Perseus Mining Delivers Record Financial Results with 50% Dividend Increase & A$100M Share Buyback

• Perseus Mining achieved record financial performance in FY25 with profit after tax increasing 16% to US$421.7 million and revenue growing 22% to US$1.248 billion.
• The company declared a final dividend of A$0.05 per share, bringing total FY25 dividends to A$0.075 per share, representing a 50% increase from the previous year.
• Perseus renewed its share buyback program with up to A$100 million allocated for on-market purchases over the next 12 months, continuing capital returns to shareholders.
• The company maintains a debt-free balance sheet with US$826.5 million in cash and bullion, providing substantial financial flexibility for growth investments.
• Perseus contributed approximately US$813 million in total economic value to host countries Tanzania and Sudan, while maintaining strong safety performance and local employment rates.

Perseus Mining Limited (ASX/TSX: PRU) is an African-focused gold producer operating multiple mining assets across the continent. The company has released its Annual Report for the financial year ending 30 June 2025, showcasing record financial performance driven by elevated gold prices and consistent operational execution. The results demonstrate Perseus's ability to generate substantial cash flows while maintaining its commitment to returning capital to shareholders and investing in future growth opportunities across its African portfolio.

Record Financial Performance Drives Shareholder Value

Perseus delivered exceptional financial results for FY25, with profit after tax reaching US$421.7 million (A$651.0 million), representing a 16% increase compared to the previous year. Revenue growth was particularly strong, climbing 22% to US$1.248 billion (A$1.927 billion), reflecting both higher gold prices and robust operational performance across the company's assets.

The company's earnings before interest, tax, depreciation and amortisation (EBITDA) reached US$740.3 million (A$1,142.8 million), marking an 18% improvement year-over-year. This strong earnings performance translated into basic earnings per share of US$0.270 (A$0.417), up 14% from FY24, resulting in an earnings yield of 11.3% and a price-to-earnings ratio of 8.8 based on the company's 20-day volume weighted average price.

Managing Director and CEO Jeff Quartermaine attributed the record results to sustained market conditions and operational excellence:

"The record financial results that Perseus has delivered this financial year reflect a continuation of both elevated gold prices and our strong, consistent operating performance at all levels of our business throughout the year."

Strong Cash Generation & Debt-Free Balance Sheet

Perseus's operational cash flow performance was particularly impressive, with net cash flow from operating activities reaching US$536.7 million (A$828.4 million), representing a 25% increase compared to FY24. On a per-share basis, this equated to US$0.391 (A$0.604) per share, resulting in a price-to-operating cash flow ratio of 6.1.

The company's balance sheet position remains exceptionally strong, with net tangible assets of US$1.9 billion (A$2.9 billion), or US$1.40 (A$2.14) per share. Perseus maintains US$826.5 million (A$1,261.5 million) in cash and bullion, equivalent to A$0.92 per share, while carrying zero debt. This debt-free position provides significant financial flexibility for both capital allocation and growth investments.

Enhanced Capital Returns Through Dividends & Buybacks

Perseus significantly increased its capital returns to shareholders in FY25, declaring a final dividend of A$0.05 per share, bringing the total dividend for the year to A$0.075 per share. This represents a 50% increase from FY24 dividends and equates to a dividend yield of 2.1% based on the company's share price at year-end.

The company has also renewed its share buyback program, committing up to A$100 million for on-market share purchases over the next 12 months. Since initiating dividend payments in August 2021, Perseus has returned A$286.1 million to shareholders through a combination of dividends and share buybacks.

Quartermaine emphasized the company's commitment to balanced capital allocation:

"Since our maiden dividend distribution in August 2021, Perseus has to date, returned A$286.1 million to our shareholders via a combination of dividends and share buybacks. Given our strong financial performance in FY25, our Board has decided to increase capital returns to shareholders by declaring a final dividend of 5 Australian cents per share, bringing the full FY25 dividend to 7.5 Australian cents per share, 50% more than last year."

Sustainability Performance & Community Investment

Perseus maintained strong environmental, social, and governance performance throughout FY25, contributing approximately US$813 million in total economic value to host countries Tanzania and Sudan. The company achieved notable safety performance metrics with a Total Recordable Injury Frequency Rate of 0.60 and Lost Time Injury Frequency Rate of 0.08.

Local employment and procurement remained priorities, with 94% local employment and 88% local procurement across operations. Perseus invested US$5.6 million in community contributions in Côte d'Ivoire and Ghana, demonstrating its commitment to supporting local communities where it operates.

Environmental performance was stable, with the company recording zero significant environmental events and maintaining emissions intensity at 0.56 tonnes of CO2 equivalent per ounce of gold produced. This performance reflects Perseus's focus on sustainable mining practices across its African operations.

Future Growth Investments & Strategic Development

While returning substantial capital to shareholders, Perseus continues to invest in future growth opportunities. The company is advancing development of the Nyanzaga Gold Project in Tanzania and the CMA Underground Project at its Yaouré Gold Mine in Côte d'Ivoire, positioning for continued production growth.

Quartermaine highlighted the balanced approach to capital allocation and company's commitment to stakeholder value creation beyond financial returns:

"In determining the quantum of these capital returns, we have carefully considered our considerable cashflow generating capacity as well as the capital investment programme that lies ahead for Perseus as we develop both the Nyanzaga Gold Project in Tanzania, and the CMA Underground Project at our Yaouré Gold Mine in Côte d'Ivoire. We are also mindful that in addition to investing in the future growth of our Company, we need to invest in our social licence to operate by continuing our current practice of contributing materially to the economies of our host countries and host communities and paying fair salaries to our local and expatriate employees who have delivered these outstanding results."

Operational Excellence & Market Positioning

Perseus's FY25 results demonstrate the company's ability to capitalize on favorable gold market conditions while maintaining operational discipline. The 22% revenue increase reflects both higher gold prices and consistent production performance across the company's African mining portfolio.

The company's financial metrics position it favorably within the gold mining sector, with an earnings yield of 11.3% and strong cash generation capabilities. The debt-free balance sheet provides strategic flexibility during periods of market volatility and positions Perseus to pursue growth opportunities without financial constraints.

Perseus's focus on African gold assets provides exposure to a region with significant mineral potential, while the company's established operational capabilities and local relationships support sustainable production growth. The combination of current cash generation and future development projects creates a platform for continued value creation.

For Investors

Perseus Mining presents a compelling investment proposition for investors seeking exposure to African gold production with strong cash generation and disciplined capital allocation. The company's record FY25 financial performance, highlighted by 16% profit growth and 25% increase in operating cash flow, demonstrates operational excellence and the ability to capitalize on favorable market conditions.

The 50% increase in dividends to A$0.075 per share and renewal of the A$100 million share buyback program reflect management's confidence in future cash generation and commitment to returning capital to shareholders. The debt-free balance sheet with US$826.5 million in cash and bullion provides substantial financial flexibility for growth investments and capital returns.

For investors, Perseus offers a combination of current cash generation, progressive dividend policy, and growth potential through development projects in Tanzania and Côte d'Ivoire. The company's strong sustainability performance and community investment demonstrate responsible mining practices that support long-term operational continuity. With robust financial metrics, debt-free operations, and a track record of consistent capital returns, Perseus positions itself as an attractive option within the African gold mining sector for investors seeking both income and growth potential.