Company Reports

Perseus's fiscal 2026 NPAT increased 15% to USD 428 million or USD 31.5 cents per share. The stronger gold price more than offset lower sales volumes and higher unit cash costs. It declared an 80% higher unfranked final dividend of AUD 9 cents per share and again raised its share buyback program.

Perseus Mining owns three gold mines in West Africa. All were purchased as exploration licenses or development projects. In 2004, the company purchased the Tengrela project in Ivory Coast that became its 86%-owned Sissingue mine. The exploration license that became its 90%-owned Edikan mine in Ghana was bought in 2006, with its 90%-owned Yaoure mine in Ivory Coast acquired as a development project via the merger with Amara Mining in 2016.

The gold price continues to fall. At around USD 4,200 per ounce now, it is down 13% since we last updated our assumed prices. ETF outflows have accelerated, consistent with their tendency to be procyclical and the marginal buyers or sellers. Solid central bank buying partially offsets this.

Perseus Mining owns three gold mines in West Africa. All were purchased as exploration licenses or development projects. In 2004, the company purchased the Tengrela project in Ivory Coast that became its 86%-owned Sissingue mine. The exploration license that became its 90%-owned Edikan mine in Ghana was bought in 2006, with its 90%-owned Yaoure mine in Ivory Coast acquired as a development project via the merger with Amara Mining in 2016.

After reaching another historical high around USD 5,400 per ounce in January, gold belied its safe haven status by falling 20% in response to the Iran war, before recovering to around USD 4,800 now. The fall was driven by ETF outflows: ETFs tend to be procyclical and the marginal buyers or sellers.

Perseus Mining owns three gold mines in West Africa. All were purchased as exploration licenses or development projects. In 2004, the company purchased the Tengrela project in Ivory Coast that became its 86%-owned Sissingue mine. The exploration license that became its 90%-owned Edikan mine in Ghana was bought in 2006, with its 90%-owned Yaoure mine in Ivory Coast acquired as a development project via the merger with Amara Mining in 2016.

Perseus Mining owns three gold mines in West Africa. All were purchased as exploration licenses or development projects. In 2004, the company purchased the Tengrela project in Ivory Coast that became its 86%-owned Sissingue mine. The exploration license that became its 90%-owned Edikan mine in Ghana was bought in 2006, with its 90%-owned Yaoure mine in Ivory Coast acquired as a development project via the merger with Amara Mining in 2016.

Perseus' first-half fiscal 2026 net profit after tax fell 8% to USD 186 million, or AUD 0.12 per share, as lower volumes and higher unit cash costs more than offset the 38% increase in its realized gold price. But the firm doubled its interim dividend to AUD 0.05 per share, unfranked.

After a brief pullback in October, the gold price resumed its relentless rise and is now trading at yet another historical high of around USD 4,600 per ounce. Concerns over the Fed's independence add to strong ETF and central bank purchases and ongoing US fiscal deficits as major tailwinds.

Perseus Mining owns three gold mines in West Africa. All were purchased as exploration licenses or development projects. In 2004, the company purchased the Tengrela project in Ivory Coast that became its 86%-owned Sissingue mine. The exploration license that became its 90%-owned Edikan mine in Ghana was bought in 2006, with its 90%-owned Yaoure mine in Ivory Coast acquired as a development project via the merger with Amara Mining in 2016.

The gold bull market continues. Now around USD 3,850 per ounce, gold is up 47% so far in 2025 and near historical highs. Safe-haven buying is a major driver, led by strong ETF and central bank purchases, with ongoing US fiscal deficits, a weaker US dollar, and lower real interest rates assisting.

Perseus Mining owns three gold mines in West Africa. All were purchased as exploration licenses or development projects. In 2004, the company purchased the Tengrela project in Ivory Coast that became its 86%-owned Sissingue mine. The exploration license that became its 90%-owned Edikan mine in Ghana was bought in 2006, with its 90%-owned Yaoure mine in Ivory Coast acquired as a development project via the merger with Amara Mining in 2016.

A 26% higher gold price more than offset rising all-in sustaining costs and modestly lower volumes in Perseus' fiscal 2025 result. Adjusted NPAT of USD 422 million (USD 0.31 or AUD 0.48 per share) is up 19%. An AUD 5-cent unfranked final dividend was declared, and its share buyback was renewed.

Perseus Mining owns three gold mines in West Africa. All were purchased as exploration licenses or development projects. In 2004, the company purchased the Tengrela project in Ivory Coast that became its 86%-owned Sissingue mine. The exploration license that became its 90%-owned Edikan mine in Ghana was bought in 2006, with its 90%-owned Yaoure mine in Ivory Coast acquired as a development project via the merger with Amara Mining in 2016.

The gold price has been on a tear in 2025, rising 27% to USD 3,330 per ounce, close to historical highs. Safe-haven buying is likely the main driver, with investors concerned about tariffs and geopolitical uncertainty, as well as the US fiscal deficit.

Perseus Mining owns three gold mines in West Africa. All were purchased as exploration licenses or development projects. In 2004, the company purchased the Tengrela project in Ivory Coast that became its 86%-owned Sissingue mine. The exploration license that became its 90%-owned Edikan mine in Ghana was bought in 2006, with its 90%-owned Yaoure mine in Ivory Coast acquired as a development project via the merger with Amara Mining in 2016.

Demand from China has been the main driver of rising commodity prices in the past two decades. More recently, gold is close to historical highs on safe-haven demand. However, driven by weak China steel end-user demand and slower global growth, most other commodity prices have fallen.

Gold is higher in the March quarter as worries over tariffs affecting economic growth see a flight to safety. Despite likely slower global growth, copper is up as investors try to get ahead of potential tariffs on US copper imports. Iron ore is flat, while metallurgical and thermal coal are down.

Gold prices have risen 19% so far in 2025 and are at historical highs. Tailwinds include a flight to safety on falling share markets, tariff worries, geopolitical instability, a weaker US dollar, and rising inflation expectations. Central bank buying is strong and ETF flows are now positive.

Perseus Mining owns three gold mines in West Africa. All were purchased as exploration licenses or development projects. In 2004, the company purchased the Tengrela project in Ivory Coast that became its 86%-owned Sissingue mine. The exploration license that became its 90%-owned Edikan mine in Ghana was bought in 2006, with its 90%-owned Yaoure mine in Ivory Coast acquired as a development project via the merger with Amara Mining in 2016.