Perseus Mining Limited · ASX:PRU
Perseus Mining — Q1 FY25 Earnings Presentation
27 slides from Perseus Mining's earnings presentation, Oct 23, 2024
Slide 1: September 2024 Quarter Report Webinar
Perseds MINING SEPTEMBER 2024 QUARTER REPORT WEBINAR 23 OCTOBER 2024 ASX/TSX: PRU
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS COMPETENT PERSON STATEMENT: All production targets referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in Meyas Sand Gold Project accordance with the requirements of the JORC Code. The information in this report tha
Slide 3: Overview of Operating & Financial Results
OVERVIEW OF OPERATING & FINANCIAL RESULTS PERSEUS MINING LIMITED PERSEUSMINING.COM 3
Slide 4: Perseus Continues to Deliver Market Leading Performance in Q1 FY25
PERSEUS CONTINUES TO DELIVER MARKET LEADING PERFORMANCE IN Q1 FY25 GOLD PRODUCED ALL-IN SITE COST AVG GOLD SALE PRICE CASH MARGIN (2) NOTIONAL CASHFLOW(2) NET CASH & BULLION 121,290 oz US$1,201/oz US$2,249/oz US$1,048/oz US$127M US$643M (3) Up 361 ozs (1) Up US$28/oz(1) Up US$132/oz(1) Up $104/oz(1)
Slide 5: Steady Gold Production at Attractive Margins
STEADY GOLD PRODUCTION AT ATTRACTIVE MARGINS • All 3 mines continuing to perform consistently well, despite occasional operating challenges. • Temporary rise in AISC expected to fall in Q2 as Yaouré mining gets back on track • Gold price continues its steady rise during Q1 FY25 • Steadily expanding
Slide 6: Yaouré
YAOURÉ • 56,458 ounces of gold produced, ~ 47% of Perseus’s total production, 2% higher than June 24 quarter. Result based on sound metrics of runtime (95%), head grade (1.86g/t), recovery (92.2%). • Production cost of US$1,025 per ounce and AISC of US$1,226 per ounce up on prior quarter by $37/oz (
Slide 7: Edikan
EDIKAN • 47,766 ounces of gold produced, ~ 39% of Perseus’s total production, 1% higher than June 24 quarter. Result based on sound metrics of runtime (91.3%), head grade (1.07g/t), recovery (92%). • Production cost of US$813 per ounce (up 3% on June-24 quarter) and AISC of US$1,021 per ounce, flat
Slide 8: Sissingué
SISSINGUÉ • Production and transport of ore to the Sissingué processing facility was disrupted in Q1 FY25 by extreme rainfall in the area (1,645 mm FYTD). • 17,066 ounces of gold produced, ~ 14% of Perseus’s total production, 7% decrease over June 24 quarter, based on sound metrics of runtime (91%),
Slide 9: CY 2024 Guided Production and Cost Outlook Remains Unchanged
CY 2024 GUIDED PRODUCTION AND COST OUTLOOK REMAINS UNCHANGED PARAMETER UNITS JUNE 2024 HALF YEAR DECEMBER 2024 HALF YEAR 2024 CALENDAR YEAR (ACTUAL) FORECAST FORECAST Yaouré Gold Mine Production Ounces 116,478 108,000 – 124,000 ounces 224,478 – 240,478 ounces All-in Site Cost USD per ounce 1,103 US$
Slide 10: Financial Position
FINANCIAL POSITION PERSEUS MINING LIMITED PERSEUSMINING.COM 10
Slide 11: Reconciliation of All-In Site Cost to All-In Sustaining Cost
RECONCILIATION OF “ALL-IN SITE COST” TO “ALL-IN SUSTAINING COST” Note: Included in both the All-In-Site-Cost and All-In-Sustaining-Cost in Q1 FY25 is US$5.8 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice under IFRS, this cost will be
Slide 12: Cashflow and Balance Sheet
• Cash ($563 million) and bullion CASHFLOW AND BALANCE SHEET ($79 million) at 30 September totaling US$643 million • Zero debt, with US$300 million undrawn credit line • US$56 million net increase in cash and bullion • Includes: • Operating margin US$97M • Tax payments US$16M • NCI Payment US$16M •
Slide 13: Organic Growth
ORGANIC GROWTH PERSEUS MINING LIMITED PERSEUSMINING.COM 13
Slide 14: CMA Underground Mine Development Project
