Perseus Mining Ltd on Tuesday reported a 24% year-over-year increase in operating cash flow to $666 million for the fiscal year ended June 30, 2026, alongside a 19% rise in revenue to $1.5 billion. The gold producer posted profit before tax of $716 million, up 27%, and basic earnings per share of 31.73 cents, a 17% increase.
The company’s gold output reached 405,000 ounces for the year, with an all-in sustaining cost of A$1,750 per ounce. The average realized gold price climbed to A$3,693 per ounce, lifting cash margins to A$1,943 per ounce. Net cash and bullion rose by $207 million to exceed $1 billion, while total liquidity stood at $1.4 billion, including $400 million in undrawn debt capacity.
Perseus declared a final dividend of AUD 0.09 per share, bringing the full-year payout to AUD 0.14 per share, an 87% increase from the prior year. Shareholder returns totaled AUD 218 million, including a AUD 126 million buyback program. The board also proposed an additional AUD 100 million distribution from proceeds of the sale of its Meyas Sand Gold Project in Sudan, subject to tax consultations.
Mineral resources and ore reserves expanded by 37% and 40% respectively, with measured and indicated resources rising to 10.6 million ounces and proved and probable reserves to 7 million ounces. The Nyanzaga project, slated for first gold in January 2027, remains on schedule and budget at 67% completion, with over 3,800 workers on site.
For fiscal 2027, Perseus guided production to 420,000-480,000 ounces from its three operating mines, excluding Nyanzaga. All-in sustaining costs are expected in a range of A$1,835 to A$2,070 per ounce, based on an assumed gold price of $4,000. Growth capital spending is projected at around $530 million, with exploration outlays rising to $70 million-$80 million. The company reaffirmed a minimum 20% dividend payout ratio tied to operating cash flow after non-controlling interest payments.
Regulatory pressures in Côte d'Ivoire and Ghana added to cost pressures, with royalty rates rising to 8% and up to 12% respectively at elevated gold prices. Despite these headwinds, Perseus maintained its capital allocation framework balancing growth investments, balance sheet strength and shareholder returns.
