Perseus launches underground gold production in Côte d’Ivoire

About this update from Perseus Mining Limited

Perseus Mining Limited (ASX/TSX:PRU), a gold producer focused on West Africa , announced on April 28 it has completed its first underground production blast at the CMA Underground project at the Yaouré Gold Mine in Côte d’Ivoire, marking a key milestone in the operation’s transition to underground mining. The blast was fired from the Blika 1120 Ore Drive South, with excavation of first production ore commencing immediately, the company said in a statement. The development signals continued ramp-up toward steady-state underground production, which Perseus expects to reach by Q3 FY27, as the project begins to supplement open-pit output with higher-grade ore. The CMA Underground mine is the first mechanised underground gold operation in Côte d’Ivoire and also Perseus’s first underground development, representing a strategic expansion of the company’s mining capabilities. Perseus said the project supports broader sector development in the country by building local technical capacity and skills in underground mining. Chief executive Craig Jones said the first production blast marked the culmination of months of underground development, drilling and infrastructure installation. “The first production blast is a defining moment for Perseus and Côte d’Ivoire, representing the culmination of many months of intensive underground development, drilling and infrastructure installation,” Jones said. He added that the company expects to scale up operations in the coming months, with higher-grade underground ore set to provide mill feed as production increases. Perseus, which has operating mines in Côte d’Ivoire and Ghana , and a nascent project in Tanzania , earlier reported a strong operational performance for the quarter ended March 31 , lifting its cash and bullion balance to $817mn . Gold production for the third quarter of FY2026 reached 107,144 oz, up 21% quarter-on-quarter (q/q) from 88,888 oz in the previous quarter, reflecting improved output across all three operating mines — Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana . The increase in production helped lower unit costs. Weighted average all-in sustaining costs (AISC) fell to $1,748 /oz, down from $1,800 /oz in Q2, while weighted average production costs were $1,238 /oz. The decline in AISC was primarily driven by higher throughput and improved operational efficiency. Gold sales totalled 96,260 oz, an increase of 9,653 oz q/q, while the weighted average realised gold price rose sharply to $4,143 /oz, up from $3,437 /oz in the prior quarter, boosting profitability. Perseus reported an average cash margin of $2,395 /oz, generating notional operating cash flow of $252mn , up $107mn q/q, underscoring strong leverage to higher gold prices. Operationally, the group said it experienced no disruptions during the quarter, despite monitoring potential risks linked to fuel supply constraints stemming from tensions in the Middle East . The company said fuel inventories remain sufficient to support ongoing operations in the near term. At the Yaouré mine, Perseus achieved first gold production from the CMA Underground project. Development activities yielded 31,126 tonnes (t) of ore, of which 20,760 t were milled, producing 1,606 oz of gold. Sales from the underground operation totalled 955 oz at an average realised price of $4,006 /oz. Beyond its core producing assets, Perseus reported a 73% increase in ore reserves at its Nyanzaga gold project in Tanzania to 4mn oz, with development on track for first production in January 2027 . The company also advanced its portfolio optimisation strategy during the quarter, acquiring a 9.9% stake in Aurum Resources Limited (ASX:AUE) and completing the sale of a 70% interest in the Meyas Sand gold project in Sudan for $260mn in cash. Perseus maintained its full-year production guidance at 400,000–440,000 oz and AISC guidance of $1 ,600–1,760/oz, indicating confidence in continued operational stability and cost discipline. © 2026 bne IntelliNews, source Magazine

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