Perseus Mining Delivers Strong Q4 Performance with Record Cash Position & Five-Year Production Outlook

• Perseus Mining delivered quarterly gold production of 121,237 ounces at a weighted average AISC of US$1,417 per ounce, achieving both production and cost guidance for the June 2025 half year and full FY25, while generating average cash margins of US$1,560 per ounce and notional operating cashflow of US$189 million.
• The company maintains an exceptionally strong financial position with available cash and bullion of US$827 million, zero debt, and US$300 million in undrawn debt capacity, providing substantial flexibility for development projects and shareholder returns despite significant payments for the Nyanzaga Gold Project development, taxes, dividends, and share buybacks.‍
• ‍Perseus has outlined a five-year production outlook of 515,000-535,000 ounces per year at an average AISC of US$1,400-1,500 per ounce, though FY26 guidance shows a temporary dip to 400,000-440,000 ounces at US$1,460-1,620 per ounce, representing a transitional phase in the company's production profile.
• The Final Investment Decision for the Nyanzaga Gold Project was executed during the quarter with site works accelerating on-budget and on-schedule for first gold production in January 2027, while outstanding infill drilling results position Perseus for a potential Mineral Resource and Ore Reserve upgrade in Q3 FY26 that could extend mine life.
• The company's A$100 million share buyback program is approximately 73% complete with 22,995,853 shares purchased and cancelled, demonstrating management's commitment to returning capital to shareholders while maintaining the financial capacity to fund growth initiatives and operations without compromising development objectives.

Perseus Mining Limited has delivered a robust fourth quarter performance for FY25, demonstrating operational excellence across its portfolio while significantly strengthening its financial position. The company operates as a mid-tier gold producer with mining operations spanning multiple jurisdictions, focusing on cost-effective extraction and sustainable growth through strategic development projects. Perseus maintains a diversified asset base designed to deliver consistent production and cash flow generation over the medium to long term.

The June 2025 quarter results showcase Perseus's ability to meet production targets while maintaining cost discipline, positioning the company favorably for investors seeking exposure to gold production with strong operational fundamentals and substantial financial flexibility.

Operational Performance Exceeds Guidance Parameters

Perseus achieved "quarterly gold production of 121,237 ounces" during Q4 FY25, demonstrating consistent operational delivery across its mining portfolio. The company maintained cost discipline with a weighted average "AISC of US$1,417 per ounce," enabling Perseus to "achieve production guidance and better cost guidance" for both the June 2025 half year and the full 2025 financial year.

The operational performance was supported by strong sales execution, with "average gold sales of 131,242 ounces" at a weighted average "gold sales price of US$2,977 per ounce." This pricing performance reflects the company's ability to capitalize on favorable gold market conditions while maintaining operational throughput.

Perseus reported an "average cash margin of US$1,560 per ounce of gold produced," translating to "notional operating cashflow of US$189 million" for the quarter. This margin performance demonstrates the company's cost structure efficiency and its capacity to generate substantial cash flows from operations.

Safety Performance Reaches Industry-Leading Standards

The company achieved a "record 12-month rolling average Total Recordable Injury Frequency Rate (TRIFR) of 0.60" which "is well below industry average." This safety milestone represents significant operational risk mitigation and demonstrates Perseus's commitment to workforce protection, which typically correlates with operational efficiency and regulatory compliance.

Industry benchmarks suggest that superior safety performance often indicates well-managed operations with lower operational disruption risks, potentially supporting more predictable production profiles and reduced operational cost volatility.

Five-Year Production Outlook Provides Investment Visibility

Perseus has outlined "gold production and AISC outlook for the next 5 years" projecting "average gold production of 515,000 - 535,000 ounces per year, at an average AISC of US$1,400 – US$1,500 per ounce." This guidance provides investors with medium-term production visibility and cost expectations, enabling more accurate valuation modeling.

However, "for the 2026 financial year (FY26), gold production guidance is 400,000 - 440,000 ounces while AISC guidance is US$1,460 – 1,620 per ounce, representing a temporary dip in the longer-term outlook for the Company." This near-term production reduction may reflect mine sequencing, development timing, or operational transitions that investors should monitor closely.

The FY26 guidance suggests approximately 20-25% lower production compared to the five-year average, with AISC potentially 15-20% higher than the long-term target range. This temporary operational adjustment phase requires careful evaluation of underlying operational factors.

