David RansomNon-Executive
Director |
CONTACTS:Jeff
QuartermaineManaging Director &
CEOjeff.quartermaine@perseusmining.comNathan
RyanCorporate Relations+61 4 20 582
887nathan.ryan@nwrcommunications.com.au |
- 20230124 TSX Release_Quarterly Report December 2022_Final for
release
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