The following is a summary of the Perseus Mining Limited (PMNXF) Q3 2024 Earnings Call Transcript:
Financial Performance:
Perseus Mining Limited produced 127,471 ounces of gold during the quarter at an all-in site cost of AUD1,091 an ounce.
The average sale price for gold was AUD2,025 an ounce, creating a cash margin of $934 per ounce, thereby generating a notional cash flow of near $220 million for the quarter.
The company currently has $702 million of net cash and bullion, no debt, and AUD300 million of undrawn credit.
Contributions from the company's three mines were consistent with Yaoure contributing 48%, Edikan 39%, and Sissingue 13% of total gold production.
Business Progress:
Consistent performance across all mines supports the company's objective to improve the quality of their asset portfolio.
Strong drilling results at Yaoure and the Sissingue, Fimbiasso operation have positively impacted growth.
The company's strategic partnership with Ajlan & Bros continues to explore various projects in Saudi Arabia and North Africa.
Development at Meyas Sand project in Sudan is predicted to commence in the June quarter.
Perseus has initiated a loan acquisition from OreCorp, which owns an 86% contributing interest in the Nyanzaga project in Tanzania.
The successful development of Nyanzaga project through a large-scale open pit is expected by the end of 2024 following a due diligence study.
Efforts to maintain steady feed grade at the Yaoure location are in progress, with blending of materials from different pits.
Recovery is being made from the throughput drop caused by elongated mill shutdown, with expectation of returning to schedule by mid-year.
Possibility of going underground at Nyanzaga, similar to Yaoure, if further exploration reveals mineralization at depth.
More details: PERSEUS MINING LIMITED IR
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