Perseus (ASX: PRU) is looking to join the big leagues after making significant progress towards becoming a multi-mine producer of more than 500,000 ounces of gold per annum.
However, the company's stock tumbled -6% as the market opened. Now down -2.5% at noon.
In the first-half of FY22, Perseus produced 241,164 ounces, up 76% compared to last year. This drove a broad increase in financial performance including:
Revenue of $545.7m, up 90%
Profit after tax of $126.9m, up 159%
Interim dividend of 0.81 cents per share
“With three gold mines in operation, we are now producing gold at our targeted rate of approximately 500,000 ounces of gold per year, and with excellent drill results coming from our organic growth programmes we are confident of at least maintaining this level of production and associated profitability well into the future,” said CEO Jeff Quartermaine.
Perseus said it had achieved a targeted gold production rate of 500,000 ounces per annum for the first time in FY22. All-in sustaining costs were US$949 per ounce for the first-half.
Persues’ Yaoure gold mine hit production status in late 2020, ramping up to full production by June 2021.
Yaoure is expected to produce an average of 260,000 ounces at an all-in sustaining cost of US$746 per ounce for the next three years.
In addition to “outstanding opportunities for organic growth of mineral resources and mine life extension.”
For the full-year FY22, Perseus expects to produce between 471,000 to 506,000 ounces at an all-in sustaining cost between US$932-US$1,020.
Perseus pointed to key financial drivers for the second-half including debt reduction initiatives, reduction in capital expenditure and further contributions from Yaoure.
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