Perseus declares maiden dividend as it closes in on production target

Jeff Quartermaine, CEO & MD, Perseus Mining

As predicted by MD and CEO Jeff Quartermaine in July this year,  ASX-listed Perseus Mining has declared a maiden dividend and laid out a dividend policy in its results for the year to end-June.

The company, which operates the Edikan mine in Ghana along with the Sissingue and Yaoure mines in Cote d’Ivoire, has declared a maiden dividend of 1.5 Australian cents representing a 1% yield.

Going forward Perseus intends paying semi-annual dividends which cumulatively amount to “at least” a 1% annual yield.

Quartermaine commented, “The declaration of this maiden return of capital reflects the company’s growing confidence in its ability to generate meaningful cash flow from its operations and have sufficient funds available after managing its balance sheet and funding future growth of the business, to return capital to shareholders on a consistent basis.”

He added that Perseus believed a 1% yield to be a “fair and sensible distribution at this stage.”

Perseus made a net profit after tax of A$139.4m (9.57c a share) in the year to end June (A$94.4m previous comparable year) and generated A$302m (24.6c a share) in operating cash flow during the year.  The company had net cash and gold bullion on hand of $74.7m at June 30.

Perseus produced 191,246oz of gold in the six months to June and is forecasting production of between 225,000oz and 255,000oz for the current six months period to end-December

Quartermaine commented Perseus was transforming into a “high quality, mid-tier, international gold company” and that he expected to reach the stated target of producing more than 500,000oz of gold annually during financial year 2022.