PERSEUS Mining produced a record 112,786 ounces of gold in the first quarter of its 2022 financial year, an increase of 28% above the first quarter of the previous year.
Gold production of between 225,000 and 255,000 oz has been targeted for the full year at an all in site cost (AISC) of $925 to $1,025/oz. AISC in the quarter under review was $966/oz.
Gold sales totalled 107,650 oz at an average realised gold price of $1,655/oz resulting in a weighted average cash margin of $689/oz of gold produced. Notional cash flow from operations was $77.8m – a quarter more than achieved in the June quarter.
As of September 30, Perseus had available cash and bullion on hand of $196.2m and debt of $100m giving a net cash position of $96.2m – some $40m more than at the close of the previous quarter.
In August, Perseus said it would pay a maiden dividend of 1.5 Australian cents per share following a period of intense mine development as it took production from under 200,000 oz a year to a target of 500,000 oz annually.
Going forward Perseus intends paying semi-annual dividends which cumulatively amount to “at least” a 1% annual yield.
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.