CMA UNDERGROUND MINE DEVELOPMENT PROJECT Sound progress towards FID with decision now scheduled for Nov 2024. Critical Pre-FID Activities include: ➢ Recruitment of UG Mining Team Key Personnel • UG Manager – Commenced 02 July 2024. • Initial task to oversee operational readiness activities and onboa
Slide 15: High-Level Schedule
HIGH-LEVEL SCHEDULE PERSEUS MINING PERSEUSMINING.COM 15
Slide 16: Nyanzaga Mine Development Project
NYANZAGA MINE DEVELOPMENT PROJECT Five concurrent work streams underway including: • Implementation of the Resettlement Action Plan (RAP) • Contracts awarded to 2 Tanzanian building contractors for 220 RAP homes. A further contract for an additional 12 homes to be awarded this quarter. • Constructio
Slide 17: Key Dates
KEY DATES • Commence Front-End-Engineering-Design (FEED) – 01 Aug 24 • Commence Resource Definition Drilling – 4 Aug 24 • Confirm Mill Sizing – 14 Aug 24 • Confirm Plant location & orientation – 28 Aug 24 • Commence RAP Housing Construction – 01 Sep 24 • Award Mill & Crusher Packages* – Oct 24 • Com
Slide 18: Nyanzaga RAP Housing Update
NYANZAGA RAP HOUSING UPDATE Bridgeman Nyabilla Project Area C – Site Inspection / Area Control Bridgeman Nyabilla Project Area C _Footing / Excavation PERSEUS MINING PERSEUSMINING.COM 18
Slide 19: Process Plant 3D Model
PROCESS PLANT 3D MODEL PERSEUS MINING PERSEUSMINING.COM 19
Slide 20: Changes in Equity Investments
CHANGES IN EQUITY INVESTMENTS • A 13.82% strategic interest in Predictive Discovery Ltd (ASX:PDI) was acquired along with an economic interest in a further 3.45% of PDI shares through cash settled equity swaps during the quarter. • PDI is an emerging mineral development company whose key asset is th
Slide 21: Côte d’Ivoire and Ghana Exploration & Studies
EXPLORATION & STUDIES COTE D’IVOIRE – Yaouré, Sissingué and Fimbiasso Exploitation Permits • Extensional and infill drilling and studies continued on the Yaouré, Zain 1, CMA underground and Fimbiasso West deposits. This work included geotechnical and metallurgical sampling, test work and analysis. •
Slide 22: Meyas Sands Gold Project - Sudan
EXPLORATION & STUDIES MEYAS SANDS GOLD PROJECT - SUDAN • During the quarter, exploration activities focused on conducting reverse circulation drilling and trenching on the Exclusive Prospecting Licence. • Perseus completed 6 RC holes at the Drill Camp Prospect, totalling 625m. Trenching activities c
Slide 23: Tanzania
EXPLORATION & STUDIES TANZANIA • During the quarter, exploration activities focused on resources definition drilling at the Nyanzaga Gold Project. This program comprises 25,270m of infill drilling, 7,500m of geotechnical and metallurgical drilling, and 5,000m of sterilisation drilling, for a total o
Slide 24: Sustainability Performance
SUSTAINABILITY PERFORMANCE PERSEUS MINING LIMITED PERSEUSMINING.COM 24
Slide 25: Sustainability
SUSTAINABILITY SAFETY • Safety performance across the Group remained stable this quarter, with the Group 12-month rolling average Total Recordable Injury Frequency Rate (TRIFR) at 0.97 for Q1 FY25. There were three recordable injuries in Q1 FY25 across the Group. • Group 12-month rolling average Los
Slide 26: Relative Investment Metrics – Perseus vs Peers
RELATIVE INVESTMENT METRICS – PERSEUS VS PEERS Aust Peer Group African Peer Parameter Perseus Median(3) Group Median(4) Price(1) / LTM Earnings(2) (x) 7.2x 16.7x 11.6x Enterprise Value (1) / LTM Operating Cashflow2 (x) 4.9x 7.9x 7.5x LTM Profit / Ounces Produced(2) (US$/oz) $715 $475 $188 LTM Operat
Slide 27: For Information Contact
For Thismore information presentation wasplease contact: authorised for release by Perseus Managing Director and CEO, Jeff Quartermaine ASX/TSX: PRU | WWW.PERSEUSMINING.COM