Nyanzaga Gold Project Development Accelerates

Perseus made a "Final Investment Decision (FID)" during the quarter to proceed with developing the "Nyanzaga Gold Project (NGP)." The project development is progressing according to plan, with "site works are accelerating and are on-budget and on schedule, consistent with the target of first gold production in January 2027."

The NGP represents a significant growth catalyst for Perseus, with the potential to substantially increase the company's production profile from 2027 onwards. The on-budget, on-schedule development progress indicates effective project management and reduces execution risk concerns for investors.

Perseus reported "outstanding infill drilling results at NGP" positioning the company "on target for a Mineral Resource and Ore Reserve upgrade in Q3 FY26 resulting in a possible mine life extension." Resource upgrades could enhance project economics and extend the operational timeframe, potentially improving investment returns and operational sustainability.

Exceptional Financial Position Supports Growth Strategy

Perseus concluded the quarter with "available cash and bullion of US$827 million" alongside "liquid listed securities of US$118 million." This substantial liquidity position was maintained "notwithstanding significant payments associated with development of NGP, corporate tax, dividends and share buy-back payments."

The company maintains "zero debt" with "available undrawn debt capacity of US$300 million" providing additional financial flexibility. This capital structure offers Perseus multiple funding options for development projects while minimizing financial risk and interest expense burdens.

The strong cash position enables Perseus to fund the NGP development internally while maintaining operational flexibility and potential opportunistic investments. This financial strength also supports dividend payments and share buyback programs without compromising development funding requirements.

Capital Allocation Strategy Demonstrates Shareholder Focus

Perseus continued executing its "A$100 million buy-back" program during the quarter, with the initiative currently "~73% complete with 22,995,853 shares purchased and subsequently cancelled." The buyback program operates "between blackout periods" ensuring compliance with regulatory requirements.

The substantial progress on share buybacks, combined with dividend payments, demonstrates management's commitment to returning capital to shareholders while maintaining growth investment capabilities. The program's near-completion suggests potential for additional capital return initiatives depending on cash generation and development funding requirements.

Market Position & Operational Context

Perseus's operational performance during Q4 FY25 occurred within a favorable gold price environment, with realized prices approaching US$3,000 per ounce. The company's cost structure at approximately US$1,400-1,500 per ounce AISC provides substantial margin protection even in less favorable pricing scenarios.

The company's diversified operational base provides geographic and operational risk mitigation while the development pipeline, anchored by NGP, offers significant production growth potential. The five-year production outlook suggests Perseus is positioned to increase annual output by approximately 30-35% compared to current quarterly run rates.

Investment Considerations & Risk Factors

Perseus's operational delivery against guidance targets demonstrates execution capability, while the substantial cash position provides financial flexibility uncommon among mid-tier gold producers. The zero-debt capital structure eliminates refinancing risks and reduces operational constraints.

However, investors should consider the FY26 production guidance indicating temporary operational adjustments that may affect near-term cash flow generation. The success of NGP development remains critical for achieving the five-year production outlook, requiring continued execution excellence.

The company's substantial cash position, while providing flexibility, also raises questions about optimal capital deployment and potential acquisition opportunities that could accelerate growth beyond organic development projects.

For Investors

Perseus Mining presents a compelling investment proposition for investors seeking exposure to gold production with strong operational fundamentals and exceptional financial flexibility. The company's ability to deliver against production and cost guidance while maintaining industry-leading safety standards demonstrates operational competence across its portfolio.

The US$827 million cash position, combined with zero debt and additional debt capacity, provides Perseus with unusual financial strength for development funding and opportunistic growth initiatives. The NGP development progress supports medium-term production growth expectations while the five-year outlook offers investors production visibility typically unavailable in the gold mining sector.

Perseus's capital allocation strategy, including dividend payments and share buybacks, demonstrates management's commitment to shareholder returns while maintaining growth investment capabilities. The company's operational margins and cost structure provide substantial protection against gold price volatility while positioning Perseus to capitalize on favorable market conditions.

For investors evaluating COMPANY, the combination of operational delivery, financial strength, development pipeline, and shareholder-focused capital allocation creates a differentiated investment profile within the mid-tier gold producer segment.

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