Perseus Mining reported a 24% year-over-year increase in operating cash flow to $666 million for fiscal 2026, as a surge in gold prices offset lower production volumes. The company sold 404,998 ounces of gold during the year, down from 496,551 ounces in FY25, reflecting planned mine transitions and commissioning delays.
Cash flow per ounce sold climbed 54% to $1,670, while revenue rose 19% to $1.5 billion, supported by an average realized gold price of $3,693 per ounce, up $1,150 from the prior year. Earnings per share increased 17% to 31.73 cents, and profit before tax rose 27% to $716 million. EBITDA grew 16% to $861 million, with earnings per ounce up 41% to $1,204.
Total liquidity stood at $1.43 billion, including $400 million in undrawn debt facilities, while net cash and bullion increased by $207 million to $1.03 billion. Perseus declared a full-year dividend of A$14.0 cents per share, an 87% rise, totaling A$187 million. The company also executed A$127 million in share buybacks during FY26 and approved a A$350 million buyback program for FY27. A proposed special distribution of approximately A$100 million is expected following the sale of Sudanese assets.
Reserves grew 40% to 7.0 million ounces, driven by the Nyanzaga project and existing operations, while measured and indicated mineral resources rose 37% to 10.6 million ounces. The Nyanzaga project, 67% complete as of June 30, 2026, remains on schedule for first gold production in January 2027. Construction costs incurred reached $311 million, 64% of the $483 million final investment decision budget. Pre-stripping volumes totaled 1.8 million bank cubic meters, with costs revised upward to $70–80 million.
Fiscal 2027 guidance calls for gold production of 420,000 to 480,000 ounces, with all-in site costs projected between $1,835 and $2,070 per ounce. Capital expenditure is expected to reach $530 million, including $230 million for Nyanzaga completion and $80 million for the Yaouré CMA underground development. Perseus maintained a minimum liquidity target of $500 million and reaffirmed a dividend policy of at least 20% of net cash flow from operations.
